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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
filed with the Securities and Exchange Commission on September 21, 2022.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Registration
No. 333-</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<!-- Field: Rule-Page --><div style="width: 100%"><div style="border-top: Black 4pt solid; font-size: 1pt; border-bottom: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>UNITED
STATES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>SECURITIES
AND EXCHANGE COMMISSION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>Washington,
D.C. 20549</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>FORM
<span id="xdx_902_edei--DocumentType_c20220101__20220630_z0PK318lA8fg"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="dei:DocumentType">S-1</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>REGISTRATION
STATEMENT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>UNDER</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE
SECURITIES ACT OF 1933</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b><span id="xdx_903_edei--EntityRegistrantName_c20220101__20220630_zQ2vOjaNdEy9"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="dei:EntityRegistrantName">Bright
Green Corporation</ix:nonNumeric></span> </b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    Classification Code Number)</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_902_edei--EntityAddressAddressLine1_c20220101__20220630_zRAWQEpNMRuk"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="dei:EntityAddressAddressLine1">1033
George Hanosh Boulevard</ix:nonNumeric> </span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90D_edei--EntityAddressCityOrTown_c20220101__20220630_zZgijQOgUY3a"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="dei:EntityAddressCityOrTown">Grants</ix:nonNumeric></span>,
<span id="xdx_900_edei--EntityAddressStateOrProvince_c20220101__20220630_zjFi4DTRpChf"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="dei:EntityAddressStateOrProvince">NM</ix:nonNumeric></span> <span id="xdx_900_edei--EntityAddressPostalZipCode_c20220101__20220630_z8YKZ94C74N1"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="dei:EntityAddressPostalZipCode">87020</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span><span><span id="xdx_905_edei--CityAreaCode_c20220101__20220630_z10wJoRLTq16"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="dei:CityAreaCode">(833)</ix:nonNumeric></span></span>
<span id="xdx_902_edei--LocalPhoneNumber_c20220101__20220630_z7yjlVO0UE3d"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="dei:LocalPhoneNumber">658-1799</ix:nonNumeric></span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address,
including zip code, and telephone number, including area code, of registrant&#8217;s principal executive offices)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_907_edei--ContactPersonnelName_c20220101__20220630__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zX2SbxhGV0Jl"><ix:nonNumeric contextRef="From2022-01-012022-06-30_dei_BusinessContactMember" name="dei:ContactPersonnelName">Terry
Rafih</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_909_edei--EntityAddressAddressLine1_c20220101__20220630__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zJzT9ljBiom4"><ix:nonNumeric contextRef="From2022-01-012022-06-30_dei_BusinessContactMember" name="dei:EntityAddressAddressLine1">1033
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_900_edei--EntityAddressCityOrTown_c20220101__20220630__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zH3DZZegkKd3"><ix:nonNumeric contextRef="From2022-01-012022-06-30_dei_BusinessContactMember" name="dei:EntityAddressCityOrTown">Grants</ix:nonNumeric></span>,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span><span id="xdx_900_edei--CityAreaCode_c20220101__20220630__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zbqJnyhFqoT6"><ix:nonNumeric contextRef="From2022-01-012022-06-30_dei_BusinessContactMember" name="dei:CityAreaCode">(833)</ix:nonNumeric></span>
<span id="xdx_90B_edei--LocalPhoneNumber_c20220101__20220630__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z14vT7Du2cDj"><ix:nonNumeric contextRef="From2022-01-012022-06-30_dei_BusinessContactMember" name="dei:LocalPhoneNumber">658-1799</ix:nonNumeric></span></span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Copies
to:</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Eric Berlin, Esq.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rob Condon, Esq.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Grant Levine, Esq.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dentons US LLP</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>233 South Wacker Drive, Suite 5900</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Chicago, IL 60606</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Telephone: (312) 876-2515 </b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximate
date of commencement of proposed sale to public: <b>As soon as practicable after this Registration Statement is declared effective.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, check the following box. &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221;
&#8220;smaller reporting company&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_edei--EntityFilerCategory_c20220101__20220630_z19h2FQa29Hb"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Non-accelerated filer</ix:nonNumeric></span></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. <span id="xdx_90E_edei--EntityExTransitionPeriod_c20220101__20220630_zRuidLOP60x4"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" format="ixt:booleanfalse" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red"><b>The information in this preliminary
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 preliminary prospectus is not an offer to sell these securities and it is not soliciting an
offer to buy these securities in any state where the offer or sale is not permitted.</b></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="font: 12pt Times New Roman, Times, Serif; width: 40%"><span style="font-size: 10pt; color: red"><b>PRELIMINARY PROSPECTUS</b></span></td>
    <td style="font: 12pt Times New Roman, Times, Serif; width: 30%"><span style="font-size: 10pt; color: red"><b>SUBJECT TO COMPLETION</b></span></td>
    <td style="font: 12pt Times New Roman, Times, Serif; width: 30%; text-align: right"><span style="font-size: 10pt; color: red"><b>DATED SEPTEMBER 21, 2022</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_001.jpg" alt="" style="height: 62.25pt; width: 156.75pt"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bright
Green Corporation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>19,047,620
Shares of Common Stock</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus relates to the resale by the selling securityholders identified herein of up to 19,047,620 shares of common stock, $0.0001
par value per share (the &#8220;Common Stock&#8221;) of Bright Green Corporation (the &#8220;Company&#8221;). The shares of Common Stock
being offered for resale include up to (i) 9,523,810 shares of Common Stock (the &#8220;Shares&#8221;), and (ii) 9,523,810 shares of
Common Stock issuable upon the exercise of warrants of the Company (the &#8220;Warrants,&#8221; and the shares of Common Stock underlying
the Warrants, the &#8220;Warrant Shares&#8221;), that were initially issued pursuant to the Securities Purchase Agreement dated as of
September 7, 2022 (the &#8220;Securities Purchase Agreement&#8221;), by and between the Company and the selling securityholders. All
of the Shares and Warrants were purchased from the Company in a private placement transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
registration of the Shares and Warrant Shares covered by this prospectus does not mean that the selling securityholders will offer or
sell any of the Shares or Warrant Shares. The selling securityholders may offer, sell or distribute all or a portion of the securities
hereby registered publicly or through private transactions at prevailing market prices or at negotiated prices. We will not receive any
of the proceeds from such sales of the Shares or Warrant Shares, except with respect to amounts received by us upon exercise of the Warrants.
We will bear all costs, expenses and fees in connection with the registration of these securities, including with regard to compliance
with state securities or &#8220;blue sky&#8221; laws. The selling securityholders will bear all commissions and discounts, if any, attributable
to their sale of shares of Common Stock. See the section titled &#8220;<i>Plan of Distribution.</i>&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Common Stock is listed on The Nasdaq Stock Market LLC (&#8220;Nasdaq&#8221;) under the symbol &#8220;BGXX&#8221;. On September 20,
2022, the last reported sales price of Common Stock was $1.35 per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Common Stock has recently experienced price volatility. For example, from May 17, 2022 to September 20, 2022, sales of our Common Stock
were effected at prices as low as $1.00 and as high as $58.00. The high sales price of $58.00 occurred on May 18, 2022, on which date
the last reported sales price of our Common Stock was $48.08. On May 17, 2022 and May 18, 2022, the last reported sales prices of our
Common Stock were $25.245 and $48.08, respectively. We have not experienced any material changes in our financial condition or results
of operations that explain such price volatility. The trading price of our Common Stock has been, and may continue to be, subject to
wide price fluctuations in response to various factors, many of which are beyond our control, including those described under the heading
&#8220;<i>Risk Factors</i>&#8221; beginning on page 12 of this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an &#8220;emerging growth company&#8221; as defined under U.S. federal securities laws and, as such, have elected to comply with
reduced public company reporting requirements. This prospectus complies with the requirements that apply to an issuer that is an emerging
growth company. We are incorporated in Delaware.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investing
in our securities involves a high degree of risk. You should review carefully the risks and uncertainties described in the section titled
&#8220;<i>Risk Factors</i>&#8221; beginning on page 12 of this prospectus, and under similar headings in any amendments or supplements
to this prospectus.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Neither
the Securities and Exchange Commission (the &#8220;SEC&#8221;) nor any state securities commission has approved or disapproved of these
securities, or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus
dated &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TABLE
OF CONTENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="#a_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ABOUT THIS PROSPECTUS </b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">ii</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="#a_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">iii</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="#a_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PROSPECTUS SUMMARY</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">1<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="#a_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE OFFERING</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">11<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="#a_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RISK FACTORS </b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">12<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="#a_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>USE OF PROCEEDS</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">33<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="#a_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MARKET INFORMATION FOR SECURITIES AND DIVIDEND POLICY</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">34<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_008">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">35<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#m_001">BUSINESS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">42<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#m_002">MANAGEMENT</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">52<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#m_003">EXECUTIVE AND DIRECTOR COMPENSATION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">57<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#m_004">CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">59<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#m_005">PRINCIPAL SECURITYHOLDERS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">61<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#m_006">SELLING SECURITYHOLDERS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">62<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#m_007">RESALE S-1 SELLING SECURITYHOLDER TABLE</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">62<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#m_008">DESCRIPTION OF OUR SECURITIES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">63<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#m_009">MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">66<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#m_010">PLAN OF DISTRIBUTION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">70<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#m_011">LEGAL MATTERS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">72<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#m_012">EXPERTS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">72<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#m_013">WHERE YOU CAN FIND MORE INFORMATION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">73<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="#toc_002"><b>INDEX TO FINANCIAL STATEMENTS</b></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">F-1</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should rely only on the information contained in this prospectus, any supplement to this prospectus or in any free writing prospectus,
filed with the SEC. Neither we nor the selling securityholders have authorized anyone to provide you with additional information or information
different from that contained in this prospectus filed with the SEC. We and the selling securityholders take no responsibility for, and
can provide no assurance as to the reliability of, any other information that others may give you. The selling securityholders are offering
to sell, and seeking offers to buy, our securities only in jurisdictions where offers and sales are permitted. The information contained
in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale
of our securities. Our business, financial condition, results of operations and prospects may have changed since that date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
investors outside of the United States: Neither we nor the selling securityholders, have done anything that would permit this offering
or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United
States. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions
relating to, the offering of our securities and the distribution of this prospectus outside the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="a_001"></span><b>ABOUT
THIS PROSPECTUS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus is part of a registration statement on Form S-1 that we filed with the SEC. The selling securityholders may, from time to
time, sell the securities offered by them described in this prospectus. We will not receive any proceeds from the sale by such selling
securityholders of the securities offered by them described in this prospectus. This prospectus also relates to the issuance by us of
the Warrant Shares. We will not receive any proceeds from the sale of the Warrant Shares, except with respect to amounts received by
us upon the exercise of the Warrants for cash.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
we nor the selling securityholders have authorized anyone to provide you with any information or to make any representations other than
those contained in this prospectus or any applicable prospectus supplement or any free writing prospectuses prepared by or on behalf
of us or to which we have referred you. Neither we nor the selling securityholders take responsibility for, and can provide no assurance
as to the reliability of, any other information that others may give you. Neither we nor the selling securityholders will make an offer
to sell these securities in any jurisdiction where the offer or sale is not permitted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may also provide a prospectus supplement or post-effective amendment to the registration statement to add information to, or update or
change information contained in, this prospectus. You should read both this prospectus and any applicable prospectus supplement or post-effective
amendment to the registration statement together with the additional information to which we refer you in the sections of this prospectus
titled &#8220;<i>Where You Can Find More Information.</i>&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise indicated in this prospectus, &#8220;Bright Green Corporation,&#8221; &#8220;Bright Green,&#8221; &#8220;BGC,&#8221; &#8220;the
Corporation,&#8221; &#8220;the Company,&#8221; &#8220;we,&#8221; &#8220;us&#8221; and &#8220;our&#8221; refer to Bright Green Corporation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="a_002"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding
future events or future results and therefore are, or may be deemed to be, &#8220;forward-looking statements.&#8221; All statements other
than statements of historical facts contained in this prospectus may be forward-looking statements. These forward-looking statements
can generally be identified by the use of forward-looking terminology, including the terms &#8220;believes,&#8221; &#8220;estimates,&#8221;
&#8220;continues,&#8221; &#8220;anticipates,&#8221; &#8220;expects,&#8221; &#8220;seeks,&#8221; &#8220;projects,&#8221; &#8220;intends,&#8221;
&#8220;plans,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;would&#8221; or &#8220;should&#8221; or, in each case, their negative
or other variations or comparable terminology. They appear in a number of places throughout this prospectus, and include statements regarding
our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity,
prospects, growth, strategies, future acquisitions and the industry in which we operate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that
may or may not occur in the future. We believe that these risks and uncertainties include, but are not limited to, those described in
the &#8220;<i>Risk Factors</i>&#8221; section of this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
factors should not be construed as exhaustive and should be read with the other cautionary statements in this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we base these forward-looking statements on assumptions that we believe are reasonable when made, we caution you that forward-looking
statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and
industry developments may differ materially from statements made in or suggested by the forward-looking statements contained in this
prospectus. The matters summarized under &#8220;<i>Prospectus Summary</i>,&#8221; &#8220;<i>Risk Factors</i>,&#8221; &#8220;<i>Management&#8217;s
Discussion and Analysis of Financial Condition and Results of Operations</i>,&#8221; &#8220;<i>Business</i>&#8221; and elsewhere in this
prospectus could cause our actual results to differ significantly from those contained in our forward-looking statements. In addition,
even if our results of operations, financial condition and liquidity, and industry developments are consistent with the forward-looking
statements contained in this prospectus, those results or developments may not be indicative of results or developments in subsequent
periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
light of these risks and uncertainties, we caution you not to place undue reliance on these forward-looking statements. Any forward-looking
statement that we make in this prospectus speaks only as of the date of such statement, and we undertake no obligation to update any
forward-looking statement or to publicly announce the results of any revision to any of those statements to reflect future events or
developments, except as required by applicable law. Comparisons of results for current and any prior periods are not intended to express
any future trends or indications of future performance, unless specifically expressed as such, and should only be viewed as historical
data.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_003"></span>PROSPECTUS
SUMMARY </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
summary highlights information contained in greater detail elsewhere in this prospectus. Because it is a summary, it does not contain
all of the information that you should consider in making your investment decision. Before investing in our Common Stock, you should
carefully read this prospectus in its entirety, including the &#8220;<i>Risk Factors</i>,&#8221; &#8220;<i>Special Note Regarding Forward-Looking
Statements</i>,&#8221; &#8220;<i>Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</i>&#8221;
and the financial statements and the notes to those financial statements in each case included in this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Mission</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bright
Green&#8217;s mission is to be the premier federally-authorized provider of cannabis, cannabis-related products, and other legal medicinal
plant-based therapies, manufactured in exact formulations for research and pharmaceutical applications, as well as being an active ingredient
to consumer-based solutions. The Company, through legal partnerships with state and federal agencies, can operate at scale in a manner
unprecedented in this emerging market, addressing compliance, security and integrity. Our vision is to improve the quality of life across
a broad spectrum of demographics through the opportunities presented by medicinal applications of plant-based therapies, particularly
cannabis and cannabis-derived products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Company</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a first-mover in the U.S. federally-licensed cannabis space. We are one of a few companies who have received conditional approval
based on already agreed terms from the U.S. Drug Enforcement Administration (the &#8220;DEA&#8221;) to produce federally legal cannabis
and have entered into a Memorandum of Agreement (&#8220;MOA&#8221;) with the DEA which permits us to proceed towards a Federal Registration
for the Bulk Manufacturing of cannabis under DEA Document Control Number W20078135E.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unlike
state-licensed cannabis companies that engage in commercial sales to consumers, and whose businesses are legal under state law but not
federal law, we will operate legally under all applicable laws and be authorized by the federal government to sell cannabis commercially
for research and manufacturing purposes, export cannabis for international cannabis research purposes, and sell cannabis to DEA-registered
pharmaceutical companies for the production of medical cannabis products and preparations, subject to final registration and licensure
with the DEA as set forth in the MOA. We plan to focus on the development of cannabis strains and sales of products with high contents
of CBN (cannabinol) and CBG (cannabigerol). If and when permitted under federal law, we also plan to sell cannabis-derived CBN and CBG
to consumers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
cannabis is a Schedule I Controlled Substance in the U.S., it has been historically under-researched. Though the majority of Americans
live in states where cannabis is now legal in some form, the full potential of the cannabis plant for medicinal use remains understudied
due to limited access to federally-approved cannabis. The DEA recently issued a call for more cannabis research supply based on the increased
demand for cannabis research in the U.S. As described herein, we received conditional approval from the DEA based on the agreed-upon
terms set forth in the MOA. Final approval from the DEA is conditioned on, among other things, completed construction of manufacturing
and production facilities and systems.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2021, BGC entered into the MOA with the DEA to grow cannabis for federally sanctioned research. Final registration is anticipated
in September 2022, and is contingent upon completion of construction and a successful inspection by the DEA of BGC&#8217;s facilities.
Additionally, BGC must comply with the terms agreed in the MOA which include: submitting an Individual Procurement Quota on or before
April 1 of each year utilizing DEA Form 250; submitting an Individual Manufacturing Quota on or before May 1 of each year utilizing DEA
Form 189; collecting samples of cannabis and distributing them to DEA-registered analytical laboratories for chemical analysis during
the pendency of cultivation and prior to the DEA&#8217;s taking possession of the cannabis grown; providing the DEA with 15-day advance
written notification, via email, of its intent to harvest cannabis; following the DEA&#8217;s packaging, labeling, storage and transportation
requirements; distributing DEA&#8217;s stocks of cannabis to buyers who entered into bona fide supply agreements with the Company; providing
the DEA with 15-day advance written notification of its intent to distribute cannabis; invoicing the DEA for harvested cannabis that
it intends to sell to the DEA. Following final approval, we will be permitted to cultivate and manufacture cannabis, supply cannabis
researchers in the U.S. and globally, and produce cannabis for use in pharmaceutical production of prescription medicines within the
U.S. There is no guarantee that we will receive approval from the DEA. Our activities will be legal under federal law, which currently
sets BGC apart from all U.S. cannabis companies who are selling products to consumers and patients under state programs.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have assembled an experienced team of medical professionals and researchers, international horticultural growers and experts, and construction
and cannabis production professionals, which we believe positions us to become a future industry leader in the production of cannabis.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Background</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BGC
was incorporated on April 16, 2019 under the Delaware General Corporation Law (the &#8220;DGCL&#8221;). On May 28, 2019, BGC entered
into a merger agreement (the &#8220;BGGI Agreement&#8221;) with Bright Green Grown Innovation LLC, a limited liability company (&#8220;BGGI&#8221;),
whereby BGC issued to BGGI an aggregate of 123,589,000 shares of Common Stock (the &#8220;BGGI Merger&#8221;). In connection with the
BGGI Merger, BGC acquired two parcels of land, consisting of one 70-acre parcel and one 40-acre parcel, and a completed greenhouse structure
in Grants, New Mexico.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BGC
entered into an agreement and plan of merger with Grants Greenhouse Growers, Inc., a New Mexico corporation (&#8220;GGG&#8221;) on October
30, 2020 (the &#8220;GGG Agreement&#8221;), whereby BGC issued to GGG an aggregate of 1,000,000 shares of Common Stock (the &#8220;GGG
Merger&#8221;). In connection with the GGG Merger, BGC received an option to purchase approximately 510 acres of land near BGC&#8217;s
Grants, New Mexico property at the purchase price of $5,000 per acre.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BGC
entered into an agreement and plan of merger (the &#8220;Naseeb Agreement&#8221;) with Naseeb Inc. (&#8220;Naseeb&#8221;) on November
10, 2020, whereby BGC issued to Naseeb an aggregate of 10,000,000 shares of Common Stock (the &#8220;Naseeb Merger&#8221;). In connection
with the Naseeb Merger, BGC received certain intangible property, including rights to certain patents and patent applications, licenses
to operate cultivation facilities, and rights to additional licenses if-and-when issued.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 17, 2022, we completed a direct listing of our Common Stock (the &#8220;Direct Listing&#8221;), on the Nasdaq Capital Market (&#8220;Nasdaq&#8221;)
under the symbol &#8220;BGXX.&#8221; We incurred fees related to financial advisory service, audit, and legal expenses in connection
with the Direct Listing and incurred approximately $4,000,000 in general and administrative expenses during the six months ended June
30, 2022. In addition, in connection with the Direct Listing, and pursuant to a financial advisory agreement by and between the Company
and EF Hutton, division of Benchmark Investments, LLC (the &#8220;Advisor Agreement&#8221;) dated April 8, 2022, on June 3, 2022, we
issued representatives and affiliates of the Advisor and related parties, an aggregate of 787,245 shares of Common Stock, and representatives
of Entoro Securities LLC (&#8220;Entoro&#8221;) an aggregate of 787,245 shares of Common Stock. The shares were issued by the Company&#8217;s
transfer agent.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recent
Developments </b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">June
2022 Shareholder Loan</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 5, 2022, the Company and LDS Capital LLC, a wholly owned company of Lynn Stockwell (&#8220;Lender&#8221;), a member of the
Board, entered into an unsecured line of credit in the form of a note (the &#8220;June Note&#8221;). The Note provides that the
Company may borrow up to $5.0 million, including an initial loan in the amount of $3.0 million, through June 4, 2025 (the
&#8220;June Note Maturity Date&#8221;) from Lender. Lender has committed to fund to the Company $3.0 million under the June Note by
June 30, 2022. Prior to the June Note Maturity Date, the Company may borrow up to an additional $2.0 million under the June Note, at
Lender&#8217;s sole discretion, and subject to the Company&#8217;s request of such additional funds form Lender (each loan furnished
under the June Note individually, a &#8220;Loan,&#8221; and collectively, the &#8220;Loans&#8221;). The Company has the right, but
not the obligation, to prepay any Loan, in whole or in part, prior to the June Note Maturity Date. Interest on the unpaid principal
amount of any Loan accrues through the earlier of the June Note Maturity Date or the date of prepayment on such Loan, at a rate of
2% per annum plus the Prime Rate (the rate of interest per annum announced from time to time by JPMorgan Chase Bank as its prime
rate). If the principal and interest, if any, of any Loan is not paid in full on the Maturity Date, additional penalty interest will
accrue on such Loan in the amount of 2% per annum. As of the date of this prospectus, the Company has drawn down $3.0 million under
this June Note, and is thus still eligible to borrow up to $2.0 million under the June Note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Arrangement
with Alterola</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 25, 2022, the Company entered into a nonbinding letter of intent with Alterola Biotech Inc., a Nevada corporation focused on developing
cannabinoid and cannabinoid-like medicines and products (&#8220;Alterola&#8221;) whereby, pursuant to the terms and subject to the conditions
set forth therein, the Company agrees to acquire 25% (the &#8220;Initial Shares&#8221;) of the issued and outstanding shares of common
stock, par value $0.001 per share (&#8220;Alterola Stock&#8221;) and receives a six-month option (the &#8220;Alterola Option&#8221;)
to acquire all remaining issued and outstanding shares of Alterola Stock (the &#8220;Alterola LOI&#8221;). The Alterola LOI provides,
among other things, that subject to customary due diligence and applicable regulatory approvals, the Company shall furnish to certain
stockholders of Alterola an aggregate of $4 million and such stockholders shall transfer the Initial Shares to the Company (representing
an aggregate of 25% of the issued and outstanding shares of Alterola), no later than September 25, 2022 (subject to extension by the
parties). The Alterola LOI further provides that the parties shall use their good faith efforts to enter into a definitive agreement
setting forth the terms of the proposed acquisition by the Company of all remaining issued and outstanding shares of Alterola Stock.
In consideration for such remaining shares, the Company shall furnish an aggregate of $6 million to Alterola and the stockholders of
Alterola shall receive an aggregate of $40 million of shares of our Common Stock in exchange for their shares of Alterola Stock. The
transactions contemplated in a definitive agreement (the &#8220;Alterola Transaction&#8221;) shall be consummated no later than the six
months from the effective date of the Alterola LOI (subject to extension by the parties). The closing of the Alterola Transaction is
subject to customary due diligence, and regulatory, stockholder and other necessary approvals. See the section titled &#8220;<i>Risk
Factors</i>&#8221; beginning on page 12 of this prospectus, for further discussion of the risks related to the Alterola Transaction.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">September
2022 Private Placement </span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 7, 2022, the Company entered into a Securities Purchase Agreement (the &#8220;Purchase Agreement&#8221;) with the selling securityholders
for the sale by the Company of (i) 9,523,810 shares of Common Stock and (ii) warrants to purchase up to an aggregate of 9,523,810 shares
of Common Stock, in a private placement offering (the &#8220;September 2022 Private Placement&#8221;). The combined purchase price of
one Share and accompanying Warrant was $1.05. Subject to certain ownership limitations, the Warrants are exercisable immediately after
issuance at an exercise price equal to $1.05 per share of Common Stock (the &#8220;Exercise Price&#8221;), subject to adjustments as
provided under the terms of the Warrants. The Warrants have a term of five years from the date of issuance. The September 2022 Private
Placement closed on September 12, 2022. The Company received gross proceeds of approximately $10 million before deducting transaction
related fees and expenses payable by the Company.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Purchase Agreement, the Company entered in a registration rights agreement with the selling securityholders, whereby,
among other things, the Company agreed to file a resale registration statement on Form S-1 (or other appropriate and available form)
within fifteen calendar days of the date of the Purchase Agreement, (the &#8220;Resale Registration Statement&#8221;) with the SEC covering
the Shares and the Warrant Shares, and to cause the Resale Registration Statement to become effective by the sixtieth calendar day following
the date of the Purchase Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EF
Hutton, division of Benchmark Investments, LLC acted as the placement agent in connection with the September 2022 Private Placement (&#8220;Hutton&#8221;).
Pursuant to the Placement Agent Agreement entered into between the Company and Hutton on September 12, 2022 (the &#8220;Placement Agent
Agreement&#8221;), Hutton was paid a commission equal to 7% of the gross proceeds received by the Company in the September 2022 Private
Placement. The Company also reimbursed Hutton $100,000 for out-of-pocket expenses, including the reasonable fees, costs and disbursements
of its legal counsel. Pursuant to the Placement Agent Agreement, Hutton received a twelve month right of first refusal to act as sole
investment banker, sole book-runner, and/or sole placement agent, at Hutton&#8217;s sole discretion, for each and every future public
and private equity and debt offering, including all equity linked financings during such twelve month period. The Placement Agent Agreement
also contains indemnity and other customary provisions for transactions of this nature.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Planned
Business Lines</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Domestic
Cannabis for U.S. Researchers and Registered Manufacturers</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
plan to sell cannabis to research institutions pursuant to our conditional approval from the DEA. Sales of THC cannabis products will
be made only via bona fide supply agreements from existing DEA registrants, and not directly to consumers. Following final approval from
the DEA, Bright Green will receive a Controlled Substances Bulk Manufacturing Registration to cultivate and manufacture cannabis for
sale to federally funded research institutions and other purposes. There is no guarantee that we will receive final approval from the
DEA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
authorized, we will be permitted to supply DEA-registered research institutions with cannabis that contains high levels of THC. Additionally,
we plan to conduct in-house research at our facilities. Our license will also allow us to provide our products to in-house researchers,
which we believe will allow us to conduct cutting-edge research into plant-based therapies using cannabis. We have been granted several
patents for cannabis-based products. See &#8220;<i>Business-Intellectual Property.&#8221;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Given
the competitiveness of the process to obtain a DEA registration to cultivate and process cannabis, and the continued federal illegality
of cannabis in the U.S., we believe we will be uniquely positioned to capture significant parts of the cannabis research supply market.
The market for clinical research has grown exponentially over the past decades, and we project cannabis research will take a similar
trajectory.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Cannabis
for International Export</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
DEA registration will also allow us to produce and sell cannabis for export to researchers internationally. Given our state-of-the-art
facility in development, as well as the cannabis manufacturing expertise of our team, the unique climate of New Mexico and its suitability
for cannabis crop, we anticipate significant demand for our high-quality cannabis products from international markets.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Cannabis
for U.S. Pharmaceutical Production - CBN and CBG</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
DEA registration will allow us to sell cannabis to DEA-registered pharmaceutical companies to produce medicinal cannabis or cannabis
preparations. There is significant potential for revenue from pharmaceutical companies that currently manufacture or desire to manufacture
drugs containing cannabis extracts, either on an over-the-counter or on a prescription basis.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
we plan to sell cannabinoid-focused products, to the extent permitted by law, the expansion of which is not guaranteed. CBG and CBN are
cannabinoids, like CBD, which can be derived from the cannabis plant. The CBG and CBN extracts we plan to produce would be sold to pharmaceutical
companies and other market participants. BGC is in preliminary discussions with several pharmaceutical companies in connection with proposed
supply contracts for CBN and CBG high-grade oil extracts, to be used in healthcare, hormone balance and anti-aging studies. We plan to
distinguish ourselves by focusing on CBN and CBG, which offer alternative health and wellness benefits to CBD. By focusing on cannabis-derived
CBN and CBG rather than hemp-derived CBD, we will leverage the potential growth opportunity offered by these alternative cannabinoids.
The cannabis plant contains hundreds of cannabinoids and other parts, and due to the ongoing federal illegality severely restricting
research on these components, many believe that there is health and wellness potential in some of these plant derivatives that have not
yet been studied.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">FDA
Supply</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
FDA has stated that it recognizes that there is significant interest in the development of therapies and other consumer products derived
from cannabis. The FDA has also stated that it is committed to protecting the public health while also taking steps to improve the efficiency
of regulatory pathways for the lawful marketing of appropriate cannabis and cannabis-derived products. The FDA says that it is working
to answer questions about the science, safety, and quality of products containing cannabis and cannabis-derived compounds. BGC will be
well-positioned to act as a partner to the FDA as it advances these efforts, and we will be one of the few federally-registered suppliers
of cannabis available to the FDA for any of its research or exploration efforts in the space. Further, BGC has developed certain patents
that, when working with the FDA approvals, will give BGC competitive advantages. However, there is no guarantee that the FDA will find
our products safe or effective or grant us the required approvals, which may inhibit our business prospects even in the case that the
federal government were to legalize cannabis. If the FDA does elect to regulate cannabis under the Food, Drug and Cosmetics Act (the
&#8220;FDCA&#8221;), it is uncertain what the effects on our Company would be, or what the costs of compliance with the FDCA would be,
and whether we would be able to secure the necessary approvals from the FDA, which could adversely affect our financial performance.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">CBG
and CBN to Consumers Post-Legalization</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
plan to sell high CBN and CBG cannabis directly to consumers if and when cannabis legalization occurs at the federal level. We anticipate
that we will already have been able to refine our production methods and products for consistency and quality by the time federal legalization
occurs, and will be well-positioned to offer our products directly to consumers, once it is federally legal to do so. However, if cannabis
does become subject to FDA regulations, there is no guarantee that the FDA will approve our products under the FDCA, or the costs of
compliance with the FDCA for BGC in that case are unknown, which may inhibit our business prospects and could adversely affect our financial
performance, even in the case that the federal government were to legalize cannabis.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Facilities</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BGC
owns a 70-acre parcel of land, on agricultural property, which includes an existing 22-acre greenhouse structure. The Company also owns
a 40-acre parcel of land nearby, and holds options for two additional 300-acre properties which are adjacent to the owned properties
(one is known as the &#8220;Candelaria&#8221; property, and the other is known as the &#8220;Azuz&#8221; property).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">First,
we will retrofit the 22-acre existing greenhouse to make it operational. Once the project is completed, we plan to use the existing 22-acre
greenhouse to cultivate non-cannabis herbs and medicinal plants. We expect to complete renovations of the existing 22-acre greenhouse
in September 2022. Within the first 10-acres of that existing greenhouse retrofit, we will include a two-acre university greenhouse (the
&#8220;University Greenhouse&#8221;) to house our cannabis research, development, cultivation and manufacturing operations. We expect
that this greenhouse facility will have production capacity for 50,000 cannabis plants at all times of differing maturity levels. Additionally,
we estimate we will harvest approximately 300,000 mature plants per year (with multiple harvests per year). Our plan is to have the University
Greenhouse house our research and development facility pursuant to potential partnership and other arrangements with leading U.S. universities.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the existing greenhouse, we plan to construct two additional 57-acre greenhouses, one on the Candelaria property and one
on the Azuz property.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have engaged Dalsem Complete Greenhouse Projects, B.V. (&#8220;Dalsem&#8221;) to complete the construction of these facilities and have
negotiated an agreement with them which our legal team is drafting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
completed, our fully automated new construction facilities will include Pic-O-Mat PF transplanter robots, produced by Visser Horti Systems,
B.V. (&#8220;Visser&#8221;). These robots can transplant seedlings into pots for propagation, will be developed to grow medicinal plants,
including cannabis. Upon receipt of final registration from the DEA as described above, we plan to cultivate and manufacture cannabis
for federally sanctioned research, as well performing authorized research on cannabis, including but not limited to CBN, CBG, and CBD.
We also plan to leverage our cultivation, research, and manufacturing facilities to develop and commercialize approved medical cannabis
products to sell to DEA registered pharmaceutical producers.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BGC
plans to sell mostly extracted oils from medicinal plants grown in these high-tech facilities and processed onsite through a proprietary
system that vertically integrates the genetically altered growth of the plants to conform to automated growing systems. Once the two
larger greenhouses are constructed, we estimate we can process 5,000 pounds of dry plant biomass per day to produce 220 pounds of distillate,
which can create 85,000,000 milligrams of cannabinoids per day.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
stated above, we are in active discussions with Dalsem a global developer of high-technology greenhouses, to construct our state-of-the-art
facilities. The technologies specific to our planned greenhouses include:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technologically advanced greenhouse design, which allows
    for maximum environmental control, cost-efficiency, and a low carbon footprint;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Environmentally sustainable cultivation methodology
    and practices in harmony with New Mexico&#8217;s unique climate, using naturally available resources;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cultivation at a large scale to provide consistent,
    secure supply for researchers and the pharmaceutical industry;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A patented air ventilation system, which uses ambient
    physical properties to generate optimal indoor conditions based upon the data-driven growing strategy, with minimum use of energy,
    which in turn enables the highest yield and quality of crop in the shortest time;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ebb-flood irrigation to enable the use of mildew resistant
    cultivars;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fully-implemented pest/disease scouting system;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Controlled output through Pharma grade drying and extraction;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Extraction and separation techniques allowing for specific
    combinations of cannabinoids and other properties from cannabis for targeted therapeutics; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tamper-proof track &amp; trace and record keeping system.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
far as automation: we will utilize automation and robotics that deliver, among other things, higher levels of security, diversion controls,
and lower operating cost. Labor is a significant cost factor growing in uncontrolled open field environments and in typical indoor cultivation
sites. Bright Green will use automation throughout the growing process in our new construction greenhouses. This ensures consistency
of pure products. Planting, harvesting, watering, transplanting and oil production will all be automated at our new construction facilities.
Automation brings improvements in process that leads to quality and purity. Specifically, we will use the following automation technologies:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robotics such as the Visser transplanter robot or Visser
    potting robot, which reduces human interaction</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Automated growing systems to optimize growth at each
    stage of plant development</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
inventory will be safe for cannabis researchers in that we will be leveraging all of the above technology to produce a high-quality and
pure product for researchers. We will strictly comply with any testing requirements the DEA promulgates to regulate cannabis research
supply to ensure our product is safe.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Current
Licenses Held</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2021, we entered into the MOA with the DEA, which outlines the terms of the DEA&#8217;s conditional approval of Bright Green to proceed
through the DEA&#8217;s registration process, as described above. The MOA with the DEA is effective for a one-year term, renewable for
up to four additional one-year terms. These terms are agreed to by both the DEA and BGC, and the MOA is filed under DEA Document Control
Number W20078135E. There is no guarantee that we will obtain the necessary authorization now, or in the future for renewal purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 23, 2020, we received approval from the State of New Mexico Board of Pharmacy to conduct Controlled Substances Manufacturing of
Cannabis Products in New Mexico, conditioned on receipt of DEA approval. On July 24, 2020, we submitted to the DEA an application for
a Controlled Substances Bulk Manufacturing License to produce cannabis products for research purposes and for commercial sales to DEA
registered manufacturers. We also plan to apply to the DEA for licensure as a Schedule I Controlled Substances Researcher for marijuana,
marijuana extracts, and THC.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may not commence cannabis growing operations until both the State of New Mexico and the federal government or its authorized agencies,
in particular the DEA, have determine that we are full compliance with all applicable rules and authorize our proposed activities. Further,
the FDA may, in the future, decide to regulate cannabis products, which could significantly accelerate or stall the development and sale
of cannabis-based products. Currently, there is uncertainty regarding the FDA&#8217;s path forward regarding cannabis. If the FDA were
to regulate cannabis, it is possible that it would distinguish between DEA-approved facilities like ours, and commercial cannabis retailers
selling directly to consumers in state-legal markets. Because our proposed products will not be sold directly to consumers, and would
only reach consumers via a prescription drug that has undergone FDA clinical trials and safety testing, it is likely that the majority
of the FDA&#8217;s regulation would affect state-legal cannabis operators more so than us. However, the effect of future FDA regulation
on cannabis remains uncertain and there is no guarantee that the FDA will find our products safe or effective or grant us the required
approvals under the FDCA to sell to consumers, which may inhibit our business prospects even in the case that the federal government
were to legalize cannabis.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">State
Licenses</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently hold licenses from the New Mexico Board of Pharmacy including a Controlled Substance Facility License (No. CS00229100), and
a Controlled Substance Wholesaler License (No. WD00012763). Additionally, we hold a Continuous Hemp Commercial Research Production License
from the State of New Mexico Department of Agriculture (CHPL-3-2021).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Federal
Registration for Cannabis Manufacturing</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
described above, we have received conditional DEA approval for Controlled Substance Bulk Manufacturer Registration to cultivate and manufacture
cannabis for sales for research and sales to DEA registered manufacturers, and export internationally. Additionally, we plan to apply
to become a DEA licensed Controlled Substance Researcher to conduct in-house scientific studies at our facilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Capital
Requirements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
general purpose of our budgeted capital requirements outlined below is to retrofit our existing greenhouse, including a 2-acre University
Greenhouse to be contained within the existing structure, plus a two phase build out of our state-of-the-art 57-acre greenhouses, in
partnership with a global leader specializing in greenhouse construction. We plan to raise the capital required from investors. The retrofitting
of the first 10-acres of the existing 22-acre greenhouse is expected to be completed by September 2022 though there may be delays due
to global supply chain issues. Our first harvest will be complete approximately two months from the date of completing construction and
receiving our DEA Registration. We plan to implement a phased approach to the build out of Phase 1 and Phase 2 and to plant intermittently
as phases of each greenhouse reach completion with estimated planting dates to be completed in tranches as follows: March 2023, September
2023, March 2024, September 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
approximate budget is as follows for the capital construction project:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company continues to renovate the existing greenhouses
    and will incur $5,000,000 in costs in 2022 to make the greenhouses operational. This will also contain the University Greenhouse
    within the first 10-acres. The budget for that is approximately $8,500,000, of which $6,500,000 is expected to be incurred in 2022
    and the remaining $2,000,000 in 2023.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    corridor, total 234,230m2 (approximately 57 acres) has a budget of approximately $160,000,000, of which $1,750,000 is expected to
    be incurred in 2022, $118,250,000 in 2023 and the remaining $40,000,000 in 2024.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    total 234,230m2 (approximately 57 acres) has a budget of approximately $105,000,000, of which $1,000,000 is expected to be incurred
    in 2022, $84,000,000 in 2023 and the remaining $20,000,000 in 2024.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Tissue Lab installation and turnkey consulting
    plus CO2 extraction installation has a budget of approximately $19,200,000 and will commence and be completed in 2023.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cumulatively,
of the total expected expenditures of $297,700,000, $14,250,000 is expected to be incurred in 2022, $223,450,000 in 2023, and the remaining
$60,000,000 in 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Project</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total Spend</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Phase I - Candelaria</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">160,000,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1,750,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">118,250,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">40,000,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Phase II - Azuz</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">105,000,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1,000,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">84,000,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">20,000,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">19,200,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-left: 10pt">Total:</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">297,700,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">14,250,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">223,450,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">60,000,000</td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
timing and expenditure estimates are subject to change due to supply chain constraints and are contingent upon successful raise of capital
from investors. See the section titled &#8220;<i>Risk Factors</i>&#8221; beginning on page 12 of this prospectus, for further discussion
of the risks related to the Company&#8217;s ability to raise additional funds.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Competitive Strengths</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bright
Green combines innovation, expertise, and dedication to furthering technical advances in cannabis and providing consistent quality supply
and output for our institutional customers. We distinguish ourselves from our competitors by virtue of the following strengths:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">First-mover advantage - We are one of the first companies
    in the U.S. to receive conditional approval from the DEA to register to produce federally legal cannabis products. Previously, only
    the University of Mississippi held such authorization. Even if the DEA awards another set of licenses in the future, it will likely
    take years to process, giving us a competitive timing advantage compared to other operators.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679; </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expertise - We will partner with cultivators in Europe
    and Canada who have supplied some of the leading cannabis operations throughout the world, and we are in discussions to pursue international
    agreements for the supply of cannabis. BGC has the opportunity to collaborate with both construction experts and growers to build
    the most refined cannabis cultivation operation in the world.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quality and Consistency of Product - Our supply&#8217;s
    consistency and high quality will start with the genetics of our cannabis. Bright Green Corporation has identified superior cannabis
    plants to deliver superior quality and consistency to support large-scale cannabis production efficiently, highlighting homogenous
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Listing
on the Nasdaq Capital Market</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Common Stock is currently traded on Nasdaq under the symbol &#8220;BGXX.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Implications
of Being an Emerging Growth Company and a Smaller Reporting Company</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a company with less than $1.07 billion of revenue during our last fiscal year, we qualify as an &#8220;emerging growth company&#8221;
as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. We may remain an emerging growth company for up to five
years from the date of the closing of our public offering, or until such earlier time as we have more than $1.07 billion in annual revenue,
the market value of our stock held by non-affiliates is more than $700 million as of the final day of our second fiscal quarter, in which
case we would cease to be an &#8220;emerging growth company&#8221; as of the following final day of our fiscal year, or we issue more
than $1 billion of non-convertible debt over a three-year period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
so long as we remain an emerging growth company, we are permitted and intend to rely on certain exemptions from various public company
reporting requirements, including not being required to include an attestation report on internal control over financial reporting issued
by our independent registered public accounting firm pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002, reduced disclosure
obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding
a nonbinding advisory vote on executive compensation and any golden parachute payments not previously approved. In addition, the JOBS
Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting
standards. This provision allows an emerging growth company to delay the adoption of some accounting standards until those standards
would otherwise apply to private companies. We have elected to take advantage of this extended transition period under the JOBS Act.
As a result, our operating results and financial statements may not be comparable to the operating results and financial statements of
other companies who have adopted the new or revised accounting standards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are also a &#8220;smaller reporting company,&#8221; meaning that the market value of our stock held by non-affiliates is less than $700
million and our annual revenue was less than $100 million during our most recently completed fiscal year. We may continue to be a smaller
reporting company if either (i) the market value of our stock held by non-affiliates is less than $250 million measured on the last business
day of our second fiscal quarter or (ii) our annual revenue is less than $100 million during the most recently completed fiscal year
and the market value of our stock held by non-affiliates is less than $700 million measured on the last business day of our second fiscal
quarter. If we are a smaller reporting company at the time we cease to be an emerging growth company, we may continue to rely on exemptions
from certain disclosure requirements that are available to smaller reporting companies. For so long as we remain a smaller reporting
company, we are permitted and intend to rely on exemptions from certain disclosure and other requirements that are applicable to other
public companies that are not smaller reporting companies, such as providing only two years of audited financing statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary
of Risk Factors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Below
is a summary of material factors that make an investment in our securities speculative or risky. Importantly, this summary does not address
all of the risks and uncertainties that we face. Additional discussion of the risks and uncertainties summarized in this risk factor
summary, as well as other risks and uncertainties that we face, can be found under the section titled &#8220;<i>Risk Factors</i>&#8221;
in this prospectus. The below summary is qualified in its entirety by that more complete discussion of such risks and uncertainties.
You should consider carefully the risks and uncertainties described under the section titled &#8220;<i>Risk Factors</i>&#8221; as part
of your evaluation of an investment in our securities:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we have a relatively limited history of operations,
    a history of losses, and our future earnings, if any, and cash flows may be volatile, resulting in uncertainty about our prospects;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we have not based our financial projections or valuation
    on actual operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we are highly dependent on our management team, and
    the loss of our senior executive officers or other key employees could harm our ability to implement our strategies, impair our relationships
    with clients and adversely affect our business, results of operations and growth prospects;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our insurance may not adequately cover our operating
    risk;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we may have difficulty obtaining insurance at economically
    viable rates;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in accounting standards and subjective assumptions,
    estimates and judgments by management related to complex accounting matters could significantly affect our financial results;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the COVID-19 pandemic could continue to materially
    adversely affect our business, financial condition, results of operations, cash flows and day-to-day operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we could be adversely affected by declines in discretionary
    consumer spending, consumer confidence and general and regional economic conditions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BGC&#8217;s plan to expand its product offerings and
    sales channels might not be successful, and implementation of these plans might divert our operational, managerial and administrative
    resources, which could impact our competitive position;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we are in discussions to consummate strategic transactions,
    and arrangements with certain service providers, and if these arrangements do not materialize, or materialize on terms that are not
    favorable to the Company, it could materially adversely affect our business, financial condition, results of operations, cash flows
    and day-to-day operations</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">cannabis is highly regulated at the federal and state
    level, and authorizations for the production of cannabis for research is still in the early stages;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a denial of, or significant delay in obtaining, or
    any interruption of required government authorizations to grow cannabis for federally sanctioned purposes would likely significantly,
    negatively impact us;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in the competitive landscape for cannabis for
    federally sanctioned research could significantly, negatively impact us;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 4%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    U.S. wholesale market for cannabis for research is of unknown size and is difficult to forecast;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we may not develop as many cannabis products or a crop
    of the consistency or quality that we expect, which could have a negative adverse effect on our business plan and profitability;</span></td></tr>
</table>

<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

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<p style="margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FDA regulation of cannabis could negatively affect
    the cannabis industry generally, which would directly affect our financial condition, and could negatively impact us directly if
    our products do not receive the necessary approvals;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">research in the United States, Canada and other countries
    on the medical benefits, viability, safety, efficacy and dosing of cannabis or isolated cannabinoids may cause adverse effects on
    our operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the very dynamic nature of the laws and regulations
    affecting the cannabis market, the federal authorization of cannabis for research, or the state-regulated cannabis industry could
    materially adversely affect our proposed operations, and we cannot predict the impact that future regulations may have on us;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">researcher and patient preferences for our products
    or brands can be unpredictable; our marketing and brand development efforts may not be successful;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    systems, including cyber-security risks; successful cyber-attacks or technological malfunctions can result in, among other things,
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    issuance of additional Common Stock, preferred stock or securities convertible into shares of Common Stock or preferred stock in
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate
Information </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
principal executive offices are located at 1033 George Hanosh Boulevard Grants, NM 87020, and our telephone number is (833) 658-1799.
Our corporate website address is <i>https://brightgreen.us.</i> Information contained on or accessible through our website is not a part
of this prospectus, and the inclusion of our website address in this prospectus is an inactive textual reference only.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="a_004"></span><b>THE
OFFERING</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shares of Common Stock offered
    by the selling securityholders</b></span></td>
    <td style="width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 68%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,047,620
shares of Common Stock, including 9,523,810 shares of Common Stock issuable upon exercise of the Warrants.</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shares of Common Stock to be outstanding after this
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">178,866,110 shares of Common
    Stock (including 9,523,810 shares of Common Stock issuable upon exercise of the Warrants).</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Terms of the offering</b></span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The selling securityholders
    will determine when and how they will dispose of the securities registered for resale under this prospectus.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: -14.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of proceeds</b></span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We will not receive any
    proceeds from the sale of Shares or Warrant Shares by the selling securityholders; provided, however, we will receive the proceeds
    from any cash exercise of Warrants. See &#8220;<i>Use of Proceeds</i>.&#8221;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk factors</b></span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Before investing in our
    securities, you should carefully read and consider the information set forth in &#8220;<i>Risk Factors</i>&#8221; beginning on page
    12.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Nasdaq ticker symbol</b></span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;BGXX&#8221;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 15pt; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
number of common shares shown above to be outstanding after this offering is based on 169,342,300 shares of Common Stock and 9,523,810
Warrants outstanding as of September 20, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
additional information concerning the offering, see &#8220;<i>Plan of Distribution</i>&#8221; beginning on page 70.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_005"></span>RISK
FACTORS </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>An
investment in our securities is speculative and involves a high degree of risk including the risk of a loss of your entire investment.
You should carefully consider the following risk factors. These risk factors contain, in addition to historical information, forward
looking statements that involve risks and uncertainties. Our actual results could differ significantly from the results discussed in
the forward-looking statements. The occurrence of any of the adverse developments described in the following risk factors could materially
and adversely harm our business, financial condition, results of operations or prospects. In such event, the value of our securities
could decline, and you could lose all or a substantial portion of the money that you pay for our securities. In addition, the risks and
uncertainties discussed below are not the only ones we face. Our business, financial condition, results of operations or prospects could
also be harmed by risks and uncertainties not currently known to us or that we currently do not believe are material, and these risks
and uncertainties could result in a complete loss of your investment. In assessing the risks and uncertainties described below, you should
also refer to the other information contained in this prospectus (as supplemented or amended).</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to our Business and Operations - General Risks</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have a relatively limited history of operations, a history of losses, and our future earnings, if any, and cash flows may be volatile,
resulting in uncertainty about our prospects.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
lack of a significant history and the evolving nature of the market in which we operate make it likely that there are risks inherent
to our business that are yet to be recognized by us or others, or not fully appreciated, and that could result in us suffering further
losses. As a result of the foregoing, and concerns regarding the economic impact from COVID-19, an investment in our securities necessarily
involves uncertainty about the stability of our operating results or results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
had negative operating cash flow for the six months ended June 30, 2022 and June 30, 2021.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
had negative operating cash flow of $3,539,273 in the six months ended June 30, 2022, and a negative operating cash flow of $503,544
for the six months ended June 30, 2021. To the extent that we have negative operating cash flow in future periods, we may need to allocate
a portion of our cash reserves to fund such negative cash flow. We may also be required to raise additional funds through the issuance
of equity or debt securities. There can be no assurance that we will be able to generate positive cash flow from our operations, that
additional capital or other types of financing will be available when needed or that these financings will be on terms favorable to us.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have not based our financial projections or valuation on actual operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
pre-operational stage precludes us from providing financial information based on actual operations. Current financial projections are
based on assumptions concerning future operations that we believe are reasonable but may prove incorrect. Because actual conditions will
differ from those assumptions, and the differences may be material, we cannot assure you that these projections will prove accurate and
caution you against excessive reliance on them in deciding whether to invest in our equity securities. Any increase in our costs or decrease
in our revenues could affect your ability to receive a return on your investment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are highly dependent on our management team, certain members of our board of directors and advisors, and the loss of our executive officers,
non-executive directors or other key advisors or service providers could harm our ability to implement our strategies, impair our relationships
with clients and adversely affect our business, results of operations and growth prospects.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
success depends, to a large degree, on the skills of our management team and our ability to retain, recruit and motivate key officers
and employees. Our active senior executive leadership team has significant experience, and their knowledge and relationships would be
difficult to replace. Leadership changes will occur from time to time, and we cannot predict whether significant resignations will occur
or whether we will be able to recruit additional qualified personnel. Competition for senior executives and skilled personnel in the
horticulture industry is intense, which means the cost of hiring, paying incentives and retaining skilled personnel may continue to increase.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
need to continue attracting and retaining key personnel and recruiting qualified individuals to succeed existing key personnel to ensure
the continued growth and successful operation of our business. In addition, as a provider of custom-tailored horticulture solutions,
we must attract and retain qualified personnel to continue to grow our business, and competition for such personnel can be intense. Our
ability to effectively compete for senior executives and other qualified personnel by offering competitive compensation and benefit arrangements
may be restricted by cash flow and other operational restraints. The loss of the services of any senior executive or other key personnel,
or the inability to recruit and retain qualified personnel in the future, could have a material adverse effect on our business, financial
condition or results of operations. In addition, to attract and retain personnel with appropriate skills and knowledge to support our
business, we may offer a variety of benefits, which could reduce our earnings or have a material adverse effect on our business, financial
condition or results of operations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
insurance may not adequately cover our operating risk.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have insurance to protect our assets, operations and employees. While we believe our insurance coverage addresses all material risks
to which we are exposed and is adequate and customary in our current state of operations, such insurance is subject to coverage limits
and exclusions and may not be available for the risks and hazards to which we are exposed. In addition, no assurance can be given that
such insurance will be adequate to cover our liabilities or will be generally available in the future or, if available, that premiums
will be commercially justifiable. If we were to incur substantial liability and such damages were not covered by insurance or were in
excess of policy limits, or if we were to incur such liability at a time when we are not able to obtain liability insurance, our business,
results of operations and financial condition could be materially adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may have difficulty obtaining insurance at economically viable rates.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
lack of operating history in an emerging area, and our plan to grow cannabis, even legally under all applicable laws, may make it difficult
to obtain insurance policies at rates competitive with rates for other crops. Insurance that is otherwise readily available, such as
workers&#8217; compensation, general liability, title insurance and directors&#8217; and officers&#8217; insurance, is more difficult
for us to find and more expensive because of our involvement in emerging areas as well as our cultivation, processing, and sale of cannabis,
albeit legally under both state and federal laws. There are no guarantees that we will be able to find insurance coverage at otherwise
competitive, or even economically viable terms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
in accounting standards and subjective assumptions, estimates and judgments by management related to complex accounting matters could
significantly affect our financial results.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
GAAP and related pronouncements, implementation guidelines and interpretations with regard to a wide variety of matters that are relevant
to our business, such as, but not limited to, revenue recognition, stock-based compensation, trade promotions, and income taxes, are
highly complex and involve many subjective assumptions, estimates and judgments by our management. Changes to these rules or their interpretation
or changes in underlying assumptions, estimates or judgments by our management could significantly change our reported results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
COVID-19 pandemic could continue to materially adversely affect our business, financial condition, results of operations, cash flows
and day-to-day operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
outbreak of COVID-19, a novel strain of coronavirus first identified in China, which has spread across the globe including the U.S.,
has had an adverse impact on our operations and financial condition. Most recently, the response to this coronavirus by federal, state
and local governments in the U.S. has resulted in the significant market and business disruptions across many industries and affecting
businesses of all sizes. This pandemic has also caused significant stock market volatility and further tightened capital access for most
businesses. Given that the COVID-19 pandemic and its disruptions are of unknown duration, they could have an adverse effect on our liquidity
and profitability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ultimate magnitude of COVID-19, including the extent of its impact on our financial and operational results, which could be material,
will depend on the length of time that the pandemic continues, its effect on the demand for our products and our supply chain, the effect
of governmental regulations imposed in response to the pandemic, as well as uncertainty regarding all of the foregoing. We cannot at
this time predict the full impact of the COVID-19 pandemic, but it could have a larger material adverse effect on our business, financial
condition, results of operations and cash flows beyond what is discussed within the registration statement to which this prospectus forms
a part.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
could be adversely affected by declines in discretionary consumer spending, consumer confidence and general and regional economic conditions.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
success depends to a significant extent on discretionary consumer spending, which is heavily influenced by general economic conditions
and the availability of discretionary income. We believe the cannabis markets are heavily reliant on discretionary consumer spending.
The current economic environment as a result of COVID-19, coupled with high volatility and uncertainty as to the future global economic
landscape, may have an adverse effect on consumers&#8217; discretionary income and consumer confidence. Future volatile, negative, or
uncertain economic conditions and recessionary periods or periods of significant inflation may adversely impact consumer spending on
our products and services, which would materially adversely affect our business, financial condition and results of operations. Such
effects can be especially pronounced during periods of economic contraction or slow economic growth.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
plan to expand our product offerings and sales channels might not be successful, and implementation of these plans might divert our operational,
managerial and administrative resources, which could impact our competitive position.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BGC&#8217;s
success and the planned growth and expansion of the business depends on their products and services achieving greater and broader acceptance,
resulting in a larger customer base, and on the expansion of its operations into new markets. However, there can be no assurance that
customers will purchase its products and/or services, or that they will be able to continually expand their customer base. Additionally,
if they are unable to effectively market or expand their product and/or service offerings, we will be unable to grow and expand our business
or implement our business strategy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BGC&#8217;s
ability to grow its existing brand and develop or identify new growth opportunities depends in part on its ability to appropriately identify,
develop and effectively execute strategies and initiatives. Failure to effectively identify, develop and execute strategies and initiatives
may lead to increased operating costs without offsetting benefits and could have a material adverse effect on our results of operations.
These plans involve various risks discussed elsewhere in these risk factors, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">implementation of these plans may be delayed or may
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if BGC&#8217;s expanded product offerings and sales
    channels fail to maintain and enhance our distinctive brand identity, our brand image may be diminished, and our sales may decrease;
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    attention from other aspects of our business and place a strain on our management, operational and financial resources, as well as
    our information systems.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, BGC&#8217;s ability to successfully carry out our plans to expand its product offerings may be affected by, among other things,
laws and regulations pertaining to cannabis use, economic and competitive conditions, changes in consumer spending patterns and consumer
preferences. BGC&#8217;s expansion plans could be delayed or abandoned, could cost more than anticipated and could divert resources from
other areas of our business, any of which could impact its competitive position and reduce our revenue and profitability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are in discussions to consummate arrangements with certain service providers, and if these arrangements do not materialize, or materialize
on terms that are not favorable to the Company, it could materially adversely affect our business, financial condition, results of operations,
cash flows and day-to-day operations</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are in discussions to consummate arrangements with certain service providers. Any agreement we plan to enter into with a third party
may not materialize, or, may not be on favorable terms, and the expected benefits and growth from these agreements may not materialize
as planned. If we fail to enter into agreements with such service providers, or enter into agreements that are not on favorable terms
to the Company, it could materially adversely affect our business, financial condition, results of operations, cash flows and day-to-day
operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have identified a material weakness in our internal control over financial reporting and determined that our disclosure controls and
procedures were ineffective as of June 30, 2022, as a result of the restatement of our unaudited financial information as of and for
the quarter ended June 30, 2022. In the future, we may identify additional material weaknesses or otherwise fail to maintain an effective
system of internal control over financial reporting or adequate disclosure controls and procedures, which may result in material errors
in our financial statements or cause us to fail to meet our period reporting obligations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the supervision and with the participation of our management, including our Interim Chief Executive Officer and Chief Financial Officer,
we conducted an assessment of the effectiveness of our internal control over financial reporting as of June 30, 2022. A material weakness
is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility
that a material error in our annual or interim financial statements will not be prevented or detected on a timely basis. In Management&#8217;s
Report on Internal Control over Financial Reporting included in our quarterly report on Form 10-Q for the quarter ended June 30, 2022
filed August 12, 2022, our management previously concluded that we maintained effective internal control over financial reporting as
of June 30, 2022. Our management subsequently concluded that a material weakness existed and our internal control over financial reporting
was not effective as of June 30, 2022. This determination was made as a result of a recording error of the fair value of shares of Common
Stock we issued for services in June 2022. Such shares have a fair value of $8.00 per share, the price of our Common Stock at the time
of our direct listing, but were initially recorded at a fair value of $4.00 per share. With this error being corrected in amendment no.
1 to our quarterly report on Form 10-Q for the period ended June 30, 2022, net loss increased by $6,297,960. Management is actively engaged
in the planning for, and implementation of, remediation efforts to address our material weakness.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we identify new material weaknesses in our internal control over financial reporting, if we are unable to assert that our internal control
over financial reporting is effective, or if our independent registered public accounting firm is unable to express an opinion as to
the effectiveness of our internal control over financial reporting, we may be late with the filing of our periodic reports, investors
may lose confidence in the accuracy and completeness of our financial reports and the market price of our Common Stock could be negatively
affected. As a result of such failures, we could also become subject to investigations by the stock exchange on which our securities
are then listed, the SEC, or other regulatory authorities, and become subject to litigation from investors and stockholders, which could
harm our reputation, financial condition or divert financial and management resources from our core business, and would have a material
adverse effect on our business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to our Business and Operations - Required DEA Authority To Grow and Process Cannabis and Cannabis Generally</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cannabis
is highly regulated at the federal and state level, and authorizations for the production of cannabis for research is still in the early
stages.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cannabis,
other than hemp, is a Schedule I controlled substance under the U.S. Controlled Substances Act (21 U.S.C. &#167; 801, et seq.) (the &#8220;CSA&#8221;).
Even in states or territories that have legalized cannabis to some extent, the cultivation, possession, and sale of cannabis all remain
violations of federal law that are punishable by imprisonment, substantial fines and forfeiture. While cannabis remains a federally illegal
Schedule I drug under the CSA, there is a limited exemption under which cannabis can be grown or manufactured for uses in federally sanctioned
research. To become an authorized cannabis researcher in the United States, one must obtain a registration from the DEA and meet certain
requirements imposed by the DEA, the U.S. Food and Drug Administration (&#8220;FDA&#8221;) and the National Institutes of Health. The
registration process to manufacture controlled substances is codified under 21 U.S.C. &#167; 823. It requires that the Attorney General
determine whether registrations are in the public interest. To do so, the Attorney General is directed to consider multiple public interest
factors, including &#8220;compliance with applicable State and local law.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
University of Mississippi, pursuant to a contractual agreement with National Institute on Drug Abuse (&#8220;NIDA&#8221;), has been the
only federally authorized cannabis producer in the United States for years. In the face of unprecedented demand for cannabis manufacture
for research necessitating more suppliers, the program at the University of Mississippi has faced significant criticism for its poor
quality flower, mold issues, and limited availability of strains with levels of THC and CBD comparable to commercial cannabis products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
recent years, the federal government has acknowledged the need for new suppliers. During his confirmation hearings in 2019, Attorney
General Barr testified that he supported authorizing more facilities to cultivate cannabis in the U.S. for research purposes. In January
2020, a senior policy advisor for the DEA, Matthew J. Strait, testified before the House Energy and Commerce Committee regarding the
DEA&#8217;s progress to date. Mr. Strait acknowledged concerns about the limited supply of research-grade cannabis and the lack of chemical
diversity in the plants cultivated in Mississippi. He outlined the DEA&#8217;s various steps in the past few years to expand cannabis
research and manufacturing capacity, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2015, the DEA announced to all existing
    Schedule I researchers that it was easing the requirements for obtaining a modification of their existing registration for those
    who wished to conduct research on cannabidiol (CBD).</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In early 2018, the DEA announced that it had developed
    and implemented an online portal for researchers to safely and securely submit their qualifications, research protocol and institutional
    approvals for a proposed schedule I research registration thereby streamlining the acquisition of information necessary to process
    each application. Presently, the average time it takes for DEA and the FDA to review/approve an application is 52 days.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On the manufacturing side, between 2017 and 2020, the
    DEA increased the aggregate production quota for cannabis by 575%, from 472 kg in 2017 to 3,200 kg in 2022. The increase has directly
    supported NIDA&#8217;s provision of various strains of cannabis to researchers in the United States.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to these efforts, in 2016, the DEA began accepting new research cultivation applications with regulations crafted under the
Obama administration. However, no decisions were made on those applicants, and, in August 2019, the DEA issued a notice to the pending
applicants, stating that it would promulgate new regulations to govern the program of growing &#8220;marihuana&#8221; for scientific
and medical research prior to issuing any registrations. During his testimony, Mr. Strait explained that the DEA is &#8220;actively taking
steps to expand&#8221; the number of registered growers, and had recently sent draft regulations to facilitate licensing additional growers
to the Office of Management and Budget.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Those
draft regulations were published in late March 2020. Under the proposed regulations, the DEA will maintain sole ownership of all cannabis
produced under the program, requiring growers to notify the DEA of an upcoming harvest up to four months&#8217; in advance, or at a minimum,
15 days before a harvest. The DEA currently has roughly 35 outstanding applications for research cannabis cultivation licenses, and the
agency said it expects to approve between five and 13 suppliers once the rules are finalized after a public comment period, which has
ended. The proposed rule provides that, with a limited exception, applications accepted for filing after the date the final rule becomes
effective will not be considered pending until all applications accepted for filing on or before the date the final rule becomes effective
have been granted or denied by the Administrator.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 18, 2020, the DEA finalized new regulations pertaining to applications by entities seeking to become registered with the DEA
to grow cannabis as bulk manufacturers for research purposes and provide cannabis to other DEA registered manufacturers. Under these
and other applicable regulations, applicants are responsible for demonstrating they have met various requirements, including requirements
to possess appropriate state authority, document that their customers are licensed to perform research, and employ adequate safeguards
to prevent diversion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 14, 2021, the DEA announced that it planned to provide memorandums of agreement to an unspecified and unnamed number of companies
to collaborate with the DEA &#8220;to facilitate the production, storage, packaging, and distribution of marijuana under the new regulations
as well as other applicable legal standards and relevant laws.&#8221; The DEA&#8217;s final rule on the topic estimated that it would
award licenses to between three and fifteen companies. To the extent these memorandums of agreement are finalized, the DEA anticipates
issuing DEA registrations to these manufacturers. Each applicant will then be authorized to cultivate cannabis &#8211; up to an allotted
quota &#8211; in support of the more than 575 DEA-licensed researchers across the nation. As individual manufacturers are granted DEA
registrations, that information will be made available on DEA&#8217;s Diversion Control website.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>A
denial of, or significant delay in obtaining, or any interruption of required government authorizations to grow cannabis for federally
sanctioned purposes would likely significantly, negatively impact us.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business plan depends heavily on receiving the necessary state and federal authorizations to research cannabis and to grow cannabis for
federally sanctioned cannabis research. Bright Green may not commence cannabis growing operations until both the State of New Mexico
and the federal government, in particular the DEA, have signed off that Bright Green has met its obligations under state law and the
MOA and is compliance with all applicable regulations. While New Mexico has granted to Bright Green the necessary licenses to grow cannabis
for research, and BGC and the DEA have entered into a MOA for BGC to be one of the entities registered by the DEA to grow cannabis for
federally sanctioned purposes, we cannot guarantee that the DEA will ultimately permit BGC to register manufacture cannabis. The MOA
was effective and became binding on May 20, 2021. The DEA&#8217;s denial of any authorizations or any delay in granting the authorization
or renewal could have a significantly negative impact on our business plans, operations and financial results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BGC
must comply with all terms agreed to in the MOA which include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">submitting an Individual Procurement Quota on or before
    April 1 of each year utilizing DEA Form 250;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">submitting an Individual Manufacturing Quota on or
    before May 1 of each year utilizing DEA Form 189;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">collecting samples of cannabis and distributing them
    to DEA-registered analytical laboratories for chemical analysis during the pendency of cultivation and prior to the DEA&#8217;s taking
    possession of the cannabis grown;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">providing the DEA with 15-day advance written notification,
    via email, of its intent to harvest cannabis;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">following the DEA&#8217;s packaging, labeling, storage
    and transportation requirements;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">distributing DEA&#8217;s stocks of cannabis to buyers
    who entered into bona fide supply agreements with the Company; providing the DEA with 15-day advance written notification of its
    intent to distribute cannabis; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">invoicing the DEA for harvested cannabis that it intends
    to sell to the DEA.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
unless terminated for cause by the DEA, the MOA is effective for an initial one-year term from its effective date, subject to automatic
renewal for up to four additional one-year terms. There is no guarantee, however, that the needed authorizations will be obtained in
the first place, or subsequently renewed at the one year or subsequent renewal terms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
in the competitive landscape for cannabis for federally sanctioned research could significantly, negatively impact us.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
DEA has not made public how many entities received memorandums of agreement. If the DEA awards additional licenses to grow cannabis for
federally sanctioned research it would limit our competitive advantage. This would have a negative impact on our business plans, operations
and financial results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Medical Marijuana and Cannabidiol Research Expansion Act, introduced in July 2022 in the House by U.S. Reps. Earl Blumenauer, D-Ore.,
and Andy Harris, R-Md., is the companion bill to Senate Bill 253 (which passed the Senate in April 2022). As drafted, the bill could
increase the number of federally-licensed cannabis researchers in the U.S., and would require researchers to cultivate their own product
under federal authorization or purchase their product from federally legal supply channels (DEA Registrants). The House Bill does not
include a provision in the Senate Bill which would allow cannabis researchers to study products available in state-legal commercial cannabis
markets. The final parameters of a final bill will require reconciling the Senate and House versions, and are unknowable, as are the
impacts a final bill could have on our industry or our business and operations. In July 2022, Senators Chuck Schumer (D-NY), Cory Booker
(D-NJ), and Ron Wyden (D-OR) introduced the Cannabis Administration and Opportunity Act (&#8220;CAOA&#8221;), which provides for comprehensive
federal legalization of cannabis. The probability that the CAOA in its current form is adopted, now or in the future, is unknowable at
this time, as are the impacts the CAOA could have on our industry or business and operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i></i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
U.S. wholesale market for cannabis for research is of unknown size and is difficult to forecast.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BGC
plans to operate in a novel market which currently only has one participant. The extent to which the DEA will expand the current cannabis
research program, and the supply that the DEA will require from bulk manufacturers to furnish researchers with cannabis is unknown and
unprecedented. Because this market is new and novel, there are risks to predicting the market size and the resulting revenue BGC will
obtain from government contracts to supply cannabis researchers, should the DEA registration be obtained, and any such projections may
prove inaccurate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not develop as many cannabis products or a crop of the consistency or quality that we expect, which could have a negative adverse
effect on our business plan and profitability.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
success depends on our ability to attract and retain research customers, but we face competition in obtaining customers for our cannabis
materials and products. There are many factors that could impact our ability to attract and retain customers, including our ability to
successfully compete based on price, produce high quality or consistent crops, continually produce desirable and effective products that
are superior to others in the market, and the successful implementation of our customer acquisition plan and the continued growth in
the aggregate number of potential customers. Competition for customers may result in increasing our costs while also lowering the market
prices for our products, and reduce our profitability. If we are not successful in attracting and retaining customers, we may fail to
be competitive or achieve profitability or sustain profitability over time.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of changing customer preferences, even among research or pharmaceutical customers, many products attain financial success for
a limited period of time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
if we are successful in introducing new products, a failure to gain consumer acceptance or to update products with compelling attributes
could cause a decline in our products&#8217; popularity that could reduce revenues and harm our business, operating results and financial
condition. Failure to introduce new products or product types and to achieve and sustain market acceptance could result in our being
unable to meet consumer preferences and generate revenue, which would have a material adverse effect on our profitability and financial
results from operations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>FDA
regulation of cannabis could negatively affect the cannabis industry, which would directly affect our financial condition.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should
the federal government legalize cannabis, it is possible that the FDA would seek to regulate it under the Food, Drug and Cosmetics Act.
After the U.S. government removed hemp and its extracts from the CSA as part of the Agriculture Improvement Act of 2018, the FDA Commissioner
Scott Gottlieb issued a statement reminding the public of the FDA&#8217;s continued authority &#8220;to regulate products containing
cannabis or cannabis-derived compounds under the Federal Food, Drug and Cosmetic Act and section 351 of the Public Health Service Act.&#8221;
He also reminded the public that &#8220;it&#8217;s unlawful under the FDCA to introduce food containing added cannabidiol (&#8220;CBD&#8221;)
or tetrahydrocannabinol (&#8220;THC&#8221;) into interstate commerce, or to market CBD or THC products, as, or in, dietary supplements,
regardless of whether the substances are hemp-derived,&#8221; and regardless of whether health claims are made, because CBD and THC entered
the FDA testing pipeline as the subject of public substantial clinical investigations for GW Pharmaceuticals&#8217; Sativex (THC and
CBD) and Epidiolex (CBD). Gottlieb&#8217;s statement added that, prior to introduction into interstate commerce, any cannabis product,
whether derived from hemp or otherwise, marketed with a disease claim (e.g., therapeutic benefit, disease prevention, etc.) must first
be approved by the FDA for its intended use through one of the drug approval pathways.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
FDA has sent numerous warning letters to sellers of CBD products making health claims. The FDA could turn its attention to the cannabis
industry at large. In addition to requiring FDA approval of cannabis products marketed as drugs, the FDA could issue rules and regulations
including certified good manufacturing practices related to the growth, cultivation, harvesting and processing of cannabis. It is also
possible that the FDA would require that facilities where cannabis is grown register with the FDA and comply with certain federally prescribed
regulations. Cannabis facilities are currently regulated by state and local governments. In the event that some or all of these federal
enforcement and regulations are imposed, we do not know what the impact would be on our operations, including what costs, requirements
and possible prohibitions may be enforced. If we are unable to comply with the regulations or registration as prescribed by the FDA,
we may be unable to continue to operate our business in its proposed form or at all. There is no guarantee that cannabinoid products
that may not be fully legal now will be able to be legally commercialized in the future or that Bright Green&#8217;s products or operations
will meet any new FDA regulations or interpretations of the law, which could inhibit Bright Green&#8217;s business prospects even in
the case that the federal government were to legalize cannabis.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the FDA&#8217;s position on CBD, and because we are committed to complying with both state and federal laws, any legal restriction
on the sale of products that containing extracts of cannabis could limit the legally accessible CBD/legal cannabinoid market for our
proposed products.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
the FDA may, in the future, decide to regulate cannabis products, which could significantly accelerate or stall the development and sale
of cannabis-based products. Currently, there is uncertainty regarding the FDA&#8217;s path forward regarding cannabis. If the FDA were
to regulate cannabis, it is possible that it would distinguish between DEA-approved facilities like Bright Green&#8217;s, and commercial
cannabis retailers selling directly to consumers in state-legal markets. Because Bright Green&#8217;s products are not going directly
to consumers, and would only reach consumers via a prescription drug that has undergone FDA clinical trials and safety testing, it is
likely that the majority of the FDA&#8217;s regulation would affect state-legal cannabis operators more so than Bright Green. However,
the effect of future FDA regulation on cannabis remains uncertain and could also have an adverse effect on our business operations, operating
costs, and performance. Moreover, there is no guarantee that the FDA will find our products safe or effective or grant us the required
approvals under the FDCA, which may inhibit our business prospects even in the case that the federal government were to legalize cannabis,
and could also create unforeseen costs created by requirements to comply with the FDCA.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Research
in the United States, Canada and other countries on the medical benefits, viability, safety, efficacy and dosing of cannabis or isolated
cannabinoids may cause adverse effects on our operations.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historically
stringent regulations related to cannabis have made conducting medical and academic studies challenging. Many statements concerning the
potential medical benefits of cannabinoids are based on published articles and reports, and as a result, such statements are subject
to the experimental parameters, qualifications and limitations in the studies that have been completed. Future research and clinical
trials may draw different or negative conclusions regarding the medical benefits, viability, safety, efficacy, dosing or other facts
and perceptions related to medical cannabis, which could adversely affect social acceptance of cannabis and the demand for their products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
can be no assurance that future scientific research, findings, regulatory proceedings, litigation, media attention, or other research
findings or publicity will be favorable to the cannabis market or any particular cannabis product or will be consistent with earlier
publicity. Adverse future scientific research reports, findings and regulatory proceedings that are, or litigation, media attention or
other publicity that is, perceived as less favorable than, or that questions, earlier research reports, findings or publicity (whether
or not accurate or with merit) could result in a significant reduction in the demand for the cannabis products of a portfolio company.
Further, adverse publicity reports or other media attention regarding the safety, efficacy and quality of cannabis, or our products specifically,
or associating the consumption of cannabis with illness or other negative effects or events, could adversely affect our business. This
adverse publicity could arise even if the adverse effects associated with cannabis products resulted from consumers&#8217; failure to
use such products legally, appropriately or as directed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
very dynamic nature of the laws and regulations affecting the cannabis market, the federal authorization of cannabis for research, or
the state-regulated cannabis industry could materially adversely affect our proposed operations, and we cannot predict the impact that
future regulations may have on us.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Local,
state and federal cannabis laws and regulations have been evolving rapidly and are subject to varied interpretations, which could require
us to incur substantial costs associated with compliance or alter our business plan and could negatively impact our business plan or
business. We can know neither the nature of any future laws, regulations, interpretations or applications nor the effect additional governmental
regulations or administrative policies and procedures, when and if promulgated, could have on our business. For example, if cannabis
is no longer illegal under federal law, and depending on future laws or guidance on cannabis for research, we may experience a significant
increase in competition. Accordingly, any change in these laws or regulations, changes in their interpretation, or newly enacted laws
or regulations and any failure by us to comply with these laws or regulations could require changes to certain of our business practices,
negatively impact our operations, cash flow or financial condition, impose additional costs on us or otherwise adversely affect our business.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operating
in a highly regulated business requires significant resources.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to operate in a highly regulated business. As a result, we expect a significant amount of our management&#8217;s time and external
resources to be used to comply with the laws, regulations and guidelines that impact our business, and changes thereto, and such compliance
may place a significant burden on our management and other resources.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
we may be subject to a variety of laws, regulations and guidelines in each of the jurisdictions in which we distribute cannabis, which
may differ among these various jurisdictions. Complying with multiple regulatory regimes will require additional resources and may our
ability to expand into certain jurisdictions. For example, even if cannabis were to become legal under U.S. federal law, companies operating
in the cannabis industry would have to comply with all applicable state and local laws, which may vary greatly between jurisdictions,
increasing costs for companies that operate in multiple jurisdictions.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
uncertainties around funding, construction, and growing an agricultural crop pose risks to our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
planned operations are contingent on completion of raising significant additional funding for the construction of certain facilities
in Grants, New Mexico. We need significant additional capital to build out the properties, and the timing and terms of obtaining that
capital are uncertain. It is also possible that we may not be able to raise the capital required for our construction plans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delays
in obtaining the capital, onerous terms for the capital, or a failure to raise the significant capital required could have a material,
negative impact on business or plans of operations. Furthermore, we will be an agricultural supplier and will be subject to agricultural
risks related to issues such as climate change, natural disasters or pests. In particular, there could be difficulties with the first
crop or harvest in any new facility.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
cannabis industry is subject to the risks inherent in an agricultural business, including environmental factors and the risk of crop
failure.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
growing of cannabis is an agricultural process. As such, a portfolio company with operations in the cannabis industry is subject to the
risks inherent in the agricultural business, including risks of crop failure presented by weather, climate change, water scarcity, fires,
insects, plant diseases and similar agricultural risks. Although some cannabis production is conducted indoors under climate-controlled
conditions, cannabis continues to be grown outdoors, and in our case, in greenhouses using natural light, which is susceptible to climate
changes, and there can be no assurance that artificial or natural elements, such as insects and plant diseases, will not entirely interrupt
production activities or have an adverse effect on the production of cannabis and, accordingly, the operations of a portfolio company,
which could have an adverse effect on our business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be vulnerable to rising energy costs, and an increase or volatility in energy prices may adversely affect our business and results
of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cannabis
growing operations consume considerable energy, which makes us vulnerable to rising energy costs and/or the availability of stable energy
sources. Accordingly, rising or volatile energy costs or the inability to access stable energy sources may have a material adverse effect
on our business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to environmental regulations and laws, and failure to timely or completely comply with such regulations and laws, or failure
to obtain or maintain applicable licenses, may adversely affect our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cultivation
and production activities may be subject to licensing requirements relating to environment regulation. Environmental legislation and
regulations are evolving in such a manner that may result in stricter standards and enforcement, larger fines and liability and potentially
increased capital expenditures and operating costs. The application of environmental laws to our business may cause us to increase the
costs of our cultivation, production or scientific activities. Unanticipated licensing delays can result in significant delays and expenses
related to compliance with new environmental regulations, and cost overruns in our business and could affect our financial condition
and results of operations. There can be no assurance that these delays will not occur.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
growth of our business continues to be subject to new and changing federal, state, and local laws and regulations.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Continued
development of the cannabis industry is dependent upon further legalization of cannabis at the state level, and a number of factors could
slow or halt progress in this area, even where there is public support for legislative action. Any delay or halt in the passing or implementation
of legislation legalizing cannabis use, or its cultivation, manufacturing, processing, transportation, distribution, storage and/or sale,
or the re-criminalization or restriction of cannabis at the state level, could negatively impact our business, even though we are primarily
regulated by the DEA. Additionally, changes in applicable federal, state, and local regulations, including zoning restrictions, environmental
requirements, FDA compliance, security requirements, or permitting requirements and fees, could restrict the products and services we
may offer or impose additional compliance costs on us. Violations of applicable laws, or allegations of such violations, could disrupt
our business and result in a material adverse effect on our operations. We cannot predict the nature of any future laws, regulations,
interpretations or applications, including local, state, federal, or environmental, and it is possible that regulations may be enacted
in the future that will be materially adverse to our business or which would have materially significant costs of compliance which could
negatively impact our business.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to risks, including delays, from our ongoing and future construction projects, which may result from reliance on third parties,
delays relating to material delivery and supply chains, and fluctuating material prices, among other factors.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to several risks in connection with the construction of our projects, including the availability and performance of engineers
and contractors, suppliers and consultants, the availability of funding, and the receipt of required governmental approvals, licenses
and permits, and the projected timeline for construction, which could change due to delays. Any delay in the performance of any one or
more of the contractors, suppliers, consultants or other persons on which we are dependent in connection with our construction activities,
a delay in or failure to receive the required governmental approvals, licenses and permits in a timely manner or on reasonable terms,
or a delay in or failure in connection with the completion and successful operation of the operational elements in connection with construction
could delay or prevent the construction of the additional phases of the facilities as planned. There can be no assurance that current
or future construction plans implemented by us will be successfully completed on time, within budget and without design defect, that
the necessary personnel and equipment will be available in a timely manner or on reasonable terms to complete construction projects successfully,
that we will be able to obtain all necessary governmental approvals, licenses and permits, or that the completion of the construction,
the start-up costs and the ongoing operating costs will not be significantly higher than anticipated by us. Any of the foregoing factors
could adversely impact our operations and financial condition.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
costs to procure such materials and services to build new facilities may fluctuate widely based on the impact of numerous factors beyond
our control including, international, economic and political trends, foreign currency fluctuations, expectations of inflation, global
or regional consumptive patterns, speculative activities and increased or improved production and distribution methods.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
early 2020, the COVID-19 pandemic has impacted global economic activity, and the governments of many countries, states, cities and other
geographic regions have previously taken or continue to take preventative or protective actions, which have caused disruptions in global
supply chains such as closures or other restrictions on the conduct of business operations of manufacturers, suppliers and vendors. Such
preventative or proactive actions may be reinstated or expanded upon in the future. The recovery from COVID-19 also may have risks in
that increased economic activity globally or regionally may result in high demand for, and constrained access to, materials and services
we require to construct and commission our facilities, which may lead to increased costs or delays that could materially and adversely
affect our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global
demand on shipping and transport services may cause us to experience delays in the future, which could impact our ability to obtain materials
or build our facilities in a timely manner. These factors could otherwise disrupt our operations and could negatively impact our business,
financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Logistical
problems, unexpected costs, and delays in facility construction, whether or not caused by the COVID-19 pandemic, which we cannot control,
can cause prolonged disruption to or increased costs of third-party transportation services used to ship materials, which could negatively
affect our facility building schedule, and more generally our business, financial condition, results of operations and prospects. If
we experience significant unexpected delays in construction, we may have to delay or limit our production depending on the timing and
extent of the delays, which could harm our business, financial condition and results of operation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Product
recalls could adversely affect our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
products could become subject to recall or return for various reasons, including product defects, such as contamination, unintended harmful
side effects or interactions with other substances, packaging safety and inadequate or inaccurate labeling disclosure. If any of our
products are recalled due to an alleged product defect, regulatory requirements or for any other reason, we could be required to incur
the unexpected expense of the recall and any legal proceedings that might arise in connection with the recall. We may lose a significant
amount of sales and may not be able to replace those sales at an acceptable margin or at all. In addition, a product recall may require
significant management attention. Recall of products could lead to adverse publicity, decreased demand for our products and could have
significant reputational and brand damage. Although we have detailed procedures in place for testing finished products, there can be
no assurance that any quality, potency or contamination problems will be detected in time to avoid unforeseen product recalls, regulatory
action or lawsuits. A recall for any of the foregoing reasons could lead to decreased demand for our products and could have a material
adverse effect on our results of operations and financial condition. Additionally, product recalls may lead to increased scrutiny of
our operations by health authorities or regulatory agencies where the Company operates or products are sold, requiring further management
attention and potential legal fees and other expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
planned future sale of cannabis and cannabis products could expose us to significant product liability risks.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be subject to various product liability claims, including, among others, that our products caused injury or illness, include inadequate
instructions for use or include inadequate warnings concerning possible side effects or interactions with other substances. A product
liability claim or regulatory action against us could result in increased costs, could adversely affect our reputation with our clients
and consumers generally, and could have a material adverse effect on our business, financial condition and results of operations. There
can be no assurances that we will be able to obtain or maintain product liability insurance on acceptable terms or with adequate coverage
against potential liabilities. Such insurance is expensive and may not be available in the future on acceptable terms, or at all. The
inability to obtain sufficient insurance coverage on reasonable terms or to otherwise protect against potential product liability claims
could prevent or inhibit the commercialization of our potential products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>A
significant failure or deterioration in our quality control systems could have a material adverse effect on our business and operating
results.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
quality and safety of our products are critical to the success of our business and operations. As such, it is imperative that our (and
our service providers&#8217;) quality control systems operate effectively and successfully. Quality control systems can be negatively
impacted by the design of the quality control systems, the quality training programs and adherence by employees to quality control guidelines.
Although we strive to ensure that all of our service providers have implemented and adhere to high-quality control systems, any significant
failure or deterioration of such quality control systems could have a material adverse effect on our business and operating results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may experience breaches of security at our facilities or loss as a result of the theft of our products.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Given
the nature of our products and their lack of legal availability outside of government-approved channels, as well as the concentration
of inventory in our Colombian and Portuguese facilities, and despite meeting or exceeding applicable security requirements, there remains
a risk of security breach as well as theft. A security breach at one of our facilities could result in a significant loss of available
products, expose us to additional liability under applicable regulations and to potentially costly litigation or increase expenses relating
to the resolution and future prevention of these breaches and may deter potential customers from choosing our products, any of which
could have an adverse effect on our business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to liability arising from any fraudulent or illegal activity by our employees, contractors and consultants.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are exposed to the risk that our employees, independent contractors and consultants may engage in fraudulent or other illegal activity.
Misconduct by these parties could include intentional, reckless, or negligent conduct or disclosure of unauthorized activities to us
that violate (i) government regulations, (ii) manufacturing standards, (iii) federal, state and provincial healthcare fraud and abuse
laws and regulations, or (iv) laws that require the true, complete and accurate reporting of financial information or data. It is not
always possible for us to identify and deter misconduct by our employees and other third parties, and the precautions taken by us to
detect and prevent this activity may not be effective in controlling unknown or unmanaged risks or losses or in protecting us from governmental
investigations or other actions or lawsuits stemming from a failure to be in compliance with such laws or regulations. If any actions
are brought against us, including by former employees, independent contractors or consultants, and we are not successful in defending
ourselves or asserting our rights, those actions could have a significant impact on our business, including the imposition of civil,
criminal and administrative penalties, damages, monetary fines, contractual damages, reputational harm, diminished profits and future
earnings, and the curtailment of our operations, any of which would have an adverse effect on our business, financial condition and results
from operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
will need to raise substantial additional funds in the future, which funds may not be available or, if available, may not be available
on acceptable terms.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designing
and constructing cultivation, processing and distribution facilities and cultivating and producing cannabis is expensive. Changing circumstances
may cause us to consume capital more rapidly than we currently anticipate. For example, we may incur costs for the design and construction
of cultivation, processing and dispensary facilities that greatly exceed our current budget for such projects. Alternatively, we may
identify opportunities to acquire additional cannabis licenses that we believe would be beneficial to us. The acquisition of such licenses,
and the cost of acquiring the related cultivation, processing or distribution facilities or, if not in existence or completed, the design
and construction of such facilities may require substantial capital. In such events, we may need to raise additional capital to fund
the completion of any such projects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
the cannabis industry is in its early stages and it is likely that we and our competitors will seek to introduce new products in the
future which may include new genetic formulations. In attempting to keep pace with any new market developments, we will need to expend
significant amounts of capital to successfully develop and generate revenues from new products, including new genetic formulations. We
may also be required to obtain additional regulatory approvals from applicable authorities based on the jurisdictions in which we plan
to distribute our products, which may take significant time. We may not be successful in developing effective and safe new products,
bringing such products to market in time to be effectively commercialized or obtaining any required regulatory approvals, which together
with capital expenditures made in the course of such product development and regulatory approval processes, may have a material adverse
effect on our business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may need to raise additional funds in the future to support our operations. If we are required to secure additional financing, such additional
fundraising efforts may divert our management from our day-to-day activities, and we may be required to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are required to conduct additional fundraising activities and we are unable to raise additional capital in sufficient amounts or on
terms acceptable to us, we may be prevented from executing upon our business plan. This would have a material adverse effect on our business,
financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are dependent on our banking relations, and while we currently have a stable banking relationship and operate in compliance with all
applicable laws, we could have difficulty accessing or consistently maintaining banking or other financial services due to banks&#8217;
risk aversion toward serving even legal parts of the cannabis industry.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are dependent on the banking industry to support the financial functions of our company. Our business operating functions including payroll
for our employees and other expenses and transactions which are reliant on traditional banking. Additionally, we anticipate that our
clients will pay us via wire transfer to our bank accounts, or via checks that we deposit into our banks. We require access to banking
services for both us and our clients to receive payments in a timely manner. Lastly, to the extent we rely on any lines of credit, these
could be affected by our relationships with financial institutions and could be jeopardized if we lose access to a bank account.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Important
components of our offerings depend on client accounts and relationships, which in turn depend on banking functions. Most federal and
federally-insured state banks currently do not serve businesses that grow and sell cannabis products under state laws on the stated ground
that growing and selling cannabis is illegal under federal law, even though the Treasury Department&#8217;s Financial Crimes Enforcement
Network (&#8220;FinCEN&#8221;), issued guidelines to banks in February 2014 that clarified how financial institutions can provide services
to cannabis-related businesses, consistent with financial institutions&#8217; obligations under the Bank Secrecy Act. The continued uncertainty
surrounding financial transactions related to federally-illegal cannabis activities and the subsequent risks this uncertainty presents
to financial institutions may result in their discontinuing services to the cannabis industry or limit their ability to provide services
to the cannabis industry or even federally-legal cannabis businesses like ours, because of the misperception that we are a cannabis business
like federally illegal ones are. While we are not transacting in any way with non-federally legal cannabis, it is possible that banks
could view us as a risk because of our association with cannabis or a misunderstanding of our legal status.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
our business is federally legal and complies with the CSA, it is possible we could still face banking difficulties. Banks have and may
continue to consider us to be part of the cannabis industry that is subject to banking restrictions. If we were to lose any of our banking
relationships or fail to secure additional banking relationships in the future, we could experience difficulty and incur increased costs
in the administration of our business, paying our employees, accepting payments from clients, each of which may adversely affect our
reputation or results of operations. Additionally, the closure of many or one of our bank accounts due to a bank&#8217;s reluctance to
provide services to a cannabis business, even though we are operating legally under U.S. law, would require significant management attention
from us and could materially adversely affect our business and operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>While
we have entered into a non-binding letter of intent with Alterola Biotech Inc. and have entered into exclusive negotiations for a merger
therewith, we cannot assure you that the transactions contemplated by our non-binding letter of intent will be consummated or, that if
such transactions are consummated, they will be accretive to stockholder value.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 25, 2022, we entered into a non-binding letter of intent (the &#8220;Alterola Agreement&#8221;) with Alterola Biotech Inc. (&#8220;Alterola&#8221;)
pursuant to which we agreed to explore a merger transaction with Alterola. Pursuant to the Alterola Agreement, the Company agreed to
acquire 25% (the &#8220;Initial Shares&#8221;) of the issued and outstanding shares of Common Stock, par value $0.001 per share of Alterola
(&#8220;Alterola Stock&#8221;), subject to customary due diligence and applicable regulatory approvals. Additionally, pursuant to the
Alterola Agreement, we received a six-month option (the &#8220;Alterola Option&#8221;) to acquire all remaining issued and outstanding
shares of Alterola Stock, subject to customary due diligence, and regulatory, stockholder and other necessary approvals. The Alterola
Agreement provides that the parties shall use their good faith efforts to enter into a definitive agreement setting forth the binding
terms of the Alterola Transaction, whereby we shall acquire all remaining Alterola Stock in exchange for an additional $6 million together
with an aggregate of $40 million of shares of our Common Stock. However, the Alterola Agreement did not include material terms related
to any proposed acquisitive transaction with Alterola and there is no guarantee that we will agree to terms or definitive documentation
with Alterola in order to effect the proposed merger transaction. Further, even if we are able to agree to terms with Alterola for a
merger transaction, there is no guarantee that the terms will be favorable to and approved by our stockholders, that the transaction
will be completed in the time frame or in the manner currently anticipated, or that we will recognize the anticipated benefits of the
transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may engage in future acquisitions or strategic transactions, including the transaction with Alterola, which may require us to seek additional
financing or financial commitments, increase our expenses and/or present significant distractions to our management.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
described herein, we have recently entered into a non-binding letter of intent to merge the Company with Alterola which enables us to
conduct due diligence and negotiate the terms of a definitive merger agreement. In the event we engage in an acquisition or strategic
transaction, we may need to acquire additional financing (particularly, if the acquired entity is not cash flow positive or does not
have significant cash on hand). Obtaining financing through the issuance or sale of additional equity and/or debt securities, if possible,
may not be at favorable terms and may result in additional dilution to our current stockholders. Additionally, any such transaction may
require us to incur non-recurring or other charges, may increase our near and long-term expenditures and may pose significant integration
challenges or disrupt our management or business, which could adversely affect our operations and financial results. For example, an
acquisition or strategic transaction may entail numerous operational and financial risks, including the risks outlined above and additionally:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exposure
                                            to unknown liabilities;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">disruption
                                            of our business and diversion of our management&#8217;s time and attention in order to develop
                                            acquired products or technologies;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">higher
                                            than expected acquisition and integration costs;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">write-downs
                                            of assets or goodwill or impairment charges;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increased
                                            amortization expenses;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulty
                                            and cost in combining the operations and personnel of any acquired businesses with our operations
                                            and personnel;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">impairment
                                            of relationships with key suppliers or customers of any acquired businesses due to changes
                                            in management and ownership; and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">inability
                                            to retain key employees of any acquired businesses.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
although there can be no assurance that we will undertake or successfully complete any transactions of the nature described above, and
any transactions that we do complete could have a material adverse effect on our business, results of operations, financial condition
and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to our Business and Operations - Intellectual Property</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be forced to litigate to defend our intellectual property rights, or to defend against claims by third parties against us relating
to intellectual property rights.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be forced to litigate to enforce or defend our intellectual property rights, to protect our trade secrets or to determine the validity
and scope of other parties&#8217; proprietary rights. Any such litigation could be very costly and could distract our management from
focusing on operating our business. The existence and/or outcome of any such litigation could harm our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to risks related to information technology systems, including cyber-security risks; successful cyber-attacks or technological
malfunctions can result in, among other things, financial losses, the inability to process transactions, the unauthorized release of
confidential information and reputational risk, all of which would negatively impact our business, financial condition or results of
operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
use of technology is critical to our continued operations. We are susceptible to operational, financial and information security risks
resulting from cyber-attacks or technological malfunctions. Successful cyber-attacks or technological malfunctions affecting us or our
service providers can result in, among other things, financial losses, the inability to process transactions, the unauthorized release
of confidential or proprietary information and reputational risk. As cybersecurity threats continue to evolve, we may be required to
use additional resources to continue to modify or enhance protective measures or to investigate security vulnerabilities, which could
have a material adverse effect on our business, financial condition or results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are reliant on our intellectual property; failure to protect our intellectual property could negatively affect our business, financial
condition or results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
success will depend in part on our ability to use and develop new extraction technologies, know-how and new strains of cannabis. We may
be vulnerable to competitors who develop competing technology, whether independently or as a result of acquiring access to the proprietary
products and trade secrets of acquired businesses. In addition, effective future patent, copyright and trade secret protection may be
unavailable or limited in the U.S. due to federal illegality or in foreign countries and may be unenforceable under the laws of some
jurisdictions. Failure to adequately maintain and enhance protection over our proprietary techniques and processes, as well as over our
unregistered intellectual property, including policies, procedures and training manuals, could have a material adverse effect on our
business, financial condition or results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to this Offering and Ownership of Our Common Stock</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
shares have a limited trading history and an active trading market may not develop or continue to be liquid, and the market price of
our shares of Common Stock may be volatile.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
shares are listed and traded on Nasdaq. Prior to the listing on Nasdaq, there had not been a public market for our Common Stock, and
an active market for our Common Stock may not develop or be sustained, which could depress the market price of our securities and could
affect the ability of our stockholders to sell our Common Stock at favorable prices. In the absence of an active public trading market,
investors may not be able to liquidate their investments in our shares of Common Stock. An inactive market may also impair our ability
to raise capital by selling our Common Stock or equity-linked securities, our ability to motivate our employees through equity incentive
awards and our ability to acquire other companies, products or technologies by using our Common Stock or equity-linked securities consideration.
Further, the market price of our Common Stock has been and may continue to be, volatile. Between May 17, 2022, the date our Common Stock
began trading on Nasdaq, and September 20, 2022, the market price of our Common Stock ranged from a high of $58.00 on May 18, 2022 to
a low of $1.00 on August 30, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
market price of our Common Stock has been extremely volatile and may continue to be volatile due to numerous circumstances beyond our
control.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market price of our Common Stock has fluctuated, and may continue to fluctuate, widely, due to many factors, some of which may be beyond
our control. These factors include, without limitation:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;short squeezes&#8221;;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">comments by securities analysts or other third parties,
    including blogs, articles, message boards and social and other media;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an increase or decrease in the short interest in our
    Common Stock;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual or anticipated fluctuations in our financial
    and operating results;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">risks and uncertainties associated with events and
    macroeconomics events such as the ongoing COVID-19 pandemic, fluctuations in U.S. interest rates and rapid inflation; and </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">overall general market fluctuations.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Publicly
traded companies&#8217; stock prices in general, and our stock price in particular, have experienced extreme price and volume fluctuations
that have often been unrelated or disproportionate to the operating performance of those companies and our company. For example, on May
18, 2022 and August 30, 2022, the closing price of our Common Stock was $48.08 and $1.04, respectively, and the daily trading volume
on these days was approximately 3,221,100 and 314,900 shares, respectively. These broad market fluctuations may adversely affect the
trading price of our Common Stock. In particular, a proportion of our Common Stock has been, and may continue to be, traded by short
sellers which may put pressure on the supply and demand for our Common Stock, further influencing volatility in the market price. Additionally,
these and other external factors have caused, and may continue to cause, the market price and demand of our Common Stock to fluctuate,
which may limit or prevent investors from readily selling their shares of Common Stock and may otherwise negatively affect the liquidity
of our Common Stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>A
&#8220;short squeeze&#8221; due to a sudden increase in demand for shares of our Common Stock could lead to extreme price volatility
in shares of our Common Stock.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors
may purchase shares of our Common Stock to hedge existing exposure or to speculate on the price of our Common Stock. Speculation of the
price of our Common Stock may lead to long and short exposures. To the extent aggregate short exposure exceeds the number of shares of
our Common Stock available for purchase on the open market, investors with short exposure may have to pay a premium to repurchase shares
of our Common Stock for delivery to lenders of our Common Stock. Those repurchases may in turn, dramatically increase the price of our
Common Stock until additional shares of our Common Stock are available for trading or borrowing. This is often referred to as a &#8220;short
squeeze.&#8221; A proportion of our Common Stock has been, and may continue to be, traded by short sellers which may increase the likelihood
that our Common Stock will be the target of a short squeeze. A short squeeze could lead to volatile price movements in shares of our
Common Stock that are unrelated or disproportionate to our operating performance and, once investors purchase the shares of our Common
Stock necessary to cover their short positions, the price of our Common Stock may rapidly decline. Investors that purchase shares of
our Common Stock during a short squeeze may lose a significant portion of their investment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>You
may be diluted by issuances of preferred stock or additional Common Stock in connection with our incentive plans, acquisitions or otherwise;
future sales of such shares in the public market, or the expectations that such sales may occur, could lower our stock price.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
certificate of incorporation, as amended and restated, authorizes us to issue up to 200,000,000 shares of Common Stock and up to 10,000,000
shares of preferred stock. Additionally, our amended and restated certificate of incorporation which authorizes us to issue shares of
Common Stock and options, rights, warrants and appreciation rights relating to our Common Stock for the consideration and on the terms
and conditions established by our Board of Directors (the &#8220;Board&#8221;), in its sole discretion. We could issue a significant
number of shares of Common Stock in the future in connection with investments or acquisitions. Any of these issuances could dilute our
existing stockholders, and such dilution could be significant. Moreover, such dilution could have a material adverse effect on the market
price for the shares of our Common Stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
future issuance of shares of preferred stock with voting rights may adversely affect the voting power of the holders of shares of our
Common Stock, either by diluting the voting power of our Common Stock if the preferred stock votes together with the Common Stock as
a single class, or by giving the holders of any such preferred stock the right to block an action on which they have a separate class
vote, even if the action were approved by the holders of our shares of our Common Stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
future issuance of shares of preferred stock with dividend or conversion rights, liquidation preferences or other economic terms favorable
to the holders of preferred stock could adversely affect the market price for our Common Stock by making an investment in the Common
Stock less attractive. For example, investors in the Common Stock may not wish to purchase Common Stock at a price above the conversion
price of a series of convertible preferred stock because the holders of the preferred stock would effectively be entitled to purchase
Common Stock at the lower conversion price, causing economic dilution to the holders of Common Stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company has a limited number of shares of Common Stock available for future issuance which could adversely affect the Company&#8217;s
ability to raise capital or consummate acquisitions.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is currently authorized to issue 200,000,000 shares of Common Stock under its certificate of incorporation, as amended and restated.
As of September 20, 2022, the Company had issued 169,342,300 shares of Common Stock and had 9,523,810 shares of Common Stock reserved
for issuance upon exercise of the Warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the limited number of authorized shares of Common Stock available for issuance, the Company may not be able to raise additional equity
capital or complete a merger, other business combination or partnership unless the Company increases the number of shares it is authorized
to issue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company does not receive the requisite stockholder approval at a special meeting to increase the number of shares it is authorized
to issue, its operations could be materially adversely impacted. In addition, an increase in the authorized number of shares of Common
Stock and the subsequent issuance of such shares could have the effect of delaying or preventing a change in control of the Company without
further action by the Company&#8217;s stockholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
future exercise of registration rights may adversely affect the market price of our Common Stock.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
of our stockholders have registration rights for restricted securities. We are obligated to register certain securities including the
Shares and Warrant Shares offered hereby. Sales of a substantial number of shares of Common Stock pursuant to this prospectus in the
public market could occur at any time our prospectus remains effective. In addition, certain registration rights holders can request
underwritten offerings to sell their securities. These sales, or the perception in the market that the holders of a large number of shares
intend to sell shares, could reduce the market price of our Common Stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
do not anticipate paying any cash dividends on our Common Stock in the foreseeable future.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently intend to retain our future earnings, if any, for the foreseeable future, to fund the development and growth of our business.
We do not intend to pay any dividends to holders of our Common Stock in the foreseeable future. Any decision to declare and pay dividends
in the future will be made at the discretion of our Board taking into account various factors, including our business, operating results
and financial condition, current and anticipated cash needs, plans for expansion, any legal or contractual limitations on our ability
to pay dividends under our loan agreements or otherwise. As a result, if our Board does not declare and pay dividends, the capital appreciation
in the price of our Common Stock, if any, will be your only source of gain on an investment in our Common Stock, and you may have to
sell some or all of your Common Stock to generate cash flow from your investment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
securities or industry analysts do not publish research or reports about our business, or if they downgrade their recommendations regarding
our Common Stock, its trading price and volume could decline.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect the trading market for our Common Stock to be influenced by the research and reports that industry or securities analysts publish
about us, our business or our industry. As a new public company, we do not currently have and may never obtain research coverage by securities
and industry analysts. If no securities or industry analysts commence coverage of our company, the trading price for our stock may be
negatively impacted. If we obtain securities or industry analyst coverage and if one or more of these analysts cease coverage of our
company or fail to publish reports on us regularly, we could lose visibility in the financial markets, which in turn could cause our
stock price or trading volume to decline and our Common Stock to be less liquid. Moreover, if one or more of the analysts who cover us
downgrades our stock or publishes inaccurate or unfavorable research about our business, or if our results of operations do not meet
their expectations, our stock price could decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are an </i>&#8220;<i>emerging growth company</i>,&#8221; <i>and our election to comply with the reduced disclosure requirements as a
public company may make our Common Stock less attractive to investors.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
so long as we remain an &#8220;emerging growth company&#8221; as defined in the JOBS Act, we may take advantage of certain exemptions
from various requirements that are applicable to public companies that are not &#8220;emerging growth companies,&#8221; including not
being required to comply with the independent auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (the
&#8220;Sarbanes-Oxley Act&#8221;), reduced disclosure obligations regarding executive compensation in our periodic reports and proxy
statements, being required to provide fewer years of audited financial statements, and exemptions from the requirements of holding a
non-binding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.
We may lose our emerging growth company status and become subject to the SEC&#8217;s internal control over financial reporting management
and auditor attestation requirements. If we are unable to certify the effectiveness of our internal controls, or if our internal controls
have a material weakness, we could be subject to regulatory scrutiny and a loss of confidence by stockholders, which could harm our business
and adversely affect the market price of our Common Stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will cease to be an &#8220;emerging growth company&#8221; upon the earliest to occur of: (i) the last day of the fiscal year in which
we have more than $1.07 billion in annual revenue; (ii) the date we qualify as a large accelerated filer, with at least $700 million
of equity securities held by non-affiliates; (iii) the date on which we have, in any three-year period, issued more than $1.0 billion
in non-convertible debt securities; and (iv) the last day of the fiscal year following the fifth anniversary of becoming a public company.
As an emerging growth company, we may choose to take advantage of some but not all of these reduced reporting burdens. Accordingly, the
information we provide to our stockholders may be different than the information you receive from other public companies in which you
hold stock. In addition, the JOBS Act also provides that an &#8220;emerging growth company&#8221; can take advantage of an extended transition
period for complying with new or revised accounting standards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have elected to take advantage of this extended transition period under the JOBS Act. As a result, our operating results and financial
statements may not be comparable to the operating results and financial statements of other companies who have adopted the new or revised
accounting standards. It is possible that some investors will find our Common Stock less attractive as a result, which may result in
a less active trading market for our Common Stock and higher volatility in our stock price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are a </i>&#8220;<i>smaller reporting company</i>,&#8221; <i>and our election to comply with the reduced disclosure requirements
as a public company may make our Common Stock less attractive to investors</i>.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
so long as we remain a smaller reporting company, we are permitted and intend to rely on exemptions from certain disclosure and other
requirements that are applicable to other public companies that are not smaller reporting companies, such as providing only two years
of audited financing statements. We may continue to be a smaller reporting company if either (i) the market value of our stock held by
non-affiliates is less than $250 million measured on the last business day of our second fiscal quarter or (ii) our annual revenue is
less than $100 million during the most recently completed fiscal year and the market value of our stock held by non-affiliates is less
than $700 million measured on the last business day of our second fiscal quarter.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are a smaller reporting company at the time we cease to be an emerging growth company, we may continue to rely on exemptions from
certain disclosure requirements that are available to smaller reporting companies. It is possible that some investors will find our Common
Stock less attractive as a result, which may result in a less active trading market for our Common Stock and higher volatility in our
stock price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Provisions
of our amended and restated certificate of incorporation and bylaws may delay or prevent a take-over that may not be in the best interests
of our stockholders.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions
of our amended and restated certificate of incorporation and bylaws may be deemed to have anti-takeover effects, which include when and
by whom special meetings of our stockholders may be called, and may delay, defer or prevent a takeover attempt.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our amended and restated certificate of incorporation authorizes the issuance of shares of preferred stock which will have
such rights and preferences determined from time to time by our Board. Our Board may, without stockholder approval, issue additional
preferred shares with dividends, liquidation, conversion, voting or other rights that could adversely affect the voting power or other
rights of the holders of our Common Stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
choice of forum provision in our amended and restated bylaws, could limit our stockholders&#8217; ability to obtain a favorable judicial
forum for disputes with us or our directors, officers or colleagues.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
amended and restated bylaws, provide that, unless we consent in writing to the selection of an alternative forum, the sole and exclusive
forum for any derivative action or proceeding brought on behalf of us, any action asserting a claim of breach of a fiduciary duty owed
by any of our directors, officers or other employees to us or our stockholders, any action asserting a claim arising pursuant to any
provision of the DGCL, or any action asserting a claim governed by the internal affairs doctrine, shall be a state or federal court located
within the state of Delaware, in all cases subject to the court&#8217;s having personal jurisdiction over the indispensable parties named
as defendants. The choice of forum provisions may limit a stockholder&#8217;s ability to bring a claim in a judicial forum that it finds
favorable for disputes with us or our directors, officers or other colleagues, which may discourage such lawsuits against us and our
directors, officers and other colleagues. Alternatively, if a court were to find such choice of forum provisions to be inapplicable or
unenforceable in an action, including but not limited to claims brought in connection with the Securities Act or Exchange Act, we may
incur additional costs associated with resolving such action in other jurisdictions, which could adversely affect our business and financial
condition. Investors are unable to waive compliance with U.S. federal securities laws and the rules and regulations thereunder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
forum selection provision is intended to apply &#8220;to the fullest extent permitted by applicable law,&#8221; subject to certain exceptions.
Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created
by the Exchange Act or the rules and regulations thereunder. As a result, the exclusive forum provision will not apply to suits brought
to enforce any duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction.
In addition, the exclusive forum provision will not apply to actions brought under the Securities Act, or the rules and regulations thereunder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
choice of forum provision may limit a stockholder&#8217;s ability to bring a claim in a judicial forum that it finds favorable for disputes
with us or any of our directors, officers, other employees or stockholders, which may discourage lawsuits with respect to such claims.
As such, stockholders of the Company seeking to bring a claim regarding the internal affairs of the Company may be subject to increased
costs associated with litigating in Delaware as opposed to their home state or other forum, precluded from bringing such a claim in a
forum they otherwise consider to be more favorable, and discouraged from bringing such claims as a result of the foregoing or other factors
related to forum selection. Alternatively, if a court were to find the choice of forum provision contained in our amended and restated
bylaws to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other
jurisdictions, which could harm our business, operating results and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
requirements of being a public company may strain our resources, divert management&#8217;s attention and affect our ability to attract
and retain executive management and qualified board members.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a public company, we are subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act, the Dodd-Frank Act, and other
applicable securities rules and regulations. Compliance with these rules and regulations involves significant legal and financial compliance
costs, may make some activities more difficult, time-consuming or costly and may increase demand on our systems and resources, particularly
after we are no longer an &#8220;emerging growth company,&#8221; as defined in the JOBS Act. The Exchange Act requires, among other things,
that we file annual, quarterly and current reports with respect to our business and operating results. The Sarbanes-Oxley Act requires,
among other things, that we maintain effective disclosure controls and procedures and internal control over financial reporting. In order
to maintain and, if required, improve our disclosure controls and procedures and internal control over financial reporting to meet this
standard, significant resources and management oversight may be required. As a result, management&#8217;s attention may be diverted from
other business concerns, which could adversely affect our business and operating results. We may need to hire more employees in the future
or engage outside consultants, which will increase our costs and expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, changing laws, regulations and standards relating to corporate governance and public disclosure are creating uncertainty for
public companies, increasing legal and financial compliance costs and making some activities more time-consuming. These laws, regulations
and standards are subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application
in practice may evolve over time as regulatory and governing bodies provide new guidance. This could result in continuing uncertainty
regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We intend to
invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general and administrative
expenses and a diversion of management&#8217;s time and attention from revenue-generating activities to compliance activities. If our
efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing bodies due
to ambiguities related to their application and practice, regulatory authorities may initiate legal proceedings against us, and our business
may be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
for as long as we remain an &#8220;emerging growth company,&#8221; we may take advantage of certain exemptions from various reporting
requirements that are applicable to public companies that are not &#8220;emerging growth companies&#8221; including, but not limited
to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes Oxley Act, reduced disclosure
obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding
a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.
We may take advantage of these reporting exemptions until we are no longer an &#8220;emerging growth company.&#8221; We would cease to
be an &#8220;emerging growth company&#8221; upon the earliest of: (i) the last day of the fiscal year following the fifth anniversary
the last day of the fiscal year ending after the fifth anniversary of the listing of our Common Stock on Nasdaq; (ii) the first fiscal
year after our annual gross revenues are $1.07 billion or more; (iii) the date on which we have, during the previous three-year period,
issued more than $1.0 billion in non-convertible debt securities; or (iv) as of the end of any fiscal year in which the market value
of the Common Stock held by non-affiliates exceeded $700 million as of the end of the second quarter of that fiscal year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of disclosure of information in this prospectus and in filings required of a public company, our business and financial condition
are highly visible, which may result in threatened or actual litigation, including by competitors and other third parties. If such claims
are successful, our business and operating results could be adversely affected, and even if the claims do not result in litigation or
are resolved in our favor, these claims, and the time and resources necessary to resolve them, could divert the resources of our management
and adversely affect our business and operating results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to additional regulatory burdens as a public company.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are required to operate, maintain and oversee financial management control systems to manage our obligations as a public company listed
on Nasdaq and registered with the SEC . These areas include corporate governance, corporate controls, disclosure controls and procedures
and financial reporting and accounting systems. We expended significant resources to improve these systems in preparation for becoming
a public company, and continue to review and improve these systems, but we cannot assure holders of our Common Stock that these and other
measures we might take will be sufficient to allow us to satisfy our obligations as a public company. In addition, compliance with reporting
and other requirements applicable to public companies listed on Nasdaq create additional costs for us and require management&#8217;s
time and attention. We cannot predict the amount of the additional costs that we might incur, the timing of such costs or the impact
that management&#8217;s attention to these matters will have on our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be exposed to currency fluctuations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
our revenues and expenses are expected to be predominantly denominated in U.S. dollars, we may be exposed to currency exchange fluctuations.
Recent events in the global financial markets have been coupled with increased volatility in the currency markets. Fluctuations in the
exchange rate between the U.S. dollar and the currency of other regions in which we may operate or have customers may have a material
adverse effect on our business, financial condition and operating results. We may, in the future, establish a program to hedge a portion
of our foreign currency exposure with the objective of minimizing the impact of adverse foreign currency exchange movements. However,
even if we develop a hedging program, there can be no assurance that it will effectively mitigate currency risks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shares
eligible for future sale may have adverse effects on our share price.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
of substantial amounts of shares or the perception that such sales could occur may adversely affect the prevailing market price for our
shares. We may issue additional shares in subsequent public offerings or private placements to make new investments or for other purposes.
Therefore, it may not be possible for existing shareholders to participate in such future share issuances, which may dilute the existing
shareholders&#8217; interests in us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
can be no assurances that our shares listed on Nasdaq will not be subject to potential delisting if we do not continue to maintain the
listing requirements of Nasdaq.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Common Stock is listed on the Nasdaq Capital Market, or Nasdaq, under the symbol &#8220;BGXX.&#8221; Nasdaq has rules for continued listing,
including, without limitation, minimum market capitalization and other requirements. Failure to maintain our listing (i.e., being de-listed
from Nasdaq), would make it more difficult for shareholders to sell our Common Stock and more difficult to obtain accurate price quotations
on our Common Stock. This could have an adverse effect on the price of our Common Stock. Our ability to issue additional securities for
financing or other purposes, or otherwise to arrange for any financing we may need in the future, may also be materially and adversely
affected if our Common Stock is not traded on a national securities exchange.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i></i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we cannot continue to satisfy the rules of Nasdaq, our securities may be delisted, which could negatively impact the price of our securities
and your ability to sell them.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
though our Common Stock is listed on Nasdaq, we cannot assure you that our Common Stock will continue to be listed on Nasdaq.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are required to comply with certain rules of Nasdaq, including those regarding minimum shareholders&#8217; equity, minimum share price,
minimum market value of publicly held shares, and various additional requirements. We may not be able to continue to satisfy these requirements
and applicable rules. If we are unable to satisfy Nasdaq criteria for maintaining our listing, our securities could be subject to delisting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
Nasdaq delists our securities from trading, we could face significant consequences, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a limited availability for market quotations for our
    securities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduced liquidity with respect to our securities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a determination that our Common Stock is a &#8220;penny
    stock,&#8221; which will require brokers trading in our Common Stock to adhere to more stringent rules and possibly result in a reduced
    level of trading activity in the secondary trading market for our Common Stock;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">limited amount of news and analyst coverage; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a decreased ability to issue additional securities
    or obtain additional financing in the future.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investment
in our Common Stock is speculative and involves a high degree of risk. You may lose your entire investment.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no guarantee that the Common Stock will earn any positive return in the short term or long term. A holding of our Common Stock is
speculative and involves a high degree of risk and should be undertaken only by holders whose financial resources are sufficient to enable
them to assume such risks and who have no need for immediate liquidity in their investment. A holding of our Common Stock is appropriate
only for holders who have the capacity to absorb a loss of some or all of their holdings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company will not receive any of the proceeds from the sale of Common Stock in this offering, so your purchase of Common Stock will not
directly benefit the Company.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
selling securityholders will receive all of the net proceeds from the sale of the Common Stock in this offering. We will not receive
any proceeds from the sale of the Common Stock in this offering, so we will not directly benefit from your purchase of such shares of
Common Stock. We will, however, bear the costs incurred in connection with the registration of these shares of Common Stock. Upon a cash
the exercise of the Warrants, we will receive the exercise price of the Warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Your
ownership interest will be diluted and our stock price could decline when we issue additional shares of Common Stock.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect to issue from time to time in the future additional shares of Common Stock or securities convertible into, or exercisable or exchangeable
for, shares of Common Stock in connection with possible financings, acquisitions, equity incentives for employees or otherwise. Any such
issuance could result in substantial dilution to existing shareholders and cause the trading price of the Common Stock to decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have issued warrants and may continue to issue additional securities in the future. The exercise of these warrants and the sale of the
Common Stock issuable thereunder may dilute your percentage ownership interest and may also result in downward pressure on the price
of our Common Stock.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of September 20, 2022 we have issued and outstanding warrants to purchase 9,523,810 shares of Common Stock at an exercise price of $1.05
per share, subject to adjustment as described therein. Because the market for our Common Stock may be thinly traded, the sales and/or
the perception that those sales may occur, could adversely affect the market price of our Common Stock. Furthermore, the mere existence
of a significant number of shares of Common Stock issuable upon exercise of our outstanding securities may be perceived by the market
as having a potential dilutive effect, which could lead to a decrease in the price of our Common Stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="a_006"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>USE
OF PROCEEDS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of the shares of Common Stock offered by the selling securityholders pursuant to this prospectus will be sold by the selling securityholders
for their respective accounts. We will not receive any of the proceeds from these sales.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will receive up to an aggregate of approximately $10 million from the exercise of the Warrants, assuming the exercise in full of all
of the Warrants for cash. We will have broad discretion over the use of proceeds from the exercise of the Warrants. There is no assurance
that the holders of the Warrants will elect to exercise any or all of the Warrants. To the extent that any of the Warrants are exercised
on a &#8220;cashless basis,&#8221; the amount of cash we would receive from the exercise of the Warrants will decrease.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><span id="a_007"></span>MARKET
INFORMATION FOR SECURITIES AND DIVIDEND POLICY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market
Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Common Stock is quoted on Nasdaq under the symbol &#8220;BGXX.&#8221; As of September 20, 2022, there were approximately 111
record holders of our Common Stock.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividend
Policy</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
our inception, we have not paid any dividends on our Common Stock, and we currently expect that, for the foreseeable future, all earnings,
if any, will be retained for use in the development and operation of our business. In the future, our Board may decide, at its discretion,
whether dividends may be declared and paid to holders of our Common Stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_008"></span>MANAGEMENT&#8217;S
DISCUSSION AND ANALYSIS OF</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FINANCIAL
CONDITION AND RESULTS OF OPERATIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing
in our securities involves a high degree of risk. Before you make a decision to buy our securities, in addition to the risks and uncertainties
discussed above under &#8220;Special Note Regarding Forward-Looking Statements,&#8221; you should carefully consider the risks and uncertainties
described below together with all of the other information contained in this prospectus, including our financial statements and related
notes included at the end of this prospectus and in the section titled &#8220;Management&#8217;s Discussion and Analysis of Financial
Condition and Results of Operations,&#8221; before deciding to invest in our securities. If any of the events or developments described
below were to occur, our business, prospects, operating results and financial condition could suffer materially, the trading price of
our securities could decline and you could lose all or part of your investment. The risks and uncertainties described below are not the
only ones we face. Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also
adversely affect our business.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview
and History</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bright
Green Corporation (&#8220;Company&#8221;, &#8220;BGC&#8221;, &#8220;we&#8221;, &#8220;us&#8221;, or &#8220;our&#8221;) is one of the
first companies in the U.S. to receive conditional approval from the United States Drug Enforcement Administration (the &#8220;DEA&#8221;)
to cultivate, manufacture and sell cannabis through DEA-approved channels on terms agreed by both the DEA and BGC. The DEA&#8217;s Final
Rule on the topic estimated that it would award between three and fifteen companies with these registrations. BGC will produce cannabis
in full compliance with all federal, state, and local laws for the U.S. government and pharmaceutical producers of medicinal cannabis
products who are also licensed by the DEA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BGC
was incorporated in the State of Delaware in April 2019. In October 2020, BGC and GGG consummated the GGG Merger pursuant to the GGG
Agreement. In November 2020, BGC and Naseeb consummated the Naseeb Merger pursuant to the Naseeb Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BGC
owns a 70-acre parcel of land, on agricultural property, which includes a completed 22-acre greenhouse structure. The Company also owns
a 40-acre parcel of land nearby, and holds options for two additional 300-acre properties which are adjacent to the owned properties
(one is known as the &#8220;Candelaria&#8221; property, and the other is known as the &#8220;Azuz&#8221; property). Once the project
is completed, the existing 22-acre greenhouse will be used to cultivate non-cannabis herbs and medicinal plants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BGC
entered into the Memorandum of Agreement with the DEA (the &#8220;MOA&#8221;) in May of 2021 following the DEA&#8217;s determination
that BGC&#8217;s application materials appeared consistent with the statutory and regulatory framework. The MOA outlines how BGC will
work with the DEA to facilitate the production, storage, packaging, and interstate distribution of federally legal cannabis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
MOA provides a path to Bright Green for full federal registration to grow in New Mexico and distribute across the United States, any
(or all) of the following Schedule I controlled substances: &#8220;Marihuana Extract&#8221; (7350) and &#8220;Marihuana&#8221; (7360).
The MOA further provides BGC may sell such products to licensed researchers and registered manufacturers in the U.S. and internationally,
and may use such product for internal product development and research. Complementary licenses for the same purpose have also been issued
by the State of New Mexico under the New Mexico Board of Pharmacy to BGC. The MOA also anticipates BGC will grow cannabis for its own
research and product development efforts, which may include the bulk manufacturing of marijuana extracts and highly purified cannabinoids
and derivatives.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the existing greenhouse, BGC will be undergoing new construction to establish a state-of-the-art facility headquartered on
our property in Grants, NM. First, we will retrofit the 22-acre existing greenhouse to make it operational. This renovation is underway
and we expect it to be completed in June 2022. Within the first 10- acres of that existing greenhouse retrofit, we will include a two-acre
University Greenhouse to begin housing our cannabis research, development, cultivation and manufacturing operations. This greenhouse
facility will have production capacity for 50,000 cannabis plants at all times of differing maturity levels. Additionally, we estimate
we will harvest approximately 300,000 mature plants per year (with multiple harvests per year). The University Greenhouse will house
our research and development facility pursuant to potential partnership and other arrangements with leading U.S. universities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BGC
is constructing two additional greenhouses on the Candelaria and the Azuz properties. Each of these will be 57 acres and are substantially
larger and will take longer to build than the retrofit of the existing greenhouse.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
new construction facilities will include automated robotics such as the Visser transplanter robot, as well as automated growing systems
to optimize growth at each stage of plant development. Additionally, they will include the following technological innovations:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technologically advanced greenhouse design, which allows
    for maximum environmental control, cost-efficiency, and a low carbon footprint;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679; </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Environmentally sustainable cultivation methodology
    and practices in harmony with New Mexico&#8217;s unique climate, using naturally available resources;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679; </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cultivation at a large scale to provide consistent,
    secure supply for researchers and the pharmaceutical industry;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679; </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A patented air ventilation system, which uses ambient
    physical properties to generate optimal indoor conditions based upon the data driven growing strategy, with minimum use of energy,
    which in turn enables the highest yield and quality of crop in the shortest time;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679; </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ebb-flood irrigation to enable the use of mildew resistant
    cultivars;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679; </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fully-implemented pest/disease scouting system;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679; </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Controlled output through Pharma grade drying and extraction;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679; </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Extraction and separation techniques allowing for specific
    combinations of cannabinoids and other properties from cannabis for targeted therapeutics; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679; </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tamper-proof track &amp; trace and record keeping system.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
completed, the newly constructed fully automated facilities will be developed to grow medicinal plants, including cannabis. Upon receipt
of final registration from the DEA as described above, we plan to cultivate and manufacture cannabis for federally sanctioned research,
as well as perform authorized research on cannabis, including but not limited to CBN, CBG, and CBD. We also plan to leverage our cultivation,
research, and manufacturing facilities to develop and commercialize approved medical cannabis products to sell to DEA registered pharmaceutical
producers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
approximate budget is as follows for the capital construction project:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company continues to renovate the existing greenhouses
    and will incur $5,000,000 in costs in 2022 to make the greenhouses operational. This will also contain the University Greenhouse
    within the first 10-acres. The budget for that is approximately $8,500,000, of which $6,500,000 is expected to be incurred in 2022
    and the remaining $2,000,000 in 2023.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phase 1 Greenhouse (&#8220;Candelaria&#8221;), plus
    corridor, total 234,230m2 (approximately 57 acres) has a budget of approximately $160,000,000, of which $1,750,000 is expected to
    be incurred in 2022, $118,250,000 in 2023 and the remaining $40,000,000 in 2024.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phase 2 Greenhouse (&#8220;Azuz&#8221;), plus corridor,
    total 234,230m2 (approximately 57 acres) has a budget of approximately $105,000,000, of which $1,000,000 is expected to be incurred
    in 2022, $84,000,000 in 2023 and the remaining $20,000,000 in 2024.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Tissue Lab installation and turnkey consulting
    plus CO2 extraction installation has a budget of approximately $19,200,000 and will commence and be completed in 2023.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cumulatively,
of the total expected expenditures of $297,700,000, $14,250,000 is expected to be incurred in 2022, $223,450,000 in 2023, and the remaining
$60,000,000 in 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Project</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 44%; text-align: left">Existing Greenhouse (including University Greenhouse)</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">11,500,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,000,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">$</td><td style="text-align: right">1,750,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">118,250,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">40,000,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Phase II - Azuz</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">105,000,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1,000,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">84,000,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">20,000,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">19,200,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-left: 10pt">Total:</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">297,700,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">14,250,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">223,450,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">60,000,000</td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
timing and expenditure estimates are subject to change due to supply chain constraints and are contingent upon successful raise of capital
from investors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BGC
will engage in cannabis propagation, cultivation, and manufacturing of cannabis products including cannabis flower, pre-rolls, concentrates,
vape pens, capsules, tinctures, edibles, topicals and any other cannabis-related products requested for authorized sales. BGC plans to
sell mostly extracted oils from medicinal plants grown in these high-tech facilities and processed onsite through a proprietary system
that vertically integrates the genetically altered growth of the plants to conform to automated growing systems.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recent
Developments</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">May
2022 Private Placement</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 2, 2022, the Company consummated a private placement transaction, whereby the Company issued an aggregate of 300,000 shares of Common
Stock at a purchase price of $10.00 per share, to two accredited investors, each of whom were existing shareholders of the Company, for
gross cash proceeds of $3,000,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company relied upon the exemption provided by Section 4(a)(2) and/or Rule 506 of Regulation D of the Securities Act in connection with
issuance and sale of the securities described above. The persons who acquired these shares were sophisticated investors and were provided
full information regarding the Company&#8217;s business and operations. There were no general solicitations in connection with the offer
or sale of these securities. The persons who acquired these securities acquired them for their own accounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Direct
Listing of Common Stock</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 17, 2022, we completed a direct listing of our Common Stock (the &#8220;Direct Listing&#8221;), on the Nasdaq Capital Market (&#8220;Nasdaq&#8221;)
under the symbol &#8220;BGXX.&#8221; We incurred fees related to financial advisory service, audit, and legal expenses in connection
with the Direct Listing and incurred approximately $4,000,000 in general and administrative expenses during the six months ended June
30, 2022. In addition, in connection with the Direct Listing, and pursuant to a financial advisory agreement by and between the Company
and EF Hutton, division of Benchmark Investments, LLC (the &#8220;Advisor&#8221;) dated April 8, 2022, we issued the Advisor, or its
permitted designees, an aggregate of 1,574,490 shares of Common Stock in connection with the Direct Listing. The shares were issued by
the Company&#8217;s transfer agent on June 3, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">June
2022 Shareholder Line of Credit</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 5, 2022, the Company and the Lender, a member of the board of directors, entered into an unsecured line of credit in the form of
a note (the &#8220;June Note&#8221;). The Note provides that the Company may borrow up to $5.0 million, including an initial loan in
the amount of $3.0 million, through June 4, 2025 (the &#8220;June Note Maturity Date&#8221;) from Lender. Lender has committed to fund
to the Company $3.0 million under the June Note by June 30, 2022. Prior to the June Note Maturity Date, the Company may borrow up to
an additional $2.0 million under the June Note, at Lender&#8217;s sole discretion, and subject to the Company&#8217;s request of such
additional funds form Lender (each loan furnished under the June Note individually, a &#8220;Loan,&#8221; and collectively, the &#8220;Loans&#8221;).
The Company has the right, but not the obligation, to prepay any Loan, in whole or in part, prior to the June Note Maturity Date. Interest
on the unpaid principal amount of any Loan accrues through the earlier of the June Note Maturity Date or the date of prepayment on such
Loan, at a rate of 2% per annum plus the Prime Rate (the rate of interest per annum announced from time to time by JPMorgan Chase Bank
as its prime rate). If the principal and interest, if any, of any Loan is not paid in full on the Maturity Date, additional penalty interest
will accrue on such Loan in the amount of 2% per annum.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2022, the Company had drawn down $2.0 million. In July 2022, the Company drew another $1.0 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Coronavirus
(&#8220;COVID-19&#8221;) Impact</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
outbreak of COVID-19, a novel strain of coronavirus first identified in China, which has spread across the globe including the U.S.,
has had an adverse impact on our operations and financial condition. Most recently, the response to this coronavirus by federal, state
and local governments in the U.S. has resulted in the significant market and business disruptions across many industries and affecting
businesses of all sizes. This pandemic has also caused significant stock market volatility and further tightened capital access for most
businesses. Given that the COVID-19 pandemic and its disruptions are of unknown duration, they could have an adverse effect on our liquidity
and profitability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ultimate magnitude of COVID-19, including the extent of its impact on our financial and operational results, which could be material,
will depend on the length of time that the pandemic continues, its effect on the demand for our products and our supply chain, the effect
of governmental regulations imposed in response to the pandemic, as well as uncertainty regarding all of the foregoing. We cannot at
this time predict the full impact of the COVID-19 pandemic, but it could have a larger material adverse effect on our business, financial
condition, results of operations and cash flows beyond what is discussed within this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
the section titled &#8220;<i>Risk Factors</i>&#8221; included elsewhere in this prospectus for further discussion of the possible impact
of the COVID-19 pandemic on our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Eastern
European Conflict Impact</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
late February 2022, Russian military forces launched significant military action against Ukraine. Sustained conflict and disruption in
the region is likely. The aggregate impact to Eastern Europe and Europe as a whole, as well as actions taken by other countries, including
new and stricter sanctions by the United States, Canada, the United Kingdom, the European Union, and other countries and organizations
against officials, individuals, regions, and industries in Russia, Belarus and Ukraine, and each country&#8217;s potential response to
such sanctions, tensions and military actions, is not knowable at this time, and could have a material adverse effect on the Company,
its business and operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Results
of Operations </b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Year
Ended December 31, 2021, Compared to Year Ended December 31, 2020</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
section includes a summary of our historical results of operations, followed by detailed comparisons of our results for the year ended
December 31, 2021 and the year ended December 31, 2020. We have derived this data from our annual financial statements included elsewhere
in this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has completed an audit of its 2021 and 2020 financial performance in accordance with the standards of the PCAOB. The Company
has not started commercial operations but has incurred expenses in connection with corporate and administrative matters, upkeep of acquired
properties for future growing, processing and distribution of medical plants, and improvements to those properties. These expenses include
stock-based compensation for services rendered, legal and audit fees, and property-related expenses such as depreciation, insurance and
taxes. As a result, the Company reported a net loss in all reporting periods. An analysis of the Company&#8217;s operating performance
for the periods from incorporation through December 31, 2021, together with the Company&#8217;s income statement summarizing income and
expense items are presented below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021, the Company reported a net loss of $2,490,499 compared to $3,052,779 in the same period last year.
The decrease in net loss primarily resulted from a decline in share-based compensation and depreciation. Increases in professional fees
partially offset these decreases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity
and Capital Resources</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, the Company had cash of $1,282,565 compared to $102,263 as of December 31, 2020. The increase of $1,180,302 in
cash was mainly from the sales of Common Stock of $3,130,000. This increase was partly offset by net cash used for operating activities.
Since its inception, the Company has incurred net losses and funded its operations primarily through the issuance of equities and an
advance from a director. As at December 31, 2021, the Company had a total stockholders&#8217; equity of $8,220,399 (2020 - $7,220,898).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is in its initial stages to start building facilities to grow, research and distribute medical plants. The Company has incurred
recurring losses from operations, and as at December 31, 2021, had an accumulated deficit of $6,413,744 (2020 -$3,923,245) and a working
capital of $1,282,829 (2020 &#8211; negative working capital of $175,332). The working capital as at December 31, 2021 is sufficient
to pay its operating expenses for a period of at least 12 months from the date of the financial statement was authorized to be issued.
The Company&#8217;s continued existence is dependent upon its ability to continue to execute its operating plan and to obtain additional
debt or equity financing The Company has developed plans to raise funds and continues to pursue sources of funding that management believes,
if successful, would be sufficient to support the Company&#8217;s operating. During the year ended December 31, 2021, the Company raised
$3,130,000 through Common Stock issuances. The Company has also raised $50,000 in January 2022. The Company&#8217;s operating plan is
predicated on a variety of assumptions including, but not limited to, the level of product demand, cost estimates, its ability to continue
to raise additional financing and the state of the general economic environment in which the Company operates. There can be no assurance
that these assumptions will prove accurate in all material respects, or that the Company will be able to successfully execute its operating
plan. In the event that the Company is not able to raise capital from investors in a timely manner, the Company will explore available
options, including but not limited to, an equity backed loan against the property. In the absence of additional appropriate financing,
the Company may have to modify its plan or slow down the pace of development and commercialization.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company does not have any short or long-term contractual purchases with suppliers for future purchases, capital expenditure commitments
that cannot be cancelled with minimal fees, non-cancelable operating leases, or any commitment or contingency that would hinder management&#8217;s
ability to scale down operations and management expenses until funding is raised.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Inflation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
our operations are influenced by general economic conditions, we do not believe that inflation had a material effect on our results of
operations during the year ended December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical
Accounting Policies and Estimates</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been
prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements
requires us to make estimates and judgments that affect the amounts of assets, liabilities, revenues and expenses, and related disclosure
of contingent assets and liabilities. On an on-going basis, we evaluate our estimates based on historical experience and various other
assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about
the carrying values of assets and liabilities that are not readily available apparent from other sources. Actual results may differ from
these estimates under different assumptions or conditions. For a detailed discussion about the Company&#8217;s significant accounting
policies, refer to Note 3 &#8220;Summary of Significant Accounting Policies,&#8221; in the Company&#8217;s financial statements included
in this prospectus. During the year ended December 31, 2021, no material changes were made to the Company&#8217;s significant accounting
policies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Off-Balance
Sheet Arrangements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not entered into any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our
financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or
capital resources and would be considered material to investors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Results
of Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Three
and six months ended June 30, 2022 compared to three and six months ended June 30, 2021.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
section includes a summary of our historical results of operations, followed by detailed comparisons of our results for the three and
six months ended June 30, 2022 and June 30, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has not started commercial operations but has incurred expenses in connection with corporate and administrative matters, upkeep
of acquired properties for future growing, processing and distribution of medical plants, and improvements to those properties. These
expenses include stock-based compensation for services rendered, legal and audit fees, and property-related expenses such as depreciation,
insurance and taxes. As a result, the Company reported a net loss both reporting periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue:</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a start-up company and have not generated any revenues for the three and six months ended June 30, 2022 and 2021. We can provide
no assurance that we will generate sufficient revenues from our intended business operations to sustain a viable business operation.
In order to generate revenues, we must first receive receipt of final registration from the DEA as described above and begin operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operating
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
incurred operating expenses in the amount of $19,181,093 for the three months ended June 30, 2022, as compared with $431,471 for the
same period ended 2021. We incurred operating expenses in the amount of $19,907,439 for the six months ended June 30, 2022, as
compared with $941,012 for the same period ended 2021. Our operating expenses for all periods consisted entirely of general and
administrative expenses and depreciation. The detail by major category within general and administrative expenses for the three and
six months ended June 30, 2022 and 2021 is reflected in the table below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
increase of $18,742,391 and $18,952,761 in our general and administrative expenses for the three and six months ended June 30, 2022,
respectively, versus the same periods ended 2021 is largely the result of increased spending on share based compensation to service providers
and executives and professional fees associated with the Direct Listing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect our general and administrative expenses to increase in future quarters as we continue with our reporting obligations with the
SEC and the increased expenses associated with increased operational activity, which is expected for the balance of the year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Liquidity
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2022, the Company had cash of $178,973 compared to $1,282,565 as of December 31, 2021. The decrease of $1,103,592 in cash
was mainly from the use of funds for the construction in progress. This decrease was offset by cash received from the sales of Common
Stock of $3,050,000 and drawn down on the Related Party Line of Credit of $2,000,000. Since its inception, the Company has incurred net
losses and funded its operations primarily through the issuance of equities and an advance from a director. As at June 30, 2022, the
Company had a total stockholders&#8217; equity of $5,941,428 (December 31, 2021 - $8,220,399).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is in its initial stages to start building facilities to grow, research and distribute medical plants. The Company has incurred
recurring losses from operations, and as at June 30, 2022, had an accumulated deficit of $26,321,183 (December 31, 2021 -$6,413,744)
and a negative working capital of $1,611,420 (December 31, 2021 - working capital of $1,282,829). The Company has also drawn down an
additional $1,000,000 on the Related Party Line of Credit subsequent to June 30, 2022. The Company has sufficient working capital, inclusive
of the ability to drawn down an additional $2,000,000 on the Related Party Line of Credit to pay its operating expenses for a period
of at least 12 months from the date the condensed financial statements were authorized to be issued. The Company&#8217;s continued existence
is dependent upon its ability to continue to execute its operating plan and to obtain additional debt or equity financing. The Company
has developed plans to raise funds and continues to pursue sources of funding that management believes, if successful, would be sufficient
to support the Company&#8217;s operating plan. During the three months ended June 30, 2022, the Company raised $3,000,000 through Common
Stock issuances. The Company&#8217;s operating plan is predicated on a variety of assumptions including, but not limited to, the level
of product demand, cost estimates, its ability to continue to raise additional financing and the state of the general economic environment
in which the Company operates. There can be no assurance that these assumptions will prove accurate in all material respects, or that
the Company will be able to successfully execute its operating plan. In the event that the Company is not able to raise capital from
investors in a timely manner, the Company will explore available options, including but not limited to, an equity backed loan against
the property. In the absence of additional appropriate financing, the Company may have to modify its plan or slow down the pace of development
and commercialization.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company does not have any short or long-term contractual purchases with suppliers for future purchases, capital expenditure commitments
that cannot be cancelled with minimal fees, non-cancelable operating leases, or any commitment or contingency that would hinder management&#8217;s
ability to scale down operations and management expenses until funding is raised.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Inflation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
our operations are influenced by general economic conditions, we do not believe that inflation had a material effect on our results of
operations during the six months ended June 30, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Off-balance
sheet arrangements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not entered into any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our
financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or
capital resources and would be considered material to investors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Critical
Accounting Policies and Estimates</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been
prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements
requires us to make estimates and judgments that affect the amounts of assets, liabilities, revenues and expenses, and related disclosure
of contingent assets and liabilities. On an on-going basis, we evaluate our estimates based on historical experience and various other
assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about
the carrying values of assets and liabilities that are not readily available apparent from other sources. Actual results may differ from
these estimates under different assumptions or conditions. For a detailed discussion about the Company&#8217;s significant accounting
policies, refer to Note 3 &#8220;Summary of Significant Accounting Policies,&#8221; in the Company&#8217;s financial statements included
in this registration statement. During the six months ended June 30, 2022, no material changes were made to the Company&#8217;s significant
accounting policies.</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><b>JOBS Act Accounting Election</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; background-color: white">We are an emerging growth company, as defined
in the JOBS Act. The JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying
with new or revised accounting standards. This provision allows an emerging growth company to delay the adoption of some accounting standards
until those standards would otherwise apply to private companies. We have elected to use the extended transition period under the JOBS
Act until the earlier of the date we (1) are no longer an emerging growth company or (2) affirmatively and irrevocably opt out of the
extended transition period provided in the JOBS Act. As a result, our financial statements may not be comparable to companies that comply
with new or revised accounting pronouncements as of public company effective dates.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="m_001"></span>BUSINESS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Stockholders
should read this section in conjunction with the more detailed information about the Company contained in this prospectus, including
our audited financial statements and the other information appearing in the section entitled &#8220;Management&#8217;s Discussion and
Analysis of Financial Condition and Results of Operations.&#8221;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Mission &amp; Vision</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bright
Green&#8217;s mission is to be the premier federally-authorized provider of cannabis in North America. Our vision is to improve the quality
of life across a broad spectrum of demographics through the opportunities presented by medicinal applications of plant-based therapies,
particularly cannabis-derived products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Company</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a first-mover in the U.S. federally-authorized cannabis space. We are one of a few companies who have received conditional approval
based on already agreed terms from the DEA to produce federally legal cannabis, and have entered into the MOA with the DEA which permits
BGC to proceed towards a Federal Registration for the Bulk Manufacturing of cannabis under DEA Document Control Number W20078135E.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unlike
state-licensed cannabis companies who engage in commercial sales to consumers, and whose businesses are legal under state law but not
federal law, subject to the milestones and requirements set forth herein, we are conditionally authorized by the federal government to
sell cannabis commercially for research and manufacturing purposes, export cannabis for international cannabis research purposes, and
sell cannabis to DEA-registered pharmaceutical companies for the production of medical cannabis products and preparations. We plan to
focus on the development of cannabis strains and sales of products with high contents of CBN (cannabinol) and CBG (cannabigerol). If
and when permitted under federal law, we also plan to sell cannabis-derived CBN and CBG to consumers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
cannabis is a Schedule I Controlled Substance in the U.S., it has been historically under-researched. Though the majority of Americans
now live in states where cannabis is legal, the full potential of the cannabis plant for medicinal use remains understudied due to limited
access to federally-approved cannabis. The DEA recently issued a call for more cannabis research supply based on the increased demand
for cannabis research in the U.S. As described herein, we received conditional approval from the DEA based on already agreed terms set
forth in the MOA. Final approval from the DEA is conditioned on, among other things, completed construction of manufacturing and production
facilities and systems. Completion of construction is subject to the risk factors described herein and also requires successful fundraising.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Final
registration under the MOA is anticipated in September 2022, and is contingent upon completion of construction and a successful inspection
by the DEA of BGC&#8217;s facilities. Additionally, BGC must comply with the terms agreed upon pursuant to the MOA which includes: submitting
an Individual Procurement Quota on or before April 1 of each year utilizing DEA Form 250; submitting an Individual Manufacturing Quota
on or before May 1 of each year utilizing DEA Form 189; collecting samples of cannabis and distributing them to DEA-registered analytical
laboratories for chemical analysis during the pendency of cultivation and prior to the DEA&#8217;s taking possession of the cannabis
grown; providing the DEA with 15-day advance written notification, via email, of its intent to harvest cannabis; following the DEA&#8217;s
packaging, labeling, storage and transportation requirements; distributing DEA&#8217;s stocks of cannabis to buyers who entered into
bona fide supply agreements with the Company; providing the DEA with 15-day advance written notification of its intent to distribute
cannabis; invoicing the DEA for harvested cannabis that it intends to sell to the DEA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
final approval from the DEA, we will be permitted to cultivate and manufacture cannabis, supply cannabis researchers in the U.S. and
globally, and produce cannabis for use in pharmaceutical production of prescription medicines within the U.S. There is no guarantee that
we will receive final approval from the DEA. Our activities will be legal under federal law, which sets BGC apart from most U.S. cannabis
companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have assembled an experienced team of medical professionals and researchers, international horticultural growers and experts, and construction
and cannabis production professionals, which we believe position us as a future industry leader in the production of cannabis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Background</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BGC
owns a 70-acre parcel of land, on agricultural property, which includes an existing 22-acre greenhouse structure. The Company also owns
a 40-acre parcel of land nearby, and holds options for two additional 300-acre properties which are adjacent to the owned properties
(the Candelaria property and the Azuz property).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">First,
BGC will retrofit the existing 22-acre greenhouse to make it operational. Once the project is completed, we plan to use the existing
22-acre greenhouse to cultivate non-cannabis herbs and medicinal plants. We expect to complete renovations of the existing 22-acre greenhouse
in September 2022. Within the first 10-acres of that existing greenhouse retrofit, we will include a two-acre University Greenhouse to
house our cannabis research, development, cultivation and manufacturing operations. We expect that this greenhouse facility will have
production capacity for 50,000 cannabis plants at all times of differing maturity levels. Additionally, we estimate we will harvest approximately
300,000 mature plants per year (with multiple harvests per year). Our plan is to have the University Greenhouse house our research and
development facility pursuant to potential partnership and other arrangements with leading U.S. universities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the existing greenhouse, we plan to construct BGC is constructing two additional 57-acre greenhouses, one on the Candelaria
property and one on the Azuz properties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have engaged Dalsem, a developer of high-technology greenhouses worldwide, to complete construction, and have negotiated an agreement
with them which is being drafted by our legal team.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BGC
will leverage automation throughout the facility to ensure that all of BGC&#8217;s processes are reliable and consistent, including the
Visser transplanter robot or Visser potting robot, and automated growing systems. New Mexico&#8217;s uniquely predictable climate and
abundant sunshine make it an ideal setting for cultivation of cannabis in a greenhouse. BGC will use state-of-the-art technology to cultivate
cannabis in an efficient, standardized, and cost-effective way. The technologies specific to our planned greenhouses include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technologically
    advanced greenhouse design, which allows for maximum environmental control, cost-efficiency, and a low carbon footprint;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Environmentally
    sustainable cultivation methodology and practices in harmony with New Mexico&#8217;s unique climate, using naturally available resources;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cultivation
    at a large scale to provide consistent, secure supply for researchers and the pharmaceutical industry;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    patented air ventilation system, which uses ambient physical properties to generate optimal indoor conditions based upon the data
    driven growing strategy, with minimum use of energy, which in turn enables the highest yield and quality of crop in the shortest
    time;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ebb-flood
    irrigation to enable the use of mildew resistant cultivars;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fully-implemented
    pest/disease scouting system;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Controlled
    output through Pharma grade drying and extraction;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Extraction
    and separation techniques allowing for specific combinations of cannabinoids and other properties from cannabis for targeted therapeutics;
    and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tamper-proof
    track &amp; trace and record keeping system.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
agricultural property has adequate utilities and water and is ideally situated to cultivate and process cannabis in harmony with the
surrounding environment, using the most advanced technology. The result will be consistent, pure, high-quality cannabis and cannabis
extracts that will provide consistent, safe inventory for cannabis researchers around the nation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Planned
Business Lines</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Domestic
Cannabis for U.S. Researchers and Registered Manufacturers</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
plan to sell cannabis to research institutions, pursuant to our conditional approval from the DEA. Sales of THC cannabis products will
be made only via bona fide supply agreements from existing DEA registrants, and will not be directly to consumers. Following final approval
from the DEA, we plan to apply for a Controlled Substances Bulk Manufacturing License to cultivate and manufacture cannabis for sale
to federally funded research institutions and other purposes. There is no guarantee that we will receive final approval from the DEA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
we are authorized to begin operations by the DEA, we will be permitted to supply DEA-registered research institutions with cannabis that
contains high levels of THC. Additionally, we plan to conduct in-house research at our own facilities. Our license will also allow us
to provide our products to in-house researchers, which we believe will allow us to conduct cutting edge research into plant-based therapies
using cannabis. We have been granted several patents for cannabis based products. See &#8220;<i>Business-Intellectual Property</i>&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Given
the competitiveness of the process to obtain a DEA registration to cultivate and process cannabis, and the continued federal illegality
of cannabis in the U.S., we believe we will be uniquely positioned to capture significant parts of the cannabis research supply market.
The market for clinical research has grown exponentially over the past decades, and we project cannabis research to take a similar trajectory.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Cannabis
for International Export</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
DEA registration will also allow us to export cannabis to researchers internationally. Given our state of the art facility in development,
as well as the cannabis manufacturing expertise of our team, the unique climate of New Mexico and its suitability for cannabis crop,
we anticipate significant demand for our high-quality cannabis products from international markets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Cannabis
for U.S. Pharmaceutical Production - CBN and CBG</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
DEA registration, once completed to allow us to begin operations, will allow us to sell cannabis to DEA-registered pharmaceutical companies
for the purpose of producing medicinal cannabis or cannabis preparations. There is significant potential for revenue from pharmaceutical
companies that currently manufacture or desire to manufacture drugs containing cannabis extracts, either on an over-the-counter or prescription
basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
we plan to sell cannabinoid-focused products, once legal under applicable law. This business is dependent on federal legalization of
cannabis in the U.S., and there is no guarantee that such federal legalization will occur. CBG and CBN are cannabinoids, like CBD, which
can be derived from the cannabis plant. The CBG and CBN extracts we plan to produce would be sold to pharmaceutical companies and other
market participants. The Company is in preliminary discussions with several pharmaceutical companies in connection with proposed supply
contracts for CBN and CBG high grade oil extracts, to be used in healthcare, hormone balance and anti-aging studies. We plan to distinguish
ourselves by focusing on CBN and CBG, which offer alternative health and wellness benefits to CBD. By focusing on cannabis-derived CBN
and CBG rather than hemp-derived CBD, we will leverage the potential growth opportunity offered by these alternative cannabinoids. The
cannabis plant contains hundreds of cannabinoids and other parts, and due to the ongoing federal illegality severely restricting research
on these components, many believe that there is health and wellness potential in some of these plant derivatives that has not yet been
studied.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">FDA
Supply</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
FDA has stated that it recognizes that there is significant interest in the development of therapies and other consumer products derived
from cannabis. The FDA has stated that it is committed to protecting the public health while also taking steps to improve the efficiency
of regulatory pathways for the lawful marketing of appropriate cannabis and cannabis-derived products. The FDA has stated that it is
working to answer questions about the science, safety, and quality of products containing cannabis and cannabis-derived compounds. BGC
will be well-positioned to act as a partner to the FDA as it advances these efforts, and we will be one of the few federally-registered
suppliers of cannabis available to the FDA for any of its research or exploration efforts in the space. As noted elsewhere, it is also
possible that the FDA may move forward with regulating cannabis products, which could materially affect our business plan depending on
what the future regulatory requirements would be. Moreover, there is no guarantee that the FDA will find our products safe or effective
or grant us the required approvals under the FDCA, which may inhibit our business prospects even in the case that the federal government
were to legalize cannabis</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">CBG
and CBN to Consumers Post-Legalization</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
cannabis legalization occurs at the federal level, we will plan to sell high CBN and CBG cannabis directly to consumers. We anticipate
that we will already have been able to refine our production methods and products for consistency and quality by the time federal legalization
occurs, and will be well-positioned to offer our products directly to consumers, once it is federally legal to do so. This business line
is dependent on federal legalization of cannabis in the U.S., and there is no guarantee that such federal legalization will occur.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Production
Capabilities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BGC
has adopted a phased approach to increase production on its site in Grants, New Mexico. In the first phase, the existing 22-acre Venlo
greenhouse will be renovated and an initial 10- acres will be prepared for operations. The University Greenhouse will be contained within
those first 10- acres. Subsequently, one of two larger greenhouses will be built in Phase 2, with the second following immediately in
Phase 3.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Timeline</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
existing 22-acre Venlo greenhouse is currently under renovation. The first 10- acres of the greenhouse are expected to be completed in
September 2022, though there may be delays due to global supply chain issues. The University Greenhouse will be located within the first
10-acres of the existing Venlo greenhouse and the 10-acre facility will be operational upon receiving final approval from the DEA, and
will provide the initial supply of marijuana and marijuana extracts. Our first harvest will begin once we receive final approval from
the DEA, and will be complete approximately two months from the first planting. We plan to implement a phased approach to the build out
of Phase 1 and Phase 2 and to plant intermittently as phases of each greenhouse reach completion with estimated planting dates to be
completed in tranches as follows: March 2023, September 2023, March 2024, September 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the targeted production plan, BGC will have capacity for the following outputs once all of the greenhouse facilities are complete:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,000
    cannabis plants in the facility at all times and at different maturity levels;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annual
    harvested plants approximately 300,000 (multiple harvests per year); and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capacity
    to process 5,000 lbs. of plant material per day, using supercritical CO2 extraction.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BGC
plans to cultivate marijuana and focus on the production of dried flower, and oils and marijuana extracts. BGC may also produce edibles
which contain extracts, if permitted by DEA regulations and requested by customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
BGC process draws on expertise from Aurora Larssen Projects, who have completed over 50 fully legal cannabis projects in jurisdictions
throughout the world, including Canada, Australia and Denmark. BGC is in discussions to enter into a supply agreement with cannabis tissue
supplier Nordic Supreme. Following execution of a definitive supply agreement, Nordic Supreme will supply BGC with proven cannabis genetics
from their facilities in Denmark. We plan to finalize and enter into a definitive agreement with Nordic Supreme in the fourth quarter
of 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not yet entered into a formal agreement with Aurora Larssen for consulting and the development of best practices for our cultivation
and manufacturing operations. Aurora Larssen will provide BGC with technical design services related to the greenhouse retrofit and construction
in Grants, New Mexico. The scope of our agreement with Aurora Larssen will be tailored to support and complement Dalsem. Aurora Larssen
will first consult on the retrofit for the existing 22-acre greenhouse and then consult on the Dalsem build of the two new greenhouses.
Aurora Larssen will then implement a Quality Management System, along with the applicable documents, forms, logbooks, and SOPs required
to achieve GACP/GMP and DEA compliance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dalsem
will be BGC&#8217;s principal supplier of the greenhouse building materials which will include hot dipped galvanized steel, aluminum
system profiles for the outside cladding and horticultural glass as covering. Dalsem will also provide irrigation building materials
and components for building the Visser Transplanter. There could be price fluctuations for these materials depending on the cost of raw
materials like steel, glass, and aluminum. PlantLogic will supply plastic pots and water collection for the coco peat insert material
to grow plants, and Fertoz will provide organic soil for our facility. Octillo Lumber supplied the steel mesh, and barbed wire for the
property&#8217;s perimeter fence. The parts for the security fencing are currently onsite.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Intellectual
Property</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BGC
holds four issued patents, and other approved patent applications, applications pending review and applications submitted for review.
The patents held by the Company are: Patent No. 10,668,045 for topical massage oil and cream containing CBD, CBN, Curcumin and Boswellia
Resin; Patent No. 10,946,307 Extraction of Cannabinoids, Curcuminoids and Ginsenosides; Patent No. 10,946,308 Enzymatic Method for
Extraction and Purification of Phytocannabinoids; and Patent No. 11,197,833 Fortified CBD oil for treatment of PTSD.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Patents
Issued</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Patent Name</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Patent
Applications Submitted</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>of
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63/279,396</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63/279,406</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    15, 2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fortified
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Method</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Method</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63/279,419</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63/279,428</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63/279,451</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    15, 2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fortified
    cannabis oil for treating sleep disorders</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Method</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63/279,456</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    15, 2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recent
Developments and Current Licenses Held</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2021, BGC entered into the MOA with the DEA to grow cannabis for federally sanctioned research. Final registration is anticipated
in the coming months, and is contingent upon completion of construction (which will require successful fundraising required to complete
construction), and a successful inspection by the DEA of BGC&#8217;s facilities, based on the terms agreed upon pursuant to the MOA.
The MOA with the DEA is effective for a one-year term, renewable for up to four additional one-year terms. There is no guarantee that
we will obtain the necessary authorization now, or in the future for renewal purposes. On July 23, 2020, BGC received approval from the
State of New Mexico Board of Pharmacy to conduct Controlled Substances Manufacturing of Cannabis Products in the state, pursuant to receiving
approval from the DEA to do so. On July 24, 2020, BGC submitted an application to the DEA for Controlled Substances Bulk Manufacturing
of cannabis products for authorized purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BGC
is licensed by the State of New Mexico (Business License State Tax ID # 03-324986-00-5), The New Mexico Board of Pharmacy (Controlled
Substance Facility Wholesaler No. CS00229100 valid through July 31, 2024) and Controlled Substance Manufacturer (No. WD00012763, valid
through December 31, 2022); however, BGC may not commence cannabis growing operations until both the State of New Mexico and the federal
government or its authorized agencies, in particular the DEA, have signed off and fully authorized that Bright Green Corporation is in
full compliance of all applicable rules. BGC also holds a Continuous Hemp Commercial Research Production License, issued to James Colasanti,
from the Board of Regents of the New Mexico State University, License No. CHPL-3-2021, expiring January 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Industry
Overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>US
Market Overview</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
U.S. cannabis industry is undergoing rapid growth and change, particularly with the recent opening of opportunities for federally sanctioned
research on cannabis in partnership with the DEA, as well as the federal legalization of hemp, and corresponding state and federal hemp
research programs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BGC
plans to operate in the U.S. market for federally sanctioned cannabis &#8212; as a supplier of cannabis for research or DEA Registered
Manufacturing purposes, and as a researcher itself. Importantly, all of BGC&#8217;s proposed activities will comply with all existing
or future federal and state regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Legal
Background &#8211; Cannabis</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thirty-eight
U.S. states, the District of Columbia, Puerto Rico and Guam have legalized some form of whole-plant cannabis cultivation, sales and use
for certain medical purposes (medical states). Eighteen of those states and the District of Columbia and Northern Mariana have also legalized
cannabis for adults for non-medical purposes (sometimes referred to as adult use). Under U.S. federal law, however, those activities
are illegal. Cannabis, other than hemp (defined by the U.S. government as <i>Cannabis sativa L.</i> with a THC concentration of not more
than 0.3% on a dry weight basis), is a Schedule I controlled substance under the CSA. Even in states or territories that have legalized
cannabis to some extent, the cultivation, possession, and sale of cannabis in-state or where those activities are deemed involved in
interstate commerce, all violate the CSA and are punishable by imprisonment, substantial fines and forfeiture. Moreover, individuals
and entities may violate federal law if they aid and abet another in violating the CSA, or conspire with another to violate the law,
and violating the CSA is a predicate for certain other crimes, including money laundering laws and the Racketeer Influenced and Corrupt
Organizations Act. The U.S. Supreme Court has ruled that the federal government has the authority to regulate and criminalize the sale,
possession and use of cannabis, even for individual medical purposes, regardless of whether it is legal under state law.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the U.S. government has not enforced those laws against companies complying with state cannabis laws, it retains the authority to do
so, and as such the likelihood of any future adverse enforcement against companies complying with state cannabis laws remains uncertain.
In 2018, then-U.S. Attorney General Jefferson Sessions rescinded the DOJ&#8217;s previous guidance (the Cole Memo) that had given federal
prosecutors discretion not to enforce federal law in states that legalized cannabis, as long as the state&#8217;s legal regime adequately
addressed specified federal priorities. The Sessions memo, which remains in effect, states that each U.S. Attorney&#8217;s Office should
follow established principles that govern all federal prosecutions when deciding which cannabis activities to prosecute. As a result,
federal prosecutors could and still can use their prosecutorial discretion to decide to prosecute even state-legal cannabis activities.
Since the Sessions memo was issued nearly three years ago, however, U.S. Attorneys have not targeted state law compliant entities. The
policy of not prosecuting companies complying with state cannabis laws is likely to continue under current U.S. Attorney General Merrick
Garland.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
since 2014, versions of the U.S. omnibus spending bill have included a provision prohibiting the DOJ, which includes the DEA, from using
appropriated funds to prevent states from implementing their medical-use cannabis laws<i>. In USA vs. McIntosh</i>, the U.S. Court of
Appeals for the Ninth Circuit held that the provision prohibits the DOJ from spending funds to prosecute individuals who engage in conduct
permitted by state medical-use cannabis laws and who strictly comply with such laws. However, the court noted that, if the spending bill
provision were not continued, prosecutors could enforce against conduct occurring during the statute of limitations even while the provision
was previously in force. Other courts that have considered the issue have ruled similarly. This affords some extra protection for medical
cannabis businesses, but does not apply to adult use businesses. Furthermore, any change in the federal government&#8217;s enforcement
posture with respect to state-licensed cannabis sales, including the enforcement postures of individual federal prosecutors in judicial
districts where we operate, is still a possibility.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Despite
the ongoing federal illegality of cannabis, the DEA authorizes certain institutions to conduct research using cannabis, and recently
expanded those efforts. Between January 2017 and January 2019, the DEA&#8217;s projections for federally approved cannabis research projects
increased dramatically, and as a result, the DEA more than quadrupled its production quota. In that time, the number of federally registered
cannabis researchers increased by more than 40 percent, from 384 to 542. Subsequently, the DEA announced that it would, for the first
time in decades, open up opportunities for additional cultivators to supply cannabis for this research.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 26, 2019, the DEA announced that it will further facilitate and expand scientific and medical research for cannabis in the United
States, including registering additional entities to produce cannabis for researchers, to increase the amount and variety of cannabis
available for research. The DEA intends this to &#8220;facilitate research, advance scientific understanding about the effects of marijuana,
and potentially aid in the development of safe and effective drug products that may be approved for marketing by the Food and Drug Administration.&#8221;
In other words, the U.S. government believes that cannabis research is in the public&#8217;s interest. Furthermore, this public statement
acknowledges the possibility that medical cannabis or related products may, in the future, require FDA approval and come under the FDA&#8217;s
FDCA jurisdiction. However, there is no guarantee that the FDA will find our products safe or effective or grant us the required approvals
under the FDCA. Additionally, the costs of compliance with any future FDA requirements are unknown and our ability to meet those requirements
is also unknown, which may increase our operating costs and inhibit our business prospects even in the case that the federal government
were to legalize cannabis</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 18, 2020, the DEA finalized new regulations pertaining to applications by entities seeking to become registered with the DEA
to grow cannabis as bulk manufacturers for authorized purposes. Under these and other applicable regulations, applicants are responsible
for demonstrating they have met various requirements, including requirements to possess appropriate state authority, document that their
customers are licensed to perform research, and employ adequate safeguards to prevent diversion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 14, 2021, the DEA announced memorandums of agreement were provided to an unspecified and unnamed number of companies to collaborate
with the DEA &#8220;to facilitate the production, storage, packaging, and distribution of marijuana under the new regulations as well
as other applicable legal standards and relevant laws.&#8221; To the extent these memorandums of agreement are finalized, DEA anticipates
issuing DEA registrations to these manufacturers. Each applicant will then be authorized to cultivate cannabis &#8211; up to an allotted
quota &#8211; in support of the more than 575 DEA-licensed researchers across the nation. As individual manufacturers are granted DEA
registrations, that information will be made available on DEA&#8217;s Diversion Control website. As of 2022, six companies have been
granted DEA registrations to bulk manufacture cannabis.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to anticipated expenses related to the DEA, we face expected costs related to compliance with existing environmental and other
regulations at the local, state, and federal level, as well as future environmental or other regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Recent
Federal Cannabis Bills</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">President
Biden&#8217;s campaign position on cannabis falls short of full legalization. He has campaigned on a platform of relaxing enforcement
of cannabis proscriptions, including decriminalization generally. According to the Biden campaign website: &#8220;A Biden Administration
will support the legalization of cannabis for medical purposes and reschedule cannabis as a CSA Schedule II drug so researchers can study
its positive and negative impacts. This will include allowing the VA to research the use of medical cannabis to treat veteran-specific
health needs.&#8221; He has pledged to &#8220;decriminalize&#8221; cannabis, which could prompt his U.S. Attorney General to issue policy
guidance to U.S. Attorneys that they should not enforce federal cannabis prohibition against state law compliant entities and others
legally transacting business with them. While President Biden&#8217;s promise to decriminalize likely would mean that the federal government
would not criminally enforce the Schedule II status against state legal entities, and would expand opportunities for cannabis research
in the U.S., the implications of the potential re-scheduling are not entirely clear for state legal commercial cannabis operators. Although
the U.S. Attorney General could issue policy guidance to federal prosecutors that they should not interfere with cannabis businesses
operating in compliance with states&#8217; laws, any such guidance would not have the force of law. The President alone cannot legalize
medical cannabis, and as states have demonstrated, legalizing medical cannabis can take many different forms. While rescheduling cannabis
to the CSA&#8217;s Schedule II would ease certain research restrictions, it would not make the state medical or adult-use programs federally
legal.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
while industry observers are hopeful that a Democrat-controlled Senate, along with a Biden presidency, will increase the chances of federal
cannabis policy reform, there is no timeline for the passage of a bill legalizing cannabis. In July 2022, Senators Chuck Schumer (D-NY),
Cory Booker (D-NJ) and Ron Wyden (D-OR)introduced the CAOA, which would provide for federal cannabis legalization if it becomes law.
The bill provides a comprehensive federal solution for cannabis by creating a framework for regulating and taxing state-legal sales and
addressing social equity and justice goals. It also proposes some legislative fixes for hemp and CBD.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Previously,
under the Trump administration, two significant cannabis bills were approved by the House of Representatives, however both were rejected
by the U.S. Senate. Those bills were the Marijuana Opportunity Reinvestment and Expungement (&#8220;MORE&#8221;) Act, which would have
repealed the federal criminalization of marijuana, and the Secure and Fair Enforcement (&#8220;SAFE&#8221;) Banking Act, which would
have eliminated penalties that could be assessed on financial institutions because they provided services to cannabis businesses. Regardless
of the future status of federal legalization of cannabis, there are already tremendous opportunities for fully legal medical cannabis
researchers, suppliers, and product developers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market
Growth</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the medical market, the demand for cannabis for research is likely to increase significantly over the next few years and decades, due
to the increasing number of states legalizing cannabis and the strong public support for cannabis legalization. By 2025, 5.4 million
Americans, or 2.4% of U.S. adults, are predicted to be registered patients in medical cannabis states, according to a report by New Frontier
Data (&#8220;New Frontier&#8221;). New Frontier also projects that the medical cannabis market will nearly double to over $16 billion
in that time, taking into account more geographies within the U.S. legalizing cannabis, which will lead to market expansion, the normalization
of cannabis which will increase the number of consumers, and medical cannabis patients turning to cannabis as an alternative to prescription
drugs. The global medical cannabis market is projected to reach $87.4 billion by 2027, according to Global Market Insights (&#8220;GMI&#8221;).
The DEA&#8217;s aggregate production quotas for cannabis were 3,200 kg in 2022 for dried flower (an estimated $35 million market) and
1,000 kg for cannabis extract (an estimated $100 million market). These aggregate production quotas are expected to continue increasing
to meet increasing demand for cannabis research in the U.S. In addition to government funding, some institutions are already receiving
private investment in cannabis research. For example, Harvard and MIT recently received a $9 million donation to fund research into cannabis&#8217;
influence on brain health and behavior. Additionally, CB2 insights has noted that average prescriptions for qualifying conditions such
as chronic pain, PTSD, sleep disorders, epilepsy and anxiety saw a decline in 11% in favor of medical cannabis replacement leading the
Company to estimate that more than $4 billion in sales that currently go to pharmaceutical products could be redirected towards medical
cannabis. Further research on cannabis legalization and its impact on public health are needed and are likely to take place over the
coming years, as the DEA has recognized the increased need for cannabis related research.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2019, large pharmaceutical companies in the U.S. spent $83 billion on drug research and development. The private research market, like
the federal DEA research program, has an interest in investigating the uses and risk of cannabis and hemp derivatives, not only in states
that have legalized medical cannabis, but also in anticipation of potential full legalization. Research topics of interest include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">therapeutic
    benefits and risks of cannabis for common conditions for military veterans, including PTSD and chronic pain;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">therapeutic
    benefits and risks of cannabis for opioid addiction treatment, as well as other medical conditions and disabilities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">cognitive
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">prevention
    of and treatment for cannabis use disorder;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">effects
    of different levels of THC potency levels;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">accurate
    roadside testing to detect driving while impaired with cannabis and related topics;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">availability
    of inaccurately labeled and adulterated cannabis;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">effective
    cannabis packaging requirements for consumer and child safety;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">effect
    of cannabis legalization on workplace testing and workplace safety for safety-sensitive jobs, including the use of synthetic THC;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">effect
    of cannabis use on mental health and addiction;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">effect
    of cannabinoids on immunological responses against bacterial or viral infections.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regarding
the cannabis market generally, the industry is large and is growing. In 2020, there were $17.5 billion in annual industry sales, a 46%
increase from 2019. As of May 2021, capital raises in cannabis reached $6 billion, signaling increased confidence in projections of aggressive
cannabis market growth. According to a report by New Frontier Data, the U.S. legal cannabis market is predicted to more than double by
2025, reaching $41.5 billion in sales, and producing a 21% compound annual growth rate (&#8220;CAGR&#8221;). Therefore, BGC will be entering
a sizeable market with the first-mover advantage of a federally compliant business as cannabis enters a new stage of growth and development,
once it obtains authorization from the DEA to begin operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employees
and Human Capital</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently have (2) two officers, an Interim Chief Executive Officer and a Chief Financial Officer. These individuals are not obligated
to devote any specific number of hours to our endeavors but intend to devote as much of their time as they deem necessary, in the exercise
of their business judgement, to our affairs. The amount of time they will devote in any time period will vary depending on the particular
demands of our business during that time. Other than as set forth herein, we do not have any employment agreements with members of our
management team.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Facilities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table set forth the Company&#8217;s owned and leased physical properties as of June 30, 2022, which include corporate offices,
cultivation and production facilities (operating and under construction). In addition to the currently owned and leased property, the
Company holds two options, each for the purchase of 300 acres of land in Grants, New Mexico.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Property
    Type</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Owned/Leased</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>State</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agricultural
    Property &#8211; 40 acres</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cibola</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
    Mexico</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agricultural
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cibola</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
    Mexico</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leased</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broward</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Legal
Proceedings</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, we may be involved in legal proceedings arising from the normal course of business activities. Defending such proceedings
is costly and can impose a significant burden on management and employees. The results of any current or future litigation cannot be
predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement
costs, diversion of management resources and other factors. Other than as set forth below, we are not presently a party to any litigation
the outcome of which, if determined adversely to us, would in our estimation, have a material adverse effect on our business, operating
results, cash flows or financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bright
    Green Corporation v. John Fikany, D-1333-CV-202000231, State of New Mexico, County of Cibola, Thirteenth Judicial District. </b>On
    October 23, 2020, the Company filed a complaint for declaratory judgment against the former acting Chief Executive Officer of the
    Bright Green Group of Companies, an entity unrelated to the Company, to determine if defendant is entitled to 5,000,000 shares of
    the Company&#8217;s Common Stock, based on a failure to fulfil agreed upon conditions precedent to earning such shares from the Company.
    Defendant counterclaimed and filed a third-party claim against Lynn Stockwell, founder and a director of the Company, and Ms. Stockwell&#8217;s
    husband, for claims including wrongful termination and breach of contract. The Company denies defendants allegations and have set
    forth arguments refuting defendant&#8217;s counterclaims and third-party claims. The case is in the discovery phase. The Company
    is exploring potential dispositive motions against the counter and third-party claims.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bright
    Green Corporation v. Jerry Capussi, D-1333-CV-202000252, State of New Mexico, County of Cibola, Thirteenth Judicial District. </b>On
    November 16, 2020, the Company and defendant, a former consultant of BGGI, a predecessor to the Company, each filed claims for declaratory
    judgment seeking to determine by court order whether defendant is entitled to (i) shares of Common Stock in the Company (amounting
    to no more than 108,000 shares) or (ii) fair market value of defendant&#8217;s equity ownership of BGGI. The lawsuit is in early
    discovery stages, and we are preparing arguments for a summary judgment motion. There are no claims for specific monetary liability
    against either party.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="m_002"></span>MANAGEMENT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth certain information as of the date of this prospectus about our executive officers and members of our Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Directors and Executive Officers</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Age</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Position/Title</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; width: 39%">Terry Rafih</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: center">&#160;</td><td style="width: 10%; text-align: center">66</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 45%; text-align: justify">Interim Chief Executive Officer, Chairman</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Saleem Elmasri</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">36</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">Chief Financial Officer</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Dr Alfie Morgan</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">71</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">Director</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Lynn Stockwell</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">65</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td>Director</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Dean Valore</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">50</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td>Director</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Robert Arnone</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">55</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td>Director</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
of Directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Terry
Rafih</i></b> has been BGC&#8217;s Interim Chief Executive Officer since June 2022 and the Chairman of BGC&#8217;s Board since October
2019. Since January 1989, Mr. Rafih has been the Owner and Chief Executive Officer of Rafih Automotive Group, one of Canada&#8217;s largest
networks of auto dealerships. Mr. Rafih has decades of business experience and has managed mergers and acquisitions representing several
billion dollars in aggregate value. Mr. Rafih received a B.S. in business administration from the University of Windsor. Mr. Rafih brings
over 30 years of executive leadership experience to the Board. Mr. Rafih&#8217;s insights are critical to Board discussions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dr.
Alfie Morgan</i></b> has been a Director of BGC&#8217;s Board since 2020. Dr. Morgan has been an Emeritus Professor of Business Administration
at the University of Windsor in Canada since September 2016. From 1969 to 2003, he served as a professor with the University of Windsor,
retiring as full-time member of faculty. He is the author/co-author of numerous publications and a book covering topics in the areas
of strategic management, strategic planning, entrepreneurship, new venture formation, and corporate strategy and corporate best practices.
He has served as a Director of the Windsor Regional Chamber of Commerce since 2003, and served as a Director of the Better Business Bureau
of Southwest Ontario from 2018 to 2020. He previously maintained a management consulting practice specializing in strategic planning,
and new venture formation. Dr. Morgan holds a B.Com from Cairo University, an M.B.A. from Boston University, and a Ph.D. from American
University. Dr. Morgan brings decades of management, research and leadership experience to the Board</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Lynn
Stockwell</i></b> is the founder of Bright Green Corporation and has been a Director of BGC&#8217;s Board since its inception. From 2015
to 2020, Ms. Stockwell was a Managing Member of Bright Green Innovations, LLC, a concept for a federally legal emerging cannabis company,
where Ms. Stockwell was responsible for managing the company&#8217;s industry, business and medical research relationships. Ms. Stockwell
has served as a director of a hospital and held senior leadership positions in connection with fund raising events to promote the use
of natural additives as an alternative to opioids. Ms. Stockwell is a sponsor of biomedical research and clinical trials and a member
of AHP, the Association for Healthcare Philanthropy, with an interest in plant-based bio-identical hormone replacement. Ms. Stockwell
is intimately familiar with BGC&#8217;s business and operations and brings significant knowledge of BGC&#8217;s business and the healthcare
industry to the Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dean
M. Valore</i></b> has been a Director of BGC&#8217;s Board since 2020 and Lead Independent Director since July 2022. Mr. Valore is managing
partner of Valore &amp; Gordillo L.L.P., a law firm based in Cleveland, Ohio, which he co-founded in January 2012. Since January 2021,
Mr. Valore has also acted as Magistrate with the South Euclid Municipal Court in Ohio. Mr. Valore has been an adjunct professor of law,
focusing on federal procedure, with the Cleveland-Marshall College of Law at Cleveland State University since January 2011. Before entering
private practice, Mr. Valore was a United States Attorney. Mr. Valore is an expert in matters related to federal corporate compliance
and acts as legal counsel to several medical-grade cannabis and cannabis-related companies. Mr. Valore received his J.D. from Cleveland
State University - Cleveland-Marshall College of Law and his B.S. in finance from Miami University. Mr. Valore brings decades of corporate
governance and federal regulatory and legal experience to the Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Robert
Arnone</i></b> has been a member of BGC&#8217;s Board since July 2021. Since 2006, Mr. Arnone has been co-owner and Chief Executive Officer
of Levaero Aviation, the exclusive Canadian dealer for Pilatus Aircraft, and a globally recognized leading aircraft brokerage (&#8220;Levaero&#8221;).
Mr. Arnone joined Levaero in 1999 and held various leadership positions before acquiring the company in 2006. Under his leadership, Levaero
has expanded significantly and regularly records annual sales in excess of $75 million. Mr. Arnone holds a B.A. from Lakehead University
and is a Certified Public Accountant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Executive
Officers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Biographical
information for Terry Rafih, our Interim Chief Executive Officer, is set forth above in the section titled &#8220;<i>Board of Directors</i>.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Saleem
Elmasri</i></b> has been Chief Financial Officer since March 2022. Mr. Elmasri has been working at Titan Advisory Services LLC as Principal
since September 2020. Titan Advisory Services LLC is a boutique advisory firm focused on providing collaborative and customized financial
operations and CFO services to early stage companies. Mr. Elmasri was Managing Director at DLA LLC, a professional services firm providing
clients internal audit, accounting advisory, and corporate finance services, from June 2019 to April 2021 (ended full time employment
September 2020 and became a consultant to DLA through April 2021). Prior to that, Mr. Elmasri worked as Senior Director for Pine Hill
Group LLC, a boutique accounting and transaction advisory firm, from March 2018 to June 2019, and worked as Senior Manager for PricewaterhouseCoopers
LLP, a Big-4 Accounting and Global Professional Services firm, from September 2007 to March 2018. Mr. Elmasri is a CPA and seasoned business
professional who has a passion for delivering meaningful and measurable value to clients through practical solutions. Mr. Elmasri has
over 15 years of experience in financial and management consulting. Mr. Elmasri began his career at PricewaterhouseCoopers and worked
on several of the firm&#8217;s Fortune 500 clients, primarily focused on the Life Sciences and Pharmaceutical industry. From PwC, Mr.
Elmasri transitioned to lead advisory practices at boutique consulting firms, specializing in transaction and complex accounting advisory.
Mr. Elmasri has B.S. degrees in Accounting and Finance from Rutgers University.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate
Governance</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business and affairs are managed under the direction of our Board. The number of directors will be fixed by our Board, subject to the
terms of our amended and restated certificate of incorporation and bylaws, which include a requirement that the number of directors be
fixed exclusively by a resolution adopted by directors constituting a majority of the total number of authorized directors, whether or
not there exist any vacancies in previously authorized directorships. Our Board currently consists of five (5) directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
considering whether directors and nominees have the experience, qualifications, attributes or skills, taken as a whole, to enable our
Board to satisfy its oversight responsibilities effectively in light of our business and structure, the Board focuses primarily on each
person&#8217;s background and experience as reflected in the information discussed in each of the directors&#8217; individual biographies
set forth above. We believe that our directors provide an appropriate mix of experience and skills relevant to the size and nature of
our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Corporate
Governance Profile</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
corporate governance is structured in a manner we believe closely aligns our interests with those of our stockholders. Notable features
of our corporate governance structure include the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    Board is not classified, with each of our directors subject to re-election annually;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    majority of our directors satisfy the Nasdaq listing standards for independence;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    Board leadership consists of a Lead Independent Director, a Chairman of the Board, and independent committee chairs.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
    all matters to be voted on by stockholders will be approved by a majority (or, in the case of election of directors, by a plurality)
    of the votes entitled to be cast by all stockholders present in person or represented by proxy, voting together as a single class;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    comply with the requirements of the Nasdaq marketplace rules, including marketplace rules regarding composition of our Board committees;
    and</span></td></tr>
</table>

<p style="margin: 0">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
    virtue of the position, the Lead Independent Director is a member of the Audit Committee, the Compensation Committee and the Corporate
    Governance Nominating and Committee.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    do not have a stockholder rights plan.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
directors stay informed about our business by attending meetings of our Board and its committees and through supplemental reports and
communications. Our independent directors meet regularly in executive sessions without the presence of our corporate officers or non-independent
directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Role
of the Board in Risk Oversight</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board actively manages the Company&#8217;s risk oversight process and receives periodic reports from management on areas of material
risk to the Company, including operational, financial, legal, and regulatory risks. The Board committees and the Lead Independent Director
assist the Board in fulfilling its oversight responsibilities in certain areas of risk. The Audit Committee assists the Board with its
oversight of the Company&#8217;s major financial risk exposures. The Compensation Committee assists the Board with its oversight of risks
arising from the Company&#8217;s compensation policies and programs. The Corporate Governance and Nominating Committee assists the Board
with its oversight of risks associated with board organization, board independence, and corporate governance. While each committee is
responsible for evaluating certain risks and overseeing the management of those risks, the entire Board is regularly informed about the
risks by committee chairs and the Lead Independent Director.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Director
Independence</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Nasdaq marketplace rules require that, subject to specified exceptions, each member of a listed company&#8217;s audit, compensation and
nominations committees be independent, or, if a listed company has no nominations committee, that director nominees be selected or recommended
for the board&#8217;s selection by independent directors constituting a majority of the board&#8217;s independent directors. The Nasdaq
marketplace rules further require that audit committee members satisfy independence criteria set forth in Rule 10A-3 under the Exchange
Act and that compensation committee members satisfy the independence criteria set forth in Rule 10C-1 under the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to the completion of our Direct Listing, our Board undertook a review of the independence of our directors and considered whether any
director has a material relationship with us that could compromise that director&#8217;s ability to exercise independent judgment in
carrying out that director&#8217;s responsibilities. Our Board has affirmatively determined that each of Dr. Alfie Morgan, Dean Valore
and Robert Arnone qualify as an independent director, as defined under the applicable corporate governance standards of Nasdaq. These
rules require that our Audit Committee be composed of at least three (3) members, one of whom must be independent on the date of listing
on Nasdaq, a majority of whom must be independent within 90 days of the effective date of the registration statement containing the prospectus
for our Direct Listing, and all of whom must be independent within one year of the effective date of the registration statement containing
the prospectus for our Direct Listing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Board
Leadership</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terry
Rafih is Chairman of the Board and Interim Chief Executive Officer. In addition, Mr. Valore, Lead Independent Director, is a member of
the Audit Committee, Corporate Governance and Nominating Committee, and Compensation Committee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Board
Committees and Meetings</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
April 2022, the Board established three standing committees, the Audit Committee, the Compensation Committee and the Corporate Governance
and Nominating Committee, to assist the Board with the performance of its responsibilities. The initial composition of these committees
was set by the Board at that time, in its discretion. Going forward, the Board will designate the members of these committees and the
committee chairs based on the recommendation of the Corporate Governance and Nominating Committee. The Board has adopted written charters
for each of these committees, which are available on the investor relations section of our website at https://brightgreen.us/. Copies
will also be available in print to any stockholder upon written request. The chair of each committee will develop the agenda for that
committee and determines the frequency and length of committee meetings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board holds periodic meetings, and ad hoc meetings if and when necessary. Directors are expected to attend Board meetings, meetings of
stockholders and meetings of the committees on which they serve, with the understanding that on occasion a director may be unable to
attend a meeting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Audit
Committee</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board formally established an Audit Committee in April 2022. The Audit Committee is composed of three (3) independent directors, Robert
Arnone, Dr. Alfie Morgan, and Dean Valore, Lead Independent Director. Mr. Arnone serves as chair of the Audit Committee. The committee&#8217;s
primary duties are to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">review
    and discuss with management and our independent auditor our annual and quarterly financial statements and related disclosures, including
    disclosure under &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations,&#8221; and the
    results of the independent auditor&#8217;s audit or review, as the case may be;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">review
    our financial reporting processes and internal control over financial reporting systems and the performance, generally, of our internal
    audit function;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">oversee
    the audit and other services of our independent registered public accounting firm and be directly responsible for the appointment,
    independence, qualifications, compensation and oversight of the independent registered public accounting firm, which reports directly
    to the Audit Committee;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">provide
    an open means of communication among our independent registered public accounting firm, management, our internal auditing function
    and our Board;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">review
    any disagreements between our management and the independent registered public accounting firm regarding our financial reporting;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">prepare
    the Audit Committee report for inclusion in our proxy statement for our annual stockholder meetings;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">establish
    procedures for complaints received regarding our accounting, internal accounting control and auditing matters; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">approve
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board has determined that each member of the Audit Committee is independent of management and free of any relationships that, in the
opinion of the Board, would interfere with the exercise of independent judgment and are independent, as that term is defined under the
enhanced independence standards for audit committee members in the Exchange Act and the rules promulgated thereunder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board has determined that Robert Arnone is an &#8220;audit committee financial expert,&#8221; as that term is defined in the rules promulgated
by the SEC pursuant to the Sarbanes-Oxley Act of 2012. The Board has further determined that each member of the Audit Committee is financially
literate and that at least one member of the committee has accounting or related financial management expertise, as such terms are interpreted
by the Board in its business judgment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Compensation
Committee</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board formally established a Compensation Committee in April 2022. The Compensation Committee is composed of three (3) independent directors
(as defined under the general independence standards of the Nasdaq listing standards and our Corporate Governance Guidelines): Dean Valore,
Dr. Alife Morgan, and Robert Arnone, each a &#8220;non-employee director&#8221; (within the meaning of Rule 16b-3 of the Exchange Act).
Mr. Valore serves as chair of the Compensation Committee. The committee&#8217;s primary duties are to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">determine
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">make
    recommendations to the Board regarding compensation plans; and</span></td></tr>
</table>

<p style="margin: 0">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">administer
    any stock plan, equity incentive plan, inducement plan or other compensation plan adopted for the benefit of our employees and/or
    directors.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Compensation Committee determines and approve all elements of executive officer compensation. It also provides recommendations to the
Board with respect to non-employee director compensation. The Compensation Committee may not delegate its authority to any other person,
other than to a subcommittee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Corporate
Governance and Nominating Committee</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board formally established a Corporate Governance and Nominating Committee in April 2022. The Corporate Governance and Nominating Committee
is composed of three (3) independent directors (as defined under the general independence standards of the Nasdaq listing standards and
our Corporate Governance Guidelines): Dean Valore, Dr. Alfie Morgan and Robert Arnone, each a &#8220;non-employee director&#8221; (within
the meaning of Rule 16b-3 of the Exchange Act). Mr. Valore, Lead Independent Director, serves as chair of the committee. The committee&#8217;s
primary duties are to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Code
of Business Conduct and Ethics</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
adopted a written code of business ethics and conduct (the &#8220;Code of Conduct&#8221;) that applies to all of our directors, officers
and employees, including our Interim Chief Executive Officer and Chief Financial Officer. The objective of the Code of Conduct is to
provide guidelines for maintaining our and our subsidiaries integrity, reputation, honesty, objectivity and impartiality. The Code of
Conduct addresses conflicts of interest, protection of our assets, confidentiality, fair dealing with stockholders, competitors and employees,
insider trading, compliance with laws and reporting any illegal or unethical behavior. As part of the Code of Conduct, any person subject
to the Code of Conduct is required to avoid or fully disclose interests or relationships that are harmful or detrimental to our best
interests or that may give rise to real, potential or the appearance of conflicts of interest. Our Board has ultimate responsibility
for the stewardship of the Code of Conduct, and it monitors compliance through our Corporate Governance and Nominating Committee. Directors,
officers and employees are required to annually certify that they have not violated the Code of Conduct. Our Code of Business Conduct
and Ethics reflects the foregoing principles. The full text of our Code of Business Conduct and Ethics is be published on our website.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to satisfy the disclosure requirement under Item 5.05 of Form 8-K relating to amendments to or waivers from any provision of the
Code of Conduct applicable to our Interim Chief Executive Officer and Chief Financial Officer by posting such information on our website.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Legal
Proceedings</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
our knowledge, other than as described in the section titled <i>Business - Legal Proceedings</i> in this prospectus, (i) no director
or executive officer has been a director or executive officer of any business which has filed a bankruptcy petition or had a bankruptcy
petition filed against it during the past ten years; (ii) no director or executive officer has been convicted of a criminal offense or
is the subject of a pending criminal proceeding during the past ten years; (iii) no director or executive officer has been the subject
of any order, judgment or decree of any court permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement
in any type of business, securities or banking activities during the past ten years; and (iv) no director or officer has been found by
a court to have violated a federal or state securities or commodities law during the past ten years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="m_003"></span>EXECUTIVE
AND DIRECTOR COMPENSATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an &#8220;emerging growth company&#8221; under applicable SEC rules and are providing disclosure regarding our executive compensation
arrangements pursuant to the rules applicable to emerging growth companies, which means that we are not required to provide a compensation
discussion and analysis and certain other disclosures regarding our executive compensation. The following discussion relates to the compensation
of our named executive officers for 2021. None of our executive officers were on payroll for 2020, nor did we have any employees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the adoption of the Compensation Committee charter in April 2022, the Compensation Committee determines and approves all elements of
executive officer compensation. The Compensation Committee&#8217;s primary objectives in determining executive officer compensation are
to (i) develop an overall compensation package that is at market levels and thus fosters executive officer retention and (ii) align the
interests of our executive officers with our stockholders by linking a significant portion of the compensation package to performance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fiscal
Year 2021 and 2020 Summary Compensation Table</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
executive officers or directors received compensation during the years ended December 31, 2021 and 2020 other than in the form of equity
awards as set forth herein.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="vertical-align: bottom; background-color: White">
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)
</sup>Mr. Robinson resigned as Chief Executive Officer in June 2022. Terry Rafih was appointed as his replacement in June 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(2)
</sup>Mr. Bates resigned as Chief Financial Officer in March 2022. Saleem Elmasri was appointed as his replacement in March 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employment
Agreements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as set forth below BGC does not have an employment agreement with any member of BGC&#8217;s management team or any members of the
Board. BGC plans to enter into executive employment agreements with BGC&#8217;s management team.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Saleem
Elmasri</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 28, 2022, we entered into a Consulting Agreement (the &#8220;Elmasri Agreement&#8221;) with Saleem Elmasri, our Chief Financial
Officer, to provide services to the Company prior to, and following, the registration of the Company&#8217;s securities under the Exchange
Act. Mr. Elmasri was appointed Chief Financial Officer in March 2022. The Elmasri Agreement provides for the following compensation and
benefits to Mr. Elmasri following registration of the Company&#8217;s securities pursuant to this registration statement and listing
of the Company&#8217;s securities with Nasdaq:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    monthly cash fee not to exceed $30,720, subject to increase as set forth in the Elmasri Agreement.</span></td></tr>
</table>

<p style="margin: 0">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
    initial term of two years.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eligibility
    to participate in any equity compensation plan adopted by the Company</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
    of 500,000 shares of the Company&#8217;s Common Stock</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity
Incentive Awards</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
non-employee Director was awarded a one-time grant of 5,000 shares upon being appointed to the Board of Directors during the year ended
December 31, 2021. One director was granted 30,000 shares during the year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fiscal
Year 2021 Outstanding Equity Awards at Fiscal Year-End Table</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table lists all of the outstanding equity awards held on December 31, 2021 by each of the Company&#8217;s named executive officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td colspan="23" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Option
    Awards</b></span></td>
    <td>&#160;</td>
    <td colspan="8" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity
    Awards</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Grant
    Date</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
    of</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
    Underlying Unexercised Options (#) Unexercisable</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity
    Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Option
    Exercise Price ($)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Option
    Expiration Date</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
    of Shares or Units of Stock That Have Not Vested (#)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market
    Value of Shares or Units of Stock That Have Not Vested ($)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity
    Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Incentive</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Plan</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Awards:</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market
    or</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Payout</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Value
    of</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unearned</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shares,</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Units
    or</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rights</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>That
    Have</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Not
    Vested</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>($)</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Edward
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup>Mr.
Robinson resigned as Chief Executive Officer in June 2022. Terry Rafih was appointed as his replacement in June 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(2)</sup>Mr.
Bates resigned as Chief Financial Officer in March 2022. Saleem Elmasri was appointed as his replacement in March 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Director
Compensation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
described above, each non-employee Director was awarded a one-time grant of 5,000 shares upon being appointed to the Board of Directors
during the year ended 2021. One director was granted 30,000 shares during the year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fiscal
Year 2021 Director Compensation Table</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Directors received cash compensation in 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="m_004"></span>CERTAIN
RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a description of transactions since 2019, including currently proposed transactions to which we have been or are to be a
party in which the amount involved exceeded or will exceed $120,000, and in which any of our directors (including nominees), executive
officers or beneficial holders of more than 5% of our capital stock, or their immediate family members or entities affiliated with them,
had or will have a direct or indirect material interest. We believe the terms and conditions set forth in such agreements are reasonable
and customary for transactions of this type.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Bright
Green Grow Innovations, LLC Merger</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 28, 2019, the Company entered into the BGGI Agreement. Lynn Stockwell, a director of BGC, was the founder of BGGI. Pursuant to the
BGGI Agreement, BGGI transferred to the Company two parcels of land and a greenhouse building having a total net carrying value of $9,128,851
in exchange for shares of BGC. The land transfer consisted of a 70-acre lot with a greenhouse at 1033 George Hanosh Blvd., Grants, New
Mexico 87020 and a 40-acre lot in Grants, New Mexico. The Company assessed that the merger transaction did not qualify as a business
combination in accordance with the provisions of ASC 805. The Company accounted for the merger as an acquisition of assets. Because the
BGGI Merger was deemed a related party transaction by virtue of common ownership and management under ASC 850, the assets transferred
to the Company have been accounted for at historical carrying values of BGGI. For more information, see Note 5 to BGC&#8217;s audited
financial statements for the years ended December 31, 2021 and 2020 filed as a part of this registration statement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Grants
Greenhouse Growers, Inc. Merger</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 30, 2020, BGC entered into the GGG Agreement with GGG and the sole shareholder of GGG, James Colasanti, a stockholder of the
Company. Pursuant to the GGG Agreement, GGG was merged into BGC in exchange for 1,000,000 shares of Common Stock. GGG had no assets or
liabilities, other than the following options agreements:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Real Estate Option Agreement dated October 5, 2020 granting GGG the option to purchase 330 acres for $5,000 per acre until December
    31, 2021(subject to a one-year extension term at GGG&#8217;s election), with monthly payments of $1,500 due through June 30, 2021
    and monthly payments of $1,750 from July 1, 2021 through December 31, 2021. The one-year extension began on January 1, 2022 and expires
    December 31, 2022, with monthly payments of $2,000 due through the expiration date.</span></td></tr>
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    Real Estate Option Agreement dated October 21, 2020 granting GGG the option to purchase 175 acres for $5,000 per acre until December
    31, 2021 (subject to a one-year extension term at GGG&#8217;s election), with monthly payments of $1,000 due through December 31,
    2021. The one-year extension began on January 1, 2022 and expires December 31, 2022, with monthly payments of $1,500 due through
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BGC
determined the GGG Merger did not qualify as a business combination in accordance with the provisions of ASC 805. BGC accounted for the
merger as an acquisition of assets. This asset acquisition was accounted for at the fair value of the options agreement of $103,837 determined
using the Black Scholes Model with assumptions including current market price of land of $4,000 per acre, exercise price of option of
$5,000 per acre, dividend yield of 0.00%, risk free rate for term of 0.15%, volatility 28.4% and years remaining in the range of 2.19
to 2.24 years. As at December 31, 2021 and 2020, management has assessed the value of these options to be impaired due to uncertainty
surrounding their recoverability. For more information, see Note 5 to BGC&#8217;s audited financial statements for the years ended December
31, 2021 and 2020 filed as a part of this registration statement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Naseeb,
Inc. Merger</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 10, 2020, BGC entered into the Naseeb Agreement with Naseeb and the sole shareholder of Naseeb, Terry Rafih, the Chairman and
Interim CEO of BGC. Pursuant to the Naseeb Agreement, Naseeb was merged into BGC in exchange for 10,000,000 shares of Common Stock. Naseeb
then assisted BGC in obtaining the following licenses and patents:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
    Mexico Hemp License: Industrial Hemp is an agricultural plant that uses all the byproducts of the plant such as seeds and twigs in
    the production of hemp seed, hemp fiber, and other eco-friendly products.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
    Mexico Board of Pharmacy Schedule 1 Bulk Manufacturers License: Securing the license was required as part of the application and
    consideration for a federal license. Additionally, being licensed as a Schedule 1 Bulk Manufacturer allows the Company to develop
    and distribute Schedule 1 drugs; an authorization precedent to the ability to grow, extract and distribute other cannabidiols, such
    as CBG and CBN. Moreover, with this license, the Company is exempt from the restrictions generally applicable to the cannabis industry,
    such as plant count and per plant taxes.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Federal
    MOA for a Schedule I Controlled Substance Bulk Manufacturing registration: The Company has a formal agreement with the DEA for the
    construction and operation of a federally licensed agricultural center to grow and distribute marijuana, or its chemical constituents,
    supplying legitimate researchers in the United States.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patents:
    The patents held by the Company provide innovative medical therapies to a wide range of conditions. These patents can be sold, licensed,
    or directly marketed as clinical trials are conducted and approved by the FDA.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BGC
assessed that the Naseeb Merger did not qualify as a business combination in accordance with the provisions of ASC 805. BGC accounted
for the merger as an acquisition of assets. Since, under ASC 850, the merger was considered as a related party transaction by virtue
of common ownership and management, the assets transferred to BGC have been accounted for at historical cost of Naseeb of $1,000. For
more information, see Note 5 to BGC&#8217;s audited financial statements for the years ended December 31, 2021 and 2020 filed as a part
of this registration statement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>June
2022 Shareholder Loan</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 5, 2022, the Company and LDS Capital LLC, a wholly owned company of Lynn Stockwell (&#8220;Lender&#8221;), a member of the
Board, entered into an unsecured line of credit in the form of a note (the &#8220;June Note&#8221;). The Note provides that the
Company may borrow up to $5.0 million, including an initial loan in the amount of $3.0 million, through June 4, 2025 (the
&#8220;June Note Maturity Date&#8221;) from Lender. Lender has committed to fund to the Company $3.0 million under the June Note by
June 30, 2022. Prior to the June Note Maturity Date, the Company may borrow up to an additional $2.0 million under the June Note, at
Lender&#8217;s sole discretion, and subject to the Company&#8217;s request of such additional funds form Lender (each loan furnished
under the June Note individually, a &#8220;Loan,&#8221; and collectively, the &#8220;Loans&#8221;). The Company has the right, but
not the obligation, to prepay any Loan, in whole or in part, prior to the June Note Maturity Date. Interest on the unpaid principal
amount of any Loan accrues through the earlier of the June Note Maturity Date or the date of prepayment on such Loan, at a rate of
2% per annum plus the Prime Rate (the rate of interest per annum announced from time to time by JPMorgan Chase Bank as its prime
rate). If the principal and interest, if any, of any Loan is not paid in full on the Maturity Date, additional penalty interest will
accrue on such Loan in the amount of 2% per annum.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
Related Party Transactions</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2020, Lynn Stockwell, a Director of the Company, provided cash advances in connection with the payment of
certain Company expenses in the form of an unsecured, non-interest bearing note with no fixed repayment terms. As of December 31, 2021,
the Company owed $392,194 in connection with this note. Ms. Stockwell and the Company entered into a written agreement whereby no payment
will be required prior to January 1, 2023. For more information, see Note 10 to BGC&#8217;s audited financial statements for the years
ended December 31, 2021 and 2020 filed as a part of this registration statement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2020, the Company issued 3,000,000 shares of Common Stock valued at $207,000 to Mr. Robinson, former Chief
Executive Officer of the Company, in consideration for services rendered, in lieu of cash compensation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2020, the Company issued 5,000,000 shares of Common Stock valued at $345,000 to Mr. Rafih, Chairman and Interim
CEO of the Company, in consideration for services rendered, in lieu of cash compensation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
finder&#8217;s fees, reimbursements, consulting fee, monies in respect of any payment of a loan or other compensation was paid by the
Company to our sponsor, officers or directors or any affiliate of our sponsor, officers or directors during the year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Indemnification
Agreements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered into agreements to indemnify our directors and executive officers. These agreements, among other things, require us to indemnify
these individuals for certain expenses (including attorneys&#8217; fees), judgments, fines and settlement amounts reasonably incurred
by such person in any action or proceeding, including any action by or in our right, on account of any services undertaken by such person
on behalf of our company or that person&#8217;s status as a member of our board of directors to the maximum extent allowed under Delaware
law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers or persons controlling
the Company pursuant to provisions of the State of Delaware, the Company has been informed that, in the opinion of the SEC, such indemnification
is against public policy as expressed in that Act and is, therefore, unenforceable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="m_005"></span>PRINCIPAL
SECURITYHOLDERS </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth certain information known to us regarding beneficial ownership of our Common Stock as of September 20,
2022 by:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have determined beneficial ownership in accordance with the rules of the SEC, and the information is not necessarily indicative of beneficial
ownership for any other purpose. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared
voting power or investment power with respect to those securities as well as any shares of Common Stock that the person has the right
to acquire within 60 days of September 20, 2022 through the exercise of stock options or other rights. As of the date hereof,
no options to purchase shares of our Common Stock were outstanding. Unless otherwise indicated, the persons or entities identified in
this table have sole voting and investment power with respect to all shares shown as beneficially owned by them.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise noted below, the address for persons listed in the table is c/o Bright Green Corporation., 1033 George Hanosh Boulevard
Grants, NM 87020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Named
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lynn
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dean
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>*
Less than 1%.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
Based on 169,342,300 shares of Common Stock outstanding as of September 20, 2022. Any shares of Common Stock not outstanding which
are issuable upon the exercise or conversion of other securities held by a person within the next 60 days are considered to be
outstanding when computing such person&#8217;s ownership percentage of Common Stock but are not when computing anyone else&#8217;s
ownership percentage.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
This information is solely based on the Company&#8217;s review of filings made on Schedule 13G with the SEC, relating to beneficial ownership
of 20,200,000 shares of Common Stock as of June 3, 2022. The address of E. Mailloux Enterprises, Inc. (&#8220;MEI&#8221;) is 3129 Marentette
Ave., Unit 2 Windsor ON N8X 4G1, Canada. Ernie Mailloux has voting and dispositive power with respect to the shares of Common Stock held
by MEI. Consists of 12,700,000 shares of Common Stock held by MEI, 7,500,000 shares of Common Stock held by Cheryl Mailloux, wife of
Mr. Mailloux. Mr. Mailloux may be deemed to have voting and dispositive power over shares of Common Stock held by Mrs. Mailloux.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)
Includes 100,000 shares held by Aerigo Solutions Inc. Mr. Arnone has sole voting and dispositive power over the shares of Common Stock
held by Aerigo Solutions Inc.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)
Includes 100,000 shares beneficially owned by Douglas Bates, who resigned as Chief Financial Officer in March 2022 and 5,605,000 shares
beneficially owned by Edward Robinson, who resigned as Chief Executive Officer in June 2022 and as a director on July 1, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="m_006"></span>SELLING
SECURITYHOLDERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Common Stock being offered by the selling securityholders are those previously issued to the selling securityholders in the September
2022 Private Placement, and those issuable to the selling securityholders, upon exercise of the Warrants issued in the September 2022
Private Placement. For additional information regarding the September 2022 Private Placement, see &#8220;<i>Prospectus Summary &#8211;
September 2022 Private Placement</i>.&#8221; We are registering the Shares and Warrant Shares in order to permit the selling securityholders
to offer such shares for resale from time to time. Except for the ownership of the Shares and Warrants issued in the September 2022 Private
Placement, the selling securityholders have not had any material relationship with us within the past three years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below lists the selling securityholders and other information regarding the beneficial ownership of the Common Stock by each
of the selling securityholders. The second column lists the number of shares of Common Stock beneficially owned by each selling
securityholder, based on its ownership of the Common Stock and Warrants, as of September 20, 2022,
assuming exercise of all Warrants held by the selling securityholders on that date, without regard to any limitations on
exercise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
third column lists the Common Stock being offered by this prospectus by the selling securityholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the terms of the registration rights agreement entered into between the Company and each of the selling securityholders,
this prospectus generally covers the resale of the (i) sum of the number of shares of Common Stock issued to the selling securityholders
in the September 2022 Private Placement and (ii) the maximum number of shares of Common Stock issuable upon exercise of the related Warrants,
determined as if the outstanding Warrants were exercised in full as of the trading day immediately preceding the date the registration
statement of which this prospectus forms a part was initially filed with the SEC, each as of the trading day immediately preceding the
applicable date of determination and all subject to adjustment as provided in the registration right agreement, without regard to any
limitations on the exercise of the Warrants. The fourth column assumes the sale of all of the shares of Common Stock offered by the selling
securityholders pursuant to this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the terms of the Warrants, a selling securityholder may not exercise the Warrants to the extent such exercise would cause such selling
securityholder, together with its affiliates and attribution parties, to beneficially own a number of shares of Common Stock which would
exceed, at the direction of the selling securityholder, 4.99% or 9.99%, of our then outstanding shares of Common Stock following such
exercise, excluding for purposes of such determination of the shares of Common Stock issuable upon exercise of such Warrants which have
not been exercised. The number of shares of Common Stock in the columns below do not reflect this limitation. The selling securityholders
may sell all, some or none of their shares of Common Stock in this offering. See &#8220;<i>Plan of Distribution</i>.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="m_007"></span>RESALE
S-1 SELLING SECURITYHOLDER TABLE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">9,523,810</td><td style="width: 1%; text-align: left">(3)</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">9,523,810</td><td style="text-align: left">(6)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
    table is based upon information supplied by the selling securityholders, which information may not be accurate as of the date hereof.
    We have determined beneficial ownership in accordance with the rules of the SEC. Except as indicated by the footnotes below, we believe,
    based on the information furnished to us, that the selling securityholders named in the table above have sole voting and investment
    power with respect to all Common Stock that they beneficially own, subject to applicable community property laws. Applicable percentages
    are based on 169,342,300 shares outstanding on September 20, 2022, adjusted as required by rules promulgated by the SEC.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Common Stock is directly held by Armistice Capital Master Fund Ltd. (the &#8220;Master Fund&#8221;), a Cayman Islands exempted company,
    and may be deemed to be indirectly beneficially owned by Armistice Capital, LLC (&#8220;Armistice&#8221;), as the investment manager
    of the Master Fund; and (ii) Steven Boyd, as the Managing Member of Armistice Capital. Armistice and Steven Boyd disclaim beneficial
    ownership of the reported securities except to the extent of their respective pecuniary interest therein. The address of the Master
    Fund is c/o Armistice Capital, LLC, 510 Madison Avenue, 7th Floor, New York, NY 10022.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    4,761,905 shares of Common Stock and Warrants to purchase up to 4,761,905 shares of Common Stock, both of which the Master Fund purchased
    in the September 2022 Private Placement. The Warrants are subject to a 4.99% beneficial ownership limitation that prohibits the Master
    Fund from exercising any portion of them if, following such exercise, the Master Fund&#8217;s ownership of our shares of Common Stock
    would exceed 4.99% of the total amount of our outstanding stock.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Does
    not take into account the application of the beneficial ownership limitation described in footnote 3.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sabby
    Management, LLC is the investment manager of Sabby Volatility Warrant Master Fund, Ltd. (&#8220;Sabby&#8221;) and shares voting and
    investment power with respect to these shares in this capacity. As manager of Sabby Management, LLC, Hal Mintz also shares voting
    and investment power on behalf of Sabby. Each of Sabby Management, LLC and Mr. Mintz disclaims beneficial ownership over the securities
    listed except to the extent of their pecuniary interest therein.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    4,761,905 shares of Common Stock and Warrants to purchase up to 4,761,905 shares of Common Stock held by Sabby Volatility Warrant
    Master Fund, Ltd. that were purchased in the September 2022 Private Placement. The Warrants are subject to a 4.99% beneficial ownership
    limitation that prohibits Sabby Volatility Master Fund, Ltd. from exercising any portion of them if, following such exercise, ownership
    of our shares of Common Stock would exceed 4.99% of the total amount of our outstanding stock.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Does
    not take into account the application of the beneficial ownership limitation described in footnote 6.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="m_008"></span>DESCRIPTION
OF OUR SECURITIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
following descriptions are summaries of the material terms of our certificate of incorporation and bylaws, each as amended and restated.
Reference is made to the more detailed provisions of, and the descriptions are qualified in their entirety by reference to, the certificate
of incorporation and bylaws, forms of which are filed with the SEC as exhibits to the registration statement of which this prospectus
is a part, and applicable law.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
authorized capital stock consists of 200,000,000 shares of Common Stock, par value $0.0001 per share, of which 169,342,300 are
issued and outstanding as of September 20, 2022, and 10,000,000 shares of preferred stock, $0.0001 par value per share, of which none
are issued or outstanding, as of the date hereof.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common
Stock</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of September 20, 2022, there
were on 169,342,300 shares of our Common Stock outstanding held by
approximately 111 stockholders of record. Our amended and restated certificate of
incorporation provides that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">holders
    of Common Stock will have voting rights for the election of our directors and all other matters requiring stockholder action, except
    with respect to amendments to our certificate of incorporation that alter or change the powers, preferences, rights or other terms
    of any outstanding preferred stock if the holders of such affected series of preferred stock are entitled to vote on such an amendment;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">holders
    of Common Stock will be entitled to one vote per share on matters to be voted on by stockholders and also will be entitled to receive
    such dividends, if any, as may be declared from time to time by our Board in its discretion out of funds legally available therefor;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    payment of dividends, if any, on the Common Stock will be subject to the prior payment of dividends on any outstanding preferred
    stock;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon
    our liquidation or dissolution, the holders of Common Stock will be entitled to receive <i>pro rata </i>all assets remaining available
    for distribution to stockholders after payment of all liabilities and provision for the liquidation of any shares of preferred stock
    outstanding at that time; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    stockholders have no conversion, preemptive or other subscription rights and there are no sinking fund or redemption provisions applicable
    to the Common Stock.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrants</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the September 2022 Private Placement that closed on September 12, 2022, Warrants to purchase up to 9,523,810 shares of Common Stock were
issued. The Warrants shall be initially exercisable at a price of $1.05 per share, subject to adjustment as set forth in the Warrants,
are exercisable any time after September 12, 2022 and will expire on September 13, 2027.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Preferred
Stock</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
amended and restated certificate of incorporation provides that shares of preferred stock may be issued from time to time in one or more
series. Our Board will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating,
optional or other special rights, if any, and any qualifications, limitations and restrictions thereof, applicable to the shares of each
series. Our Board will be able to, without stockholder approval, issue preferred stock with voting and other rights that could adversely
affect the voting power and other rights of the holders of the Common Stock and could have anti-takeover effects. The ability of our
Board to issue preferred stock without stockholder approval could have the effect of delaying, deferring or preventing a change of control
of us or the removal of existing management. Our current certificate of incorporation does not permit the issuance of preferred stock
and so we have no preferred stock outstanding at the date hereof. Although we do not currently intend to issue any shares of preferred
stock, we cannot assure you that we will not do so in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Certain
Anti-takeover Provisions of Delaware Law, our Certificate of Incorporation and Bylaws</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a Delaware corporation, we are governed by the provisions of Section 203 of the Delaware General Corporation Law, which generally has
an anti-takeover effect for transactions not approved in advance by our Board. This may discourage takeover attempts that might result
in payment of a premium over the market price for the shares of Common Stock held by stockholders. In general, Section 203 prohibits
a publicly held Delaware corporation from engaging in a &#8220;business combination&#8221; with an &#8220;interested stockholder&#8221;
for a three-year period following the time that such stockholder becomes an interested stockholder, unless the business combination is
approved in a prescribed manner. A &#8220;business combination&#8221; includes, among other things, a merger, asset or stock sale or
other transaction resulting in a financial benefit to the interested stockholder. An &#8220;interested stockholder&#8221; is a person
who, together with affiliates and associates, owns, or did own within three years prior to the determination of interested stockholder
status, 15% or more of BGC&#8217;s voting stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Section 203, a business combination between a corporation and an interested stockholder is prohibited unless it satisfies one of the
following conditions:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">before
    the stockholder became interested, the board of directors approved either the business combination or the transaction which resulted
    in the stockholder becoming an interested stockholder; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon
    consummation of the transaction which resulted in the stockholder becoming an interested outstanding, shares owned by:</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    who are directors and also officers, and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">employee
    stock plans, in some instances; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
    or after the time the stockholder became interested, the business combination was approved by the board of directors are authorized
    at an annual or special meeting of the stockholders by the affirmative vote of at least two-thirds of the outstanding voting stock
    which is not owned by the interested stockholder.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Exclusive
Forum</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
amended and restated bylaws provides, and current amended and restated certificate of incorporation currently provides, that unless we
consent in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding
brought on behalf of us, (ii) any action asserting a claim of breach of a fiduciary duty owed by our directors, officers or other employees
to us or our stockholders, (iii) any action asserting a claim arising pursuant to any provision of the DGCL, or (iv) any action asserting
a claim governed by the internal affairs doctrine, shall be a state or federal court located within the state of Delaware, in all cases
subject to the court&#8217;s having personal jurisdiction over the indispensable parties named as defendants. Any person or entity purchasing
or otherwise acquiring any interest in shares of our capital stock shall be deemed to have notice of and consented to the above forum
exclusivity provisions. The enforceability of similar choice of forum provisions in other companies&#8217; certificates of incorporation
and bylaws has been challenged in legal proceedings, and it is possible that a court could find these types of provisions to be inapplicable
or unenforceable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
forum selection provision is intended to apply &#8220;to the fullest extent permitted by applicable law,&#8221; subject to certain exceptions.
Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created
by the Exchange Act or the rules and regulations thereunder. As a result, the exclusive forum provision will not apply to suits brought
to enforce any duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction.
In addition, the exclusive forum provision will not apply to actions brought under the Securities Act, or the rules and regulations thereunder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Special
meeting of stockholders</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
bylaws further provide that special meetings of our stockholders may be called by the Chairman of the Board, the Board, President of
BGC, or by the Board upon written request by the holders of a majority of the voting authority of BGC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Requirements
for Advance Notification of Director Nominations and Stockholder Proposals</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
amended and restated bylaws provide that stockholders seeking to bring business before our annual meeting of stockholders, or to nominate
candidates for election as directors at our annual meeting of stockholders, must provide timely notice of their intent in writing. To
be timely, a stockholder&#8217;s notice needs to be delivered to the secretary at our principal executive offices not later than the
close of business on the day nor earlier than the close of business on the day prior to the first anniversary of the date on which we
first mailed our proxy materials for the preceding year&#8217;s annual meeting of stockholders; provided, however, if no proxy materials
were mailed by us in connection with the preceding year&#8217;s annual meeting, or if the date of the annual meeting is advanced more
than days prior to or delayed by more than days after the anniversary of the preceding year&#8217;s annual meeting, a stockholder&#8217;s
notice shall be timely if delivered to our principal executive offices not later than the 90th day prior to the scheduled date of the
annual meeting of stockholders or the day following the day on which public announcement of the date of our annual meeting of stockholders
is first made or sent by us. Our amended and restated bylaws specify certain requirements as to the form and content of a stockholders&#8217;
meeting. These provisions may preclude our stockholders from bringing matters before our annual meeting of stockholders or from making
nominations for directors at our annual meeting of stockholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Authorized
but unissued shares</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
amended and restated certificate of incorporation provides that authorized but unissued shares of Common Stock and preferred stock are
available for future issuances without stockholder approval and could be utilized for a variety of corporate purposes, including future
offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved
Common Stock and preferred stock could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest,
tender offer, merger or otherwise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Removal
of directors</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
bylaws provide that a member of our Board may be removed from service as a director, with or without cause, only by the affirmative vote
of the holders of a majority of the shares of voting stock then outstanding and entitled to vote in an election of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Limitation
of Liability and Indemnification of Directors and Officers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
bylaws provide that our directors and officers will be indemnified by us to the fullest extent authorized by Delaware law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
provisions may discourage stockholders from bringing a lawsuit against our directors for breach of their fiduciary duty. These provisions
also may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action,
if successful, might otherwise benefit us and our stockholders. Furthermore, a stockholder&#8217;s investment may be adversely affected
to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.
We believe that these provisions, insurance and the indemnity agreements are necessary to attract and retain talented and experienced
directors and officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not aware of any threatened litigation or proceeding that might result in a claim for such indemnification, except as disclosed below.
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling
persons pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the SEC such indemnification
is against public policy as expressed in the Securities Act and is, therefore, unenforceable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are currently engaged in two legal proceedings which may require us to indemnify certain officers and directors if the outcome of either
proceeding is adverse to our interests. Please see the section of this prospectus titled &#8220;<i>Legal Proceedings</i>.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Listing</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Common Stock is listed on the Nasdaq Capital Market under the symbol &#8220;BGXX.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Transfer
Agent and Registrar</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
transfer agent and registrar for our Common Stock is Vstock Transfer, LLC. The transfer agent and registrar&#8217;s address is 18 Lafayette
Place, Woodmere, NY 11598. The transfer agent and registrar can be contacted by phone at: (212) 828-8436.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><span id="m_009"></span>MATERIAL
UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a general discussion of material U.S. federal income tax considerations and certain U.S. federal estate tax considerations
relating to the acquisition, ownership, and disposition of our common stock applicable to U.S. holders and non-U.S. holders that purchase
our common stock in this offering and hold it as a &#8220;capital asset&#8221; within the meaning of Section 1221 of the U.S. Internal
Revenue Code of 1986, as amended (the &#8220;Code&#8221;) (generally, property held for investment). For purposes of this discussion,
a &#8220;U.S. holder&#8221; means a beneficial owner of our common stock (other than an entity or arrangement that is treated as a partnership
for U.S. federal income tax purposes) that is, for U.S. federal income tax purposes, any of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0 0 0 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    individual who is a citizen or resident of the United States;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    corporation (or entity treated as a corporation for United States federal income tax purposes) created or organized in or under the
    laws of the United States, any state thereof or the District of Columbia;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    estate, the income of which is includable in gross income for U.S. federal income tax purposes regardless of its source; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    trust if (i) a court within the United States is able to exercise primary supervision over the administration of the trust and one
    or more &#8220;United States persons,&#8221; as defined under the &#8220;Code, (&#8220;U.S. persons&#8221;) have the authority to
    control all substantial decisions of the trust or (ii) such trust has made a valid election to be treated as a U.S. person for U.S.
    federal income tax purposes.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this discussion, a &#8220;non-U.S. holder&#8221; means a beneficial owner of our common stock (other than an entity or arrangement
that is treated as a partnership for U.S. federal income tax purposes) that is not a U.S. holder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a partnership (or other entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds our common stock,
the tax treatment of a partner therein will generally depend on the status of the partner and the activities of the partnership. Partners
of a partnership holding our common stock should consult their tax advisors as to the particular U.S. federal income tax consequences
applicable to them.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion is based on current provisions of the Code, final, temporary and proposed Treasury regulations promulgated thereunder (the
&#8220;Treasury Regulations&#8221;), judicial decisions, published rulings and administrative pronouncements of the U.S. Internal Revenue
Service, or IRS, all in effect as of the date of this prospectus supplement and all of which are subject to change or to differing interpretation,
possibly with retroactive effect. Any change could alter the tax consequences to holders described herein. There can be no assurance
that the IRS will not challenge one or more of the tax consequences described herein.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion does not address all aspects of U.S. federal income and estate taxation that may be relevant to a particular holder in light
of that holder&#8217;s individual circumstances nor does it address any aspects of U.S. state, local or non-U.S. taxes, other U.S. federal
tax, the alternative minimum tax, or the unearned income Medicare contribution tax on net investment income. This discussion also does
not consider any specific facts or circumstances that may apply to a holder and does not address the special tax rules applicable to
particular holders, such as:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">banks,
    insurance companies and other financial institutions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">brokers
    or dealers or traders in securities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax-exempt
    organizations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pension
    plans;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    who hold our common stock as part of a straddle, hedge, conversion transaction, synthetic security or other integrated investment
    or who have elected to mark securities to market; controlled foreign corporations, passive foreign investment companies, and corporations
    that accumulate earnings to avoid U.S. federal income tax;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">non-U.S.
    governments; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
    expatriates and former citizens or long-term residents of the United States.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
SUMMARY IS NOT INTENDED TO CONSTITUTE A COMPLETE DESCRIPTION OF ALL TAX CONSEQUENCES FOR HOLDERS RELATING TO THE OWNERSHIP AND DISPOSITION
OF OUR COMMON STOCK. PROSPECTIVE HOLDERS OF OUR COMMON STOCK SHOULD CONSULT WITH THEIR TAX ADVISORS REGARDING THE TAX CONSEQUENCES TO
THEM (INCLUDING THE APPLICATION AND EFFECT OF ANY STATE, LOCAL, NON-U.S. INCOME AND OTHER TAX LAWS) OF THE ACQUISITION, OWNERSHIP AND
DISPOSITION OF OUR COMMON STOCK.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Taxation
of U.S. Holders</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Distributions</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we pay distributions in cash or other property (other than certain distributions of our stock or rights to acquire our stock) to U.S.
holders of shares of our common stock, such distributions generally will constitute dividends for U.S. federal income tax purposes to
the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions
in excess of current and accumulated earnings and profits will constitute a return of capital that will be applied against and reduce
(but not below zero) the U.S. holder&#8217;s adjusted tax basis in our common stock. Any remaining excess will be treated as gain realized
on the sale or other disposition of the common stock and will be treated as described under &#8220;U.S. Holders &#8212; Gain or Loss
on Sale, Taxable Exchange or Other Taxable Disposition of Common Stock&#8221; below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
we pay to a U.S. holder that is a taxable corporation generally will qualify for the dividends received deduction if the requisite holding
period is satisfied. With certain exceptions (including, but not limited to, dividends treated as investment income for purposes of investment
interest deduction limitations), and provided certain holding period requirements are met, dividends we pay to a non-corporate U.S. holder
may constitute &#8220;qualified dividends&#8221; that will be subject to tax at the maximum tax rate accorded to long-term capital gains.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gain
or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Common Stock </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
a sale or other taxable disposition of our common stock, a U.S. holder generally will recognize capital gain or loss in an amount equal
to the difference between the amount realized and the U.S. holder&#8217;s adjusted tax basis in the common stock. Any such capital gain
or loss generally will be long-term capital gain or loss if the U.S. holder&#8217;s holding period for the common stock so disposed of
exceeds one year. Long-term capital gains recognized by non-corporate U.S. holders will be eligible to be taxed at reduced rates. The
deductibility of capital losses is subject to limitations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
the amount of gain or loss recognized by a U.S. holder is an amount equal to the difference between (i) the sum of the amount of cash
and the fair market value of any property received in such disposition and (ii) the U.S. holder&#8217;s adjusted tax basis in its common
stock so disposed of. A U.S. holder&#8217;s adjusted tax basis in its common stock generally will equal the U.S. holder&#8217;s acquisition
cost less any prior distributions treated as a return of capital.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Information
Reporting and Backup Withholding</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, information reporting requirements may apply to dividends paid to a U.S. holder and to the proceeds of the sale or other disposition
of our shares of common stock, unless the U.S. holder is an exempt recipient. Backup withholding may apply to such payments if the U.S.
holder fails to provide a taxpayer identification number, a certification of exempt status or has been notified by the IRS that it is
subject to backup withholding (and such notification has not been withdrawn).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Backup
withholding is not an additional tax. Any amounts withheld under the backup withholding rules will be allowed as a refund or a credit
against a U.S. holder&#8217;s U.S. federal income tax liability provided the required information is timely furnished to the IRS. All
U.S. holders should consult their tax advisors regarding the application of information reporting and backup withholding to them.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Taxation
of Non-U.S. Holders</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Distributions</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
discussed under &#8220;<i>Dividend Policy</i>&#8221; above, we do not expect to make distributions on our common stock in the foreseeable
future. However, if we do make distributions of cash or property on our common stock, such distributions will constitute dividends for
U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal
income tax principles. Amounts of distributions not treated as dividends for U.S. federal income tax purposes will first constitute a
tax-free return of capital of the non-U.S. holder&#8217;s investment and be applied against and reduce a non-U.S. holder&#8217;s adjusted
tax basis in its common stock, but not below zero. Any remaining excess will be treated as capital gain and will be treated as described
below under &#8220;<i>Gain on Sale or Other Disposition of Common Stock</i>.&#8221; Because we may not know the extent to which a distribution
is a dividend for U.S. federal income tax purposes at the time it is made, for purposes of the withholding rules discussed below we or
the applicable withholding agent may treat the entire distribution as a dividend. Any such distributions will also be subject to the
discussions below under the headings &#8220;<i>FATCA</i>&#8221; and &#8220;<i>Backup Withholding, Information Reporting and Other Reporting
Requirements</i>.&#8221;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the discussion in the next two paragraphs, dividends paid to a non-U.S. holder generally will be subject to withholding of U.S. federal
income tax at a 30% rate or such lower rate as may be specified by an applicable income tax treaty between the United States and such
holder&#8217;s country of residence.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
we pay to a non-U.S. holder that are effectively connected with such non-U.S. holder&#8217;s conduct of a trade or business within the
United States (and, if required by an applicable tax treaty, are attributable to a U.S. permanent establishment or a fixed base maintained
by such non-U.S. holder) will generally be exempt from the U.S. federal withholding tax described above, if the non-U.S. holder complies
with applicable certification and disclosure requirements (generally including provision of a valid IRS Form W-8ECI (or applicable successor
form) certifying that the dividends are effectively connected with the non-U.S. holder&#8217;s conduct of a trade or business within
the United States). Instead, such dividends generally will be subject to U.S. federal income tax on a net income basis, at regular U.S.
federal income tax rates as would apply if such holder were a U.S. person (as defined in the Code). Any U.S. effectively connected income
received by a non-U.S. holder that is classified as a corporation for U.S. federal income tax purposes may also be subject to an additional
&#8220;branch profits tax&#8221; at a rate of 30% (or such lower rate as may be specified by an applicable income tax treaty).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
non-U.S. holder of our common stock who claims the benefit of an applicable income tax treaty between the United States and such holder&#8217;s
country of residence generally will be required to provide a properly executed IRS Form W-8BEN or W-8BEN-E (or successor form) and satisfy
applicable certification and other requirements. Non-U.S. holders are urged to consult their tax advisors regarding their entitlement
to benefits under a relevant income tax treaty and the specific methods available to them to satisfy these requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gain
on Sale or Other Disposition of Common Stock</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the discussion below under the headings &#8220;<i>FATCA</i>&#8221; and &#8220;<i>Backup Withholding, Information Reporting and Other
Reporting Requirements,</i>&#8221; a non-U.S. holder generally will not be subject to U.S. federal income tax on any gain realized upon
the sale or other disposition of the non-U.S. holder&#8217;s shares of our common stock unless:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.15in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.15in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    gain is effectively connected with a trade or business carried on by the non-U.S. holder within the United States (and, if required
    by an applicable income tax treaty, is attributable to a U.S. permanent establishment or fixed base maintained by such non-U.S. holder);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    non-U.S. holder is an individual and is present in the United States for 183 days or more in the taxable year of disposition and
    certain other conditions are met; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    are or have been a &#8220;U.S. real property holding corporation&#8221; for U.S. federal income tax purposes at any time within the
    shorter of the five-year period preceding such disposition or such non-U.S. holder&#8217;s holding period of our common stock, and,
    provided that our common stock is regularly traded in an established securities market within the meaning of applicable Treasury
    Regulations, the non-U.S. holder has held, directly, indirectly, or constructively, at any time during said period, more than 5%
    of our common stock.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Gain
that is effectively connected with the conduct of a trade or business in the United States generally will be subject to U.S. federal
income tax on a net income tax basis, at regular U.S. federal income tax rates that apply to U.S. persons. If the non-U.S. holder is
a non-U.S. corporation, the branch profits tax described above also may apply to such effectively connected gain. An individual non-U.S.
holder who is subject to U.S. federal income tax because the non-U.S. holder was present in the United States for 183 days or more during
the year of sale or other disposition of our common stock will be subject to a flat 30% tax (or such lower rate as may be specified by
an applicable income tax treaty) on the gain derived from such sale or other disposition, which may be offset by certain U.S. source
capital losses, if any. We believe that we are not and we do not anticipate becoming a U.S. real property holding corporation for U.S.
federal income tax purposes. Non-U.S. holders should consult their tax advisors regarding potentially applicable income tax treaties
that may provide for different rules.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FATCA</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Withholding
taxes may be imposed under the Foreign Account Tax Compliance Act (&#8220;FATCA&#8221;), on certain types of payments made to non-U.S.
financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on dividends (including
deemed dividends) paid on our common stock, to a &#8220;foreign financial institution&#8221; or a &#8220;non-financial foreign entity&#8221;
(each as defined in the Code), unless (1) the foreign financial institution undertakes certain diligence and reporting obligations, (2)
the non-financial foreign entity either certifies it does not have any &#8220;substantial United States owners&#8221; (as defined in
the Code) or furnishes identifying information regarding each substantial U.S. owner, or (3) the foreign financial institution or non-financial
foreign entity otherwise qualifies for an exemption from these rules. Foreign financial institutions located in jurisdictions that have
an intergovernmental agreement with the U.S. governing FATCA may be subject to the reporting rules of that intergovernmental agreement.
Because we may not know the extent to which a distribution is a dividend for U.S. federal income tax purposes at the time it is made,
for purposes of these withholding rules we or the applicable withholding agent may treat the entire distribution as a dividend. Although
withholding under FATCA would have applied also to payments of gross proceeds from the sale or other disposition of stock on or after
January 1, 2019, proposed Treasury Regulations would eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers generally
may rely on these proposed Treasury Regulations until final Treasury Regulations are issued. Under certain circumstances, a non-U.S.
holder will be eligible for refunds or credits of withholding taxes imposed under FATCA by timely filing a U.S. federal income tax return.
Prospective investors should consult their tax advisors regarding the potential application of these withholding provisions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Backup
Withholding, Information Reporting and Other Reporting Requirements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
must report annually to the IRS and to each non-U.S. holder the amount of any distributions paid to, and the tax withheld with respect
to, each non-U.S. holder. These reporting requirements apply regardless of whether withholding was reduced or eliminated by an applicable
income tax treaty. Copies of this information reporting may also be made available under the provisions of a specific income tax treaty
or agreement with the tax authorities in the country in which the non-U.S. holder resides or is established.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
non-U.S. holder will generally be subject to backup withholding for dividends on our common stock paid to such holder unless such holder
certifies under penalties of perjury that, among other things, it is a non-U.S. holder (provided that the payor does not have actual
knowledge or reason to know that such holder is a U.S. person) or otherwise establishes an exemption.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
reporting and backup withholding generally will apply to the proceeds of a disposition of our common stock by a non-U.S. holder effected
by or through the U.S. office of any broker, U.S. or non-U.S., unless the holder certifies its status as a non-U.S. holder and satisfies
certain other requirements, or otherwise establishes an exemption. Generally, information reporting and backup withholding will not apply
to a payment of disposition proceeds to a non-U.S. holder where the transaction is effected outside the United States through a non-U.S.
office of a broker. However, for information reporting purposes, dispositions effected through a non-U.S. office of a broker with substantial
U.S. ownership or operations generally will be treated in a manner similar to dispositions effected through a U.S. office of a broker.
Non-U.S. holders should consult their tax advisors regarding the application of the information reporting and backup withholding rules
to them.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Backup
withholding is not an additional income tax. Any amounts withheld under the backup withholding rules from a payment to a non-U.S. holder
generally can be credited against the non-U.S. holder&#8217;s U.S. federal income tax liability, if any, or refunded, provided that the
required information is furnished to the IRS in a timely manner. Non-U.S. holders should consult their tax advisors regarding the application
of the information reporting and backup withholding rules to them.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S.
Federal Estate Tax</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
of our common stock that are owned or treated as owned by an individual who is not a citizen or resident of the United States (as specially
defined for U.S. federal estate tax purposes) at the time of death are considered U.S. situs assets and will be included in the individual&#8217;s
gross estate for U.S. federal estate tax purposes. Such shares, therefore, may be subject to U.S. federal estate tax, unless an applicable
estate tax or other treaty provides otherwise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
preceding discussion of material U.S. federal income tax considerations and certain U.S. federal estate tax considerations is for information
only. It is not legal or tax advice. Prospective investors should consult their tax advisors regarding the particular U.S. federal, state,
local and non-U.S. tax consequences of acquiring, owning and disposing of our common stock, including the consequences of any proposed
changes in applicable laws.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="m_010"></span>PLAN
OF DISTRIBUTION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are registering the Common Stock previously issued in the September 2022 Private Placement that closed on September 12, 2022 and the
Common Stock issuable upon exercise of the Warrants in the September 2022 Private Placement to permit the resale of these shares of Common
Stock by the selling securityholders from time to time after the date of this prospectus. We will not receive any of the proceeds from
the sale by the selling securityholders of the shares of Common Stock. Upon the cash exercise of the Warrants, however, we will receive
the exercise price of the Warrants. We will bear all fees and expenses incident to our obligation to register the shares of Common Stock,
except for any applicable underwriting fees, discounts, selling commissions and stock transfer taxes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
selling securityholder and any of their pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their
shares of Common Stock covered hereby on the Nasdaq or any other stock exchange, market or trading facility on which the Common Stock
is traded or in private transactions, in all cases, in compliance with applicable laws. These sales may be at fixed or negotiated prices.
A selling securityholder may use any one or more of the following methods when selling the shares of Common Stock, in any case, in compliance
with applicable laws:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary
    brokerage transactions and transactions in which the broker-dealer solicits purchasers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">block
    trades in which the broker-dealer will attempt to sell the shares of Common Stock as agent but may position and resell a portion
    of the block as principal to facilitate the transaction;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">purchases
    by a broker-dealer as principal and resale by the broker-dealer for its account;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exchange distribution in accordance with the rules of the applicable exchange;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">privately
    negotiated transactions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">settlement
    of short sales;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    transactions through broker-dealers that agree with the selling securityholders to sell a specified number of such Common Stock at
    a stipulated price per security;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">through
    the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    combination of any such methods of sale; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    other method permitted pursuant to applicable law.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
selling securityholders may also sell the shares of Common Stock under Rule 144 or any other exemption from registration under the Securities
Act, if available, rather than under this prospectus, and in any event, in compliance with applicable laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broker-dealers
engaged by the selling securityholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions
or discounts from the selling securityholders (or, if any broker-dealer acts as agent for the purchaser of the shares of Common Stock,
from the purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this prospectus, in the case of an agency
transaction not in excess of a customary brokerage commission in compliance with applicable laws including FINRA Rule 2121; and in the
case of a principal transaction a markup or markdown in compliance with FINRA Rule 2121.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
selling securityholders and any broker-dealers or agents that are involved in selling the shares of Common Stock may be deemed to be
&#8220;underwriters&#8221; within the meaning of the Securities Act in connection with such sales. In such event, any commissions received
by such broker-dealers or agents and any profit on the resale of the shares of Common Stock purchased by them may be deemed to be underwriting
commissions or discounts under the Securities Act. Each selling securityholder has informed the Company that it does not have any written
or oral agreement or understanding, directly or indirectly, with any person to distribute the shares of Common Stock being offered by
this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has agreed to indemnify the selling securityholders against certain losses, claims, damages and liabilities, including liabilities
under the Securities Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
agreed to keep this prospectus effective until the earlier of (i) the date on which the shares of Common Stock may be resold by the selling
securityholders without registration and without regard to any volume or manner-of-sale limitations by reason of Rule 144, without the
requirement for the Company to be in compliance with the current public information under Rule 144 under the Securities Act or any other
rule of similar effect, or (ii) all of the shares of Common Stock have been sold pursuant to this prospectus or Rule 144 under the Securities
Act or any other rule of similar effect. The resale securities will be sold only through registered or licensed brokers or dealers if
required under applicable securities laws, including applicable state securities laws. In addition, in certain states, the resale securities
covered hereby may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the
registration or qualification requirement is available and is complied with.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously
engage in market making activities with respect to the shares for the applicable restricted period, as defined in Regulation M under
the Exchange Act, prior to the commencement of the distribution. In addition, the selling securityholders will be subject to applicable
provisions of the Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases
and sales of the shares of Common Stock by the selling securityholders or any other person. We will make copies of this prospectus available
to the selling securityholders and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior
to the time of the sale (including by compliance with Rule 172 under the Securities Act).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
sold under the registration statement of which this prospectus forms a part, the shares of Common Stock being offered hereby will generally
be freely tradable in the United States in the hands of persons other than our affiliates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><span id="m_011"></span>LEGAL
MATTERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
validity of the securities offered hereby will be passed upon for us by Dentons US LLP.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="m_012"></span>EXPERTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
audited financial statements of BGC for the years ended December 31, 2021 and 2020 and the notes thereto included in this prospectus
and elsewhere in this registration statement, have been audited by SRCO, C.P.A., Professional Corporation, an independent registered
public accounting firm, as set forth in their report thereon, appearing elsewhere in this prospectus, and are included in reliance on
such report of such firm given upon their authority as experts in accounting and auditing<span style="background-color: white">.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="m_013"></span>WHERE
YOU CAN FIND MORE INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have filed with the SEC a registration statement on Form S-1 under the Securities Act, with respect to the securities being offered by
this prospectus. This prospectus, which constitutes part of the registration statement, does not contain all of the information in the
registration statement and its exhibits. For further information with respect to the Company and the securities offered by this prospectus,
we refer you to the registration statement and its exhibits. Statements contained in this prospectus as to the contents of any contract
or any other document referred to are not necessarily complete, and in each instance, we refer you to the copy of the contract or other
document filed as an exhibit to the registration statement. Each of these statements is qualified in all respects by this reference.
You can read our SEC filings, including the registration statement, over the internet at the SEC&#8217;s website at <i><span style="text-decoration: underline">www.sec.gov</span></i>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the information reporting requirements of the Exchange Act, and we file reports, proxy statements and other information
with the SEC. These reports, proxy statements and other information will be available for review at the SEC&#8217;s website at <i>www.sec.gov</i>.
We also maintain a website at https://brightgreen.us, at which you may access these materials free of charge as soon as reasonably practicable
after they are electronically filed with, or furnished to, the SEC. The information contained in, or that can be accessed through, our
website is not part of this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="toc_002"></span>INDEX
TO FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BRIGHT
GREEN CORPORATION FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pages</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">    </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#fin_001">Report of Independent Registered Public Accounting Firm</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">F-4</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#fin_002">Balance Sheets as of December 31, 2021 and 2020</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">F-6</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#fin_003">Statements of Operations and Comprehensive Loss for the years ended December 31, 2021 and 2020</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">F-7</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#fin_004">Statements
    of Changes in Stockholders&#8217; Equity for the years ended December 31, 2021 and 2020</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-8</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#fin_005">Statements of Cash Flows for the years ended December 31, 2021 and 2020</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-9</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#fin_006">Notes to Financial Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-10</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#abc_001">Condensed Balance Sheets as of June 30, 2022 (unaudited) and December 31, 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-27</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#abc_002">Condensed Statements of Operations and Comprehensive Loss for the three months and six months ended June 30, 2022 and 2021 (unaudited)</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-28</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#abc_003">Condensed Statements of Changes Stockholders&#8217; Equity for the three months and six months ended June 30, 2022 and 2021 (unaudited)</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-29</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#abc_004">Condensed Statements of Cash Flows for six months ended June 30, 2022 and 2021 (unaudited)</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-30</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#abc_005">Notes to the Condensed Financial Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-31</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="fin_02.jpg" alt="" style="height: 69px; width: 180px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRIGHT
GREEN CORPORATION</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
31, 2021 and 2020</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in United States Dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BRIGHT
GREEN CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Years
Ended December 31, 2021 and 2020</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Table
of Contents</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#fin_001">Report of Independent Registered Public Accounting Firm</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">F-4<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">    </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#fin_002">Balance Sheets</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#fin_003">Statements of Operations and Comprehensive Loss</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#fin_004">Statements of Changes in Stockholders&#8217; Equity</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-8</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#fin_005">Statements of Cash Flows</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-9</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#fin_006">Notes to Financial Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">F-10</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><img src="fin_01.jpg" alt="" style="height: 120px; width: 586px"/></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="fin_001"></span>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Board of Directors and Stockholders of Bright Green Corporation</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opinion
on the Financial Statements</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying balance sheets of Bright Green Corporation (the &#8220;Company&#8221;) as of December 31, 2021 and 2020
and the related statements of operations and comprehensive loss, changes in stockholders&#8217; equity, and cash flows for each of the
years in the two-year period ended December 31, 2021, and related notes (collectively referred to as the financial statements). In our
opinion, the financial statements present fairly, in all material respects, the financial position of the Company as at December 31,
2021 and 2020 and the results of its operations and its cash flows for the years in the two-year period ended December 31, 2021, in conformity
with accounting principles generally accepted in the United States of America.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
for Opinion</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the United States Securities and Exchange Commission and the PCAOB.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion
on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical
Audit Matters</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated
or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial
statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters
does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit
matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Continues)</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><img src="fin_01.jpg" alt="" style="height: 120px; width: 586px"/></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Report
of independent registered public accounting firm to the Board of Directors and Stockholders of Bright Green Corporation (continued)</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Asset
Acquisitions from Related Parties</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Critical
Audit Matter Description</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
described further in Note 5, the merger between Bright Green Grow Innovation, LLC and the Company and the subsequent merger between Naseeb
Inc. and the Company were considered and accounted for as asset acquisitions from related parties. These entities were respectively considered
related parties at the respective acquisition dates. Assets acquired were reported at their historical carrying amounts.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>How
the Critical Audit Matter was Addressed in the Audit</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit procedures relating to these mergers included, among others:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.3in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4F81BD">&#9658;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Obtained and
    reviewed the Agreement and Plan of Merger documents to gain an understanding of the underlying terms of the transactions.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4F81BD">&#9658;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaluated the Company&#8217;s
    analysis of the mergers and the accuracy of the information used in the analysis and the judgements made by management in assessing
    them as asset acquisitions.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4F81BD">&#9658;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tested management&#8217;s
    assessment of related parties, including calculating the share of ownership in each entity by the related shareholders, as well as
    entities the shareholders commonly owned and managed.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4F81BD">&#9658;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaluated the appropriateness
    of accounting treatment for the merger transactions.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4F81BD">&#9658;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reviewed and evaluated
    the financial statement presentation and disclosure regarding the mergers.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>
                                                                     <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>
                                                                     <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Company&#8217;s auditor since 2021.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amherst,
    NY</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
    28, 2022</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; text-indent: -0.3pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><i>/s/ SRCO, C.P.A., Professional Corporation</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>
                                                                     <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SRCO,
    C.P.A., Professional Corporation</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CERTIFIED
    PUBLIC ACCOUNTANTS</span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="fin_002"></span>BRIGHT
GREEN CORPORATION</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance Sheets</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2021 and 2020</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in United States Dollars)</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

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<table cellpadding="0" cellspacing="0" id="xdx_307_111_z0PxVYe8Bmka" summary="xdx: Statement - Condensed Balance Sheets" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td colspan="2" id="xdx_49D_20211231_zhAIED8JCjjb" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31,</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr id="xdx_407_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_zYFRCVd2HIAc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--LiabilitiesCurrentAbstract_i01B_zEc0vYmSV6V1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--AccountsPayableCurrent_i02I_maCzrob_zKIXJ7RF6Yj7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Contingencies (Note 11)</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Subsequent events (Note 12)</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="fin_003"></span>BRIGHT
GREEN CORPORATION</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statements
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021 and 2020</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in United States Dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="fin_004"></span>BRIGHT GREEN
CORPORATION</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statements
of Changes in Stockholders&#8217; Equity</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the
years ended December 31, 2021 and 2020</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in United States Dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying
notes are an integral part of financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="fin_005"></span>BRIGHT GREEN
CORPORATION</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statements
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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  <tr id="xdx_40F_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i02B_zn2jmIGQ6x81" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_405_eus-gaap--IncreaseDecreaseInAccruedLiabilities_i03_maCzlhi_zgEZrgOdWUv6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_40B_eus-gaap--NetCashProvidedByUsedInOperatingActivities_i01T_mtCzlhi_maCzMrA_znL5tH3GhOT6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40F_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_zSzZk5zObALd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_i01N_di_msCzSJP_zGi7qiuGVcjl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_407_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_zaZhYoXbWhK6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_404_eus-gaap--ProceedsFromRelatedPartyDebt_i01_maCz5yO_zhW0z5wTkry1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_402_eus-gaap--ProceedsFromLongTermLinesOfCredit_i01_maCz5yO_zqz83WXvhFF1" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
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  <tr id="xdx_40D_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_i01_maCz5yO_zWdjgCIHdxLi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_409_eus-gaap--NetCashProvidedByUsedInFinancingActivities_i01T_mtCz5yO_maCzMrA_zIZYRYNi7Swe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of financial statements.</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span id="fin_006"></span>BRIGHT GREEN CORPORATION</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Notes to Financial Statements</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">For the years ended December 31, 2021 and 2020</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(Expressed in United States Dollars)</p>

<p id="xdx_04F_c20210101__20211231_zqMhEBEDAfH" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p id="xdx_807_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_z3GWOz0p4Or8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_82A_z171SBnqERo9">Description of Business and Organization</span></span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bright
Green Corporation (Company) was incorporated on <span id="xdx_90A_edei--EntityIncorporationDateOfIncorporation_c20210101__20211231_zFP7InO70VXh" title="Date of incorporation"><ix:nonNumeric contextRef="From2021-01-012021-12-31" format="ixt:datemonthdayyearen" name="dei:EntityIncorporationDateOfIncorporation">April 16, 2019</ix:nonNumeric></span>, under the Delaware General Corporation Law. The Company is located in
Grants, New Mexico. The Company holds the land, greenhouse and patents required in the growth, production, and research of medicinal
plants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 28, 2019, the Company entered into a merger agreement with Bright Green Grow Innovations, LLC (&#8220;BGG&#8221;) (Note 5).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 30, 2020, Grants Greenhouse Growers, Inc. (GGGI), a New Mexico corporation, merged with the Company (Note 5).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 10, 2020, Naseeb, Inc. (Naseeb), a New Mexico corporation, merged with the Company (Note 5).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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Company is a start-up company at December 31, 2021 and 2020 and has <span id="xdx_90B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_doxL_c20210101__20211231_zdJ3KHc09yD" title="Revenue::XDX::-"><span id="xdx_900_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_doxL_c20200101__20201231_zIdJtV171r25" title="Revenue::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0352"><span style="-sec-ix-hidden: xdx2ixbrl0354">no</span></span></span></span> revenue.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s operations could be significantly adversely affected by the effects of a widespread global outbreak of a contagious disease,
including the recent outbreak of respiratory illness caused by COVID-19. The Company cannot accurately predict the impact COVID-19 will
have on its operations and the ability of others to meet their obligations with the Company, including uncertainties relating to the
ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine
restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population
could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting
in an economic downturn that could further affect the Company&#8217;s operations and ability to finance its operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:LiquidationBasisOfAccountingTextBlock"><p id="xdx_800_eus-gaap--LiquidationBasisOfAccountingTextBlock_ze1Csrqiaduc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_829_zeWaiXBpLMt9">Liquidity and Basis of Presentation</span></span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America (US GAAP). These financial statements are expressed in United States dollars which is the functional currency of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, the Company had cash of $<span id="xdx_90A_eus-gaap--Cash_iI_c20211231_zqMx48iwZHsf"><ix:nonFraction name="us-gaap:Cash" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,282,565</ix:nonFraction></span> compared to $<span id="xdx_904_eus-gaap--Cash_iI_c20201231_z7gHKCUtfqli"><ix:nonFraction name="us-gaap:Cash" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">102,263</ix:nonFraction></span> as of December 31, 2020. The increase of $<span id="xdx_901_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_c20210101__20211231_znfip9vNAPf" title="Effective exchange rate"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,180,302</ix:nonFraction></span> in
cash was mainly from the sales of common stock of $<span id="xdx_905_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20210101__20211231_zBi0bzs2XFZf" title="Common stock issued for cash, received value"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,130,000</ix:nonFraction></span>. This increase was partly offset by net cash used for operating expenses.
Since its inception, the Company has incurred net losses and funded its operations primarily through the issuance of equities and an
advance from a director. As at December 31, 2021, the Company had a total stockholders&#8217; equity of $<span id="xdx_90D_eus-gaap--StockholdersEquity_iI_c20211231_z0t0Ssvqwmw8" title="Stockholders' equity"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,220,399</ix:nonFraction></span> (2020 - $<span id="xdx_90C_eus-gaap--StockholdersEquity_iI_c20201231_z0lAVN5MYdCj" title="Stockholders' equity"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,220,898</ix:nonFraction></span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRIGHT
GREEN CORPORATION</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021 and 2020</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in United States Dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Liquidity and Basis of Presentation (continued)</span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is in its initial stages to start building facilities to grow, research and distribute medical plants. The Company has incurred
recurring losses from operations, and as at December 31, 2021, had an accumulated deficit of $<span id="xdx_90B_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_di_c20211231_zvM98ALTdKG5" title="Accumulated deficit"><ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">6,413,744</ix:nonFraction></span> (2020 -$<span id="xdx_902_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_di_c20201231_zpcet75a6IF6" title="Accumulated deficit"><ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,923,245</ix:nonFraction></span>) and a working
capital of $<span id="xdx_901_ecustom--WorkingCapitalDeficit_iI_c20211231_zfgDlWdaqeG2" title="Working capital balance"><ix:nonFraction name="BGXX:WorkingCapitalDeficit" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,282,829</ix:nonFraction></span> (2020 &#8211; negative working capital of $<span id="xdx_909_ecustom--WorkingCapitalDeficit_iI_c20201231_zUBaEfU1mmK9" title="Working capital balance"><ix:nonFraction name="BGXX:WorkingCapitalDeficit" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">175,332</ix:nonFraction></span>). The working capital as at December 31, 2021 is sufficient
to pay its operating expenses for a period of at least 12 months from the date of the financial statement was authorized to be issued.
The Company&#8217;s continued existence is dependent upon its ability to continue to execute its operating plan and to obtain additional
debt or equity financing. The Company has developed plans to raise funds and continues to pursue sources of funding that management believes,
if successful, would be sufficient to support the Company&#8217;s operating plan. During the year ended December 31, 2021, the Company
raised $<span id="xdx_906_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20210101__20211231_zULCoo16hja7" title="Proceeds from sale of stock"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,130,000</ix:nonFraction></span> through common stock issuances. The Company has also raised $<span id="xdx_902_ecustom--CommonStockIssuancesRaised_c20210101__20211231_z9LYf88IkWj8" title="Common stock issuances raised"><ix:nonFraction name="BGXX:CommonStockIssuancesRaised" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,000</ix:nonFraction></span> subsequent to year end (Note 12). The Company&#8217;s
operating plan is predicated on a variety of assumptions including, but not limited to, the level of product demand, cost estimates,
its ability to continue to raise additional financing and the state of the general economic environment in which the Company operates.
There can be no assurance that these assumptions will prove accurate in all material respects, or that the Company will be able to successfully
execute its operating plan. In the event that the Company is not able to raise capital from investors in a timely manner, the Company
will explore available options, including but not limited to, an equity backed loan against the property. In the absence of additional
appropriate financing, the Company may have to modify its plan or slow down the pace of development and commercialization.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company does not have any short or long-term contractual purchases with suppliers for future purchases, capital expenditure commitments
that cannot be cancelled with minimal fees, non-cancelable operating leases, or any commitment or contingency that would hinder management&#8217;s
ability to scale down operations and management expenses until funding is raised.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_807_eus-gaap--SignificantAccountingPoliciesTextBlock_zRiOY8E3xlpa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_824_zNiPFreSnhRa">Summary of Significant Accounting Policies</span></span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_849_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zCsL2arPc9Xd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86D_zAGSAVSHod2j">Basis of Measurement</span></span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements of the Company have been prepared on an historical cost basis except as indicated otherwise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p id="xdx_84D_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zbAtoJkQKUDb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_862_z8lQ5jfwF1i2">Property</span></span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
is stated at cost less accumulated depreciation. Expenditures for maintenance and repairs are charged to earnings as incurred; additions,
renewals and betterments are capitalized. When property is retired or otherwise disposed of, the related cost and accumulated depreciation
are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of property, except land, which
is not depreciated, is provided using the declining balance method, once placed in service, with an estimated life of <span id="xdx_907_ecustom--PropertyPlantAndEquipmentUsefulLifePercentage_pid_dp_uPure_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zuGhmw7jd4hl" title="Estimated useful life"><ix:nonFraction name="BGXX:PropertyPlantAndEquipmentUsefulLifePercentage" contextRef="From2021-01-012021-12-31_us-gaap_BuildingMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction>%</span> for the building.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRIGHT
GREEN CORPORATION</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021 and 2020</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in United States Dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Summary of Significant Accounting Policies (continued)</span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock"><p id="xdx_84C_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zo3aOUX6F485" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_860_zYTpPb3JarZ4">Long-lived Assets</span></span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company applies the provisions of ASC Topic 360, Property, Plant, and Equipment, which addresses financial accounting and reporting for
the impairment or disposal of long-lived assets. ASC Topic 360 requires that long-lived assets be reviewed annually for impairment whenever
events or changes in circumstances indicate that the assets&#8217; carrying amounts may not be recoverable; it further requires impairment
losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows
estimated to be generated by those assets are less than the assets&#8217; carrying amounts. In that event, a loss is recognized based
on the amount by which the carrying amount exceeds the fair value of the long-lived assets. Loss on long-lived assets to be disposed
of is determined in a similar manner, except that fair values are reduced for the cost of disposal.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:IntangibleAssetsFiniteLivedPolicy"><p id="xdx_84C_eus-gaap--IntangibleAssetsFiniteLivedPolicy_zHqA1IJsUgGk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_860_zrHIzdaRMwd">Intangible Assets</span></span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s intangible assets consist of certain licenses (Note 7) which will be amortized over the term of each license. The intangible
assets with finite useful lives are reviewed for impairment when indicators of impairment are present and the undiscounted cash flows
estimated to be generated by those assets are less than the assets&#8217; carrying amounts. In that event, a loss is recognized based
on the amount by which the carrying amount exceeds the fair value of the long-lived assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:FairValueOfFinancialInstrumentsPolicy"><p id="xdx_84E_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zGp8R5Ws0sQa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_867_zzOfgXBKuAck">Fair Value of Financial Instruments</span></span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
certain carrying amounts of the Company&#8217;s financial instruments, including cash, other asset, accounts payable, accrued expenses,
and due to related party, the carrying amounts approximate their fair values due to their short-term maturities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FASB
ASC Topic 820, Fair Value Measurements and Disclosures, requires disclosure of the fair value of financial instruments held by the Company.
FASB ASC Topic 825, Financial Instruments, defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair
value measurement that enhances disclosure requirements for fair value measures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRIGHT
GREEN CORPORATION</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021 and 2020</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in United States Dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Summary of Significant Accounting Policies (continued)</span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Fair Value of Financial Instruments (continued)</span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying amounts reported in the balance sheets for receivables and current liabilities each qualify as financial instruments and are
a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their
expected realization, low risk of counterparty default and their current market rate of interest. The three levels of valuation hierarchy
are defined as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Level
1</i> inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. As of December 31,
2021 and 2020, there were no Level 1 assets or liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Level
2</i> inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for
identical or similar assets in inactive markets, and inputs that are observable for the asset or liability, either directly or indirectly,
for substantially the full term of the financial instrument. As of December 31, 2021 and 2020, there were no Level 2 assets or liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Level
3</i> inputs to the valuation methodology use one or more unobservable inputs significant to the fair value measurement. As of December
31, 2021 and 2020, there were no Level 3 assets or liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company analyzes all financial instruments with features of both liabilities and equity under FASB ASC Topic 480, Distinguishing Liabilities
from Equity, and FASB ASC Topic 815, Derivatives and Hedging.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_845_eus-gaap--IncomeTaxPolicyTextBlock_zddZZ7sRol4j" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_860_zBFYpzpykJci">Income Taxes</span></span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes. ASC 740 requires a company to use the asset and liability
method of accounting for income taxes, whereby deferred tax assets are recognized for deductible temporary differences, and deferred
tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts
of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management,
it is more likely than not that some portion, or all of the deferred tax assets will not be realized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRIGHT
GREEN CORPORATION</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021 and 2020</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in United States Dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Summary of Significant Accounting Policies (continued)</span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Income Taxes (continued)</span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
ASC 740, a tax position is recognized as a benefit only if it is &#8220;more likely than not&#8221; that the tax position would be sustained
in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that
is greater than 50% likely of being realized on examination. For tax positions not meeting the &#8220;more likely than not&#8221; test,
no tax benefit is recorded. The Company has no material uncertain tax positions for any of the reporting periods presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_84E_eus-gaap--EarningsPerSharePolicyTextBlock_z2ja3myYH229" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">G.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_860_zaqHFkaAOlv">Basic and Diluted Earnings (Loss) per share</span></span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
earnings (loss) per share is calculated using the weighted average number of common shares outstanding during the period. The dilutive
effect on earnings per share is calculated, presuming the exercise of outstanding options, warrants and similar instruments. It assumes
that the proceeds of such exercise would be used to repurchase common shares at the average market price during the period. However,
the calculation of diluted loss per share excludes the effects of various conversions and exercise of options and warrants that would
be anti-dilutive.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:SegmentReportingPolicyPolicyTextBlock"><p id="xdx_842_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zJHiBRdnF5tf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">H.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86A_zmMT0WEWpUR">Segment Reporting</span></span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
280-10, &#8220;Disclosures about Segments of an Enterprise and Related Information&#8221;, establishes standards for how public
business enterprises report information about operating segments in the Company&#8217;s financial statements. Operating segments are
components of an enterprise about which separate financial information is available that is evaluated regularly by the chief
operating decision-maker in deciding how to allocate resources and in assessing performance. Significantly all of the assets of the
Company are located in the United States of America and the Company is a start-up company as at December 31, 2021 and 2020 and has
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medicinal plants operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRIGHT
GREEN CORPORATION</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021 and 2020</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in United States Dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Summary of Significant Accounting Policies (continued)</span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:UseOfEstimates"><p id="xdx_84A_eus-gaap--UseOfEstimates_zCSQ99eCSPt" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">I.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_865_z6G4otsJzc76">Use of Estimates</span></span></span></p>



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<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions.
The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to
be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and
liabilities and the accrual of costs and expenses that are not readily apparent from other sources. This applies in particular to the
useful life of property and valuation allowance for deferred tax assets. The actual results experienced by the Company may differ materially
and adversely from the Company&#8217;s estimates. To the extent there are material differences between the estimates and the actual results,
future results of operations will be affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for stock-based payments in accordance with the provision of ASC 718, which requires that all stock-based payments issued
to acquire goods or services, including grants of employee stock options, be recognized in the statement of operations and comprehensive
loss based on their fair values, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and
revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Compensation expense related to stock-based
awards is recognized over the requisite service period, which is generally the vesting period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for stock-based compensation awards issued to non-employees for services, as prescribed by ASC 718-10, at either the
fair value of the services rendered or the instruments issued in exchange for such services, whichever is more readily determinable,
using the guidelines in ASC 505-50. The Company issues compensatory shares for services including, but not limited to, executive, management,
accounting, operations, corporate communication, financial and administrative consulting services.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRIGHT
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021 and 2020</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in United States Dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Summary of Significant Accounting Policies (continued)</span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_840_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zZhZtEBnX8f6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">K.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_867_zGlhWPiEYZHa">Standards, Amendments, and Interpretations Adopted</span></span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2019, the FASB issued Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income
Taxes (&#8220;ASU 2019-12&#8221;), which modifies Accounting Standard Codification 740 &#8211; Income Taxes, to simplify the accounting
for income taxes. ASU 2019-12 removes certain exceptions for intra-period tax allocation, recognizing deferred taxes for investments
and simplifies guidance to reduce complexity in certain areas. This update is effective for annual periods beginning after December 15,
2020, and interim periods within those periods, and early adoption is permitted. The Company adopted this accounting policy as of January
1, 2021, which did not significantly impact its financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2020, the FASB issued ASU No. 2020-10 Codification Improvements to Financial Instruments, An Amendment of the FASB Accounting Standards
Codification: a) in ASU No. 2016-01, b) in Subtopic 820-10, c) for depository and lending institutions clarification in disclosure requirements,
d) in Subtopic 470-50, e) in Subtopic 820-10, f) Interaction of Topic 842 and Topic 326, g) Interaction of the guidance in Topic 326
and Subtopic 860-20. The amendments in this update represent changes to clarify or improve the Codification. The amendments make
the Codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. For public business
entities updates under the following paragraphs: a), b), d) and e) are effective upon issuance of this final update. The effective date
for c) is for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company adopted
this accounting policy as of January 1, 2021, which did not significantly impact its financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="BGXX:NewAccountingPronouncementsPolicyNotYetAdoptedPolicyTextBlock"><p id="xdx_843_ecustom--NewAccountingPronouncementsPolicyNotYetAdoptedPolicyTextBlock_zwAZvwZFljue" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">L.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_861_zAacxoeZCg17">Standards, Amendments, and Interpretations Issued but Not Yet Adopted</span></span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
April 2021, The FASB issued ASU 2021-04 to codify the final consensus reached by the Emerging Issues Task Force (EITF) on how an issuer
should account for modifications made to equity-classified written call options (hereafter referred to as a warrant to purchase the issuer&#8217;s
common stock). The guidance in the ASU requires the issuer to treat a modification of an equity-classified warrant that does not cause
the warrant to become liability-classified as an exchange of the original warrant for a new warrant. This guidance applies whether the
modification is structured as an amendment to the terms and conditions of the warrant or as termination of the original warrant and issuance
of a new warrant. The Company does not expect that the new guidance will significantly impact its financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRIGHT
GREEN CORPORATION</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021 and 2020</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in United States Dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.<span style="text-decoration: underline"></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Summary of Significant Accounting Policies (continued)</span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">M.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Standards, Amendments, and Interpretations Issued but Not Yet Adopted (continued)</span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
does not believe that any recently issued, but not yet effective, accounting standards could have a material effect on the accompanying
financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under the circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company continues to evaluate the impact of the new accounting pronouncement, including enhanced disclosure requirements, on our business
processes, controls and systems.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ConcentrationRiskDisclosureTextBlock"><p id="xdx_801_eus-gaap--ConcentrationRiskDisclosureTextBlock_zfVPkeo5Zd4" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span><span id="xdx_82F_zn2QB9sTtxbh">Concentration of Credit Risk</span></span></span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts at each
institution are insured by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) up to $<span id="xdx_90D_eus-gaap--CashFDICInsuredAmount_iI_c20211231_zsv48F1TJVrh" title="Cash FDIC insured amount"><ix:nonFraction name="us-gaap:CashFDICInsuredAmount" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">250,000</ix:nonFraction></span>. On December 31, 2021, the Company
had $<span id="xdx_90B_eus-gaap--TimeDepositLiabilityAboveUsInsuranceLimit_iI_c20211231_zVh8SZTZl8xh" title="Excess of FDIC insured limit"><ix:nonFraction name="us-gaap:TimeDepositLiabilityAboveUsInsuranceLimit" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,032,565</ix:nonFraction></span> in excess of the FDIC insured limit.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:MergersAcquisitionsAndDispositionsDisclosuresTextBlock"><p id="xdx_801_eus-gaap--MergersAcquisitionsAndDispositionsDisclosuresTextBlock_zcLnkA0VyDuf" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_82E_zPxNpvsRHBaa">Merger Transactions</span></span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Grants Greenhouse Growers, Inc. Merger</span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 30, 2020, the Company entered into a merger agreement with Grants Greenhouse Growers, Inc. (&#8220;GGG&#8221;) (the &#8220;GGG
Merger Agreement&#8221;). Pursuant to the GGG Merger Agreement, GGG was merged into the Company in exchange for <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_pid_c20201028__20201030__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__srt--ConsolidatedEntitiesAxis__custom--GrantsGreehouseGrowersIncMember_zrh9dlPj2hD9" title="Stock issued during the period for merger"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" contextRef="From2020-10-282020-10-30_custom_GGGMergerAgreementMember_custom_GrantsGreehouseGrowersIncMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000,000</ix:nonFraction></span> shares of the
Company. GGG had no assets or liabilities, other than the following options agreements:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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                                            Real Estate Option Agreement dated October 5, 2020, and expiring on December 31, 2022, for
                                            $<span id="xdx_900_eus-gaap--PaymentsForRent_c20210101__20210630__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementOneMember__srt--ConsolidatedEntitiesAxis__custom--GrantsGreehouseGrowersIncMember_zMCFGnXNriwj" title="Real estate monthly payment"><ix:nonFraction name="us-gaap:PaymentsForRent" contextRef="From2021-01-012021-06-30_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementOneMember_custom_GrantsGreehouseGrowersIncMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,500</ix:nonFraction></span> monthly payments up until June 30, 2021, and $<span id="xdx_900_eus-gaap--PaymentsForRent_c20210701__20211231__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementOneMember__srt--ConsolidatedEntitiesAxis__custom--GrantsGreehouseGrowersIncMember_zrFxfMAJYzC8"><ix:nonFraction name="us-gaap:PaymentsForRent" contextRef="From2021-07-012021-12-31_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementOneMember_custom_GrantsGreehouseGrowersIncMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,750</ix:nonFraction></span> monthly payments from July 1,
                                            2021 to December 31, 2021, with a one-year extension starting on January 1, 2022 for $<span id="xdx_90F_eus-gaap--PaymentsForRent_c20220101__20220101__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementOneMember__srt--ConsolidatedEntitiesAxis__custom--GrantsGreehouseGrowersIncMember_zTGqqs2BQSfi" title="Rental for real estate"><ix:nonFraction name="us-gaap:PaymentsForRent" contextRef="From2022-01-012022-01-01_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementOneMember_custom_GrantsGreehouseGrowersIncMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,000</ix:nonFraction></span>
                                            monthly payments, with the option to purchase <span id="xdx_900_eus-gaap--AreaOfLand_iI_uAcre_c20220101__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementOneMember__srt--ConsolidatedEntitiesAxis__custom--GrantsGreehouseGrowersIncMember_zUUzoTi1O2Kg" title="Area of land"><ix:nonFraction name="us-gaap:AreaOfLand" contextRef="AsOf2022-01-01_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementOneMember_custom_GrantsGreehouseGrowersIncMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Acre">330</ix:nonFraction></span> acres for $<span id="xdx_90E_ecustom--PurchasePriceOptionOfLand_iI_pid_c20220101__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementOneMember__srt--ConsolidatedEntitiesAxis__custom--GrantsGreehouseGrowersIncMember_zYTVKERcnnS6" title="Price per acre"><ix:nonFraction name="BGXX:PurchasePriceOptionOfLand" contextRef="AsOf2022-01-01_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementOneMember_custom_GrantsGreehouseGrowersIncMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,000</ix:nonFraction></span> per acre.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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                                            Real Estate Option Agreement dated October 21, 2020, and expiring on December 31, 2022, for
                                            $<span id="xdx_90D_eus-gaap--PaymentsForRent_c20201021__20201021__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementTwoMember__srt--ConsolidatedEntitiesAxis__custom--GrantsGreehouseGrowersIncMember_z0Tw7ALuNmW7"><ix:nonFraction name="us-gaap:PaymentsForRent" contextRef="From2020-10-212020-10-21_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementTwoMember_custom_GrantsGreehouseGrowersIncMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,000</ix:nonFraction></span> monthly payments, with a one-year extension starting on January 1, 2022 for $<span id="xdx_90B_eus-gaap--PaymentsForRent_c20220101__20220101__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementTwoMember__srt--ConsolidatedEntitiesAxis__custom--GrantsGreehouseGrowersIncMember_znZFUDKFDfxi"><ix:nonFraction name="us-gaap:PaymentsForRent" contextRef="From2022-01-012022-01-01_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementTwoMember_custom_GrantsGreehouseGrowersIncMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,500</ix:nonFraction></span>
                                            monthly payments, with the option to purchase <span id="xdx_906_eus-gaap--AreaOfLand_iI_uAcre_c20220101__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementTwoMember__srt--ConsolidatedEntitiesAxis__custom--GrantsGreehouseGrowersIncMember_zxsvMdObDKk3"><ix:nonFraction name="us-gaap:AreaOfLand" contextRef="AsOf2022-01-01_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementTwoMember_custom_GrantsGreehouseGrowersIncMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Acre">175</ix:nonFraction></span> acres for $<span id="xdx_909_ecustom--PurchasePriceOptionOfLand_iI_c20220101__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementTwoMember__srt--ConsolidatedEntitiesAxis__custom--GrantsGreehouseGrowersIncMember_zPYnrPfXN3y4" title="Purchase price option of land"><ix:nonFraction name="BGXX:PurchasePriceOptionOfLand" contextRef="AsOf2022-01-01_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementTwoMember_custom_GrantsGreehouseGrowersIncMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,000</ix:nonFraction></span> per acre.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRIGHT
GREEN CORPORATION</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021 and 2020</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in United States Dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Merger Transactions (continued)</span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 35.45pt"/><td style="font: 10pt Times New Roman, Times, Serif; width: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Grants
                                            Greenhouse Growers, Inc. Merger (continued)</span></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company assessed that the merger transaction did not qualify as a business combination in accordance with the provisions of ASC 805.
The Company accounted for the merger as an acquisition of assets. The asset acquisition was accounted for at the fair value of the options
agreement of $<span id="xdx_90B_eus-gaap--FairValueOfAssetsAcquired_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementMember__us-gaap--ValuationTechniqueAxis__custom--BlackScholesModelMember_zvY4CQBTuoC3" title="Fair value of asset acquired"><ix:nonFraction name="us-gaap:FairValueOfAssetsAcquired" contextRef="From2021-01-012021-12-31_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementMember_custom_BlackScholesModelMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">103,837</ix:nonFraction></span> determined using the Black Scholes Model with assumptions including the current market price of land of $<span id="xdx_90E_ecustom--PurchasePriceOptionOfLand_iI_pid_c20211231__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementMember__us-gaap--ValuationTechniqueAxis__custom--BlackScholesModelMember_zoudXuk3TU22" title="Price of land per acre"><ix:nonFraction name="BGXX:PurchasePriceOptionOfLand" contextRef="AsOf2021-12-31_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementMember_custom_BlackScholesModelMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,000</ix:nonFraction></span>
per acre, exercise price of the option of $<span id="xdx_903_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementMember__us-gaap--ValuationTechniqueAxis__custom--BlackScholesModelMember_zHBXtTVwcjQ1" title="Exercise price of option"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2021-01-012021-12-31_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementMember_custom_BlackScholesModelMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,000</ix:nonFraction></span> per acre, dividend yield of <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementMember__us-gaap--ValuationTechniqueAxis__custom--BlackScholesModelMember_zpzQzR2YpTkj" title="Expected dividend yield"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2021-01-012021-12-31_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementMember_custom_BlackScholesModelMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.00</ix:nonFraction>%</span>, risk-free rate of return of <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementMember__us-gaap--ValuationTechniqueAxis__custom--BlackScholesModelMember_zSFLrTISjH65" title="Risk free rate"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2021-01-012021-12-31_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementMember_custom_BlackScholesModelMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.15</ix:nonFraction>%</span>, volatility <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementMember__us-gaap--ValuationTechniqueAxis__custom--BlackScholesModelMember_zHKlVW1GgC77" title="Expected volatility rate"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2021-01-012021-12-31_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementMember_custom_BlackScholesModelMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">28.4</ix:nonFraction>%</span>
and years remaining in the range of <span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementMember__us-gaap--ValuationTechniqueAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MinimumMember_zWi4ZI0nqwK4" title="Expected term"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementMember_custom_BlackScholesModelMember_srt_MinimumMember" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">2.19</ix:nonNumeric></span> to <span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementMember__us-gaap--ValuationTechniqueAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MaximumMember_zdwfp3b5pku3"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementMember_custom_BlackScholesModelMember_srt_MaximumMember" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">2.24</ix:nonNumeric></span> years. As of December 31, 2021 and 2020, management has assessed the value of these
options to be impaired due to uncertainty surrounding their recoverability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Naseeb,
                                            Inc. Merger</span></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 10, 2020, the Company entered into a merger agreement with Naseeb, Inc. (&#8220;Naseeb&#8221;) and the sole shareholder of Naseeb,
who is also a stockholder and Chairman of the Company. Pursuant to the Naseeb merger agreement, Naseeb was merged into the Company
in exchange for <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_pid_c20201109__20201110__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__srt--ConsolidatedEntitiesAxis__custom--NaseebIncMember_z3WCChWQdppa" title="Stock issued during the period for Merger"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" contextRef="From2020-11-092020-11-10_custom_MergerAgreementMember_custom_NaseebIncMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000,000</ix:nonFraction></span> shares of the Company. Naseeb transferred to the Company their assistance that was used by the Company towards
obtaining the following licenses and patents to the Company:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
                                            Mexico Hemp License: Industrial Hemp is an agricultural plant that uses all the byproducts
                                            of the plant, such as seeds and twigs in the production of hemp seed, hemp fiber, and other
                                            eco-friendly products.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">New Mexico Board of Pharmacy Controlled
Substance Facility and Wholesaler Licenses: Securing these license was required as part of the application and consideration
for a federal license. Additionally, being licensed as a Schedule 1 Bulk Manufacturer allows the Company to develop and distribute Schedule
1 drugs; an authorization precedent to the ability to grow, extract and distribute other cannabidiols, such as CBG and CBN. Moreover,
with this license, the Company is exempt from the restrictions generally applicable to the cannabis industry, such as plant count and
per plant taxes.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Federal
                                            MOA for a Schedule I Controlled Substance Bulk Manufacturing registration: The Company
                                            has a formal agreement with the Drug Enforcement Administration for the construction and
                                            operation of a federally licensed agricultural center to grow and distribute marijuana, or
                                            its chemical constituents, supplying legitimate researchers in the United States.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patents:
                                            The patents held by the Company provide innovative medical therapies to a wide range of conditions.
                                            These patents can be sold, licensed, or directly marketed as clinical trials are conducted
                                            and approved by the FDA.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 96; Value: 1 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRIGHT
GREEN CORPORATION</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021 and 2020</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in United States Dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Merger
                                            Transactions (continued)</span></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Naseeb,
                                            Inc. Merger (continued)</span></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company assessed that the merger transaction did not qualify as a business combination in accordance with the provisions of ASC 805.
The Company accounted for the merger as an acquisition of assets. Since, under ASC 850, the merger was considered a related party transaction
by virtue of common ownership and management, the assets transferred to the Company have been accounted for at a historical cost of Naseeb
of $<span id="xdx_902_eus-gaap--AssetAcquisitionConsiderationTransferredOtherAssets_c20210101__20211231__dei--LegalEntityAxis__custom--NaseebIncMember_ziWeCOHVtS52" title="Asset acquisition consideration transferred amount"><ix:nonFraction name="us-gaap:AssetAcquisitionConsiderationTransferredOtherAssets" contextRef="From2021-01-012021-12-31_custom_NaseebIncMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,000</ix:nonFraction></span> (Note 7).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Bright
                                            Green Grow Innovations, LLC Merger</span></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 28, 2019, the Company entered into a merger agreement with BGGI. Pursuant to the merger agreement, BGGI transferred to the Company
two parcels of land and a greenhouse building having a total net carrying value of $<span id="xdx_903_eus-gaap--SaleOfStockConsiderationReceivedPerTransaction_c20190527__20190528__srt--ConsolidatedEntitiesAxis__custom--BrightGreenGrowInnovationsLlcMember__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember_zOOhL1PML4Ba"><ix:nonFraction name="us-gaap:SaleOfStockConsiderationReceivedPerTransaction" contextRef="From2019-05-272019-05-28_custom_BrightGreenGrowInnovationsLlcMember_custom_MergerAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,128,851</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in exchange for shares of the Company. The land
transfer consisted of a <span id="xdx_905_eus-gaap--AreaOfLand_iI_uAcre_c20190528__srt--ConsolidatedEntitiesAxis__custom--BrightGreenGrowInnovationsLlcMember__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--GreenHouseMember__srt--StatementGeographicalAxis__stpr--NM_zreRD0bnvlng" title="Transfer of land for shares"><ix:nonFraction name="us-gaap:AreaOfLand" contextRef="AsOf2019-05-28_custom_BrightGreenGrowInnovationsLlcMember_custom_MergerAgreementMember_custom_GreenHouseMember_stpr_NM" format="ixt:numdotdecimal" decimals="INF" unitRef="Acre">70</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-acre
lot with a greenhouse at 1033 George Hanosh Blvd., Grants, New Mexico 87020 and a <span id="xdx_90F_eus-gaap--AreaOfLand_iI_uAcre_c20190528__srt--ConsolidatedEntitiesAxis__custom--BrightGreenGrowInnovationsLlcMember__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__srt--StatementGeographicalAxis__stpr--NM_zwTNBElqzPYg" title="Transfer of land for shares"><ix:nonFraction name="us-gaap:AreaOfLand" contextRef="AsOf2019-05-28_custom_BrightGreenGrowInnovationsLlcMember_custom_MergerAgreementMember_stpr_NM" format="ixt:numdotdecimal" decimals="INF" unitRef="Acre">40</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-acre
lot in the City of Grants, New Mexico. The Company assessed that the merger transaction did not qualify as a business combination in
accordance with the provisions of ASC 805. The Company accounted for the merger as an acquisition of assets. Since, under ASC 850, the
merger was considered as a related party transaction by virtue of common ownership and management, the assets transferred t</span>o the
Company have been accounted for at historical carrying values of BGGI.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_80F_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_znvIYCc0xDV1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span><span>Property</span></span></span></span></p>



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It is being retrofitted for growing, processing and distribution of medicinal plants, including Marijuana, for medical researchers licensed
by the Drug Enforcement Administration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_89A_eus-gaap--PropertyPlantAndEquipmentTextBlock_z5EiPZxWCrcd" style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

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</ix:nonNumeric><p id="xdx_8A9_ztG56uYLDpu3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 97; Value: 1 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRIGHT
GREEN CORPORATION</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021 and 2020</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in United States Dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Property (continued)</span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 4, 2020, the Company entered into a real estate purchase agreement to purchase <span id="xdx_902_eus-gaap--AreaOfLand_iI_uAcre_c20201204__srt--StatementGeographicalAxis__stpr--NM_z7Kftq60E3jj" title="Area of land"><ix:nonFraction name="us-gaap:AreaOfLand" contextRef="AsOf2020-12-04_stpr_NM" format="ixt:numdotdecimal" decimals="INF" unitRef="Acre">40</ix:nonFraction></span> acres of land located in Grants, New Mexico,
from a majority stockholder of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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land. Under ASC 850, the transfer was considered a related party transaction by virtue of common ownership and management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:IntangibleAssetsDisclosureTextBlock"><p id="xdx_809_eus-gaap--IntangibleAssetsDisclosureTextBlock_zMekCcHRHJo5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_826_zGrv5YdIWLM1">Intangible Assets</span></span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfImpairedIntangibleAssetsTextBlock"><p id="xdx_89E_eus-gaap--ScheduleOfImpairedIntangibleAssetsTextBlock_zWMI7EyYA5t5" style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets at December 31, 2021 and 2020, consisted of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B7_z00ue31cMeR1" style="display: none">Schedule
of Intangible Assets</span></span></span></p>

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  <tr id="xdx_40D_eus-gaap--FiniteLivedLicenseAgreementsGross_iI_maIANEGzAKK_zwdmSUXZWtD9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left">Licenses (Note 5)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedLicenseAgreementsGross" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,000</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedLicenseAgreementsGross" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,000</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_msIANEGzAKK_zvgZiVaWVTKj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Accumulated amortization</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0502">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0503">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iTI_maAzyIt_mtIANEGzAKK_zeFRuqWX1oa8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Net intangible assets</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:IntangibleAssetsNetExcludingGoodwill" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,000</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:IntangibleAssetsNetExcludingGoodwill" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,000</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A4_zBYPX8wfB4y9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_805_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zMF0lM1LPo3i" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_82C_zj1TmuPyfgOh">Stockholders&#8217; Equity</span></span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Common
stock</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has authorized <span id="xdx_903_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20211231_zHjyiES7Om35"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000,000</ix:nonFraction></span> shares of $<span id="xdx_901_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20211231_z4acjJ7HLc53"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> par value common stock. As of December 31, 2021 and 2020, there were <span id="xdx_901_eus-gaap--CommonStockSharesIssued_c20211231_pdd" title="Common stock, shares issued"><span id="xdx_900_eus-gaap--CommonStockSharesOutstanding_c20211231_pdd" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">157,544,500</ix:nonFraction></ix:nonFraction></span></span>
and <span id="xdx_902_eus-gaap--CommonStockSharesIssued_iI_c20201231_zJACYoHHRHe5" title="Common stock, shares issued"><span id="xdx_904_eus-gaap--CommonStockSharesOutstanding_iI_c20201231_zDzyMQ93ZrJi" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">156,046,000</ix:nonFraction></ix:nonFraction></span></span> common shares, respectively, issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021, the Company issued the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--ThirtyAccreditedInvestorMember_z8sd0uMLgj94" title="Issuance of shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_custom_ThirtyAccreditedInvestorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,019,000</ix:nonFraction></span>
                                            shares of common stock at a purchase price of $<span id="xdx_90F_eus-gaap--SharesIssuedPricePerShare_iI_c20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--ThirtyAccreditedInvestorMember_zPn81hNL8jm" title="Issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-12-31_us-gaap_CommonStockMember_custom_ThirtyAccreditedInvestorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.00</ix:nonFraction></span> per share, for gross cash proceed of
                                            $<span id="xdx_904_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--ThirtyAccreditedInvestorMember_zSg27h5Z8zYk" title="Issuance or sale of equity"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_custom_ThirtyAccreditedInvestorMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,038,000</ix:nonFraction></span> to 30 accredited investors between January 2021 and October 2021, with (i) <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--AwardDateAxis__custom--JanuaryTwoThousandTwentyOneMember__srt--TitleOfIndividualAxis__custom--ThirtyAccreditedInvestorMember_zcydzqqyInH2" title="Issuance of shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_custom_JanuaryTwoThousandTwentyOneMember_custom_ThirtyAccreditedInvestorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">184,000</ix:nonFraction></span>
                                            shares issued in January 2021, which includes the <span id="xdx_909_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--AwardDateAxis__custom--MarchTwoThousandTwentyOneMember__srt--TitleOfIndividualAxis__custom--ThirtyAccreditedInvestorMember_zHbEhH8fqsY9" title="Issuance or sale of equity"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_custom_MarchTwoThousandTwentyOneMember_custom_ThirtyAccreditedInvestorMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">69,000</ix:nonFraction></span> shares issued for cash proceeds
                                            of $<span id="xdx_908_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--AwardDateAxis__custom--DecemberThirtyOneTwoThousandTwentyOneMember__srt--TitleOfIndividualAxis__custom--ThirtyAccreditedInvestorMember_zoPPpi0c7Kr2"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_custom_DecemberThirtyOneTwoThousandTwentyOneMember_custom_ThirtyAccreditedInvestorMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">138,000</ix:nonFraction></span> received as of December 31, 2020, (ii) <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--AwardDateAxis__custom--MarchTwoThousandTwentyOneMember__srt--TitleOfIndividualAxis__custom--ThirtyAccreditedInvestorMember_zOlIolWiHM5a"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_custom_MarchTwoThousandTwentyOneMember_custom_ThirtyAccreditedInvestorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100,000</ix:nonFraction></span> shares issued in March 2021, (iii)
                                            <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--AwardDateAxis__custom--MayTwoThousandTwentyOneMember__srt--TitleOfIndividualAxis__custom--ThirtyAccreditedInvestorMember_zLbC35wEua93"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_custom_MayTwoThousandTwentyOneMember_custom_ThirtyAccreditedInvestorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">335,000</ix:nonFraction></span> shares issued in May 2021, (iv) <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--AwardDateAxis__custom--JuneTwoThousandTwentyOneMember__srt--TitleOfIndividualAxis__custom--ThirtyAccreditedInvestorMember_z1lvXnoUfT83"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_custom_JuneTwoThousandTwentyOneMember_custom_ThirtyAccreditedInvestorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">250,000</ix:nonFraction></span> shares issued in June 2021, (v) <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--AwardDateAxis__custom--SeptemberTwoThousandTwentyOneMember__srt--TitleOfIndividualAxis__custom--ThirtyAccreditedInvestorMember_zHAVGhgCg1ll"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_custom_SeptemberTwoThousandTwentyOneMember_custom_ThirtyAccreditedInvestorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100,000</ix:nonFraction></span> shares
                                            issued in September 2021 and <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--AwardDateAxis__custom--OctoberTwoThousandTwentyOneMember__srt--TitleOfIndividualAxis__custom--ThirtyAccreditedInvestorMember_zDPd24x46cp2"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_custom_OctoberTwoThousandTwentyOneMember_custom_ThirtyAccreditedInvestorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></span> shares issued in October 2021 (the &#8220;$<span id="xdx_901_eus-gaap--SharesIssuedPricePerShare_iI_c20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--AwardDateAxis__custom--OctoberTwoThousandTwentyOneMember__srt--TitleOfIndividualAxis__custom--ThirtyAccreditedInvestorMember_zAuJfaL0wjDb" title="Issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-12-31_us-gaap_CommonStockMember_custom_OctoberTwoThousandTwentyOneMember_custom_ThirtyAccreditedInvestorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.00</ix:nonFraction></span> Round&#8221;);</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 35.45pt"/><td style="font: 10pt Times New Roman, Times, Serif; width: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--OneHundredAndEightyEightAccreditedInvestorMember_zpkBe7yaYY97"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_custom_OneHundredAndEightyEightAccreditedInvestorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">188,000</ix:nonFraction></span>
                                            shares of common stock at a purchase price of $<span id="xdx_907_eus-gaap--SharesIssuedPricePerShare_iI_c20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--OneHundredAndEightyEightAccreditedInvestorMember_zfnWAoeeD7Xa" title="Issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-12-31_us-gaap_CommonStockMember_custom_OneHundredAndEightyEightAccreditedInvestorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">3.00</ix:nonFraction></span> per share, for gross cash proceeds of
                                            $<span id="xdx_901_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--OneHundredAndEightyEightAccreditedInvestorMember_zzig7cItzyjl"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_custom_OneHundredAndEightyEightAccreditedInvestorMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">564,000</ix:nonFraction></span>, to 188 accredited investors in September and October 2021 with (i) <span id="xdx_908_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--OneHundredAndEightyEightAccreditedInvestorMember__us-gaap--AwardDateAxis__custom--SeptemberTwoThousandTwentyOneMember_zodMZdji09J"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_custom_OneHundredAndEightyEightAccreditedInvestorMember_custom_SeptemberTwoThousandTwentyOneMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">154,000</ix:nonFraction></span> shares
                                            in September 2021, and (ii) <span id="xdx_90D_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--OneHundredAndEightyEightAccreditedInvestorMember__us-gaap--AwardDateAxis__custom--OctoberTwoThousandTwentyOneMember_zDVQBoijlp33"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_custom_OneHundredAndEightyEightAccreditedInvestorMember_custom_OctoberTwoThousandTwentyOneMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">34,000</ix:nonFraction></span> shares issued in October 2021 (the &#8220;$<span id="xdx_90D_eus-gaap--SharesIssuedPricePerShare_iI_c20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--OneHundredAndEightyEightAccreditedInvestorMember__us-gaap--AwardDateAxis__custom--OctoberTwoThousandTwentyOneMember_zCtyP60Y7Zb3" title="Issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-12-31_us-gaap_CommonStockMember_custom_OneHundredAndEightyEightAccreditedInvestorMember_custom_OctoberTwoThousandTwentyOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">3.00</ix:nonFraction></span> Round&#8221;);</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 98; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRIGHT
GREEN CORPORATION</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021 and 2020</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in United States Dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Stockholders&#8217;
                                            Equity (continued)</span></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--TwelveAccreditedInvestorMember_zSO2PnOpNpxa"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_custom_TwelveAccreditedInvestorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">166,500</ix:nonFraction></span>
                                            shares of common stock at a purchase price of $<span id="xdx_90F_eus-gaap--SharesIssuedPricePerShare_iI_c20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--TwelveAccreditedInvestorMember_zUG1SAYpvPw8"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-12-31_us-gaap_CommonStockMember_custom_TwelveAccreditedInvestorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">4.00</ix:nonFraction></span> per share, for gross cash proceeds of
                                            $<span id="xdx_90C_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--TwelveAccreditedInvestorMember_z0yAK1PAEf64"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_custom_TwelveAccreditedInvestorMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">666,000</ix:nonFraction></span>, to 12 accredited investors in October and December 2021, with (i) <span id="xdx_906_eus-gaap--SharesIssuedPricePerShare_iI_c20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--TwelveAccreditedInvestorMember__us-gaap--AwardDateAxis__custom--OctoberTwoThousandTwentyOneMember_zvZZBpKfCYTd"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-12-31_us-gaap_CommonStockMember_custom_TwelveAccreditedInvestorMember_custom_OctoberTwoThousandTwentyOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">29,000</ix:nonFraction></span> shares
                                            in October 2021, and (ii) <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--TwelveAccreditedInvestorMember__us-gaap--AwardDateAxis__custom--DecemberTwoThousandTwentyOneMember_zq7pSeht7zE3"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_custom_TwelveAccreditedInvestorMember_custom_DecemberTwoThousandTwentyOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">137,500</ix:nonFraction></span> shares issued in December 2021 (the &#8220;$<span id="xdx_90F_eus-gaap--SharesIssuedPricePerShare_iI_c20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--TwelveAccreditedInvestorMember__us-gaap--AwardDateAxis__custom--DecemberTwoThousandTwentyOneMember_zng7tpqYkr5j"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-12-31_us-gaap_CommonStockMember_custom_TwelveAccreditedInvestorMember_custom_DecemberTwoThousandTwentyOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">4.00</ix:nonFraction></span> Round&#8221;);</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--FiveConsultantsMember_zpzXJ0Vaa9vk" title="Issuance of service, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_custom_FiveConsultantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,000</ix:nonFraction></span>
                                            shares of common stock for services rendered, at a fair value of $<span id="xdx_907_eus-gaap--SharesIssuedPricePerShare_iI_c20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--FiveConsultantsMember_zzgIfKF8T758" title="Issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-12-31_us-gaap_CommonStockMember_custom_FiveConsultantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.00</ix:nonFraction></span> per share determined
                                            using the per share purchase price of the $<span id="xdx_907_eus-gaap--SharesIssuedPricePerShare_iI_c20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--FiveConsultantsMember_zLOBd3bpQvl5"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-12-31_us-gaap_CommonStockMember_custom_FiveConsultantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.00</ix:nonFraction></span> Round, to five consultants, with (i) <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--FiveConsultantsMember__us-gaap--AwardDateAxis__custom--JanuaryTwoThousandTwentyOneMember_zls2eTQG70T5"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_custom_FiveConsultantsMember_custom_JanuaryTwoThousandTwentyOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000</ix:nonFraction></span>
                                            shares issued in January 2021 and (ii) <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--FiveConsultantsMember__us-gaap--AwardDateAxis__custom--MayTwoThousandTwentyOneMember_zSou1KG6EqEc"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_custom_FiveConsultantsMember_custom_MayTwoThousandTwentyOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">15,000</ix:nonFraction></span> shares issued in May 2021;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--ThreeDirectorsMember_zhPHUJn4m4u5"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_custom_ThreeDirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">40,000</ix:nonFraction></span>
                                            shares of common stock for services rendered, at a fair value of $<span id="xdx_908_eus-gaap--SharesIssuedPricePerShare_iI_c20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--ThreeDirectorsMember_zaLYH3pIn1V6" title="Issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-12-31_us-gaap_CommonStockMember_custom_ThreeDirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.00</ix:nonFraction></span> per share determined
                                            using the per share purchase price of the $<span id="xdx_906_eus-gaap--SharesIssuedPricePerShare_iI_c20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--ThreeDirectorsMember_zrqCeE0V3ty6" title="Issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-12-31_us-gaap_CommonStockMember_custom_ThreeDirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.00</ix:nonFraction></span> Round, to three directors of the Company,
                                            with (i) <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--ThreeDirectorsMember__us-gaap--AwardDateAxis__custom--JanuaryTwoThousandTwentyOneMember_zr4oKrG8Su8i"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_custom_ThreeDirectorsMember_custom_JanuaryTwoThousandTwentyOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000</ix:nonFraction></span> shares issued in January 2021 and (ii) <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--ThreeDirectorsMember__us-gaap--AwardDateAxis__custom--FebruaryTwoThousandTwentyOneMember_zIcrY8LIP6di"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_custom_ThreeDirectorsMember_custom_FebruaryTwoThousandTwentyOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">30,000</ix:nonFraction></span> shares issued in February 2021;
                                            and</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--TwoDirectorsMember_zLsDC6Fter91"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_custom_TwoDirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000</ix:nonFraction></span>
                                            shares of common stock for services rendered, at fair value at $<span id="xdx_90B_eus-gaap--SharesIssuedPricePerShare_iI_c20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--TwoDirectorsMember_z1ZmyLkwQ3p6" title="Issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-12-31_us-gaap_CommonStockMember_custom_TwoDirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">3.00</ix:nonFraction></span> per share determined
                                            using the per share purchase price of the $<span id="xdx_90E_eus-gaap--SharesIssuedPricePerShare_iI_c20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--TwoDirectorsMember_zwnito64hNql" title="Issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-12-31_us-gaap_CommonStockMember_custom_TwoDirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">3.00</ix:nonFraction></span> Round, to two directors of the Company, in
                                            September 2021.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--ThreeConsultantsMember_zZ2BJqDtyuXe"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_custom_ThreeConsultantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></span>
                                            shares of common stock for services rendered, at fair value at $<span id="xdx_909_eus-gaap--SharesIssuedPricePerShare_iI_c20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--ThreeConsultantsMember_z936jd9lgEr2" title="Issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-12-31_us-gaap_CommonStockMember_custom_ThreeConsultantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">4.00</ix:nonFraction></span> per share determined
                                            using the per share purchase price of the $<span id="xdx_906_eus-gaap--SharesIssuedPricePerShare_iI_c20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--ThreeConsultantsMember_zq05y1eHbaF5"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-12-31_us-gaap_CommonStockMember_custom_ThreeConsultantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">4.00</ix:nonFraction></span> Round, to three consultants in November 2021.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2020, the Company issued the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200101__20201231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zi2A7Y4mHsF6"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-01-012020-12-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">52,500</ix:nonFraction></span>
                                            shares of common stock for cash proceeds of $<span id="xdx_906_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20200101__20201231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z9GbE6lZvwq4" title="Proceeds from common stock"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="From2020-01-012020-12-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">95,000</ix:nonFraction></span>;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200101__20201231__us-gaap--StatementEquityComponentsAxis__custom--CommonStockOneMember_zQLlwGjmHKJ9"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-01-012020-12-31_custom_CommonStockOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">9,500</ix:nonFraction></span>
                                            shares of common stock for <span id="xdx_90E_eus-gaap--AreaOfLand_iI_uAcre_c20201231__us-gaap--StatementEquityComponentsAxis__custom--CommonStockOneMember_zfjQMtg9pMhk" title="Area of land"><ix:nonFraction name="us-gaap:AreaOfLand" contextRef="AsOf2020-12-31_custom_CommonStockOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Acre">40</ix:nonFraction></span> acres of land (Note 6) at a value of $<span id="xdx_907_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20200101__20201231__us-gaap--StatementEquityComponentsAxis__custom--CommonStockOneMember_zmN9zZX9ISM7"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2020-01-012020-12-31_custom_CommonStockOneMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,000</ix:nonFraction></span>;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200101__20201231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--NaseebMember_z2qh11zh7aj8" title="Issuance of shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-01-012020-12-31_us-gaap_CommonStockMember_custom_NaseebMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000,000</ix:nonFraction></span>
                                            shares of common stock in relation to the Naseeb, Inc. merger agreement, valued using the
                                            historical cost of $<span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20200101__20201231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--NaseebMember_zQ5BirqWPoml" title="Issuance of shares, value"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2020-01-012020-12-31_us-gaap_CommonStockMember_custom_NaseebMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,000</ix:nonFraction></span> (Note 5);</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20200101__20201231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--DirectorsAndOfficersMember_zY5zdZuFoXv3" title="Issuance of service, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2020-01-012020-12-31_us-gaap_CommonStockMember_custom_DirectorsAndOfficersMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,785,000</ix:nonFraction></span>
                                            shares of common stock for services valued at $<span id="xdx_900_eus-gaap--SharesIssuedPricePerShare_iI_c20201231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--DirectorsAndOfficersMember_z7Yr25BfXEM7" title="Issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2020-12-31_us-gaap_CommonStockMember_custom_DirectorsAndOfficersMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.069</ix:nonFraction></span> per share determined using an asset
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200101__20201231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--GrantsGreenhouseGrowersMember_zoKXb1I8Fjnd" title="Issuance of shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-01-012020-12-31_us-gaap_CommonStockMember_custom_GrantsGreenhouseGrowersMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000,000</ix:nonFraction></span>
                                            shares of common stock in relation to the Grants Greenhouse Growers, Inc. merger agreement
                                            at a value of $<span id="xdx_901_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20200101__20201231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--GrantsGreenhouseGrowersMember_zMfYEnhUvBQ3" title="Issuance of shares, value"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2020-01-012020-12-31_us-gaap_CommonStockMember_custom_GrantsGreenhouseGrowersMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">103,837</ix:nonFraction></span> determined using the Black Scholes Model (Note 5).</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRIGHT
GREEN CORPORATION</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021 and 2020</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in United States Dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_804_eus-gaap--IncomeTaxDisclosureTextBlock_z2XcYYnKFPH4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_826_zfWlRN4XoOx">Income Taxes</span></span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for income tax purposes. A full valuation allowance is established against all net deferred tax
assets as of December 31, 2021 and 2020, based on estimates of recoverability. While the Company has optimistic plans for its business
strategy, it determined that such a valuation allowance was necessary given the current and expected near term losses and the uncertainty
with respect to its ability to generate sufficient profits from its business model.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
current and deferred income tax expenses for the periods ended December 31, 2021 and 2020, were $ <span id="xdx_90C_eus-gaap--IncomeTaxExpenseBenefit_dxL_c20210101__20211231_zuqIiZBxL56j" title="Income tax expense benefit::XDX::-"><span id="xdx_901_eus-gaap--IncomeTaxExpenseBenefit_dxL_c20200101__20201231_zfvHPDYOnFJg" title="Income tax expense benefit::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0598"><span style="-sec-ix-hidden: xdx2ixbrl0600">nil</span></span></span></span>. The provision for income taxes
differs from that computed at a combined corporate tax rate of approximately <span id="xdx_905_eus-gaap--EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_pid_dp_uPure_c20210101__20211231_zTwPUwvFpAwc" title="Coporate tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25.8</ix:nonFraction></span>% as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income
tax recovery</i></b></span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"><p id="xdx_894_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_z7iK3TPn77Me" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b><i><span id="xdx_8B3_zeV4Xi9VYzYb" style="display: none">Schedule
of Income Tax Recovery</span></i></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_497_20210101__20211231_zNBzSCOOcYK1" style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_497_20200101__20201231_zjatyb0hFWo2" style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2021</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2020</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left; padding-bottom: 1pt">Net loss</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_ecustom--ExpectedIncomeTaxRecovery_z00zv0dxULk1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Expected income tax recovery</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="BGXX:ExpectedIncomeTaxRecovery" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">642,549</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="BGXX:ExpectedIncomeTaxRecovery" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">763,195</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr id="xdx_403_eus-gaap--IncomeTaxReconciliationNondeductibleExpense_zMCK8jLWkDx" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Non-deductible expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationNondeductibleExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">448,589</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr id="xdx_408_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_za1OmrsADbKj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Change in valuation allowance</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">193,960</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
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  <tr id="xdx_40A_eus-gaap--IncomeTaxExpenseBenefit_zj4EdelTkpRj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
    tax expense benefit</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</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"><span style="-sec-ix-hidden: xdx2ixbrl0618">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0619">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A2_z7afAveRwZHj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021 and 2020, the Company decided that a valuation allowance relating to the above deferred tax assets of the Company
was necessary, largely based on the negative evidence represented by losses incurred and a determination that it is not more likely than
not to realize these assets, such that, a corresponding valuation allowance, for each respective period, was recorded to offset deferred
tax assets. Management has based its assessment on the Company&#8217;s lack of profitable operating history. As of December 31, 2021
and 2020, the Company has approximately $<span id="xdx_907_eus-gaap--OperatingLossCarryforwards_iI_c20211231_zRcSLgonnLY1" title="Operating loss"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,117,802</ix:nonFraction></span> and $<span id="xdx_902_eus-gaap--OperatingLossCarryforwards_iI_c20201231_zIf4JYJHYCx4" title="Operating loss"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,366,019</ix:nonFraction></span>, respectively, of net of operating losses available to offset future
taxable income. The federal loss carryforward expires in 2040 and the state loss carryforward expires in 2039.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is subject to U.S. federal jurisdiction and the state of New Mexico income taxes. Management has not filed federal or state income
tax returns due to incurring cumulative losses. Therefore, the Company&#8217;s actual tax position may differ from their book position.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 100; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRIGHT
GREEN CORPORATION</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021 and 2020</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in United States Dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_80D_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zN7slYhoBVUc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_829_zr488FSLWMFj">Related Party Transactions</span></span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than the transactions disclosed elsewhere in the financial statements, the following are the other significant related party transactions
and balances:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">At December 31, 2021, the due to stockholder
balance totaled $<span id="xdx_907_eus-gaap--DueToOfficersOrStockholdersCurrent_iI_pp0p0_c20211231_zBCM4MUFesRf" title="Due to related party"><ix:nonFraction name="us-gaap:DueToOfficersOrStockholdersCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">392,194</ix:nonFraction></span> (2020 - $<span id="xdx_90C_eus-gaap--DueToOfficersOrStockholdersCurrent_iI_pp0p0_c20201231_zTJAwG8hvqK9" title="Due to related party"><ix:nonFraction name="us-gaap:DueToOfficersOrStockholdersCurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">382,600</ix:nonFraction></span>). The due to stockholder balance represents advances from the majority stockholder
for payment of Company expenses, net of repayments when cash is collected on the issuance of shares of common stock or payments of
stockholder liabilities by the Company. The amount is unsecured, non-interest bearing with no terms of repayment. The stockholder
has agreed in writing that no payment will be required by the Company to the lender prior to January 31, 2023.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included
in common stock issued for services during December 31, 2021, were <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__srt--DirectorMember_zqz5VjuYlwBg" title="Issuance of service shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_srt_DirectorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></span> shares of common stock issued to Directors of the Company
(Note 8).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:LossContingencyDisclosures"><p id="xdx_805_eus-gaap--LossContingencyDisclosures_z7W06PhuloSl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_82E_z6lIXGeYeIX5">Contingencies</span></span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the ordinary course of business, the Company is routinely defendants in, or parties to a number of pending and threatened legal actions
including actions brought on behalf of various classes of claimants. In view of the inherent difficulty of predicting the outcome of
such matters, the Company cannot state what the eventual outcome of such matters will be. Legal provisions are established when it becomes
probable that the Company will incur an expense related to a legal action and the amount can be reliably estimated. Such provisions are
recorded at the best estimate of the amount required to settle any obligation related to these legal actions as at the balance sheet
date, taking into account the risks and uncertainties surrounding the obligation. Management and internal and external experts are involved
in estimating any amounts that may be required. The actual costs of resolving these claims may vary significantly from the amount of
the legal provisions. The Company&#8217;s estimate involves significant judgement, given the varying stages of the proceedings, the fact
that the Company&#8217;s liability, if any, has yet to be determined and the fact that the underlying matters will change from time to
time. Other than as set forth below, the Company is not presently a party to any litigation. The Company is not able to make a reliable
assessment of the potential losses as these matters are at an early stage, accordingly, no amounts have been accrued in the financial
statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bright
Green Corporation v. John Fikany, State of New Mexico, County of Cibola, Thirteenth Judicial District. In this matter, the Company filed
a complaint for declaratory judgment against the former acting Chief Executive Officer of the <span id="xdx_901_eus-gaap--OtherCommitmentsDescription_c20210101__20211231_zMhXwywb0cha" title="Other commitments description"><ix:nonNumeric contextRef="From2021-01-012021-12-31" name="us-gaap:OtherCommitmentsDescription">Bright Green Group of Companies, an entity
unrelated to the Company, to determine if defendant is entitled to 5,000,000 shares of the Company&#8217;s common stock, based on a failure
to fulfill agreed upon conditions precedent to earning such shares from the Company</ix:nonNumeric></span>. Defendant counterclaimed and filed a third-party
claim against a director of the Company, and her spouse, for claims including wrongful termination and breach of contract. The Company
denies defendants allegations and have set forth arguments refuting defendant&#8217;s counterclaims and third-party claims. The case
is in the discovery phase. The Company is exploring potential dispositive motions against the counter and third-party claims.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 101; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRIGHT
GREEN CORPORATION</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021 and 2020</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in United States Dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Contingencies (continued)</span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bright
Green Corporation v. Jerry Capussi, State of New Mexico, County of Cibola, Thirteenth Judicial District. In this matter, the Company
and defendant, a former consultant of BGGI, a predecessor to the Company, have each filed claims for declaratory judgment seeking to
determine by court order whether defendant is entitled to (i) shares of common stock in the Company (amounting to no more than 108,000
shares) or (ii) fair market value of defendant&#8217;s equity ownership of BGGI. The lawsuit is in early discovery stages, and we are
preparing arguments for a summary judgment motion. There are no claims for specific monetary liability against either party.</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_80B_eus-gaap--SubsequentEventsTextBlock_zA1CUjWlKsD5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.&#160;</span></td>
  <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_822_zSJSKoFZTS9g">Subsequent Events</span></span></span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s management has evaluated the subsequent events up to March 28, 2022, the dated the financial statements were issued,
pursuant to the requirements of ASC 855.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
total of <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220101__20220131__srt--TitleOfIndividualAxis__custom--OneAccreditedMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zaSS6uh0Mkw4" title="Issuance of shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-01-012022-01-31_custom_OneAccreditedMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">12,500</ix:nonFraction></span> shares of common stock were issued at $<span id="xdx_901_eus-gaap--SharesIssuedPricePerShare_iI_c20220131__srt--TitleOfIndividualAxis__custom--OneAccreditedMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zD5Zr4RMZBBf" title="Issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2022-01-31_custom_OneAccreditedMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">4</ix:nonFraction></span> in a private placement in January 2022 to one accredited investor.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="BGXX:EventUnauditedSubsequentToTheDateOfTheIndependentAuditorsReportTextBlock"><p id="xdx_805_ecustom--EventUnauditedSubsequentToTheDateOfTheIndependentAuditorsReportTextBlock_zsaa9wOZPbM2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.&#160;</span> <span style="text-decoration: underline"><span id="xdx_823_zMZqJ0xIo83c">Event (Unaudited) Subsequent to the Date of the Independent Auditor&#8217;s Report</span></span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s management has evaluated the subsequent events up to May 11, 2022, the date this S-1/A has been filed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
total of <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220501__20220502__srt--TitleOfIndividualAxis__custom--TwoAccreditedMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z6IQsIC2htQl" title="Issuance of shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-05-012022-05-02_custom_TwoAccreditedMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">300,000</ix:nonFraction></span> shares of common stock were issued at $<span id="xdx_90F_eus-gaap--SharesIssuedPricePerShare_iI_c20220502__srt--TitleOfIndividualAxis__custom--TwoAccreditedMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zj972U4tHhD1" title="Issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2022-05-02_custom_TwoAccreditedMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10</ix:nonFraction></span> each for gross proceeds of $<span id="xdx_90E_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_c20220501__20220502__srt--TitleOfIndividualAxis__custom--TwoAccreditedMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zeTF0biIEyL6" title="Issuance of private placement"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" contextRef="From2022-05-012022-05-02_custom_TwoAccreditedMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,000,000</ix:nonFraction></span> in a private placement on May 2, 2022,
to two accredited investors.</span></p>

</ix:nonNumeric><p id="xdx_815_zmDdQ8W3bgHg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="fin_02.jpg" alt="" style="height: 64.5pt; width: 157.5pt"/></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.2in; text-align: center; text-indent: -0.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Condensed
Financial Statements (Unaudited)</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify; text-indent: -0.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRIGHT
GREEN CORPORATION</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify; text-indent: -0.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font: normal 10pt Times New Roman, Times, Serif">June
30, 2022 and 2021</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">(Expressed
in United States Dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRIGHT
GREEN CORPORATION</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.1pt; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif">For
the Three Months and Six Months Ended June 30, 2022 and 2021 (Unaudited)</span></p>

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



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.1pt"></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.15in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Table
of Contents</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#abc_001">Condensed Balance Sheets</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.75in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-27</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#abc_002">Condensed Statements of Operations and Comprehensive Loss</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-28</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#abc_003">Condensed Statements of Changes in Stockholders&#8217; Equity</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-29</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#abc_004">Condensed Statements of Cash Flows</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-30</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#abc_005">Notes to the Condensed Financial Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-31
    - F-44</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="abc_001"></span>BRIGHT
GREEN CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Condensed
Balance Sheets</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at June 30, 2022 and December 31, 2021</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in United States Dollars)</span></p>



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

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<table cellpadding="0" cellspacing="0" id="xdx_309_111_zrbHq9dJ6HTk" summary="xdx: Statement - Condensed Balance Sheets" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_49A_20220630_zVdlBYRz44De" style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_490_20211231_zGEbq8dGbe9e" style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Unaudited)</span> <p style="margin: 0">(Restated)</p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--AssetsAbstract_iB_zUSGnKsS8RJb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--AssetsCurrentAbstract_i01B_zJBkWBObnK88" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--Cash_i02I_zkQmXl0pMZ35" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Cash" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">178,973</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_40B_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_i02I_znsdStXHoiSb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">105,526</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">168,226</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AssetsCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,450,791</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentNet_i01I_zDezFyRpLaOe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property,
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,556,615</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,328,764</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IntangibleAssetsNetExcludingGoodwill" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IntangibleAssetsNetExcludingGoodwill" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--Assets_i01TI_zr8MYgw4XjF" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,842,114</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,780,555</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_zEg1H5V3MLKc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LIABILITIES
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--LiabilitiesCurrentAbstract_i01B_zJaMhMjPf6yd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--AccountsPayableCurrent_i02I_zKz7hr0jU2rh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
    payable</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,402,885</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">149,935</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--AccruedLiabilitiesCurrent_i02I_znMoyWHdSRVh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
    liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">100,840</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">18,027</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--DueToRelatedPartiesCurrent_i02I_zvzikI3maEIh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
    to related party (Note 10)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrent" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">392,194</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0688">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--LiabilitiesCurrent_i02TI_z1sIbL0wKVC3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,895,919</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">167,962</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--LiabilitiesNoncurrentAbstract_i01B_zvQ8FUQjxR8d" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term
    liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--DueToRelatedPartiesNoncurrent_i02I_zaFRRwdSnQZg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0696">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DueToRelatedPartiesNoncurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">392,194</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--LongTermLineOfCredit_i02I_zmF89EQaXN2h" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Related
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LongTermLineOfCredit" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,004,767</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_407_eus-gaap--LiabilitiesNoncurrent_i02TI_zZxeLYlhJLCh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--Liabilities_iTI_zNMbAoy2fyQb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,900,686</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">560,156</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--StockholdersEquityAbstract_i01B_zjoyzueWcVB7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">STOCKHOLDERS&#8217;
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--CommonStockValue_i02I_zV4U3ePMDQLf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
stock; $<span id="xdx_90E_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20220630_z8S60vFO7aw1" title="Common stock, par value"><span id="xdx_90C_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20211231_zZmQvcFes2Za" title="Common stock, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2022-06-30" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-12-31" decimals="INF" unitRef="USDPShares">.0001</ix:nonFraction></ix:nonFraction></span></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">par
value; <span id="xdx_904_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20220630_zxtlasDLgrhk" title="Common stock, shares authorized"><span id="xdx_90D_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20211231_zZEBw94fUVSh" title="Common stock, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000,000</ix:nonFraction></ix:nonFraction></span></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">stock
authorized; <span id="xdx_90C_eus-gaap--CommonStockSharesIssued_iI_pid_c20220630_zIXKkjEah1pd" title="Common stock, shares issued"><span id="xdx_905_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20220630_zhaQDiIxzG5h"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">159,818,490</ix:nonFraction></ix:nonFraction></span></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
<span id="xdx_906_eus-gaap--CommonStockSharesIssued_iI_pid_c20211231_zetitEDqlsva" title="Common stock, shares issued"><span id="xdx_90F_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20211231_zCjzyMx3hTs"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">157,544,500</ix:nonFraction></ix:nonFraction></span></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">stock
issued and outstanding at June 30, 2022 and December 31, 2021, respectively (Note 9)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,981</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,754</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--AdditionalPaidInCapitalCommonStock_i02I_zgIZ99yyTnHf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AdditionalPaidInCapitalCommonStock" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">32,246,630</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AdditionalPaidInCapitalCommonStock" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14,618,389</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--RetainedEarningsAccumulatedDeficit_i02I_zZtsknnBGEp3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">26,321,183</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">6,413,744</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40C_eus-gaap--StockholdersEquity_i02TI_zQilxtcAXSVb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,220,399</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--LiabilitiesAndStockholdersEquity_i01TI_zJooK6P7Mhf5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    liabilities and stockholders&#8217; equity</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  </table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contingencies
(Note 11)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent
events (Note 12)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of the condensed financial statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="abc_002"></span>BRIGHT
GREEN CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Condensed
Statements of Operations and Comprehensive Loss (Unaudited)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the Three Months and Six Months Ended June 30, 2022 and 2021</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in United States Dollars)</span></p>



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

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_301_113_zpsUcs7VtAH2" summary="xdx: Statement - Condensed Statements of Operations and Comprehensive Loss" style="border-collapse: collapse; width: 100%">
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<tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40D_eus-gaap--OperatingExpensesAbstract_iB_zXcPVo9tztwc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40D_eus-gaap--OperatingExpenses_iT_zjZ3lqwTG577" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">431,471</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">19,907,439</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2021-01-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">941,012</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40E_eus-gaap--OperatingIncomeLoss_iT_zbaHTaK5xFoi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">431,471</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_404_eus-gaap--IncomeTaxExpenseBenefit_zJm2ZBLEJnxd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Income
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  <tr id="xdx_402_eus-gaap--NetIncomeLoss_iT_zoJlOKQHg6mk" style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_zCYdPxIjUR6l" style="vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <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"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2021-01-012021-06-30" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.01</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of the condensed financial statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="abc_003"></span>BRIGHT
GREEN CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Condensed
Statements of Changes in Stockholders&#8217; Equity (Unaudited)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the Three Months and Six Months Ended June 30, 2022 and 2021</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in United States Dollars)</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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                                                                                <p style="font-size: 9pt; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">paid-in<br/>
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    <td colspan="2" style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Total<br/>
<span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">equity</span></span></td><td style="font: bold 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td></tr>
  <tr style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amount</span></td><td style="font: bold 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
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                                                                                <p style="font-size: 9pt; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(Restated)</span></p></td><td style="font: bold 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
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                                                                                <p style="font-size: 9pt; margin-top: 0; margin-bottom: 0"></p>
                                                                                <p style="font-size: 9pt; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(Restated)</span></p></td><td style="font: bold 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
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  <tr id="xdx_43E_c20220401__20220630_eus-gaap--StockholdersEquity_iS_zaGx9ol7tCpg" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom">
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                                                                                              <p style="font-size: 9pt; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">to
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  <tr style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td></tr>
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  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of the condensed financial statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><span id="abc_004"></span>BRIGHT
GREEN CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Condensed
Statements of Cash Flows (Unaudited)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For
the Six Months Ended June 30, 2022 and 2021</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">(Expressed
in United States Dollars)</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_30F_112_zWkJGmWhCGBk" summary="xdx: Statement - Condensed Statements of Cash Flows" style="border-collapse: collapse; width: 100%">
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<tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2021-01-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">372,802</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14,578,468</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2021-01-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">130,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i02B_zUkzGKhXidLd" style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Changes
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_i03N_di_zMl5zNxoenRe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Prepaid
    expenses and other assets</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">62,700</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" contextRef="From2021-01-012021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">11,070</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--IncreaseDecreaseInAccountsPayable_i03_zaxZ6ybPDekl" style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accounts
    payable</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayable" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,252,950</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayable" contextRef="From2021-01-012021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">81,929</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_406_eus-gaap--IncreaseDecreaseInAccruedLiabilities_i03_z1h89LbcvSm8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued
    liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccruedLiabilities" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">87,580</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccruedLiabilities" contextRef="From2021-01-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,525</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--NetCashProvidedByUsedInOperatingActivities_i01T_zcdhCUcEYuCc" style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
    cash used in operating activities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,539,273</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2021-01-012021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">503,544</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_ziy7Bx3dwpK8" style="vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">CASH
    FLOWS FROM INVESTING ACTIVITIES</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"/><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_i01N_di_z5GsYSGWV2L3" style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Purchase
    of property, plant, and equipment</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,614,319</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1015">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01T_z1OvAzxhHynk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
    cash used in investing activities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,614,319</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1018">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_z8F5JmX9Jhm3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">CASH
    FLOWS FROM FINANCING ACTIVITIES</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--ProceedsFromRelatedPartyDebt_i01_z39oOpJVCL5f" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Proceeds
    from due to related party</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1023">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromRelatedPartyDebt" contextRef="From2021-01-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,299</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--ProceedsFromLongTermLinesOfCredit_i01_zJBbtH0Me8Tb" style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Proceeds
    from related party line of credit</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromLongTermLinesOfCredit" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,000,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1027">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_i01_zzR4KDVqxbwe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Proceeds
    from sale of stock</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">CASH, BEGINNING
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">CASH
    PAID FOR</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Interest</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1047">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1048">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Taxes</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1050">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1051">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of the condensed financial statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="abc_005"></span>BRIGHT
GREEN CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to the Condensed Financial Statements (Unaudited)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the Three Months and Six Months Ended June 30, 2022 and 2021</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in United States Dollars)</span></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

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

<p id="xdx_04C_c20220101__20220630_zQj9RwZwEYw2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p id="xdx_803_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_ziBZ3VwHevgj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_82D_zei0s6KN61Ol">Description of Business and Organization</span></span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bright
Green Corporation (Company) was incorporated on <span id="xdx_90B_edei--EntityIncorporationDateOfIncorporation_c20220101__20220630_z6tfsjjVsyO8"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" format="ixt:datemonthdayyearen" name="dei:EntityIncorporationDateOfIncorporation">April
16, 2019</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, under the Delaware General Corporation
Law. The Company is located in Grants, New Mexico. The Company holds the land, greenhouse and patents required in the growth, production,
and research of medicinal plants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 28, 2019, the Company entered into a merger agreement with Bright Green Grow Innovation, LLC (&#8220;BGGI&#8221;) (Note 5).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 30, 2020, Grants Greenhouse Growers, Inc., a New Mexico corporation, merged with the Company (Note 5).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 10, 2020, Naseeb, Inc., a New Mexico corporation, merged with the Company (Note 5).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 29, 2022, the Company filed a registration statement pursuant to the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;)
on Form S-1 with the Securities and Exchange Commission (&#8220;SEC&#8221;), which was declared effective May 13, 2022, (as amended, the
&#8220;Registration Statement&#8221;), in connection with the direct listing of the Company&#8217;s common stock
with the Capital Market of the Nasdaq Stock Market LLC (&#8220;Nasdaq&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 17, 2022, the Company&#8217;s common stock commenced trading on  Nasdaq under the symbol &#8220;BGXX.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is a start-up company at June 30, 2022 and has <span id="xdx_903_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_dxL_c20220101__20220630_zhSWBOhSMRah" title="Revenue::XDX::-"><span id="xdx_908_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_dxL_c20210101__20210630_zsdngYMYQgyl" title="Revenue::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1056"><span style="-sec-ix-hidden: xdx2ixbrl1058">no</span></span></span></span> revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s operations could be significantly adversely affected by the effects of a widespread global outbreak of a contagious disease,
including the recent outbreak of respiratory illness caused by COVID-19. The Company cannot accurately predict the impact COVID-19 will
have on its operations and the ability of others to meet their obligations with the Company, including uncertainties relating to the
ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine
restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population
could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting
in an economic downturn that could further affect the Company&#8217;s operations and ability to finance its operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BRIGHT
                                            GREEN CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to the Condensed Financial Statements (Unaudited)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the Three Months and Six Months Ended June 30, 2022 and 2021</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in United States Dollars)</span></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:LiquidationBasisOfAccountingTextBlock"><p id="xdx_80B_eus-gaap--LiquidationBasisOfAccountingTextBlock_zzSd9meQvpO7" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span> <span style="font-family: Times New Roman, Times, Serif"><span style="text-decoration: underline"><span id="xdx_82A_zeFKbSzgTamc">Liquidity and Basis of Presentation</span></span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying unaudited condensed financial statements have been prepared by the Company in conformity with accounting principles
generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;) for interim financial information and the SEC instructions to Form 10-Q and Article 8 of SEC Regulation
S-X. The information
furnished herein reflects all adjustments, consisting only of normal recurring adjustments, which in the opinion of management, are
necessary to fairly state the Company&#8217;s financial position, the results of its operations, and cash flows for the periods
presented. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with
U.S. GAAP were omitted pursuant to such rules and regula</span><span style="font-family: Times New Roman, Times, Serif">tions. The
financial information contained in this report should be read in conjunction with the financial information and notes thereto for
the fiscal years ended December 31, 2021 and 2020 filed as a part of the Registration Statement. The results of operations for the
six months ended June 30, 2022 are not necessarily indicative of the results for the year ending December 31, 2022. As of June 30,
2022, the Company had cash of $<span id="xdx_90F_eus-gaap--Cash_iI_c20220630_zN6S37ajjNa2" title="Cash"><ix:nonFraction name="us-gaap:Cash" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">178,973</ix:nonFraction></span> compared to
$<span id="xdx_90D_eus-gaap--Cash_iI_c20211231_zQXgbUmcxT2k"><ix:nonFraction name="us-gaap:Cash" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,282,565</ix:nonFraction></span> as of December 31, 2021. The decrease of $<span id="xdx_90B_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_iN_di_c20220101__20220630_zrntejSJ8dDl" title="Effective exchange rate"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,103,592</ix:nonFraction></span>
in cash was mainly from the use of funds for the construction in progress and the costs associated with the Company&#8217;s filed
SEC registration statement. This decrease was partly offset by cash received from the sales of common stock of $<span id="xdx_904_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20220101__20220630_zaFtNsf6Rwgi" title="Common stock issued for cash, received value"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,050,000</ix:nonFraction></span>.
Since its inception, the Company has incurred net losses and funded its operations primarily through the issuance of equities, an
advance from a director and since June 2022 a $<span id="xdx_90C_eus-gaap--ProceedsFromLongTermLinesOfCredit_c20220101__20220630_zxScPWk82WNh" title="Proceed from line of credit"><ix:nonFraction name="us-gaap:ProceedsFromLongTermLinesOfCredit" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,000,000</ix:nonFraction></span>
draw on a line of credit. As at June 30, 2022, the Company had a total stockholders&#8217; equity of $<span id="xdx_905_eus-gaap--StockholdersEquity_iI_c20220630_z13xv8KVv1Na" title="Stockholders' equity"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,941,428</ix:nonFraction></span>
(December 31, 2021 - $<span id="xdx_906_eus-gaap--StockholdersEquity_iI_c20211231_zfbQcssUQBAb" title="Stockholders' equity"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,220,399</ix:nonFraction></span>).</span></p>

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




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is in its initial stages to start building facilities to grow, research and distribute medical plants. The Company has incurred
recurring losses from operations, and as at June 30, 2022, had an accumulated deficit of $<span id="xdx_901_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_di_c20220630_zAnBmuwm1EF8" title="Accumulated deficit"><ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">26,321,183</ix:nonFraction></span> (December 31, 2021 - $<span id="xdx_90E_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_di_c20211231_zdvEPKsVHODk" title="Accumulated deficit"><ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">6,413,744</ix:nonFraction></span>)
and a negative working capital of $<span id="xdx_906_ecustom--WorkingCapitalDeficit_iI_c20220630_ze8wv9haV3qb" title="Working capital balance"><ix:nonFraction name="BGXX:WorkingCapitalDeficit" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,611,420</ix:nonFraction></span> (December 31, 2021 - working capital of $<span id="xdx_902_ecustom--WorkingCapitalDeficit_iI_c20211231_zUwF4604hGE2" title="Working capital balance"><ix:nonFraction name="BGXX:WorkingCapitalDeficit" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,282,829</ix:nonFraction></span>). The Company does not have sufficient
working capital to pay its operating expenses for a period of at least 12 months from the date the condensed financial statements were
authorized to be issued. The Company&#8217;s continued existence is dependent upon its ability to continue to execute its operating plan
and to obtain additional debt or equity financing. The Company has developed plans to raise funds and continues to pursue sources of
funding that management believes, if successful, would be sufficient to support the Company&#8217;s operating plan. During the six months
ended June 30, 2022, the Company raised $<span id="xdx_90A_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20220101__20220630_zJzvkPVOnK1h" title="Proceeds from sale of stock"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,050,000</ix:nonFraction></span> through common stock issuances. The Company has also secured a $<span id="xdx_908_eus-gaap--LineOfCredit_iI_c20220630__us-gaap--CreditFacilityAxis__us-gaap--SecuredDebtMember_zqjTUDMHvHl3" title="Secured line of credit"><ix:nonFraction name="us-gaap:LineOfCredit" contextRef="AsOf2022-06-30_us-gaap_SecuredDebtMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,000,000</ix:nonFraction></span> line of
credit from a related party entity and has drawn a $<span id="xdx_909_eus-gaap--ProceedsFromLongTermLinesOfCredit_c20220101__20220630_zromyZDj2nji" title="Proceeds from line of credit"><ix:nonFraction name="us-gaap:ProceedsFromLongTermLinesOfCredit" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,000,000</ix:nonFraction></span> from that credit facility. The Company has also drawn an additional $<span id="xdx_90B_eus-gaap--ProceedsFromLongTermLinesOfCredit_c20220725__20220726__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--LineOfCreditFacilityAxis__custom--LDSCapitalLLCMember_zwVn9fXpvnJe" title="Proceeds from line of credit"><ix:nonFraction name="us-gaap:ProceedsFromLongTermLinesOfCredit" contextRef="From2022-07-252022-07-26_us-gaap_SubsequentEventMember_custom_LDSCapitalLLCMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,000,000</ix:nonFraction></span>
from that credit facility subsequent to June 30, 2022 (Note 12). The Company&#8217;s operating plan is predicated on a variety of assumptions
including, but not limited to, the level of product demand, cost estimates, its ability to continue to raise additional financing and
the state of the general economic environment in which the Company operates. There can be no assurance that these assumptions will prove
accurate in all material respects, or that the Company will be able to successfully execute its operating plan. In the event that the
Company is not able to raise capital from investors or credit facilities in a timely manner, the Company will explore available options,
including but not limited to, an equity backed loan against the property. In the absence of additional appropriate financing, the Company
may have to modify its plan or slow down the pace of development and commercialization.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company does not have any short or long-term contractual purchases with suppliers for future purchases, capital expenditure commitments
that cannot be cancelled with minimal fees, non-cancelable operating leases, or any commitment or contingency that would hinder management&#8217;s
ability to scale down operations and management expenses until funding is raised.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BRIGHT
                                            GREEN CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to the Condensed Financial Statements (Unaudited)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the Three Months and Six Months Ended June 30, 2022 and 2021</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in United States Dollars)</span></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Liquidity and Basis of Presentation (continued)</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Restatement of Previously Issued Financial Statements</span></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has restated its unaudited condensed financial statements as of and for the three months and six months ended June
30, 2022 to correct an error related to the recording of the fair value of shares issued as shared based compensation in June 2022 (the
&#8220;Restatement&#8221;), which resulted in the Company&#8217;s general and administrative expenses for the three months
and six months ended June 30, 2022 being understated by $<span id="xdx_902_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20220401__20220630__srt--RestatementAxis__srt--RestatementAdjustmentMember_zvuf0QpCozXl" title="General and administrative expenses"><span id="xdx_90B_eus-gaap--GeneralAndAdministrativeExpense_pp0p0_c20220101__20220630__srt--RestatementAxis__srt--RestatementAdjustmentMember_zHJDgvjGcqvd" title="General and administrative expenses"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2022-04-012022-06-30_srt_RestatementAdjustmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2022-01-012022-06-30_srt_RestatementAdjustmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">6,297,960</ix:nonFraction></ix:nonFraction></span></span> in the Original Report. The Restatement resulted in an increase in
the reported net loss by $<span id="xdx_90A_eus-gaap--NetIncomeLoss_iN_pp0p0_di_c20220401__20220630__srt--RestatementAxis__srt--RestatementAdjustmentMember_zOPj208tMAlf" title="Net loss"><span id="xdx_907_eus-gaap--NetIncomeLoss_iN_pp0p0_di_c20220101__20220630__srt--RestatementAxis__srt--RestatementAdjustmentMember_zDwMVTvVKD37" title="Net loss"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2022-04-012022-06-30_srt_RestatementAdjustmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2022-01-012022-06-30_srt_RestatementAdjustmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">6,297,960</ix:nonFraction></ix:nonFraction></span></span> for the three months and six months ended June 30, 2022, and an increase to reported accumulated
deficit as of June 30, 2022 by $<span id="xdx_90F_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pp0p0_di_c20220630__srt--RestatementAxis__srt--RestatementAdjustmentMember_zYs1rl9jcs35" title="Accumulated deficit"><ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2022-06-30_srt_RestatementAdjustmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">6,297,960</ix:nonFraction></span>. The Restatement also impacted the Company&#8217;s basic and diluted net loss per common share
calculations. The following tables present the Restatement on all affected line items of our previously issued Condensed Balance Sheets as of June 30, 2022, Condensed Statements of Operations and Comprehensive Loss, and Condensed Statements of Cash Flows for the six months ended June 30, 2022. The effect of the Restatement on the June 30, 2022 stockholders&#8217;
equity balances is presented in the Condensed Statements Shareholder&#8217;s Equity Sheet below. Regarding the Condensed
Statements of Cash Flows, the adjustment to net loss was offset by adjustments to change in operating assets and liabilities
within cash flows used in operating activities. &#160;The Restatement had no effect on total net cash flows from operating, investing
or financing activities. The Restatement also impacted Note 9. Stockholders&#8217; Equity and Note 12. Subsequent Events, which were
restated in this Amended Report.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock"><p id="xdx_895_eus-gaap--ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock_zqiOjQGcFAL7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
impact of the restatement on the Company&#8217;s financial statements is reflected in the following table:&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B6_zmrf8t4PC5ki" style="display: none">Schedule
of Restatement of Financial Statements</span>&#160;&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 86%; margin-left: 1in">
  <tr style="vertical-align: bottom">
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  <tr id="xdx_405_eus-gaap--AdditionalPaidInCapitalCommonStock_iI_pp0p0_z6KfrnBl5Ny6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40B_eus-gaap--RetainedEarningsAccumulatedDeficit_iI_pp0p0_z2YDStJQ4Yri" style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="vertical-align: bottom">
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  <tr id="xdx_40B_eus-gaap--GeneralAndAdministrativeExpense_i_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40A_eus-gaap--OperatingExpenses_pp0p0_zvNpdAPoyAO1" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_402_eus-gaap--OperatingIncomeLoss_iC_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Loss before income taxes</td><td>&#160;</td>
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  <tr id="xdx_407_eus-gaap--NetIncomeLoss_pp0p0_zhnLbzJcg7U6" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40D_eus-gaap--EarningsPerShareBasic_i_pdd" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Net loss per common share &#8211; basic and diluted</td><td>&#160;</td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 86%; margin-left: 1in">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Condensed Statement of Operations and
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  <tr id="xdx_400_eus-gaap--GeneralAndAdministrativeExpense_zeuJF2Dtf3ti" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%; text-align: left">General and administrative expenses</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2022-01-012022-06-30_srt_ScenarioPreviouslyReportedMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">13,223,011</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_405_eus-gaap--OperatingExpenses_pp0p0_zUKdQV4HVJEd" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total operating expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2022-01-012022-06-30_srt_ScenarioPreviouslyReportedMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">13,609,479</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_402_eus-gaap--OperatingIncomeLoss_pp0p0_ztan0LaNnym9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Loss before income taxes</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2022-01-012022-06-30_srt_ScenarioPreviouslyReportedMember" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">13,609,479</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_400_eus-gaap--NetIncomeLoss_pp0p0_z3Dekv8ij42i" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net loss and comprehensive loss</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2022-01-012022-06-30_srt_ScenarioPreviouslyReportedMember" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">13,609,479</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_40F_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_zxXCGGhPmNS6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_409_eus-gaap--EarningsPerShareBasic_zJ3qsxCq1yHc" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net loss per common share &#8211; basic and diluted</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="vertical-align: bottom">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 86%; margin-left: 1in">
  <tr style="vertical-align: bottom">
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  <tr id="xdx_408_eus-gaap--NetIncomeLoss_z9tzRjKhEYxf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%; text-align: left">Net loss</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_406_eus-gaap--ShareBasedCompensation_z87W0QrHTT3h" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Stock-based compensation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2022-01-012022-06-30_srt_ScenarioPreviouslyReportedMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,280,508</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8A8_z6qrYbBElYW3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BRIGHT
                                            GREEN CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to the Condensed Financial Statements (Unaudited)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the Three Months and Six Months Ended June 30, 2022 and 2021</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in United States Dollars)</span></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_80E_eus-gaap--SignificantAccountingPoliciesTextBlock_zVlGvAopVrCc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_82F_zY7qDxoaOPz2">Summary of Significant Accounting Policies</span></span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_84B_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zDxeO2ZFjCv7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_862_z7ltHyrAm1fk">Basis of Measurement</span></span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
condensed financial statements of the Company have been prepared on an historical cost basis except as indicated otherwise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p id="xdx_849_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_z8lRqJHIZLB3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86F_zbKYfYGj2Tm8">Property, Plant, Equipment</span></span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
is stated at cost less accumulated depreciation. Expenditures for maintenance and repairs are charged to earnings as incurred; additions,
renewals and betterments are capitalized. When property is retired or otherwise disposed of, the related cost and accumulated depreciation
are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of property, except land, which
is not depreciated, is provided using the declining balance method, or straight-line method, with estimated lives as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="BGXX:PropertyPlantAndEquipmentEstimatedUsefulLifeTableTextBlock"><p id="xdx_892_ecustom--PropertyPlantAndEquipmentEstimatedUsefulLifeTableTextBlock_zqRLlpPHAuD4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BA_zC5vyEgUyUA4" style="display: none">Summary
of Estimated Useful Life</span></span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 70%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Building and
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  <td style="text-align: justify; width: 30%"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20220630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zxvFFNbH3ukd" title="Estimated useful life"><ix:nonNumeric contextRef="From2022-01-012022-06-30_us-gaap_BuildingMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">10</ix:nonNumeric></span> year life</span></td></tr>
<tr style="vertical-align: top">
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixtures - straight-line
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</table>


</ix:nonNumeric><p id="xdx_8A0_zIOtnuWAwq3j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock"><p id="xdx_84A_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zRZu28Ou3PKk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86E_z2bbIbpCWVLf">Long-lived Assets</span></span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company applies the provisions of ASC Topic 360, Property, Plant, and Equipment, which addresses financial accounting and reporting for
the impairment or disposal of long-lived assets. ASC Topic 360 requires that long-lived assets be reviewed annually for impairment whenever
events or changes in circumstances indicate that the assets&#8217; carrying amounts may not be recoverable; it further requires impairment
losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows
estimated to be generated by those assets are less than the assets&#8217; carrying amounts. In that event, a loss is recognized based
on the amount by which the carrying amount exceeds the fair value of the long-lived assets. Loss on long-lived assets to be disposed
of is determined in a similar manner, except that fair values are reduced for the cost of disposal.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:IntangibleAssetsFiniteLivedPolicy"><p id="xdx_84D_eus-gaap--IntangibleAssetsFiniteLivedPolicy_zdEsmSk2nJXd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86D_zEq38BSnXk08">Intangible Assets</span></span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s intangible assets consist of certain licenses (Note 5) which will be amortized over the term of each license. The intangible
assets with finite useful lives are reviewed for impairment when indicators of impairment are present and the undiscounted cash flows
estimated to be generated by those assets are less than the assets&#8217; carrying amounts. In that event, a loss is recognized based
on the amount by which the carrying amount exceeds the fair value of the long-lived assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:FairValueOfFinancialInstrumentsPolicy"><p id="xdx_84F_eus-gaap--FairValueOfFinancialInstrumentsPolicy_z7MhxQeM11Lc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_862_z3sgz2DoEoCf">Fair Value of Financial Instruments</span></span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
certain carrying amounts of the Company&#8217;s financial instruments, including cash, other asset, accounts payable, accrued liabilities,
and due to related party, the carrying amounts approximate their fair values due to their short-term maturities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BRIGHT
                                            GREEN CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to the Condensed Financial Statements (Unaudited)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the Three Months and Six Months Ended June 30, 2022 and 2021</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in United States Dollars)</span></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Summary of Significant Accounting Policies (continued)</span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Fair Value of Financial Instruments (continued)</span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FASB
ASC Topic 820, Fair Value Measurements and Disclosures, requires disclosure of the fair value of financial instruments held by the Company.
FASB ASC Topic 825, Financial Instruments, defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair
value measurement that enhances disclosure requirements for fair value measures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying amounts reported in the balance sheets for receivables and current liabilities each qualify as financial instruments and are
a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their
expected realization, low risk of counterparty default and their current market rate of interest. The three levels of valuation hierarchy
are defined as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Level
1 </i>inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. As of June 30, 2022
and December 31, 2021, there were no Level 1 assets or liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Level
2</i> inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for
identical or similar assets in inactive markets, and inputs that are observable for the asset or liability, either directly or indirectly,
for substantially the full term of the financial instrument. As of June 30, 2022 and December 31, 2021, there were no Level 2 assets
or liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Level
3 </i>inputs to the valuation methodology use one or more unobservable inputs which are significant to the fair value measurement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company analyzes all financial instruments with features of both liabilities and equity under FASB ASC Topic 480, Distinguishing Liabilities
from Equity, and FASB ASC Topic 815, Derivatives and Hedging.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:AdvertisingCostsPolicyTextBlock"><p id="xdx_845_eus-gaap--AdvertisingCostsPolicyTextBlock_zb53j1aMYTj8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_869_zK7j452LYBO4">Advertising Costs</span></span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advertising
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2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_849_eus-gaap--IncomeTaxPolicyTextBlock_zz0PobiITKf8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">G.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86B_zg1FjPUhIgg9">Income Taxes</span></span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes. ASC 740 requires a company to use the asset and
liability method of accounting for income taxes, whereby deferred tax assets are recognized for deductible temporary </span><span style="font-family: Times New Roman, Times, Serif">differences,
and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the
reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation <span style="font-size: 10pt">allowance
when, in the opinion of management, it is more likely than not that some portion, or all of the deferred tax assets will not be
realized.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BRIGHT
                                            GREEN CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to the Condensed Financial Statements (Unaudited)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the Three Months and Six Months Ended June 30, 2022 and 2021</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in United States Dollars)</span></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Summary of Significant Accounting Policies (continued)</span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">G.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Income Taxes (continued)</span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
ASC 740, a tax position is recognized as a benefit only if it is &#8220;more likely than not&#8221; that the tax position would be sustained
in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that
is greater than 50% likely of being realized on examination. For tax positions not meeting the &#8220;more likely than not&#8221; test,
no tax benefit is recorded. The Company has no material uncertain tax positions for any of the reporting periods presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_845_eus-gaap--EarningsPerSharePolicyTextBlock_zk4jhtLhN0Yb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">H.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_862_zq1tGzKiwmH4">Basic and Diluted Earnings (Loss) per share</span></span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
earnings (loss) per share is calculated using the weighted average number of common shares outstanding during the period. The dilutive
effect on earnings per share is calculated, presuming the exercise of outstanding options, warrants and similar instruments. It assumes
that the proceeds of such exercise would be used to repurchase common shares at the average market price during the period. However,
the calculation of diluted loss per share excludes the effects of various conversions and exercise of options and warrants that would
be anti-dilutive.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:SegmentReportingPolicyPolicyTextBlock"><p id="xdx_843_eus-gaap--SegmentReportingPolicyPolicyTextBlock_z3NUGy7bVWd1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">I.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86A_zloBkJfBmD0k">Segment Reporting</span></span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
280-10, &#8220;Disclosures about Segments of an Enterprise and Related Information&#8221;, establishes standards for how public business
enterprises report information about operating segments in the Company&#8217;s condensed financial statements. Operating segments are
components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating
decision-maker in deciding how to allocate resources and in assessing performance. Significantly all of the assets of the Company are
located in the United States of America and the Company is a start-up company as at June 30, 2022 and 2021 and has <span id="xdx_90F_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_dxL_c20220101__20220630_zbKDUIzeLTbc" title="Revenue::XDX::-"><span id="xdx_90F_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_dxL_c20210101__20210630_zk3XLCXlO7Gj" title="::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1213"><span style="-sec-ix-hidden: xdx2ixbrl1214">no</span></span></span></span> revenue. The Company&#8217;s
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BRIGHT
GREEN CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to the Condensed Financial Statements (Unaudited)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
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<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Summary of Significant Accounting Policies (continued)</span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:UseOfEstimates"><p id="xdx_842_eus-gaap--UseOfEstimates_zwMhYtcF2PJ3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">J.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_864_zQ466pEzcKD">Use of Estimates</span></span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of the condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed
financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates
and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that
it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values
of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. This applies in particular
to valuation allowance for deferred tax assets and assignment of the useful lives of property and equipment. The actual results experienced
by the Company may differ materially and adversely from the Company&#8217;s estimates. To the extent there are material differences between
the estimates and the actual results, future results of operations will be affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for stock-based payments in accordance with the provision of ASC 718, which requires that all stock-based payments issued
to acquire goods or services, including grants of employee stock options, be recognized in the statement of operations and comprehensive
loss based on their fair values, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and
revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Compensation expense related to stock-based
awards is recognized over the requisite service period, which is generally the vesting period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for stock-based compensation awards issued to non-employees for services, as prescribed by ASC 718-10, at either the
fair value of the services rendered or the instruments issued in exchange for such services, whichever is more readily determinable,
using the guidelines in ASC 505-50. The Company issues compensatory shares for services including, but not limited to, executive, management,
accounting, operations, corporate communication, financial and administrative consulting services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_847_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zJVAfa87FEf9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">L.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86B_ziejctRcPmEh">Standards, Amendments, and Interpretations Adopted</span></span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
April 2021, The FASB issued ASU 2021-04 to codify the final consensus reached by the Emerging Issues Task Force (EITF) on how an issuer
should account for modifications made to equity-classified written call options (hereafter referred to as a warrant to purchase the issuer&#8217;s
common stock). The guidance in the ASU requires the issuer to treat a modification of an equity-classified warrant that does not cause
the warrant to become liability-classified as an exchange of the original warrant for a new warrant. This guidance applies whether the
modification is structured as an amendment to the terms and conditions of the warrant or as termination of the original warrant and issuance
of a new warrant. This update is effective for annual periods beginning after December 15, 2021, and interim periods withing those periods,
and early adoption is permitted. The Company adopted this accounting policy as of January 1, 2022, which did not significantly impact
its condensed financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BRIGHT
GREEN CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to the Condensed Financial Statements (Unaudited)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the Three Months and Six Months Ended June 30, 2022 and 2021</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in United States Dollars)</span></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;3.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Summary of Significant Accounting Policies (continued)</span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2016, the FASB issued ASU No. 2016-02, Leases. The new standard establishes a right-of-use (ROU) model that requires a lessee
to record a ROU asset and a lease liability on the statement of financial position for all leases with terms longer than 12 months. Leases
will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement
of activities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November 2019, the new standard&#8217;s effective date was delayed one year to fiscal years beginning after December 15, 2020. In June
2020, the FASB issued ASU 2020-05 to defer the effective date of ASU 2016-02, an additional year to fiscal years beginning after December
15, 2021. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered
into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients
available. Although the Company does not have leases as of June 30, 2022, the Company is currently evaluating the impact of its pending
adoption of the new standard on its condensed financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts at each
institution are insured by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) up to $<span id="xdx_90E_eus-gaap--CashFDICInsuredAmount_iI_c20220630_zMeqFsewLYx7" title="Cash FDIC insured amount"><ix:nonFraction name="us-gaap:CashFDICInsuredAmount" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">250,000</ix:nonFraction></span>. The Company had $<span id="xdx_901_eus-gaap--TimeDepositLiabilityAboveUsInsuranceLimit_iI_dxL_c20220630_z1Y7WNoz1mAe" title="Excess of FDIC insured limit::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1228">nil</span></span> and $<span id="xdx_901_eus-gaap--TimeDepositLiabilityAboveUsInsuranceLimit_iI_c20211231_zcBQwphXULrj" title="Excess of FDIC insured limit"><ix:nonFraction name="us-gaap:TimeDepositLiabilityAboveUsInsuranceLimit" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,032,565</ix:nonFraction></span>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BRIGHT
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to the Condensed Financial Statements (Unaudited)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the Three Months and Six Months Ended June 30, 2022 and 2021</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
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<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:MergersAcquisitionsAndDispositionsDisclosuresTextBlock"><p id="xdx_80D_eus-gaap--MergersAcquisitionsAndDispositionsDisclosuresTextBlock_zferFapuQDVj" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_82C_zbget5CghfUk">Merger Transactions</span></span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 28, 2019, the Company entered into a merger agreement with BGGI. Pursuant to the merger agreement, BGGI transferred to the Company
two parcels of land and a greenhouse building having a total net carrying value of $<span id="xdx_908_eus-gaap--SaleOfStockConsiderationReceivedPerTransaction_c20190527__20190528__srt--ConsolidatedEntitiesAxis__custom--BrightGreenGrowInnovationsLlcMember__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember_zOZTto8cqhEb" title="Sale of stock, consideration received per transaction"><ix:nonFraction name="us-gaap:SaleOfStockConsiderationReceivedPerTransaction" contextRef="From2019-05-272019-05-28_custom_BrightGreenGrowInnovationsLlcMember_custom_MergerAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,128,851</ix:nonFraction></span> in exchange for shares of the Company (Note
6). The land transfer consisted of a <span id="xdx_907_eus-gaap--AreaOfLand_iI_uAcre_c20190528__srt--ConsolidatedEntitiesAxis__custom--BrightGreenGrowInnovationsLlcMember__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--GreenHouseMember__srt--StatementGeographicalAxis__stpr--NM_zhwoCuuJ5tKi" title="Transfer of land for shares"><ix:nonFraction name="us-gaap:AreaOfLand" contextRef="AsOf2019-05-28_custom_BrightGreenGrowInnovationsLlcMember_custom_MergerAgreementMember_custom_GreenHouseMember_stpr_NM" format="ixt:numdotdecimal" decimals="INF" unitRef="Acre">70</ix:nonFraction></span>-acre lot with a greenhouse at 1033 George Hanosh Blvd., Grants, New Mexico 87020 and a <span id="xdx_90D_eus-gaap--AreaOfLand_iI_uAcre_c20190528__srt--ConsolidatedEntitiesAxis__custom--BrightGreenGrowInnovationsLlcMember__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__srt--StatementGeographicalAxis__stpr--NM_zQ2lxF57R9B1" title="Transfer of land for shares"><ix:nonFraction name="us-gaap:AreaOfLand" contextRef="AsOf2019-05-28_custom_BrightGreenGrowInnovationsLlcMember_custom_MergerAgreementMember_stpr_NM" format="ixt:numdotdecimal" decimals="INF" unitRef="Acre">40</ix:nonFraction></span>-acre
lot in the City of Grants, New Mexico. The Company assessed that the merger transaction did not qualify as a business combination in
accordance with the provisions of ASC 805. The Company accounted for the merger as an acquisition of assets. Since, under ASC 850, the
merger was considered as a related party transaction by virtue of common ownership and management, the assets transferred to the Company
have been accounted for at historical carrying values of BGGI.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Grants
                                            Greenhouse Growers, Inc. Merger</span></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 30, 2020, the Company entered into a merger agreement with Grants Greenhouse Growers, Inc. (&#8220;GGG&#8221;) (the &#8220;GGG
Merger Agreement&#8221;). Pursuant to the GGG Merger Agreement, GGG was merged into the Company in exchange for <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_pid_c20201028__20201030__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__srt--ConsolidatedEntitiesAxis__custom--GrantsGreehouseGrowersIncMember_zTtiOIo6viUh" title="Stock issued during the period for merger"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" contextRef="From2020-10-282020-10-30_custom_GGGMergerAgreementMember_custom_GrantsGreehouseGrowersIncMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000,000</ix:nonFraction></span> shares of the
Company. GGG had no assets or liabilities, other than the following options agreements:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                            Real Estate Option Agreement dated October 5, 2020, and expiring on December 31, 2021, for
                                            $<span id="xdx_907_eus-gaap--PaymentsForRent_c20210101__20210630__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementOneMember__srt--ConsolidatedEntitiesAxis__custom--GrantsGreehouseGrowersIncMember_zkGWf6qMSxif" title="Real estate monthly payment"><ix:nonFraction name="us-gaap:PaymentsForRent" contextRef="From2021-01-012021-06-30_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementOneMember_custom_GrantsGreehouseGrowersIncMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,500</ix:nonFraction></span> monthly payments up until June 30, 2021, and $<span id="xdx_909_eus-gaap--PaymentsForRent_c20210701__20211231__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementOneMember__srt--ConsolidatedEntitiesAxis__custom--GrantsGreehouseGrowersIncMember_zCZCieo3ZEA2"><ix:nonFraction name="us-gaap:PaymentsForRent" contextRef="From2021-07-012021-12-31_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementOneMember_custom_GrantsGreehouseGrowersIncMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,750</ix:nonFraction></span> monthly payments from July 1,
                                            2021 to December 31, 2021, with a one-year extension starting on January 1, 2022 for $<span id="xdx_90F_eus-gaap--PaymentsForRent_c20220101__20220101__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementOneMember__srt--ConsolidatedEntitiesAxis__custom--GrantsGreehouseGrowersIncMember_zTk94feGAm2d" title="Rental for real estate"><ix:nonFraction name="us-gaap:PaymentsForRent" contextRef="From2022-01-012022-01-01_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementOneMember_custom_GrantsGreehouseGrowersIncMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,000</ix:nonFraction></span>
                                            monthly payments, with the option to purchase <span id="xdx_907_eus-gaap--AreaOfLand_iI_uAcre_c20220101__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementOneMember__srt--ConsolidatedEntitiesAxis__custom--GrantsGreehouseGrowersIncMember_z9sTZWw74458" title="Area of land"><ix:nonFraction name="us-gaap:AreaOfLand" contextRef="AsOf2022-01-01_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementOneMember_custom_GrantsGreehouseGrowersIncMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Acre">330</ix:nonFraction></span> acres for $<span id="xdx_902_ecustom--PurchasePriceOptionOfLand_iI_pid_c20220101__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementOneMember__srt--ConsolidatedEntitiesAxis__custom--GrantsGreehouseGrowersIncMember_zrauQp4w6p18" title="Price per acre"><ix:nonFraction name="BGXX:PurchasePriceOptionOfLand" contextRef="AsOf2022-01-01_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementOneMember_custom_GrantsGreehouseGrowersIncMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,000</ix:nonFraction></span> per acre.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                            Real Estate Option Agreement dated October 21, 2020, and expiring on December 31, 2021, for
                                            $<span id="xdx_90A_eus-gaap--PaymentsForRent_c20201021__20201021__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementTwoMember__srt--ConsolidatedEntitiesAxis__custom--GrantsGreehouseGrowersIncMember_zVfsORzuBZk8"><ix:nonFraction name="us-gaap:PaymentsForRent" contextRef="From2020-10-212020-10-21_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementTwoMember_custom_GrantsGreehouseGrowersIncMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,000</ix:nonFraction></span> monthly payments, with a one-year extension starting on January 1, 2022 for $<span id="xdx_90D_eus-gaap--PaymentsForRent_c20220101__20220101__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementTwoMember__srt--ConsolidatedEntitiesAxis__custom--GrantsGreehouseGrowersIncMember_zsMhYNdqp2yd"><ix:nonFraction name="us-gaap:PaymentsForRent" contextRef="From2022-01-012022-01-01_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementTwoMember_custom_GrantsGreehouseGrowersIncMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,500</ix:nonFraction></span>
                                            monthly payments, with the option to purchase <span id="xdx_905_eus-gaap--AreaOfLand_iI_uAcre_c20220101__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementTwoMember__srt--ConsolidatedEntitiesAxis__custom--GrantsGreehouseGrowersIncMember_zB2y8GpoqXM8"><ix:nonFraction name="us-gaap:AreaOfLand" contextRef="AsOf2022-01-01_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementTwoMember_custom_GrantsGreehouseGrowersIncMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Acre">175</ix:nonFraction></span> acres for $<span id="xdx_905_ecustom--PurchasePriceOptionOfLand_iI_c20220101__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementTwoMember__srt--ConsolidatedEntitiesAxis__custom--GrantsGreehouseGrowersIncMember_zPV6ELe3vJad"><ix:nonFraction name="BGXX:PurchasePriceOptionOfLand" contextRef="AsOf2022-01-01_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementTwoMember_custom_GrantsGreehouseGrowersIncMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,000</ix:nonFraction></span> per acre.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company assessed that the merger transaction did not qualify as a business combination in accordance with the provisions of ASC 805.
The Company accounted for the merger as an acquisition of assets. The asset acquisition was accounted for at the fair value of the options
agreement of $<span id="xdx_907_eus-gaap--FairValueOfAssetsAcquired_c20220101__20220630__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementMember__us-gaap--ValuationTechniqueAxis__custom--BlackScholesModelMember_zSBByYHe0Jte" title="Fair value of asset acquired"><ix:nonFraction name="us-gaap:FairValueOfAssetsAcquired" contextRef="From2022-01-012022-06-30_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementMember_custom_BlackScholesModelMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">103,837</ix:nonFraction></span> determined using the Black Scholes Model with assumptions including current market price of land of $<span id="xdx_900_ecustom--PurchasePriceOptionOfLand_iI_pid_c20220630__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementMember__us-gaap--ValuationTechniqueAxis__custom--BlackScholesModelMember_zYfMwrCgpg8g" title="Price of land per acre"><ix:nonFraction name="BGXX:PurchasePriceOptionOfLand" contextRef="AsOf2022-06-30_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementMember_custom_BlackScholesModelMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,000</ix:nonFraction></span> per
acre, exercise price of option of $<span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_c20220101__20220630__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementMember__us-gaap--ValuationTechniqueAxis__custom--BlackScholesModelMember_zSMVFAETCZjh" title="Exercise price of option"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2022-01-012022-06-30_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementMember_custom_BlackScholesModelMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,000</ix:nonFraction></span> per acre, dividend yield of <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20220101__20220630__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementMember__us-gaap--ValuationTechniqueAxis__custom--BlackScholesModelMember_zzYpOUviqKSb" title="Expected dividend yield"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2022-01-012022-06-30_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementMember_custom_BlackScholesModelMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.00</ix:nonFraction></span>%, risk free rate for term of <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20220101__20220630__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementMember__us-gaap--ValuationTechniqueAxis__custom--BlackScholesModelMember_zVFBLes9Ty8e" title="Risk free rate"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2022-01-012022-06-30_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementMember_custom_BlackScholesModelMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.15</ix:nonFraction></span>%, volatility <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20220101__20220630__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementMember__us-gaap--ValuationTechniqueAxis__custom--BlackScholesModelMember_zrYQllHR1Lci" title="Expected volatility rate"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2022-01-012022-06-30_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementMember_custom_BlackScholesModelMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">28.4</ix:nonFraction></span>% and years
remaining in the range of <span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20220101__20220630__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementMember__us-gaap--ValuationTechniqueAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MinimumMember_z6Ky7e0Ph09b" title="Expected term"><ix:nonNumeric contextRef="From2022-01-012022-06-30_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementMember_custom_BlackScholesModelMember_srt_MinimumMember" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">2.19</ix:nonNumeric></span> to <span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20220101__20220630__us-gaap--TypeOfArrangementAxis__custom--GGGMergerAgreementMember__us-gaap--RealEstatePropertiesAxis__custom--RealEstateOptionAgreementMember__us-gaap--ValuationTechniqueAxis__custom--BlackScholesModelMember__srt--RangeAxis__srt--MaximumMember_zZgiohOK6Eha"><ix:nonNumeric contextRef="From2022-01-012022-06-30_custom_GGGMergerAgreementMember_custom_RealEstateOptionAgreementMember_custom_BlackScholesModelMember_srt_MaximumMember" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">2.24</ix:nonNumeric></span> years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021 and 2020, management has assessed the value of these options to be impaired due to uncertainty surrounding their
recoverability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 117; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BRIGHT
                                            GREEN CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to the Condensed Financial Statements (Unaudited)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the Three Months and Six Months Ended June 30, 2022 and 2021</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in United States Dollars)</span></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Merger Transactions (continued)</span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Naseeb,
                                            Inc. Merger</span></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 10, 2020, the Company entered into a merger agreement with Naseeb, Inc. (&#8220;Naseeb&#8221;) and the sole shareholder of Naseeb,
who is also a shareholder and Chairman of the Company. Pursuant to the Naseeb merger agreement, Naseeb was merged into the Company in
exchange for <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_pid_c20201109__20201110__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__srt--ConsolidatedEntitiesAxis__custom--NaseebIncMember_zkZo2enYQRFe" title="Stock issued during the period for Merger"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" contextRef="From2020-11-092020-11-10_custom_MergerAgreementMember_custom_NaseebIncMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000,000</ix:nonFraction></span> shares of the Company. Naseeb transferred to the Company their assistance that was used by the Company towards
obtaining the following licenses and patents to the Company:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
                                            Mexico Hemp License: Industrial Hemp is an agricultural plant that uses all the byproducts
                                            of the plant such as seeds and twigs in the production of hemp seed, hemp fiber, and other
                                            eco-friendly products.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
Mexico Board of Pharmacy Schedule 1 Bulk Manufacturers License: Securing the license was required as part of the application and consideration
for a federal license. Additionally, being licensed as a Schedule 1 Bulk Manufacturer allows the Company to develop and distribute Schedule
1 drugs; an authorization precedent to the ability to grow, extract and distribute other cannabidiols, such as CBG and CBN. Moreover,
with this license, the Company is exempt from the restrictions generally applicable to the cannabis industry, such as plant count and
per plant taxes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Federal
                                            Medical Marijuana License: The Company has a formal agreement with the Drug Enforcement Administration
                                            for the construction and operation of a federally licensed agricultural center to grow and
                                            distribute marijuana, or its chemical constituents, supplying legitimate researchers in the
                                            United States.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patents:
                                            The patents held by the Company provide innovative medical therapies to a wide range of conditions.
                                            These patents can be sold, licensed, or directly marketed as clinical trials are conducted
                                            and approved by the FDA.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company assessed that the merger transaction did not qualify as a business combination in accordance with the provisions of ASC 805.
The Company accounted for the merger as an acquisition of assets. Since, under ASC 850, the merger was considered as a related party
transaction by virtue of common ownership and management, the assets transferred to the Company have been accounted for at historical
cost of Naseeb of $<span id="xdx_907_eus-gaap--AssetAcquisitionConsiderationTransferredOtherAssets_c20220101__20220630__dei--LegalEntityAxis__custom--NaseebIncMember_zX5vJL7lfH61" title="Asset acquisition consideration transferred amount"><ix:nonFraction name="us-gaap:AssetAcquisitionConsiderationTransferredOtherAssets" contextRef="From2022-01-012022-06-30_custom_NaseebIncMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,000</ix:nonFraction></span> (Note 7).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_80A_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_z4wwe5mDxEDa" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_821_zj2xx6emWspj">Property, Plant, and Equipment</span></span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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It is being retrofitted for growing, processing and distribution of medicinal plants, including marijuana, for medical researchers licensed
by the Drug Enforcement Administration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 118; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BRIGHT
                                            GREEN CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to the Condensed Financial Statements (Unaudited)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the Three Months and Six Months Ended June 30, 2022 and 2021</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in United States Dollars)</span></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Property, Plant, and Equipment (continued)</span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_891_eus-gaap--PropertyPlantAndEquipmentTextBlock_zVWuSkUqVxxj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BC_zdNa1PFMmzhd" style="display: none">Schedule
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.5in">
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_49F_20220630_zDhKnFuiyiug" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_490_20211231_zkMFBKx36BOl" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_401_eus-gaap--FurnitureAndFixturesGross_iI_maPPAEGzv61_zOp8sQCy1OJl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40D_eus-gaap--Land_iI_maPPAEGzv61_zp0SvVGwYS2a" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_408_eus-gaap--BuildingsAndImprovementsGross_iI_maPPAEGzv61_zq5xaG3Vwoe3" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Building and improvement</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:BuildingsAndImprovementsGross" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,883,851</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-size: 11pt"><span style="display: none; font-family: Times New Roman, Times, Serif">Property, plant, and equipment gross</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Accumulated depreciation</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENzAvU_zw9ZjP3kMxz8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net property, plant, and
    equipment</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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</ix:nonNumeric><p id="xdx_8A0_z1ZtjF0cClM8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:IntangibleAssetsDisclosureTextBlock"><p id="xdx_804_eus-gaap--IntangibleAssetsDisclosureTextBlock_zOMek2NyLuw6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_826_z4JRqGOP19uc">Intangible Assets</span></span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:ScheduleOfImpairedIntangibleAssetsTextBlock"><p id="xdx_891_eus-gaap--ScheduleOfImpairedIntangibleAssetsTextBlock_zNtsU05dtedd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets at June 30, 2022 and December 31, 2021, consisted of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BE_zcUvWxqBawQ3" style="display: none">Schedule
of Intangible Assets</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.5in">
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_493_20220630_zyrPP4zFIBS2" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_49B_20211231_z4niZWtJHPCc" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June
    30, 2022</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31, 2021</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--FiniteLivedLicenseAgreementsGross_iI_maIANEGzAKK_zSZlTMcXTyCh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Licenses (Note 5)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FiniteLivedLicenseAgreementsGross" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,000</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FiniteLivedLicenseAgreementsGross" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,000</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_msIANEGzAKK_zEiL13M4TIYh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accumulated amortization</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1310">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1311">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iTI_maAzyIt_mtIANEGzAKK_zhIymYGGnAr5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net intangible assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IntangibleAssetsNetExcludingGoodwill" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IntangibleAssetsNetExcludingGoodwill" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</p>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="BGXX:RelatedPartyLineOfCreditTextBlock"><p id="xdx_80F_ecustom--RelatedPartyLineOfCreditTextBlock_zvDNKCQ9X2Fj" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_82C_zoan3wlblPfd">Related Party Line of Credit</span></span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 5, 2022, the Company and LDS Capital LLC (&#8220;Lender&#8221;), whose managing member is a member of the board of directors, entered into an
unsecured line of credit in the form of a note (the &#8220;June Note&#8221;). The Note provides that the Company may borrow up to $<span id="xdx_90D_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn5n6_c20220605__us-gaap--CreditFacilityAxis__custom--UnsecuredLineOfCreditMember__us-gaap--LineOfCreditFacilityAxis__custom--LDSCapitalLLCMember_z6ibnIfGIWfj" title="Line of credit facility, maximum borrowing amount"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2022-06-05_custom_UnsecuredLineOfCreditMember_custom_LDSCapitalLLCMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">5.0</ix:nonFraction></span>
million, including an initial loan in the amount of $<span id="xdx_90C_eus-gaap--LineOfCreditFacilityCurrentBorrowingCapacity_iI_pn5n6_c20220605__us-gaap--CreditFacilityAxis__custom--UnsecuredLineOfCreditMember__us-gaap--LineOfCreditFacilityAxis__custom--LDSCapitalLLCMember_zYVHuYwOXpb8" title="Line of credit loan amount"><ix:nonFraction name="us-gaap:LineOfCreditFacilityCurrentBorrowingCapacity" contextRef="AsOf2022-06-05_custom_UnsecuredLineOfCreditMember_custom_LDSCapitalLLCMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.0</ix:nonFraction></span> million, through <span id="xdx_90C_eus-gaap--LineOfCreditFacilityExpirationDate1_dd_c20220605__20220605__us-gaap--CreditFacilityAxis__custom--UnsecuredLineOfCreditMember__us-gaap--LineOfCreditFacilityAxis__custom--LDSCapitalLLCMember_zdhNS4So0wd4" title="Maturity date"><ix:nonNumeric contextRef="From2022-06-052022-06-05_custom_UnsecuredLineOfCreditMember_custom_LDSCapitalLLCMember" format="ixt:datemonthdayyearen" name="us-gaap:LineOfCreditFacilityExpirationDate1">June 4, 2025</ix:nonNumeric></span> (the &#8220;June Note Maturity Date&#8221;) from
Lender. Lender has committed to fund to the Company $<span id="xdx_906_eus-gaap--LineOfCreditFacilityCurrentBorrowingCapacity_iI_pn5n6_c20220630__us-gaap--CreditFacilityAxis__custom--UnsecuredLineOfCreditMember__us-gaap--LineOfCreditFacilityAxis__custom--LDSCapitalLLCMember_zNRLHTWXAJi4"><ix:nonFraction name="us-gaap:LineOfCreditFacilityCurrentBorrowingCapacity" contextRef="AsOf2022-06-30_custom_UnsecuredLineOfCreditMember_custom_LDSCapitalLLCMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.0</ix:nonFraction></span> million under the June Note by June 30, 2022. As of June 30, 2022, the Lender
has funded the Company $<span id="xdx_903_eus-gaap--IncreaseDecreaseInSecuritiesLendingPayable_pn5n6_c20220630__20220630__us-gaap--CreditFacilityAxis__custom--UnsecuredLineOfCreditMember__us-gaap--LineOfCreditFacilityAxis__custom--LDSCapitalLLCMember_zhURjqMcrBik" title="Lender committed funds"><ix:nonFraction name="us-gaap:IncreaseDecreaseInSecuritiesLendingPayable" contextRef="From2022-06-302022-06-30_custom_UnsecuredLineOfCreditMember_custom_LDSCapitalLLCMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.0</ix:nonFraction></span> million. The remaining $<span id="xdx_908_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_pn5n6_c20220726__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--CreditFacilityAxis__custom--UnsecuredLineOfCreditMember__us-gaap--LineOfCreditFacilityAxis__custom--LDSCapitalLLCMember_zxrCsLx9Pf46" title="Remaining line of credit facility"><ix:nonFraction name="us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity" contextRef="AsOf2022-07-26_us-gaap_SubsequentEventMember_custom_UnsecuredLineOfCreditMember_custom_LDSCapitalLLCMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.0</ix:nonFraction></span> million was funded on July 26, 2022 (Note 12). Prior to the June Note Maturity
Date, the Company may borrow up to an additional $<span id="xdx_90C_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn5n6_c20220630__us-gaap--CreditFacilityAxis__custom--UnsecuredLineOfCreditMember__us-gaap--LineOfCreditFacilityAxis__custom--LDSCapitalLLCMember_zAccW2iPhopd" title="Line of credit facility, maximum borrowing amount"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2022-06-30_custom_UnsecuredLineOfCreditMember_custom_LDSCapitalLLCMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.0</ix:nonFraction></span> million under the June Note, at Lender&#8217;s sole discretion, and subject to
the Company&#8217;s request of such additional funds form Lender (each loan furnished under the June Note individually, a &#8220;Loan,&#8221;
and collectively, the &#8220;Loans&#8221;). The Company has the right, but not the obligation, to prepay any Loan, in whole or in part,
prior to the June Note Maturity Date. Interest on the unpaid principal amount of any Loan accrues through the earlier of the June Note
Maturity Date or the date of prepayment on such Loan, at a rate of <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20220605__us-gaap--CreditFacilityAxis__custom--UnsecuredLineOfCreditMember__us-gaap--VariableRateAxis__us-gaap--PrimeRateMember__us-gaap--LineOfCreditFacilityAxis__custom--LDSCapitalLLCMember_z1stasM5LRBe" title="Interest rate stated percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2022-06-05_custom_UnsecuredLineOfCreditMember_us-gaap_PrimeRateMember_custom_LDSCapitalLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2</ix:nonFraction></span>% per annum plus the Prime Rate (the rate of interest per annum announced
from time to time by JPMorgan Chase Bank as its prime rate). If the principal and interest, if any, of any Loan is not paid in full on
the Maturity Date, additional penalty interest will accrue on such Loan in the amount of <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20220605__us-gaap--CreditFacilityAxis__custom--UnsecuredLineOfCreditMember__us-gaap--LineOfCreditFacilityAxis__custom--LDSCapitalLLCMember_zvP7YzqlF3O"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2022-06-05_custom_UnsecuredLineOfCreditMember_custom_LDSCapitalLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2</ix:nonFraction></span>% per annum.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<ix:exclude><!-- Field: Page; Sequence: 119; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<br/></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_80E_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zyWf5IAfVvFd" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_827_zVUQp3pxRLPl">Stockholders&#8217; Equity</span></span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has authorized <span id="xdx_90B_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20220630_zjycPI72DnPd" title="Common stock, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000,000</ix:nonFraction></span>
shares of $<span id="xdx_908_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20220630_zfrervfCfWsh" title="Common stock, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span>
par value common stock and <span id="xdx_90F_eus-gaap--PreferredStockSharesAuthorized_iI_c20220630_zOJ6WDTbbJXd" title="Preferred stock, shares authorized"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000,000</ix:nonFraction></span>
shares of $<span id="xdx_906_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20220630_zyNHYj9G9N7g" title="Preferred stock, par value"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span>
par value preferred stock. As of June 30, 2022 and December 31, 2021, there were <span id="xdx_902_eus-gaap--CommonStockSharesIssued_iI_c20220630_z9CmKeSYCbP6" title="Common stock, shares issued"><span id="xdx_900_eus-gaap--CommonStockSharesOutstanding_iI_c20220630_zBV0erDiM1Z5" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">159,818,490</ix:nonFraction></ix:nonFraction></span></span>
and <span id="xdx_90E_eus-gaap--CommonStockSharesIssued_iI_c20211231_znCi1Y8tKorj" title="Common stock, shares issued"><span id="xdx_900_eus-gaap--CommonStockSharesOutstanding_iI_c20211231_zWsl5m6X1QQ4" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">157,544,500</ix:nonFraction></ix:nonFraction></span></span>,
respectively, of shares of common stock issued and outstanding. The Company has not issued any preferred shares to date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the six months ended June 30, 2022, the Company issued the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220101__20220630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--OneAccreditedInvestorMember_zysU1lzN57ql" title="Issuance of shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-01-012022-06-30_us-gaap_CommonStockMember_custom_OneAccreditedInvestorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">12,500</ix:nonFraction></span>
                                            shares of common stock at a purchase price of $<span id="xdx_900_eus-gaap--SharesIssuedPricePerShare_iI_c20220630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--OneAccreditedInvestorMember_zs7hk5yBXZhb" title="Issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2022-06-30_us-gaap_CommonStockMember_custom_OneAccreditedInvestorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">4.00</ix:nonFraction></span> per share, for gross cash proceeds of
                                            $<span id="xdx_902_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20220101__20220630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--OneAccreditedInvestorMember_zGADNtBhcc09" title="Issuance or sale of equity"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2022-01-012022-06-30_us-gaap_CommonStockMember_custom_OneAccreditedInvestorMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,000</ix:nonFraction></span>, to one accredited investor in January 2022;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20220101__20220630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_ziephV81rvzd" title="Issuance of service, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2022-01-012022-06-30_us-gaap_CommonStockMember_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction></span>
                                            shares of common stock for services rendered, at a fair value of $<span id="xdx_90E_eus-gaap--SharesIssuedPricePerShare_iI_pp0p0_c20220630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_z7gAr1ECk66e" title="Issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2022-06-30_us-gaap_CommonStockMember_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USDPShares">4.00</ix:nonFraction></span> per share determined
                                            using the per share purchase price of the latest $<span id="xdx_90B_eus-gaap--SharesIssuedPricePerShare_iI_pp0p0_c20220630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zSd84X8nqxml" title="Issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2022-06-30_us-gaap_CommonStockMember_us-gaap_PrivatePlacementMember_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USDPShares">4.00</ix:nonFraction></span> private placement Round, to the Chief
                                            Financial Officer of the Company, in April 2022;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20220101__20220630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--DirectorsMember_z0aG5bdwCwR" title="Issuance of service, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2022-01-012022-06-30_us-gaap_CommonStockMember_custom_DirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000</ix:nonFraction></span>
                                            shares of common stock that were issued in January 2021 to a director of the Company, for
                                            services valued at $<span id="xdx_909_eus-gaap--SharesIssuedPricePerShare_iI_c20220630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--DirectorsMember_zVCCGDZDj0Vi" title="Issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2022-06-30_us-gaap_CommonStockMember_custom_DirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.00</ix:nonFraction></span> per share determined using the per share purchase price of the $<span id="xdx_90A_eus-gaap--SharesIssuedPricePerShare_iI_c20220630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--DirectorsMember_znkbOiKU5cP9" title="Issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2022-06-30_us-gaap_CommonStockMember_custom_DirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.00</ix:nonFraction></span>
                                            Round, were cancelled in April 2022;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220101__20220630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--TwoAccreditedInvestorMember_z655YxMwxCJ1" title="Issuance of service, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-01-012022-06-30_us-gaap_CommonStockMember_custom_TwoAccreditedInvestorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">300,000</ix:nonFraction></span>
                                            shares of common stock at a purchase price of $<span id="xdx_90D_eus-gaap--SharesIssuedPricePerShare_iI_c20220630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--TwoAccreditedInvestorMember_zLE1tySbBmfc" title="Issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2022-06-30_us-gaap_CommonStockMember_custom_TwoAccreditedInvestorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span> per share, for gross cash proceeds of
                                            $<span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_c20220101__20220630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--TwoAccreditedInvestorMember_zPMPAJpfkmGd" title="Issuance of value"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueIssuedForServices" contextRef="From2022-01-012022-06-30_us-gaap_CommonStockMember_custom_TwoAccreditedInvestorMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,000,000</ix:nonFraction></span>, to two accredited investors in May 2022; </span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20220101__20220630__srt--TitleOfIndividualAxis__custom--AdvisorMember_zJ9zBpcAofB2" title="Number of shares issued for services"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2022-01-012022-06-30_custom_AdvisorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,574,490</ix:nonFraction></span> shares of common stock for services rendered in connection with the Direct Listing to the Company&#8217;s
advisor, or its permitted designees, <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">contemporaneous
with the Direct Listing and consistent with the direct listing price</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
$<span id="xdx_90E_eus-gaap--SharesIssuedPricePerShare_iI_c20220630__srt--TitleOfIndividualAxis__custom--AdvisorMember_zOMMM5sKvfFe" title="Share price of shares issued"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2022-06-30_custom_AdvisorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">8.00</ix:nonFraction></span> per share in June 2022; and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220101__20220630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--ConsultantsMember_zzXUS4xokuz" title="Issuance of shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-01-012022-06-30_us-gaap_CommonStockMember_custom_ConsultantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">108,000</ix:nonFraction></span>
                                            shares of common stock that were issued in June 2019 to a consultant of the Company (Note
                                            11), for services valued at $<span id="xdx_90F_eus-gaap--SharesIssuedPricePerShare_iI_c20220630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--ConsultantsMember_zTMiMwIQWinh" title="Issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2022-06-30_us-gaap_CommonStockMember_custom_ConsultantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.069</ix:nonFraction></span> per share determined using an asset approach, were cancelled
                                            in June 2022.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the six months ended June 30, 2021, the Company issued the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210101__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--TwentyEightAccreditedMember_zoBgrVH4uEE6" title="Issuance of shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-012021-06-30_us-gaap_CommonStockMember_custom_TwentyEightAccreditedMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">869,000</ix:nonFraction></span>
                                            shares of common stock at a purchase price of $<span id="xdx_901_eus-gaap--SharesIssuedPricePerShare_iI_c20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--TwentyEightAccreditedMember_zzwtGGCR6kXh" title="Issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-06-30_us-gaap_CommonStockMember_custom_TwentyEightAccreditedMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.00</ix:nonFraction></span> per share, for gross cash proceed of
                                            $<span id="xdx_905_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20210101__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--TwentyEightAccreditedMember_z7iTaCdhqnba" title="Issuance of value"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2021-01-012021-06-30_us-gaap_CommonStockMember_custom_TwentyEightAccreditedMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,738,000</ix:nonFraction></span> to twenty-eight accredited investors between January 2021 and June 2021, with
                                            (i) <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210101__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--TwentyEightAccreditedMember__us-gaap--AwardDateAxis__custom--JanuaryTwentyTwentyOneMember_zIkPIAE5SWC3" title="Issuance of shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-012021-06-30_us-gaap_CommonStockMember_custom_TwentyEightAccreditedMember_custom_JanuaryTwentyTwentyOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">184,000</ix:nonFraction></span> shares issued in January 2021, which includes the <span id="xdx_90F_ecustom--StockIssuedDuringPeriodSharesNewIssued_c20210101__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--TwentyEightAccreditedMember_zWjXDjVDUXEe" title="Shares issued for cash proceeds"><ix:nonFraction name="BGXX:StockIssuedDuringPeriodSharesNewIssued" contextRef="From2021-01-012021-06-30_us-gaap_CommonStockMember_custom_TwentyEightAccreditedMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">69,000</ix:nonFraction></span> shares issued for cash
                                            proceeds of $<span id="xdx_909_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20210101__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--TwentyEightAccreditedMember__us-gaap--AwardDateAxis__custom--DecemberTwentyTwentyMember_zri1gkBkaHt3" title="Issuance of value"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2021-01-012021-06-30_us-gaap_CommonStockMember_custom_TwentyEightAccreditedMember_custom_DecemberTwentyTwentyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">138,000</ix:nonFraction></span> received as of December 31, 2020, (ii) <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210101__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--TwentyEightAccreditedMember__us-gaap--AwardDateAxis__custom--MarchTwentyTwentyOneMember_z40A25LDv106" title="Issuance of shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-012021-06-30_us-gaap_CommonStockMember_custom_TwentyEightAccreditedMember_custom_MarchTwentyTwentyOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100,000</ix:nonFraction></span> shares issued in March
                                            2021, (iii) <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210101__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--TwentyEightAccreditedMember__us-gaap--AwardDateAxis__custom--MayTwentyTwentyOneMember_zsOX94jyigd" title="Issuance of shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-012021-06-30_us-gaap_CommonStockMember_custom_TwentyEightAccreditedMember_custom_MayTwentyTwentyOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">335,000</ix:nonFraction></span> shares issued in May 2021, which includes the <span id="xdx_90A_ecustom--StockIssuedDuringPeriodSharesNewIssuesOne_c20210101__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--TwentyEightAccreditedMember__us-gaap--AwardDateAxis__custom--MayTwentyTwentyOneMember_zM2zVTaBVPk7" title="Issuance of shares"><ix:nonFraction name="BGXX:StockIssuedDuringPeriodSharesNewIssuesOne" contextRef="From2021-01-012021-06-30_us-gaap_CommonStockMember_custom_TwentyEightAccreditedMember_custom_MayTwentyTwentyOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000</ix:nonFraction></span> shares issued for
                                            cash proceeds of $<span id="xdx_905_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20210101__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--TwentyEightAccreditedMember__us-gaap--AwardDateAxis__custom--MayTwentyTwentyOneMember_zn7VGVXPhoo7" title="Issuance of value"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2021-01-012021-06-30_us-gaap_CommonStockMember_custom_TwentyEightAccreditedMember_custom_MayTwentyTwentyOneMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,000</ix:nonFraction></span> to be received, and (iv) <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210101__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--TwentyEightAccreditedMember__us-gaap--AwardDateAxis__custom--JuneTwentyTwentyOneMember_zBdUL8aserx1" title="Issuance of shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-012021-06-30_us-gaap_CommonStockMember_custom_TwentyEightAccreditedMember_custom_JuneTwentyTwentyOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">250,000</ix:nonFraction></span> shares issued in June 2021;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20210101__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--FiveConsultantsMember_zs5Qfn76Izh7" title="Issuance of service, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2021-01-012021-06-30_us-gaap_CommonStockMember_custom_FiveConsultantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,000</ix:nonFraction></span>
                                            shares of common stock for services rendered, at a fair value of $<span id="xdx_909_eus-gaap--SharesIssuedPricePerShare_iI_c20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--FiveConsultantsMember_zIoTvN37LVgd" title="Issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-06-30_us-gaap_CommonStockMember_custom_FiveConsultantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.00</ix:nonFraction></span> per share determined
                                            using the per share purchase price of the $<span id="xdx_90D_eus-gaap--SharesIssuedPricePerShare_iI_c20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--FiveConsultantsMember_zsJlLobF8Bmk" title="Issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-06-30_us-gaap_CommonStockMember_custom_FiveConsultantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.00</ix:nonFraction></span> Round, to five consultants, with (i) <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20210101__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--FiveConsultantsMember__us-gaap--AwardDateAxis__custom--JanuaryTwentyTwentyOneMember_z5RiQnUzpAs1" title="Issuance of service, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2021-01-012021-06-30_us-gaap_CommonStockMember_custom_FiveConsultantsMember_custom_JanuaryTwentyTwentyOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000</ix:nonFraction></span>
                                            shares issued in January 2021 and (ii) <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210101__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--FiveConsultantsMember__us-gaap--AwardDateAxis__custom--MayTwentyTwentyOneMember_z3M3J01UZm79" title="Issuance of shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-012021-06-30_us-gaap_CommonStockMember_custom_FiveConsultantsMember_custom_MayTwentyTwentyOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">15,000</ix:nonFraction></span> shares issued in May 2021;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20210101__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--ThreeDirectorsMember_zi29B68DZqih" title="Issuance of service, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2021-01-012021-06-30_us-gaap_CommonStockMember_custom_ThreeDirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">40,000</ix:nonFraction></span>
                                            shares of common stock for services rendered, at a fair value of $<span id="xdx_901_eus-gaap--SharesIssuedPricePerShare_iI_c20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--ThreeDirectorsMember_z9Vokgs6BoVc" title="Issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-06-30_us-gaap_CommonStockMember_custom_ThreeDirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.00</ix:nonFraction></span> per share determined
                                            using the per share purchase price of the $<span id="xdx_904_eus-gaap--SharesIssuedPricePerShare_iI_c20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--ThreeDirectorsMember_zMs0k5EvyPq8" title="Issued price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-06-30_us-gaap_CommonStockMember_custom_ThreeDirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.00</ix:nonFraction></span> Round, to three directors of the Company,
                                            with (i) <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20210101__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--ThreeDirectorsMember__us-gaap--AwardDateAxis__custom--JanuaryTwentyTwentyOneMember_zonc73HWkuz7" title="Issuance of service, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2021-01-012021-06-30_us-gaap_CommonStockMember_custom_ThreeDirectorsMember_custom_JanuaryTwentyTwentyOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000</ix:nonFraction></span> shares issued in January 2021 and (ii) <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20210101__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--ThreeDirectorsMember__us-gaap--AwardDateAxis__custom--FebruaryTwentyTwentyOneMember_zlNfrHiIgeT6" title="Issuance of service, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2021-01-012021-06-30_us-gaap_CommonStockMember_custom_ThreeDirectorsMember_custom_FebruaryTwentyTwentyOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">30,000</ix:nonFraction></span> shares issued in February 2021.<br/></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<ix:exclude><!-- Field: Page; Sequence: 120; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_803_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_ztoWzvZAFJx3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_82B_zNNZeMhyHAji">Related Party Transactions</span></span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than the transactions disclosed elsewhere in the condensed financial statements, the following are the other significant related party
transactions and balances:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2022 and December 31, 2021, the due to related party balance totaled $<span id="xdx_901_eus-gaap--DueToOfficersOrStockholdersCurrent_iI_pp0p0_c20220630_zTPyhST4U9mi" title="Due to related party"><span id="xdx_908_eus-gaap--DueToOfficersOrStockholdersCurrent_iI_pp0p0_c20211231_z4FOQ1lcqaUb" title="Due to related party"><ix:nonFraction name="us-gaap:DueToOfficersOrStockholdersCurrent" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="us-gaap:DueToOfficersOrStockholdersCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">392,194</ix:nonFraction></ix:nonFraction></span></span>. The balance represents advances from the majority
shareholder for payment of Company expenses. The amount is unsecured, non-interest bearing with no terms of repayment. The shareholder
has agreed in writing that no payment will be required by the Company to the lender prior to January 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included
in common stock issued for services during the six months ended June 30, 2022, were <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20220101__20220630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zLoQpgq0FA49" title="Issuance of shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2022-01-012022-06-30_us-gaap_CommonStockMember_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction></span> shares of common stock issued to the Chief
Financial Officer of the Company (Note 9).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included
in common stock issued for services during the six months ended June 30, 2021, were <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20210101__20210630__srt--TitleOfIndividualAxis__custom--ThreeDirectorsMember_zVGYID6XBbnl" title="Issuance of service shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2021-01-012021-06-30_custom_ThreeDirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">30,000</ix:nonFraction></span> shares of common stock issued to the three
directors of the Company (Note 9).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2022, $<span id="xdx_90B_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_c20220630__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zNjj37BN3fS7" title="Due to related party"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2022-06-30_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">16,896</ix:nonFraction></span> was due to a company wholly owned by the Company&#8217;s Chief Financial Officer. The amount is included in
accounts payable in the Condensed Balance Sheet.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2022, the outstanding balance on the related party line of credit of $<span id="xdx_90B_eus-gaap--LineOfCredit_iI_c20220630__srt--TitleOfIndividualAxis__custom--BoardMember_zgTDwXVnl858" title="Line of credit"><ix:nonFraction name="us-gaap:LineOfCredit" contextRef="AsOf2022-06-30_custom_BoardMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,004,767</ix:nonFraction></span> was due to a Lender, whose managing member
is a member of the board of directors (Note 8).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:LossContingencyDisclosures"><p id="xdx_80C_eus-gaap--LossContingencyDisclosures_z7p2pZ5tAGu5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_825_z0aaHPh4RER5">Contingencies</span></span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the ordinary course of business, the Company is routinely defendants in, or parties to a number of pending and threatened legal actions
including actions brought on behalf of various classes of claimants. In view of the inherent difficulty of predicting the outcome of
such matters, the Company cannot state what the eventual outcome of such matters will be. Legal provisions are established when it becomes
probable that the Company will incur an expense related to a legal action and the amount can be reliably estimated. Such provisions are
recorded at the best estimate of the amount required to settle any obligation related to these legal actions as at the balance sheet
date, taking into account the risks and uncertainties surrounding the obligation. Management and internal and external experts are involved
in estimating any amounts that may be required. The actual costs of resolving these claims may vary significantly from the amount of
the legal provisions. The Company&#8217;s estimate involves significant judgement, given the varying stages of the proceedings, the fact
that the Company&#8217;s liability, if any, has yet to be determined and the fact that the underlying matters will change from time to
time. Other than as set forth below, the Company is not presently a party to any litigation. The Company is not able to make a reliable
assessment of the potential losses as these matters are at an early stage, accordingly, no amounts have been accrued in the condensed
financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BRIGHT
                                            GREEN CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to the Condensed Financial Statements (Unaudited)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the Three Months and Six Months Ended June 30, 2022 and 2021</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in United States Dollars)</span></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Contingencies (continued)</span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bright
Green Corporation v. John Fikany, State of New Mexico, County of Cibola, Thirteenth Judicial District</i>. In this matter, the Company
filed a complaint for declaratory judgment against the former acting Chief Executive Officer of the <span id="xdx_90C_eus-gaap--OtherCommitmentsDescription_c20220101__20220630_zGG1jMU0Fveh" title="Other commitments description"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="us-gaap:OtherCommitmentsDescription">Bright Green Group of Companies,
an entity unrelated to the Company, to determine if defendant is entitled to 5,000,000 shares of the Company&#8217;s common stock, based
on a failure to fulfill agreed upon conditions precedent to earning such shares from the Company</ix:nonNumeric></span>. Defendant counterclaimed and filed
a third-party claim against a director of the Company, and her spouse, for claims including wrongful termination and breach of contract.
The Company denies defendants allegations and have set forth arguments refuting defendant&#8217;s counterclaims and third-party claims.
The case is in the discovery phase. The</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company
is exploring potential dispositive motions against the counter and third-party claims.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bright
Green Corporation v. Jerry Capussi, State of New Mexico, County of Cibola, Thirteenth Judicial District</i>. In this matter, the Company
and defendant, a former consultant of BGGI, a predecessor to the Company, have each filed claims for declaratory judgment seeking to
determine by court order whether defendant is entitled to (i) shares of common stock in the Company (amounting to no more than 108,000
shares) or (ii) fair market value of defendant&#8217;s equity ownership of BGGI. The lawsuit is in early discovery stages, and the Company
is preparing arguments for a summary judgment motion. There are no claims for specific monetary liability against either party.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_804_eus-gaap--SubsequentEventsTextBlock_zQ6BZo1me3qf" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_827_zvCqYOYROxu9">Subsequent Events</span></span></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s management has evaluated the subsequent events up to August 19, 2022, the date the condensed financial statements were
issued, pursuant to the requirements of ASC 855, and has determined the following constitute material subsequent events:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 26, 2022, pursuant to the related party line of credit agreement by and between the Company and the Lender, dated June 5, 2022,
the Company received $<span id="xdx_90E_eus-gaap--ProceedsFromRelatedPartyDebt_pn5n6_c20220726__20220726__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--CreditFacilityAxis__custom--UnsecuredLineOfCreditMember__us-gaap--LineOfCreditFacilityAxis__custom--LenderMember_zdxekkDcO576"><ix:nonFraction name="us-gaap:ProceedsFromRelatedPartyDebt" contextRef="From2022-07-262022-07-26_us-gaap_SubsequentEventMember_custom_UnsecuredLineOfCreditMember_custom_LenderMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.0</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million from the Lender.</span></p>

</ix:nonNumeric><p id="xdx_815_zGoknVq5KGmg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>PART
II</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>INFORMATION
NOT REQUIRED IN PROSPECTUS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
13. Other Expenses of Issuance and Distribution</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the costs and expenses, other than the underwriting discounts and commissions, payable by the registrant in
connection with the sale of Common Stock being registered. All amounts are estimates except for the SEC registration fee, and the Financial
Industry Regulatory Authority, or FINRA, filing fee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amount to<br/> be paid</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 80%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 16%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC
    registration fee</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,180.66</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
    fees and expenses</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,000.00</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting
    fees and expenses</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,000.00</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Miscellaneous
    fees and expenses</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,819.34</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70,000.00</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
14. Indemnification of Directors and Officers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are incorporated under the laws of the State of Delaware. Section 145 of the Delaware General Corporation Law (&#8220;DGCL&#8221;) provides
that a Delaware corporation may indemnify any persons who are, or are threatened to be made, parties to any threatened, pending, or completed
action, suit, or proceeding, whether civil, criminal, administrative, or investigative (other than an action by or in the right of such
corporation), by reason of the fact that such person was an officer, director, employee, or agent of such corporation, or is or was serving
at the request of such person as an officer, director, employee, or agent of another corporation or enterprise. The indemnity may include
expenses (including attorneys&#8217; fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred by such
person in connection with such action, suit, or proceeding, provided that such person acted in good faith and in a manner he or she reasonably
believed to be in or not opposed to the corporation&#8217;s best interests and, with respect to any criminal action or proceeding, had
no reasonable cause to believe that his or her conduct was illegal. Our bylaws includes such provisions related to our authority to indemnify
a director, officer, employee, fiduciary, or agent.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
145 of the DGCL also provides that Delaware corporation may indemnify any person who is, or is threatened to be made, a party to any
threatened, pending, or completed action or suit by or in the right of the corporation by reason of the fact that such person was a director,
officer, employee, or agent of such corporation, or is or was serving at the request of such corporation as a director, officer, employee,
or agent of another corporation or enterprise. The indemnity may include expenses (including attorneys&#8217; fees) actually and reasonably
incurred by such person in connection with the defense or settlement of such action or suit provided such person acted in good faith
and in a manner he or she reasonably believed to be in or not opposed to the corporation&#8217;s best interests, except that no indemnification
is permitted without judicial approval if the officer or director is adjudged to be liable to the corporation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the DGCL, where an officer or director is successful on the merits or otherwise in the defense of any action referred to above, the corporation
must indemnify him or her against the expenses which such officer or director has actually and reasonably incurred. Article VI, Section
6.1 of our bylaws contains a mandatory indemnification provision, which requires us to indemnify a person in the defense of any proceeding
to which the person was a party because the person is or was a director or officer, against reasonable expenses incurred by him or her
in connection with the proceeding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
102(b)(7) of the DGCL permits a corporation to provide in its certificate of incorporation that a director of the corporation shall not
be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duties as a director, except
for liability for any:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">breach
    of a director&#8217;s duty of loyalty to the corporation or its stockholders;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">act
    or omission not in good faith or that involves intentional misconduct or a knowing violation of law;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">unlawful
    payment of dividends, stock purchase or redemption of shares; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">transaction
    from which the director derives an improper personal benefit.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
amended and restated certificate of incorporation does not include such a provision.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to Article VI, Section 6.2 of our bylaws, expenses incurred by any officer or director in defending any proceeding in advance of its
final disposition shall be paid by us upon delivery to us of an undertaking by or on behalf of such director or officer, to repay all
amounts advanced if it should ultimately be determined that such director or officer is not entitled to be indemnified by us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 on the
books containing minutes of the meetings of the board of directors at the time such action occurred or immediately after such absent
director receives notice of the unlawful acts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have an insurance policy covering our officers and directors with respect to certain liabilities, including liabilities arising under
the Securities Act, or otherwise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
15. Recent Sales of Unregistered Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 7, 2022, we entered into a Securities Purchase Agreement (the &#8220;Purchase Agreement&#8221;) with certain institutional
and accredited investors (each individually, an Investor, and collectively, the &#8220;Investors&#8221;) for the sale by the Company
of (i) 9,523,810 shares (the &#8220;Shares&#8221;) of Common Stock and (ii) warrants to purchase up to an aggregate of 9,523,810 shares
of Common Stock (the &#8220;Warrants,&#8221; and the shares of Common Stock underlying the Warrants, the &#8220;Warrant Shares&#8221;),
in a private placement offering (the &#8220;September 2022 Private Placement&#8221;). The combined purchase price of one Share and accompanying
Warrant was $1.05.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the September 2022 Private Placement described above, during the period from January 1, 2022 through the date hereof, the
Company issued the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,500
    shares of Common Stock at a purchase price of $4.00 per share, for gross cash proceeds of $50,000, to one accredited investor in
    January 2022.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">300,000
    shares of Common Stock at a purchase price of $10.00 per share to two existing stockholders, each of whom are accredited investors,
    for gross cash proceeds of $3,000,000, in May 2022.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,574,490
    shares of Common Stock for services rendered in connection with the direct listing of our Common Stock on Nasdaq, in June 2022.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021, the Company issued the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,019,000
    shares of Common Stock at a purchase price of $2.00 per share, for gross cash proceeds of $2,038,000, to 30 accredited investors
    between January 2021 and October 2021, with (i) 184,000 shares issued in January 2021, which includes the 69,000 shares issued for
    cash proceeds of $138,000 received as of December 31, 2020 (ii) 100,000 shares issued in March 2021, (iii) 335,000 shares issued
    in May 2021, (iv) 250,000 shares issued in June 2021, (v) 100,000 shares issued in September 2021 and (vi) 50,000 shares issued in
    October 2021 (the &#8220;$2.00 Round&#8221;);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">188,000
    shares of Common Stock at a purchase price of $3.00 per share, for gross cash proceeds of $564,000, to 188 accredited investors in
    September and October 2021, with 154,000 shares in September 2021, and (ii) 34,000 shares in October 2021 (the &#8220;$3.00 Round&#8221;);</span></td></tr>
</table>

<p style="margin: 0">&#160;</p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">166,500
    shares of Common Stock at a purchase price of $4.00 per share, for gross cash proceeds of $666,000, to 12 accredited investors in
    October and December 2021, with (i) 29,000 shares in October 2021, and (ii) 137,500 shares issued in December 2021 (the &#8220;$4.00
    Round&#8221;);</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,000
    shares of Common Stock for services rendered, at a fair value of $2.00 per share determined using the per share purchase price of
    the $2.00 Round, to five consultants, with (i) 10,000 shares issued in January 2021 and (ii) 15,000 shares issued in May 2021;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40,000
    shares of Common Stock for services rendered, at a fair value of $2.00 per share determined using the per share purchase price of
    the $2.00 Round, to three directors of the Company, with (i) 10,000 shares issued in January 2021 and (ii) 30,000 shares issued in
    February 2021;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,000
    shares of Common Stock for services rendered, at fair value at $3.00 per share determined using the per share purchase price of the
    $3.00 Round, to two directors of the Company, in September 2021; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,000
    shares of Common Stock for services rendered, at fair value at $4.00 per share determined using the per share purchase price of the
    $4.00 Round, to three consultants in November 2021.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2020, the Company issued the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52,500
    shares of Common Stock for aggregate cash proceeds of $95,000;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,500
    shares of Common Stock for 40 acres of land at a value of $15,000, at a price per share determined using the historical carrying
    value of BGGI (see Note 6 of financial statements - December 31, 2021);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,000,000
    shares of Common Stock in relation to the Naseeb Merger, valued using the historical cost of $1,000 (see Note 5 of financial statements
    - December 31, 2021);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,785,000
    shares of Common Stock for services rendered, valued at $0.069 per share, including 8,100,000 shares to certain directors and officers
    of the Company; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,000,000
    shares of Common Stock in relation to the Grants Greenhouse Growers, Inc. merger agreement, at an aggregate value of $103,837 determined
    using the &#8220;Black Scholes Model&#8221; (see Note 5 of financial statements - December 31, 2021);</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the period from April 16, 2019 (date of incorporation) to December 31, 2019, the Company issued the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">123,589,000
    shares of Common Stock in relation to the BGGI Merger at $0.074 per share (see Note 5 of financial statements &#8211; December 31,
    2021);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">410,000
    shares of Common Stock for services rendered valued at $0.069 per share to eight consultants; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">200,000
    shares of Common Stock for cash proceeds of $200,000 to one individual.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company relied upon the exemption provided by Section 4(a)(2) and/or Rule 506 of Regulation D of the Securities Act of 1933 in connection
with issuance and sale of the securities described above. The persons who acquired these shares were sophisticated investors and were
provided full information regarding the Company&#8217;s business and operations. There were no general solicitations in connection with
the offer or sale of these securities. The persons who acquired these securities acquired them for their own accounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
16. Exhibits and Financial Statement Schedules</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibits</span></td></tr>
  </table>
<p style="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1***</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1886799/000149315222012148/ex2-1.htm" style="-sec-extract: exhibit">Agreement
    and Plan of Merger between Bright Green Corporation and Bright Green Grown Innovation LLC dated May 28, 2019, filed as Exhibit 2.1
    to the Company&#8217;s Registration Statement on Form S-1, filed with the SEC on May 4, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2***</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; background-color: white; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1886799/000149315222012148/ex2-2.htm" style="-sec-extract: exhibit">Agreement
    and Plan of Merger between Bright Green Corporation and Grants Greenhouse Growers Inc. dated as of October 30, 2020, filed as Exhibit
    2.2 to the Company&#8217;s Registration Statement on Form S-1, filed with the SEC on May 4, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3***</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; background-color: white; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1886799/000149315222012148/ex2-3.htm" style="-sec-extract: exhibit">Agreement
    and Plan of Merger between Bright Green Corporation and Naseeb Inc. dated as of November 10, 2020, filed as Exhibit 2.3 to the Company&#8217;s
    Registration Statement on Form S-1, filed with the SEC on May 4, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1***</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1886799/000149315222012148/ex3-1.htm" style="-sec-extract: exhibit">Certificate
    of Incorporation of the registrant, filed as Exhibit 3.1 to the Company&#8217;s Registration Statement on Form S-1, filed with the
    SEC on May 4, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2***</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; background-color: white; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1886799/000149315222016019/ex3-1.htm" style="-sec-extract: exhibit">Amended
    and Restated Certificate of Incorporation of the registrant, filed as Exhibit 3.1 to the Company&#8217;s Quarterly Report on Form
    10-Q, filed with the SEC on June 7, 2022.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3***</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; background-color: white; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1886799/000149315222012148/ex3-3.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bylaws of the registrant, filed as Exhibit 3.3 to the Company&#8217;s Registration Statement on Form S-1, filed with the SEC on May 4, 2022</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4***</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1886799/000149315222016019/ex3-2.htm" style="-sec-extract: exhibit">Amended
    and Restated Bylaws of the registrant, filed as Exhibit 3.2 to the Company&#8217;s Quarterly Report on Form 10-Q, filed with the
    SEC on June 7, 2022.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1***</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1886799/000149315222025750/ex4-1.htm" style="-sec-extract: exhibit">Form
    of Warrant, filed as Exhibit 4.1 to the Company&#8217;s Current Report on Form 8-K, filed with the SEC on September 13, 2022.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; background-color: white; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex5-1.htm">Opinion of Dentons US LLP</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1***</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1886799/000149315222012148/ex10-1.htm" style="-sec-extract: exhibit">Memorandum
    of Agreement between Bright Green Corporation and the Department of Justice, Drug Enforcement 7 Administration, filed as Exhibit
    10.1 to the Company&#8217;s Registration Statement on Form S-1, filed with the SEC on May 4, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2***</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1886799/000149315222016019/ex10-1.htm" style="-sec-extract: exhibit">Line
    of Credit Note, dated June 4, 2022, filed as Exhibit 10.1 to the Company&#8217;s Quarterly Report on Form 10-Q, filed with the SEC
    on June 7, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3***</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1886799/000149315222012148/ex10-2.htm" style="-sec-extract: exhibit">Executive
    Employment Agreement with Edward Robinson, filed as Exhibit 10.2 to the Company&#8217;s Registration Statement on Form S-1, filed
    with the SEC on May 4, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4***</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1886799/000149315222012148/ex10-3.htm" style="-sec-extract: exhibit">Consulting
    Agreement with Saleem Elmasri, filed as Exhibit 10.3 to the Company&#8217;s Registration Statement on Form S-1, filed with the SEC
    on May 4, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5***#</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1886799/000149315222025750/ex10-1.htm" style="-sec-extract: exhibit">Securities
    Purchase Agreement dated September 7, 2022, by and between the Company and the purchasers thereto, filed as Exhibit 10.1 to the Company&#8217;s
    Current Report on Form 8-K filed with the SEC on September 13, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6***</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1886799/000149315222025750/ex10-2.htm" style="-sec-extract: exhibit">Registration
    Rights Agreement dated September 12, 2022, by and between the Company and the purchasers thereto, filed as Exhibit 10.2 to the Company&#8217;s
    Current Report on Form 8-K filed with the SEC on September 13, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7***</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1886799/000149315222025750/ex10-3.htm" style="-sec-extract: exhibit">Placement
    Agent Agreement dated September 12, 2022 by and between the Company and EF Hutton, division of Benchmark Investments, LLC, filed
    as Exhibit 10.3 to the Company&#8217;s Current Report on Form 8-K filed with the SEC on September 13, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.1***</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; background-color: white; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1886799/000149315222012148/ex21-1.htm" style="-sec-extract: exhibit">List
    of subsidiaries of the registrant, filed as Exhibit 21.1 to the Company&#8217;s Registration Statement on Form S-1, filed with the
    SEC on May 4, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; background-color: white; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex23-1.htm">Consent of SRCO, C.P.A., Professional Corporation</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; background-color: white; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex5-1.htm">Consent of Dentons US LLP (included in Exhibit 5.1)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#poa_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney (included on page II-6)</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">107*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex107.htm">Filing Fee Table</a></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
    herewith</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 58px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
    be filed by amendment</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">***</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Previously
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">#</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
    schedules and exhibits have been omitted pursuant to Item 601(A)(5) of Regulation S-K. The Company will furnish supplementally copies
    of omitted schedules and exhibits to the SEC or its staff upon its request.</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
17. Undertakings.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    undersigned registrant hereby undertakes as follows:</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.2in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
    file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
    include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
    reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
    post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
    forth in the registration statement. Notwithstanding the foregoing, 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 Commission pursuant to Rule 424(b)
    if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering
    price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
    include any material information with respect to the plan of distribution not previously disclosed in the registration statement
    or any material change to such information in the registration statement.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">That,
    for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed
    to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
    be deemed to be the initial bona fide offering thereof.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    termination of the offering.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">That,
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    424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other
    than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of
    the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus
    that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration
    statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    for the purpose of determining any liability 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
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    persons of the undersigned pursuant to the foregoing provisions, or otherwise, the undersigned has been advised that in the opinion
    of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In
    the event that a claim for indemnification against such liabilities (other than the payment by the undersigned of expenses incurred
    or paid by a director, officer or controlling person of the undersigned 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 undersigned will,
    unless in the opinion of our 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 Act and will be governed by the final
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNATURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this Registration Statement on Form
S-1 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Grants, State of New Mexico, on the
21<sup>st</sup> day of September, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BRIGHT
    GREEN CORPORATION</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Terry Rafih</i></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terry
    Rafih</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="poa_001"></span>POWER
OF ATTORNEY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">KNOW
ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Saleem Elmasri and Terry Rafih,
and each of them, his or her true and lawful attorneys-in-fact and agents with full power of substitution, for him or her and in his
or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this
registration statement, and to sign any registration statement for the same offering covered by the registration statement that is to
be effective upon filing pursuant to Rule 462(b) promulgated under the Securities Act, and all post-effective amendments thereto, and
to file the same, with all exhibits thereto and all documents in connection therewith, with the Securities and Exchange Commission, granting
unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite
and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents or any of them, his, hers or their substitute or substitutes, may
lawfully do or cause to be done or by virtue hereof.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in
the capacities and on the dates indicated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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{"company-data": {"conformed-name": "Bright Green Corp", "cik": "0001886799", "assigned-sic": "2833", "irs-number": "000000000", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-267546", "film-number": "221257670"}, "business-address": {"street1": "401 EAST LAS OLAS BLVD.", "street2": "SUITE 1400", "city": "FT. LAUDERDALE", "state": "FL", "zip": "33301", "phone": "(201)370-1140"}, "mail-address": {"street1": "401 EAST LAS OLAS BLVD.", "street2": "SUITE 1400", "city": "FT. LAUDERDALE", "state": "FL", "zip": "33301"}}
As
filed with the Securities and Exchange Commission on September 21, 2022.
Registration
No. 333-
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
S-1
REGISTRATION
STATEMENT
UNDER
THE
SECURITIES ACT OF 1933
Bright
Green Corporation
(Exact
Name of Registrant as Specified in its Charter)
Delaware
2833
83-4600841
(State or other jurisdiction
of incorporation or organization)
(Primary Standard Industrial
Classification Code Number)
(I.R.S. Employer
Identification No.)
1033
George Hanosh Boulevard
Grants
,
NM
87020
(833)
658-1799
(Address,
including zip code, and telephone number, including area code, of registrant's principal executive offices)
Terry
Rafih
1033
George Hanosh Boulevard
Grants
,
NM
87020
(833)
658-1799
(Name,
address, including zip code, and telephone number, including area code, of agent for service)
Copies
to:
Eric Berlin, Esq.
Rob Condon, Esq.
Grant Levine, Esq.
Dentons US LLP
233 South Wacker Drive, Suite 5900
Chicago, IL 60606
Telephone: (312) 876-2515
Approximate
date of commencement of proposed sale to public:
As soon as practicable after this Registration Statement is declared effective.
If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, check the following box. ☒
If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) 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.
☐
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. ☐
If
this Form is a post-effective amendment filed pursuant to Rule 462(d) 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. ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer,"
"smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☒
Smaller reporting company
☒
Emerging growth company
☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.
☐
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, as amended, or until this Registration Statement shall become effective
on such date as the Securities and Exchange Commission, acting pursuant to such Section 8(a), may determine.
The information in this preliminary
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 preliminary prospectus is not an offer to sell these securities and it is not soliciting an
offer to buy these securities in any state where the offer or sale is not permitted.
PRELIMINARY PROSPECTUS
SUBJECT TO COMPLETION
DATED SEPTEMBER 21, 2022
Bright
Green Corporation
19,047,620
Shares of Common Stock
This
prospectus relates to the resale by the selling securityholders identified herein of up to 19,047,620 shares of common stock, $0.0001
par value per share (the "Common Stock") of Bright Green Corporation (the "Company"). The shares of Common Stock
being offered for resale include up to (i) 9,523,810 shares of Common Stock (the "Shares"), and (ii) 9,523,810 shares of
Common Stock issuable upon the exercise of warrants of the Company (the "Warrants," and the shares of Common Stock underlying
the Warrants, the "Warrant Shares"), that were initially issued pursuant to the Securities Purchase Agreement dated as of
September 7, 2022 (the "Securities Purchase Agreement"), by and between the Company and the selling securityholders. All
of the Shares and Warrants were purchased from the Company in a private placement transaction.
Our
registration of the Shares and Warrant Shares covered by this prospectus does not mean that the selling securityholders will offer or
sell any of the Shares or Warrant Shares. The selling securityholders may offer, sell or distribute all or a portion of the securities
hereby registered publicly or through private transactions at prevailing market prices or at negotiated prices. We will not receive any
of the proceeds from such sales of the Shares or Warrant Shares, except with respect to amounts received by us upon exercise of the Warrants.
We will bear all costs, expenses and fees in connection with the registration of these securities, including with regard to compliance
with state securities or "blue sky" laws. The selling securityholders will bear all commissions and discounts, if any, attributable
to their sale of shares of Common Stock. See the section titled "
Plan of Distribution.
"
The
Common Stock is listed on The Nasdaq Stock Market LLC ("Nasdaq") under the symbol "BGXX". On September 20,
2022, the last reported sales price of Common Stock was $1.35 per share.
Our
Common Stock has recently experienced price volatility. For example, from May 17, 2022 to September 20, 2022, sales of our Common Stock
were effected at prices as low as $1.00 and as high as $58.00. The high sales price of $58.00 occurred on May 18, 2022, on which date
the last reported sales price of our Common Stock was $48.08. On May 17, 2022 and May 18, 2022, the last reported sales prices of our
Common Stock were $25.245 and $48.08, respectively. We have not experienced any material changes in our financial condition or results
of operations that explain such price volatility. The trading price of our Common Stock has been, and may continue to be, subject to
wide price fluctuations in response to various factors, many of which are beyond our control, including those described under the heading
"
Risk Factors
" beginning on page 12 of this prospectus.
We
are an "emerging growth company" as defined under U.S. federal securities laws and, as such, have elected to comply with
reduced public company reporting requirements. This prospectus complies with the requirements that apply to an issuer that is an emerging
growth company. We are incorporated in Delaware.
Investing
in our securities involves a high degree of risk. You should review carefully the risks and uncertainties described in the section titled
"
Risk Factors
" beginning on page 12 of this prospectus, and under similar headings in any amendments or supplements
to this prospectus.
Neither
the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of these
securities, or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.
Prospectus
dated         , 2022
TABLE
OF CONTENTS
Page
ABOUT THIS PROSPECTUS
ii
SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS
iii
PROSPECTUS SUMMARY
1
THE OFFERING
11
RISK FACTORS
12
USE OF PROCEEDS
33
MARKET INFORMATION FOR SECURITIES AND DIVIDEND POLICY
34
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
35
BUSINESS
42
MANAGEMENT
52
EXECUTIVE AND DIRECTOR COMPENSATION
57
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
59
PRINCIPAL SECURITYHOLDERS
61
SELLING SECURITYHOLDERS
62
RESALE S-1 SELLING SECURITYHOLDER TABLE
62
DESCRIPTION OF OUR SECURITIES
63
MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES
66
PLAN OF DISTRIBUTION
70
LEGAL MATTERS
72
EXPERTS
72
WHERE YOU CAN FIND MORE INFORMATION
73
INDEX TO FINANCIAL STATEMENTS
F-1
You
should rely only on the information contained in this prospectus, any supplement to this prospectus or in any free writing prospectus,
filed with the SEC. Neither we nor the selling securityholders have authorized anyone to provide you with additional information or information
different from that contained in this prospectus filed with the SEC. We and the selling securityholders take no responsibility for, and
can provide no assurance as to the reliability of, any other information that others may give you. The selling securityholders are offering
to sell, and seeking offers to buy, our securities only in jurisdictions where offers and sales are permitted. The information contained
in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale
of our securities. Our business, financial condition, results of operations and prospects may have changed since that date.
For
investors outside of the United States: Neither we nor the selling securityholders, have done anything that would permit this offering
or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United
States. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions
relating to, the offering of our securities and the distribution of this prospectus outside the United States.
i
ABOUT
THIS PROSPECTUS
This
prospectus is part of a registration statement on Form S-1 that we filed with the SEC. The selling securityholders may, from time to
time, sell the securities offered by them described in this prospectus. We will not receive any proceeds from the sale by such selling
securityholders of the securities offered by them described in this prospectus. This prospectus also relates to the issuance by us of
the Warrant Shares. We will not receive any proceeds from the sale of the Warrant Shares, except with respect to amounts received by
us upon the exercise of the Warrants for cash.
Neither
we nor the selling securityholders have authorized anyone to provide you with any information or to make any representations other than
those contained in this prospectus or any applicable prospectus supplement or any free writing prospectuses prepared by or on behalf
of us or to which we have referred you. Neither we nor the selling securityholders take responsibility for, and can provide no assurance
as to the reliability of, any other information that others may give you. Neither we nor the selling securityholders will make an offer
to sell these securities in any jurisdiction where the offer or sale is not permitted.
We
may also provide a prospectus supplement or post-effective amendment to the registration statement to add information to, or update or
change information contained in, this prospectus. You should read both this prospectus and any applicable prospectus supplement or post-effective
amendment to the registration statement together with the additional information to which we refer you in the sections of this prospectus
titled "
Where You Can Find More Information.
"
Unless
otherwise indicated in this prospectus, "Bright Green Corporation," "Bright Green," "BGC," "the
Corporation," "the Company," "we," "us" and "our" refer to Bright Green Corporation.
ii
SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
prospectus includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding
future events or future results and therefore are, or may be deemed to be, "forward-looking statements." All statements other
than statements of historical facts contained in this prospectus may be forward-looking statements. These forward-looking statements
can generally be identified by the use of forward-looking terminology, including the terms "believes," "estimates,"
"continues," "anticipates," "expects," "seeks," "projects," "intends,"
"plans," "may," "will," "would" or "should" or, in each case, their negative
or other variations or comparable terminology. They appear in a number of places throughout this prospectus, and include statements regarding
our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity,
prospects, growth, strategies, future acquisitions and the industry in which we operate.
By
their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that
may or may not occur in the future. We believe that these risks and uncertainties include, but are not limited to, those described in
the "
Risk Factors
" section of this prospectus.
These
factors should not be construed as exhaustive and should be read with the other cautionary statements in this prospectus.
Although
we base these forward-looking statements on assumptions that we believe are reasonable when made, we caution you that forward-looking
statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and
industry developments may differ materially from statements made in or suggested by the forward-looking statements contained in this
prospectus. The matters summarized under "
Prospectus Summary
," "
Risk Factors
," "
Management's
Discussion and Analysis of Financial Condition and Results of Operations
," "
Business
" and elsewhere in this
prospectus could cause our actual results to differ significantly from those contained in our forward-looking statements. In addition,
even if our results of operations, financial condition and liquidity, and industry developments are consistent with the forward-looking
statements contained in this prospectus, those results or developments may not be indicative of results or developments in subsequent
periods.
In
light of these risks and uncertainties, we caution you not to place undue reliance on these forward-looking statements. Any forward-looking
statement that we make in this prospectus speaks only as of the date of such statement, and we undertake no obligation to update any
forward-looking statement or to publicly announce the results of any revision to any of those statements to reflect future events or
developments, except as required by applicable law. Comparisons of results for current and any prior periods are not intended to express
any future trends or indications of future performance, unless specifically expressed as such, and should only be viewed as historical
data.
iii
PROSPECTUS
SUMMARY
This
summary highlights information contained in greater detail elsewhere in this prospectus. Because it is a summary, it does not contain
all of the information that you should consider in making your investment decision. Before investing in our Common Stock, you should
carefully read this prospectus in its entirety, including the "
Risk Factors
," "
Special Note Regarding Forward-Looking
Statements
," "
Management's Discussion and Analysis of Financial Condition and Results of Operations
"
and the financial statements and the notes to those financial statements in each case included in this prospectus.
Our
Mission
Bright
Green's mission is to be the premier federally-authorized provider of cannabis, cannabis-related products, and other legal medicinal
plant-based therapies, manufactured in exact formulations for research and pharmaceutical applications, as well as being an active ingredient
to consumer-based solutions. The Company, through legal partnerships with state and federal agencies, can operate at scale in a manner
unprecedented in this emerging market, addressing compliance, security and integrity. Our vision is to improve the quality of life across
a broad spectrum of demographics through the opportunities presented by medicinal applications of plant-based therapies, particularly
cannabis and cannabis-derived products.
Our
Company
We
are a first-mover in the U.S. federally-licensed cannabis space. We are one of a few companies who have received conditional approval
based on already agreed terms from the U.S. Drug Enforcement Administration (the "DEA") to produce federally legal cannabis
and have entered into a Memorandum of Agreement ("MOA") with the DEA which permits us to proceed towards a Federal Registration
for the Bulk Manufacturing of cannabis under DEA Document Control Number W20078135E.
Unlike
state-licensed cannabis companies that engage in commercial sales to consumers, and whose businesses are legal under state law but not
federal law, we will operate legally under all applicable laws and be authorized by the federal government to sell cannabis commercially
for research and manufacturing purposes, export cannabis for international cannabis research purposes, and sell cannabis to DEA-registered
pharmaceutical companies for the production of medical cannabis products and preparations, subject to final registration and licensure
with the DEA as set forth in the MOA. We plan to focus on the development of cannabis strains and sales of products with high contents
of CBN (cannabinol) and CBG (cannabigerol). If and when permitted under federal law, we also plan to sell cannabis-derived CBN and CBG
to consumers.
Because
cannabis is a Schedule I Controlled Substance in the U.S., it has been historically under-researched. Though the majority of Americans
live in states where cannabis is now legal in some form, the full potential of the cannabis plant for medicinal use remains understudied
due to limited access to federally-approved cannabis. The DEA recently issued a call for more cannabis research supply based on the increased
demand for cannabis research in the U.S. As described herein, we received conditional approval from the DEA based on the agreed-upon
terms set forth in the MOA. Final approval from the DEA is conditioned on, among other things, completed construction of manufacturing
and production facilities and systems.
In
May 2021, BGC entered into the MOA with the DEA to grow cannabis for federally sanctioned research. Final registration is anticipated
in September 2022, and is contingent upon completion of construction and a successful inspection by the DEA of BGC's facilities.
Additionally, BGC must comply with the terms agreed in the MOA which include: submitting an Individual Procurement Quota on or before
April 1 of each year utilizing DEA Form 250; submitting an Individual Manufacturing Quota on or before May 1 of each year utilizing DEA
Form 189; collecting samples of cannabis and distributing them to DEA-registered analytical laboratories for chemical analysis during
the pendency of cultivation and prior to the DEA's taking possession of the cannabis grown; providing the DEA with 15-day advance
written notification, via email, of its intent to harvest cannabis; following the DEA's packaging, labeling, storage and transportation
requirements; distributing DEA's stocks of cannabis to buyers who entered into bona fide supply agreements with the Company; providing
the DEA with 15-day advance written notification of its intent to distribute cannabis; invoicing the DEA for harvested cannabis that
it intends to sell to the DEA. Following final approval, we will be permitted to cultivate and manufacture cannabis, supply cannabis
researchers in the U.S. and globally, and produce cannabis for use in pharmaceutical production of prescription medicines within the
U.S. There is no guarantee that we will receive approval from the DEA. Our activities will be legal under federal law, which currently
sets BGC apart from all U.S. cannabis companies who are selling products to consumers and patients under state programs.
1
We
have assembled an experienced team of medical professionals and researchers, international horticultural growers and experts, and construction
and cannabis production professionals, which we believe positions us to become a future industry leader in the production of cannabis.
Background
BGC
was incorporated on April 16, 2019 under the Delaware General Corporation Law (the "DGCL"). On May 28, 2019, BGC entered
into a merger agreement (the "BGGI Agreement") with Bright Green Grown Innovation LLC, a limited liability company ("BGGI"),
whereby BGC issued to BGGI an aggregate of 123,589,000 shares of Common Stock (the "BGGI Merger"). In connection with the
BGGI Merger, BGC acquired two parcels of land, consisting of one 70-acre parcel and one 40-acre parcel, and a completed greenhouse structure
in Grants, New Mexico.
BGC
entered into an agreement and plan of merger with Grants Greenhouse Growers, Inc., a New Mexico corporation ("GGG") on October
30, 2020 (the "GGG Agreement"), whereby BGC issued to GGG an aggregate of 1,000,000 shares of Common Stock (the "GGG
Merger"). In connection with the GGG Merger, BGC received an option to purchase approximately 510 acres of land near BGC's
Grants, New Mexico property at the purchase price of $5,000 per acre.
BGC
entered into an agreement and plan of merger (the "Naseeb Agreement") with Naseeb Inc. ("Naseeb") on November
10, 2020, whereby BGC issued to Naseeb an aggregate of 10,000,000 shares of Common Stock (the "Naseeb Merger"). In connection
with the Naseeb Merger, BGC received certain intangible property, including rights to certain patents and patent applications, licenses
to operate cultivation facilities, and rights to additional licenses if-and-when issued.
On
May 17, 2022, we completed a direct listing of our Common Stock (the "Direct Listing"), on the Nasdaq Capital Market ("Nasdaq")
under the symbol "BGXX." We incurred fees related to financial advisory service, audit, and legal expenses in connection
with the Direct Listing and incurred approximately $4,000,000 in general and administrative expenses during the six months ended June
30, 2022. In addition, in connection with the Direct Listing, and pursuant to a financial advisory agreement by and between the Company
and EF Hutton, division of Benchmark Investments, LLC (the "Advisor Agreement") dated April 8, 2022, on June 3, 2022, we
issued representatives and affiliates of the Advisor and related parties, an aggregate of 787,245 shares of Common Stock, and representatives
of Entoro Securities LLC ("Entoro") an aggregate of 787,245 shares of Common Stock. The shares were issued by the Company's
transfer agent.
Recent
Developments
June
2022 Shareholder Loan
On
June 5, 2022, the Company and LDS Capital LLC, a wholly owned company of Lynn Stockwell ("Lender"), a member of the
Board, entered into an unsecured line of credit in the form of a note (the "June Note"). The Note provides that the
Company may borrow up to $5.0 million, including an initial loan in the amount of $3.0 million, through June 4, 2025 (the
"June Note Maturity Date") from Lender. Lender has committed to fund to the Company $3.0 million under the June Note by
June 30, 2022. Prior to the June Note Maturity Date, the Company may borrow up to an additional $2.0 million under the June Note, at
Lender's sole discretion, and subject to the Company's request of such additional funds form Lender (each loan furnished
under the June Note individually, a "Loan," and collectively, the "Loans"). The Company has the right, but
not the obligation, to prepay any Loan, in whole or in part, prior to the June Note Maturity Date. Interest on the unpaid principal
amount of any Loan accrues through the earlier of the June Note Maturity Date or the date of prepayment on such Loan, at a rate of
2% per annum plus the Prime Rate (the rate of interest per annum announced from time to time by JPMorgan Chase Bank as its prime
rate). If the principal and interest, if any, of any Loan is not paid in full on the Maturity Date, additional penalty interest will
accrue on such Loan in the amount of 2% per annum. As of the date of this prospectus, the Company has drawn down $3.0 million under
this June Note, and is thus still eligible to borrow up to $2.0 million under the June Note.
2
Arrangement
with Alterola
On
August 25, 2022, the Company entered into a nonbinding letter of intent with Alterola Biotech Inc., a Nevada corporation focused on developing
cannabinoid and cannabinoid-like medicines and products ("Alterola") whereby, pursuant to the terms and subject to the conditions
set forth therein, the Company agrees to acquire 25% (the "Initial Shares") of the issued and outstanding shares of common
stock, par value $0.001 per share ("Alterola Stock") and receives a six-month option (the "Alterola Option")
to acquire all remaining issued and outstanding shares of Alterola Stock (the "Alterola LOI"). The Alterola LOI provides,
among other things, that subject to customary due diligence and applicable regulatory approvals, the Company shall furnish to certain
stockholders of Alterola an aggregate of $4 million and such stockholders shall transfer the Initial Shares to the Company (representing
an aggregate of 25% of the issued and outstanding shares of Alterola), no later than September 25, 2022 (subject to extension by the
parties). The Alterola LOI further provides that the parties shall use their good faith efforts to enter into a definitive agreement
setting forth the terms of the proposed acquisition by the Company of all remaining issued and outstanding shares of Alterola Stock.
In consideration for such remaining shares, the Company shall furnish an aggregate of $6 million to Alterola and the stockholders of
Alterola shall receive an aggregate of $40 million of shares of our Common Stock in exchange for their shares of Alterola Stock. The
transactions contemplated in a definitive agreement (the "Alterola Transaction") shall be consummated no later than the six
months from the effective date of the Alterola LOI (subject to extension by the parties). The closing of the Alterola Transaction is
subject to customary due diligence, and regulatory, stockholder and other necessary approvals. See the section titled "
Risk
Factors
" beginning on page 12 of this prospectus, for further discussion of the risks related to the Alterola Transaction.
September
2022 Private Placement
On
September 7, 2022, the Company entered into a Securities Purchase Agreement (the "Purchase Agreement") with the selling securityholders
for the sale by the Company of (i) 9,523,810 shares of Common Stock and (ii) warrants to purchase up to an aggregate of 9,523,810 shares
of Common Stock, in a private placement offering (the "September 2022 Private Placement"). The combined purchase price of
one Share and accompanying Warrant was $1.05. Subject to certain ownership limitations, the Warrants are exercisable immediately after
issuance at an exercise price equal to $1.05 per share of Common Stock (the "Exercise Price"), subject to adjustments as
provided under the terms of the Warrants. The Warrants have a term of five years from the date of issuance. The September 2022 Private
Placement closed on September 12, 2022. The Company received gross proceeds of approximately $10 million before deducting transaction
related fees and expenses payable by the Company.
In
connection with the Purchase Agreement, the Company entered in a registration rights agreement with the selling securityholders, whereby,
among other things, the Company agreed to file a resale registration statement on Form S-1 (or other appropriate and available form)
within fifteen calendar days of the date of the Purchase Agreement, (the "Resale Registration Statement") with the SEC covering
the Shares and the Warrant Shares, and to cause the Resale Registration Statement to become effective by the sixtieth calendar day following
the date of the Purchase Agreement.
EF
Hutton, division of Benchmark Investments, LLC acted as the placement agent in connection with the September 2022 Private Placement ("Hutton").
Pursuant to the Placement Agent Agreement entered into between the Company and Hutton on September 12, 2022 (the "Placement Agent
Agreement"), Hutton was paid a commission equal to 7% of the gross proceeds received by the Company in the September 2022 Private
Placement. The Company also reimbursed Hutton $100,000 for out-of-pocket expenses, including the reasonable fees, costs and disbursements
of its legal counsel. Pursuant to the Placement Agent Agreement, Hutton received a twelve month right of first refusal to act as sole
investment banker, sole book-runner, and/or sole placement agent, at Hutton's sole discretion, for each and every future public
and private equity and debt offering, including all equity linked financings during such twelve month period. The Placement Agent Agreement
also contains indemnity and other customary provisions for transactions of this nature.
3
Planned
Business Lines
Domestic
Cannabis for U.S. Researchers and Registered Manufacturers
We
plan to sell cannabis to research institutions pursuant to our conditional approval from the DEA. Sales of THC cannabis products will
be made only via bona fide supply agreements from existing DEA registrants, and not directly to consumers. Following final approval from
the DEA, Bright Green will receive a Controlled Substances Bulk Manufacturing Registration to cultivate and manufacture cannabis for
sale to federally funded research institutions and other purposes. There is no guarantee that we will receive final approval from the
DEA.
Once
authorized, we will be permitted to supply DEA-registered research institutions with cannabis that contains high levels of THC. Additionally,
we plan to conduct in-house research at our facilities. Our license will also allow us to provide our products to in-house researchers,
which we believe will allow us to conduct cutting-edge research into plant-based therapies using cannabis. We have been granted several
patents for cannabis-based products. See "
Business-Intellectual Property."
Given
the competitiveness of the process to obtain a DEA registration to cultivate and process cannabis, and the continued federal illegality
of cannabis in the U.S., we believe we will be uniquely positioned to capture significant parts of the cannabis research supply market.
The market for clinical research has grown exponentially over the past decades, and we project cannabis research will take a similar
trajectory.
Cannabis
for International Export
Our
DEA registration will also allow us to produce and sell cannabis for export to researchers internationally. Given our state-of-the-art
facility in development, as well as the cannabis manufacturing expertise of our team, the unique climate of New Mexico and its suitability
for cannabis crop, we anticipate significant demand for our high-quality cannabis products from international markets.
Cannabis
for U.S. Pharmaceutical Production - CBN and CBG
A
DEA registration will allow us to sell cannabis to DEA-registered pharmaceutical companies to produce medicinal cannabis or cannabis
preparations. There is significant potential for revenue from pharmaceutical companies that currently manufacture or desire to manufacture
drugs containing cannabis extracts, either on an over-the-counter or on a prescription basis.
Further,
we plan to sell cannabinoid-focused products, to the extent permitted by law, the expansion of which is not guaranteed. CBG and CBN are
cannabinoids, like CBD, which can be derived from the cannabis plant. The CBG and CBN extracts we plan to produce would be sold to pharmaceutical
companies and other market participants. BGC is in preliminary discussions with several pharmaceutical companies in connection with proposed
supply contracts for CBN and CBG high-grade oil extracts, to be used in healthcare, hormone balance and anti-aging studies. We plan to
distinguish ourselves by focusing on CBN and CBG, which offer alternative health and wellness benefits to CBD. By focusing on cannabis-derived
CBN and CBG rather than hemp-derived CBD, we will leverage the potential growth opportunity offered by these alternative cannabinoids.
The cannabis plant contains hundreds of cannabinoids and other parts, and due to the ongoing federal illegality severely restricting
research on these components, many believe that there is health and wellness potential in some of these plant derivatives that have not
yet been studied.
FDA
Supply
The
FDA has stated that it recognizes that there is significant interest in the development of therapies and other consumer products derived
from cannabis. The FDA has also stated that it is committed to protecting the public health while also taking steps to improve the efficiency
of regulatory pathways for the lawful marketing of appropriate cannabis and cannabis-derived products. The FDA says that it is working
to answer questions about the science, safety, and quality of products containing cannabis and cannabis-derived compounds. BGC will be
well-positioned to act as a partner to the FDA as it advances these efforts, and we will be one of the few federally-registered suppliers
of cannabis available to the FDA for any of its research or exploration efforts in the space. Further, BGC has developed certain patents
that, when working with the FDA approvals, will give BGC competitive advantages. However, there is no guarantee that the FDA will find
our products safe or effective or grant us the required approvals, which may inhibit our business prospects even in the case that the
federal government were to legalize cannabis. If the FDA does elect to regulate cannabis under the Food, Drug and Cosmetics Act (the
"FDCA"), it is uncertain what the effects on our Company would be, or what the costs of compliance with the FDCA would be,
and whether we would be able to secure the necessary approvals from the FDA, which could adversely affect our financial performance.
4
CBG
and CBN to Consumers Post-Legalization
We
plan to sell high CBN and CBG cannabis directly to consumers if and when cannabis legalization occurs at the federal level. We anticipate
that we will already have been able to refine our production methods and products for consistency and quality by the time federal legalization
occurs, and will be well-positioned to offer our products directly to consumers, once it is federally legal to do so. However, if cannabis
does become subject to FDA regulations, there is no guarantee that the FDA will approve our products under the FDCA, or the costs of
compliance with the FDCA for BGC in that case are unknown, which may inhibit our business prospects and could adversely affect our financial
performance, even in the case that the federal government were to legalize cannabis.
Facilities
BGC
owns a 70-acre parcel of land, on agricultural property, which includes an existing 22-acre greenhouse structure. The Company also owns
a 40-acre parcel of land nearby, and holds options for two additional 300-acre properties which are adjacent to the owned properties
(one is known as the "Candelaria" property, and the other is known as the "Azuz" property).
First,
we will retrofit the 22-acre existing greenhouse to make it operational. Once the project is completed, we plan to use the existing 22-acre
greenhouse to cultivate non-cannabis herbs and medicinal plants. We expect to complete renovations of the existing 22-acre greenhouse
in September 2022. Within the first 10-acres of that existing greenhouse retrofit, we will include a two-acre university greenhouse (the
"University Greenhouse") to house our cannabis research, development, cultivation and manufacturing operations. We expect
that this greenhouse facility will have production capacity for 50,000 cannabis plants at all times of differing maturity levels. Additionally,
we estimate we will harvest approximately 300,000 mature plants per year (with multiple harvests per year). Our plan is to have the University
Greenhouse house our research and development facility pursuant to potential partnership and other arrangements with leading U.S. universities.
In
addition to the existing greenhouse, we plan to construct two additional 57-acre greenhouses, one on the Candelaria property and one
on the Azuz property.
We
have engaged Dalsem Complete Greenhouse Projects, B.V. ("Dalsem") to complete the construction of these facilities and have
negotiated an agreement with them which our legal team is drafting.
Once
completed, our fully automated new construction facilities will include Pic-O-Mat PF transplanter robots, produced by Visser Horti Systems,
B.V. ("Visser"). These robots can transplant seedlings into pots for propagation, will be developed to grow medicinal plants,
including cannabis. Upon receipt of final registration from the DEA as described above, we plan to cultivate and manufacture cannabis
for federally sanctioned research, as well performing authorized research on cannabis, including but not limited to CBN, CBG, and CBD.
We also plan to leverage our cultivation, research, and manufacturing facilities to develop and commercialize approved medical cannabis
products to sell to DEA registered pharmaceutical producers.
BGC
plans to sell mostly extracted oils from medicinal plants grown in these high-tech facilities and processed onsite through a proprietary
system that vertically integrates the genetically altered growth of the plants to conform to automated growing systems. Once the two
larger greenhouses are constructed, we estimate we can process 5,000 pounds of dry plant biomass per day to produce 220 pounds of distillate,
which can create 85,000,000 milligrams of cannabinoids per day.
5
As
stated above, we are in active discussions with Dalsem a global developer of high-technology greenhouses, to construct our state-of-the-art
facilities. The technologies specific to our planned greenhouses include:
●
Technologically advanced greenhouse design, which allows
    for maximum environmental control, cost-efficiency, and a low carbon footprint;
●
Environmentally sustainable cultivation methodology
    and practices in harmony with New Mexico's unique climate, using naturally available resources;
●
Cultivation at a large scale to provide consistent,
    secure supply for researchers and the pharmaceutical industry;
●
A patented air ventilation system, which uses ambient
    physical properties to generate optimal indoor conditions based upon the data-driven growing strategy, with minimum use of energy,
    which in turn enables the highest yield and quality of crop in the shortest time;
●
Ebb-flood irrigation to enable the use of mildew resistant
    cultivars;
●
Fully-implemented pest/disease scouting system;
●
Controlled output through Pharma grade drying and extraction;
●
Extraction and separation techniques allowing for specific
    combinations of cannabinoids and other properties from cannabis for targeted therapeutics; and
●
Tamper-proof track & trace and record keeping system.
As
far as automation: we will utilize automation and robotics that deliver, among other things, higher levels of security, diversion controls,
and lower operating cost. Labor is a significant cost factor growing in uncontrolled open field environments and in typical indoor cultivation
sites. Bright Green will use automation throughout the growing process in our new construction greenhouses. This ensures consistency
of pure products. Planting, harvesting, watering, transplanting and oil production will all be automated at our new construction facilities.
Automation brings improvements in process that leads to quality and purity. Specifically, we will use the following automation technologies:
●
Robotics such as the Visser transplanter robot or Visser
    potting robot, which reduces human interaction
●
Automated growing systems to optimize growth at each
    stage of plant development
Our
inventory will be safe for cannabis researchers in that we will be leveraging all of the above technology to produce a high-quality and
pure product for researchers. We will strictly comply with any testing requirements the DEA promulgates to regulate cannabis research
supply to ensure our product is safe.
Current
Licenses Held
In
May 2021, we entered into the MOA with the DEA, which outlines the terms of the DEA's conditional approval of Bright Green to proceed
through the DEA's registration process, as described above. The MOA with the DEA is effective for a one-year term, renewable for
up to four additional one-year terms. These terms are agreed to by both the DEA and BGC, and the MOA is filed under DEA Document Control
Number W20078135E. There is no guarantee that we will obtain the necessary authorization now, or in the future for renewal purposes.
On
July 23, 2020, we received approval from the State of New Mexico Board of Pharmacy to conduct Controlled Substances Manufacturing of
Cannabis Products in New Mexico, conditioned on receipt of DEA approval. On July 24, 2020, we submitted to the DEA an application for
a Controlled Substances Bulk Manufacturing License to produce cannabis products for research purposes and for commercial sales to DEA
registered manufacturers. We also plan to apply to the DEA for licensure as a Schedule I Controlled Substances Researcher for marijuana,
marijuana extracts, and THC.
We
may not commence cannabis growing operations until both the State of New Mexico and the federal government or its authorized agencies,
in particular the DEA, have determine that we are full compliance with all applicable rules and authorize our proposed activities. Further,
the FDA may, in the future, decide to regulate cannabis products, which could significantly accelerate or stall the development and sale
of cannabis-based products. Currently, there is uncertainty regarding the FDA's path forward regarding cannabis. If the FDA were
to regulate cannabis, it is possible that it would distinguish between DEA-approved facilities like ours, and commercial cannabis retailers
selling directly to consumers in state-legal markets. Because our proposed products will not be sold directly to consumers, and would
only reach consumers via a prescription drug that has undergone FDA clinical trials and safety testing, it is likely that the majority
of the FDA's regulation would affect state-legal cannabis operators more so than us. However, the effect of future FDA regulation
on cannabis remains uncertain and there is no guarantee that the FDA will find our products safe or effective or grant us the required
approvals under the FDCA to sell to consumers, which may inhibit our business prospects even in the case that the federal government
were to legalize cannabis.
6
State
Licenses
We
currently hold licenses from the New Mexico Board of Pharmacy including a Controlled Substance Facility License (No. CS00229100), and
a Controlled Substance Wholesaler License (No. WD00012763). Additionally, we hold a Continuous Hemp Commercial Research Production License
from the State of New Mexico Department of Agriculture (CHPL-3-2021).
Federal
Registration for Cannabis Manufacturing
As
described above, we have received conditional DEA approval for Controlled Substance Bulk Manufacturer Registration to cultivate and manufacture
cannabis for sales for research and sales to DEA registered manufacturers, and export internationally. Additionally, we plan to apply
to become a DEA licensed Controlled Substance Researcher to conduct in-house scientific studies at our facilities.
Capital
Requirements
The
general purpose of our budgeted capital requirements outlined below is to retrofit our existing greenhouse, including a 2-acre University
Greenhouse to be contained within the existing structure, plus a two phase build out of our state-of-the-art 57-acre greenhouses, in
partnership with a global leader specializing in greenhouse construction. We plan to raise the capital required from investors. The retrofitting
of the first 10-acres of the existing 22-acre greenhouse is expected to be completed by September 2022 though there may be delays due
to global supply chain issues. Our first harvest will be complete approximately two months from the date of completing construction and
receiving our DEA Registration. We plan to implement a phased approach to the build out of Phase 1 and Phase 2 and to plant intermittently
as phases of each greenhouse reach completion with estimated planting dates to be completed in tranches as follows: March 2023, September
2023, March 2024, September 2024.
Our
approximate budget is as follows for the capital construction project:
●
The Company continues to renovate the existing greenhouses
    and will incur $5,000,000 in costs in 2022 to make the greenhouses operational. This will also contain the University Greenhouse
    within the first 10-acres. The budget for that is approximately $8,500,000, of which $6,500,000 is expected to be incurred in 2022
    and the remaining $2,000,000 in 2023.
●
Phase 1 Greenhouse ("Candelaria"), plus
    corridor, total 234,230m2 (approximately 57 acres) has a budget of approximately $160,000,000, of which $1,750,000 is expected to
    be incurred in 2022, $118,250,000 in 2023 and the remaining $40,000,000 in 2024.
●
Phase 2 Greenhouse ("Azuz"), plus corridor,
    total 234,230m2 (approximately 57 acres) has a budget of approximately $105,000,000, of which $1,000,000 is expected to be incurred
    in 2022, $84,000,000 in 2023 and the remaining $20,000,000 in 2024.
●
The Tissue Lab installation and turnkey consulting
    plus CO2 extraction installation has a budget of approximately $19,200,000 and will commence and be completed in 2023.
Cumulatively,
of the total expected expenditures of $297,700,000, $14,250,000 is expected to be incurred in 2022, $223,450,000 in 2023, and the remaining
$60,000,000 in 2024.
Project
Total Spend
2022
2023
2024
Existing Greenhouse (including University Greenhouse)
$
13,500,000
$
11,500,000
$
2,000,000
Phase I - Candelaria
$
160,000,000
$
1,750,000
$
118,250,000
$
40,000,000
Phase II - Azuz
$
105,000,000
$
1,000,000
$
84,000,000
$
20,000,000
Tissue Lab
$
19,200,000
$
19,200,000
Total:
$
297,700,000
$
14,250,000
$
223,450,000
$
60,000,000
7
All
timing and expenditure estimates are subject to change due to supply chain constraints and are contingent upon successful raise of capital
from investors. See the section titled "
Risk Factors
" beginning on page 12 of this prospectus, for further discussion
of the risks related to the Company's ability to raise additional funds.
Our
Competitive Strengths
Bright
Green combines innovation, expertise, and dedication to furthering technical advances in cannabis and providing consistent quality supply
and output for our institutional customers. We distinguish ourselves from our competitors by virtue of the following strengths:
●
First-mover advantage - We are one of the first companies
    in the U.S. to receive conditional approval from the DEA to register to produce federally legal cannabis products. Previously, only
    the University of Mississippi held such authorization. Even if the DEA awards another set of licenses in the future, it will likely
    take years to process, giving us a competitive timing advantage compared to other operators.
●
Expertise - We will partner with cultivators in Europe
    and Canada who have supplied some of the leading cannabis operations throughout the world, and we are in discussions to pursue international
    agreements for the supply of cannabis. BGC has the opportunity to collaborate with both construction experts and growers to build
    the most refined cannabis cultivation operation in the world.
●
Superior Greenhouse Technology - BGC has engaged Dalsem,
    a developer of high-technology greenhouses worldwide, to build a state-of-the-art facility that will ensure product consistency and
    quality in an organic environment.
●
Quality and Consistency of Product - Our supply's
    consistency and high quality will start with the genetics of our cannabis. Bright Green Corporation has identified superior cannabis
    plants to deliver superior quality and consistency to support large-scale cannabis production efficiently, highlighting homogenous
    cannabinoid expression, tolerance to mildew and superior plant architecture.
●
Location - We selected New Mexico because of its ideal
    climate for growing cannabis due to both the abundance of sunshine and the consistent, predictable range of outdoor temperatures.
Listing
on the Nasdaq Capital Market
Our
Common Stock is currently traded on Nasdaq under the symbol "BGXX."
Implications
of Being an Emerging Growth Company and a Smaller Reporting Company
As
a company with less than $1.07 billion of revenue during our last fiscal year, we qualify as an "emerging growth company"
as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. We may remain an emerging growth company for up to five
years from the date of the closing of our public offering, or until such earlier time as we have more than $1.07 billion in annual revenue,
the market value of our stock held by non-affiliates is more than $700 million as of the final day of our second fiscal quarter, in which
case we would cease to be an "emerging growth company" as of the following final day of our fiscal year, or we issue more
than $1 billion of non-convertible debt over a three-year period.
For
so long as we remain an emerging growth company, we are permitted and intend to rely on certain exemptions from various public company
reporting requirements, including not being required to include an attestation report on internal control over financial reporting issued
by our independent registered public accounting firm pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002, reduced disclosure
obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding
a nonbinding advisory vote on executive compensation and any golden parachute payments not previously approved. In addition, the JOBS
Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting
standards. This provision allows an emerging growth company to delay the adoption of some accounting standards until those standards
would otherwise apply to private companies. We have elected to take advantage of this extended transition period under the JOBS Act.
As a result, our operating results and financial statements may not be comparable to the operating results and financial statements of
other companies who have adopted the new or revised accounting standards.
8
We
are also a "smaller reporting company," meaning that the market value of our stock held by non-affiliates is less than $700
million and our annual revenue was less than $100 million during our most recently completed fiscal year. We may continue to be a smaller
reporting company if either (i) the market value of our stock held by non-affiliates is less than $250 million measured on the last business
day of our second fiscal quarter or (ii) our annual revenue is less than $100 million during the most recently completed fiscal year
and the market value of our stock held by non-affiliates is less than $700 million measured on the last business day of our second fiscal
quarter. If we are a smaller reporting company at the time we cease to be an emerging growth company, we may continue to rely on exemptions
from certain disclosure requirements that are available to smaller reporting companies. For so long as we remain a smaller reporting
company, we are permitted and intend to rely on exemptions from certain disclosure and other requirements that are applicable to other
public companies that are not smaller reporting companies, such as providing only two years of audited financing statements.
Summary
of Risk Factors
Below
is a summary of material factors that make an investment in our securities speculative or risky. Importantly, this summary does not address
all of the risks and uncertainties that we face. Additional discussion of the risks and uncertainties summarized in this risk factor
summary, as well as other risks and uncertainties that we face, can be found under the section titled "
Risk Factors
"
in this prospectus. The below summary is qualified in its entirety by that more complete discussion of such risks and uncertainties.
You should consider carefully the risks and uncertainties described under the section titled "
Risk Factors
" as part
of your evaluation of an investment in our securities:
●
we have a relatively limited history of operations,
    a history of losses, and our future earnings, if any, and cash flows may be volatile, resulting in uncertainty about our prospects;
●
we have not based our financial projections or valuation
    on actual operations;
●
we are highly dependent on our management team, and
    the loss of our senior executive officers or other key employees could harm our ability to implement our strategies, impair our relationships
    with clients and adversely affect our business, results of operations and growth prospects;
●
our insurance may not adequately cover our operating
    risk;
●
we may have difficulty obtaining insurance at economically
    viable rates;
●
changes in accounting standards and subjective assumptions,
    estimates and judgments by management related to complex accounting matters could significantly affect our financial results;
●
the COVID-19 pandemic could continue to materially
    adversely affect our business, financial condition, results of operations, cash flows and day-to-day operations;
●
we could be adversely affected by declines in discretionary
    consumer spending, consumer confidence and general and regional economic conditions;
●
BGC's plan to expand its product offerings and
    sales channels might not be successful, and implementation of these plans might divert our operational, managerial and administrative
    resources, which could impact our competitive position;
●
we are in discussions to consummate strategic transactions,
    and arrangements with certain service providers, and if these arrangements do not materialize, or materialize on terms that are not
    favorable to the Company, it could materially adversely affect our business, financial condition, results of operations, cash flows
    and day-to-day operations
●
cannabis is highly regulated at the federal and state
    level, and authorizations for the production of cannabis for research is still in the early stages;
●
a denial of, or significant delay in obtaining, or
    any interruption of required government authorizations to grow cannabis for federally sanctioned purposes would likely significantly,
    negatively impact us;
●
changes in the competitive landscape for cannabis for
    federally sanctioned research could significantly, negatively impact us;
●
the
    U.S. wholesale market for cannabis for research is of unknown size and is difficult to forecast;
●
we may not develop as many cannabis products or a crop
    of the consistency or quality that we expect, which could have a negative adverse effect on our business plan and profitability;
9
●
FDA regulation of cannabis could negatively affect
    the cannabis industry generally, which would directly affect our financial condition, and could negatively impact us directly if
    our products do not receive the necessary approvals;
●
research in the United States, Canada and other countries
    on the medical benefits, viability, safety, efficacy and dosing of cannabis or isolated cannabinoids may cause adverse effects on
    our operations;
●
the very dynamic nature of the laws and regulations
    affecting the cannabis market, the federal authorization of cannabis for research, or the state-regulated cannabis industry could
    materially adversely affect our proposed operations, and we cannot predict the impact that future regulations may have on us;
●
operating in a highly regulated business requires significant
    resources;
●
the uncertainties around funding, construction, and
    growing an agricultural crop pose risks to our business;
●
the cannabis industry is subject to the risks inherent
    in an agricultural business, including environmental factors and the risk of crop failure;
●
researcher and patient preferences for our products
    or brands can be unpredictable; our marketing and brand development efforts may not be successful;
●
we may be vulnerable to rising energy costs;
●
environmental risks may adversely affect our business;
●
we are subject to risks, including delays, from our
    ongoing and future construction projects;
●
product recalls could adversely affect our business;
●
our sale of cannabis and cannabis products could expose
    us to significant product liability risks;
●
a significant failure or deterioration in our quality
    control systems could have a material adverse effect on our business and operating results;
●
we may experience breaches of security at our facilities
    or loss as a result of the theft of our products;
●
we are subject to liability arising from any fraudulent
    or illegal activity by our employees, contractors and consultants;
●
we will need to raise substantial additional funds
    in the future, which funds may not be available or, if available, may not be available on acceptable terms;
●
we are dependent on our banking relations, and while
    we currently have a stable banking relationship and operate in compliance with all applicable U.S. cannabis laws, we could have difficulty
    accessing or consistently maintaining banking or other financial services due to banks' risk aversion toward serving even legal
    parts of the cannabis industry;
●
we may be forced to litigate to defend our intellectual
    property rights, or to defend against claims by third parties against us relating to intellectual property rights;
●
we are subject to risks related to information technology
    systems, including cyber-security risks; successful cyber-attacks or technological malfunctions can result in, among other things,
    financial losses, the inability to process transactions, the unauthorized release of confidential information and reputational risk,
    all of which would negatively impact our business, financial condition or results of operations;
●
the market price of our Common Stock has been extremely
    volatile and may continue to be volatile due to numerous circumstances beyond our control;
●
future sales of Common Stock by our registered stockholders
    and other existing stockholders could cause our share price to decline;
●
we do not anticipate paying any cash dividends on our
    Common Stock in the foreseeable future;
●
if securities or industry analysts do not publish research
    or reports about our business, or if they downgrade their recommendations regarding our Common Stock, its trading price and volume
    could decline;
●
we are an "emerging growth company," and
    our election to comply with the reduced disclosure requirements as a public company may make our Common Stock less attractive to
    investors;
●
we are a "smaller reporting company," and
    our election to comply with the reduced disclosure requirements as a public company may make our Common Stock less attractive to
    investors;
●
provisions of our amended and restated certificate
    of incorporation and bylaws may delay or prevent a take-over that may not be in the best interests of our stockholders;
●
the requirements of being a public company may strain
    our resources, divert management's attention and affect our ability to attract and retain executive management and qualified
    board members;
●
we may be subject to additional regulatory burdens
    resulting as a public company;
●
holders of our Common Stock may be diluted by the future
    issuance of additional Common Stock, preferred stock or securities convertible into shares of Common Stock or preferred stock in
    connection with incentive plans, acquisitions or otherwise; future sales of such shares in the public market or the expectation that
    such sales may occur may decrease the market price of our Common Stock; and
●
we may be exposed to currency fluctuations.
Corporate
Information
Our
principal executive offices are located at 1033 George Hanosh Boulevard Grants, NM 87020, and our telephone number is (833) 658-1799.
Our corporate website address is
https://brightgreen.us.
Information contained on or accessible through our website is not a part
of this prospectus, and the inclusion of our website address in this prospectus is an inactive textual reference only.
10
THE
OFFERING
Shares of Common Stock offered
    by the selling securityholders
19,047,620
shares of Common Stock, including 9,523,810 shares of Common Stock issuable upon exercise of the Warrants.
Shares of Common Stock to be outstanding after this
    offering
178,866,110 shares of Common
    Stock (including 9,523,810 shares of Common Stock issuable upon exercise of the Warrants).
Terms of the offering
The selling securityholders
    will determine when and how they will dispose of the securities registered for resale under this prospectus.
Use of proceeds
We will not receive any
    proceeds from the sale of Shares or Warrant Shares by the selling securityholders; provided, however, we will receive the proceeds
    from any cash exercise of Warrants. See "
Use of Proceeds
."
Risk factors
Before investing in our
    securities, you should carefully read and consider the information set forth in "
Risk Factors
" beginning on page
    12.
Nasdaq ticker symbol
"BGXX"
The
number of common shares shown above to be outstanding after this offering is based on 169,342,300 shares of Common Stock and 9,523,810
Warrants outstanding as of September 20, 2022.
For
additional information concerning the offering, see "
Plan of Distribution
" beginning on page 70.
11
RISK
FACTORS
An
investment in our securities is speculative and involves a high degree of risk including the risk of a loss of your entire investment.
You should carefully consider the following risk factors. These risk factors contain, in addition to historical information, forward
looking statements that involve risks and uncertainties. Our actual results could differ significantly from the results discussed in
the forward-looking statements. The occurrence of any of the adverse developments described in the following risk factors could materially
and adversely harm our business, financial condition, results of operations or prospects. In such event, the value of our securities
could decline, and you could lose all or a substantial portion of the money that you pay for our securities. In addition, the risks and
uncertainties discussed below are not the only ones we face. Our business, financial condition, results of operations or prospects could
also be harmed by risks and uncertainties not currently known to us or that we currently do not believe are material, and these risks
and uncertainties could result in a complete loss of your investment. In assessing the risks and uncertainties described below, you should
also refer to the other information contained in this prospectus (as supplemented or amended).
Risks
Related to our Business and Operations - General Risks
We
have a relatively limited history of operations, a history of losses, and our future earnings, if any, and cash flows may be volatile,
resulting in uncertainty about our prospects.
Our
lack of a significant history and the evolving nature of the market in which we operate make it likely that there are risks inherent
to our business that are yet to be recognized by us or others, or not fully appreciated, and that could result in us suffering further
losses. As a result of the foregoing, and concerns regarding the economic impact from COVID-19, an investment in our securities necessarily
involves uncertainty about the stability of our operating results or results of operations.
We
had negative operating cash flow for the six months ended June 30, 2022 and June 30, 2021.
We
had negative operating cash flow of $3,539,273 in the six months ended June 30, 2022, and a negative operating cash flow of $503,544
for the six months ended June 30, 2021. To the extent that we have negative operating cash flow in future periods, we may need to allocate
a portion of our cash reserves to fund such negative cash flow. We may also be required to raise additional funds through the issuance
of equity or debt securities. There can be no assurance that we will be able to generate positive cash flow from our operations, that
additional capital or other types of financing will be available when needed or that these financings will be on terms favorable to us.
We
have not based our financial projections or valuation on actual operations.
Our
pre-operational stage precludes us from providing financial information based on actual operations. Current financial projections are
based on assumptions concerning future operations that we believe are reasonable but may prove incorrect. Because actual conditions will
differ from those assumptions, and the differences may be material, we cannot assure you that these projections will prove accurate and
caution you against excessive reliance on them in deciding whether to invest in our equity securities. Any increase in our costs or decrease
in our revenues could affect your ability to receive a return on your investment.
We
are highly dependent on our management team, certain members of our board of directors and advisors, and the loss of our executive officers,
non-executive directors or other key advisors or service providers could harm our ability to implement our strategies, impair our relationships
with clients and adversely affect our business, results of operations and growth prospects.
Our
success depends, to a large degree, on the skills of our management team and our ability to retain, recruit and motivate key officers
and employees. Our active senior executive leadership team has significant experience, and their knowledge and relationships would be
difficult to replace. Leadership changes will occur from time to time, and we cannot predict whether significant resignations will occur
or whether we will be able to recruit additional qualified personnel. Competition for senior executives and skilled personnel in the
horticulture industry is intense, which means the cost of hiring, paying incentives and retaining skilled personnel may continue to increase.
12
We
need to continue attracting and retaining key personnel and recruiting qualified individuals to succeed existing key personnel to ensure
the continued growth and successful operation of our business. In addition, as a provider of custom-tailored horticulture solutions,
we must attract and retain qualified personnel to continue to grow our business, and competition for such personnel can be intense. Our
ability to effectively compete for senior executives and other qualified personnel by offering competitive compensation and benefit arrangements
may be restricted by cash flow and other operational restraints. The loss of the services of any senior executive or other key personnel,
or the inability to recruit and retain qualified personnel in the future, could have a material adverse effect on our business, financial
condition or results of operations. In addition, to attract and retain personnel with appropriate skills and knowledge to support our
business, we may offer a variety of benefits, which could reduce our earnings or have a material adverse effect on our business, financial
condition or results of operations.
Our
insurance may not adequately cover our operating risk.
We
have insurance to protect our assets, operations and employees. While we believe our insurance coverage addresses all material risks
to which we are exposed and is adequate and customary in our current state of operations, such insurance is subject to coverage limits
and exclusions and may not be available for the risks and hazards to which we are exposed. In addition, no assurance can be given that
such insurance will be adequate to cover our liabilities or will be generally available in the future or, if available, that premiums
will be commercially justifiable. If we were to incur substantial liability and such damages were not covered by insurance or were in
excess of policy limits, or if we were to incur such liability at a time when we are not able to obtain liability insurance, our business,
results of operations and financial condition could be materially adversely affected.
We
may have difficulty obtaining insurance at economically viable rates.
Our
lack of operating history in an emerging area, and our plan to grow cannabis, even legally under all applicable laws, may make it difficult
to obtain insurance policies at rates competitive with rates for other crops. Insurance that is otherwise readily available, such as
workers' compensation, general liability, title insurance and directors' and officers' insurance, is more difficult
for us to find and more expensive because of our involvement in emerging areas as well as our cultivation, processing, and sale of cannabis,
albeit legally under both state and federal laws. There are no guarantees that we will be able to find insurance coverage at otherwise
competitive, or even economically viable terms.
Changes
in accounting standards and subjective assumptions, estimates and judgments by management related to complex accounting matters could
significantly affect our financial results.
U.S.
GAAP and related pronouncements, implementation guidelines and interpretations with regard to a wide variety of matters that are relevant
to our business, such as, but not limited to, revenue recognition, stock-based compensation, trade promotions, and income taxes, are
highly complex and involve many subjective assumptions, estimates and judgments by our management. Changes to these rules or their interpretation
or changes in underlying assumptions, estimates or judgments by our management could significantly change our reported results.
The
COVID-19 pandemic could continue to materially adversely affect our business, financial condition, results of operations, cash flows
and day-to-day operations.
The
outbreak of COVID-19, a novel strain of coronavirus first identified in China, which has spread across the globe including the U.S.,
has had an adverse impact on our operations and financial condition. Most recently, the response to this coronavirus by federal, state
and local governments in the U.S. has resulted in the significant market and business disruptions across many industries and affecting
businesses of all sizes. This pandemic has also caused significant stock market volatility and further tightened capital access for most
businesses. Given that the COVID-19 pandemic and its disruptions are of unknown duration, they could have an adverse effect on our liquidity
and profitability.
The
ultimate magnitude of COVID-19, including the extent of its impact on our financial and operational results, which could be material,
will depend on the length of time that the pandemic continues, its effect on the demand for our products and our supply chain, the effect
of governmental regulations imposed in response to the pandemic, as well as uncertainty regarding all of the foregoing. We cannot at
this time predict the full impact of the COVID-19 pandemic, but it could have a larger material adverse effect on our business, financial
condition, results of operations and cash flows beyond what is discussed within the registration statement to which this prospectus forms
a part.
13
We
could be adversely affected by declines in discretionary consumer spending, consumer confidence and general and regional economic conditions.
Our
success depends to a significant extent on discretionary consumer spending, which is heavily influenced by general economic conditions
and the availability of discretionary income. We believe the cannabis markets are heavily reliant on discretionary consumer spending.
The current economic environment as a result of COVID-19, coupled with high volatility and uncertainty as to the future global economic
landscape, may have an adverse effect on consumers' discretionary income and consumer confidence. Future volatile, negative, or
uncertain economic conditions and recessionary periods or periods of significant inflation may adversely impact consumer spending on
our products and services, which would materially adversely affect our business, financial condition and results of operations. Such
effects can be especially pronounced during periods of economic contraction or slow economic growth.
Our
plan to expand our product offerings and sales channels might not be successful, and implementation of these plans might divert our operational,
managerial and administrative resources, which could impact our competitive position.
BGC's
success and the planned growth and expansion of the business depends on their products and services achieving greater and broader acceptance,
resulting in a larger customer base, and on the expansion of its operations into new markets. However, there can be no assurance that
customers will purchase its products and/or services, or that they will be able to continually expand their customer base. Additionally,
if they are unable to effectively market or expand their product and/or service offerings, we will be unable to grow and expand our business
or implement our business strategy.
BGC's
ability to grow its existing brand and develop or identify new growth opportunities depends in part on its ability to appropriately identify,
develop and effectively execute strategies and initiatives. Failure to effectively identify, develop and execute strategies and initiatives
may lead to increased operating costs without offsetting benefits and could have a material adverse effect on our results of operations.
These plans involve various risks discussed elsewhere in these risk factors, including:
●
implementation of these plans may be delayed or may
    not be successful;
●
if BGC's expanded product offerings and sales
    channels fail to maintain and enhance our distinctive brand identity, our brand image may be diminished, and our sales may decrease;
    and
●
implementation of these plans may divert management's
    attention from other aspects of our business and place a strain on our management, operational and financial resources, as well as
    our information systems.
In
addition, BGC's ability to successfully carry out our plans to expand its product offerings may be affected by, among other things,
laws and regulations pertaining to cannabis use, economic and competitive conditions, changes in consumer spending patterns and consumer
preferences. BGC's expansion plans could be delayed or abandoned, could cost more than anticipated and could divert resources from
other areas of our business, any of which could impact its competitive position and reduce our revenue and profitability.
14
We
are in discussions to consummate arrangements with certain service providers, and if these arrangements do not materialize, or materialize
on terms that are not favorable to the Company, it could materially adversely affect our business, financial condition, results of operations,
cash flows and day-to-day operations
We
are in discussions to consummate arrangements with certain service providers. Any agreement we plan to enter into with a third party
may not materialize, or, may not be on favorable terms, and the expected benefits and growth from these agreements may not materialize
as planned. If we fail to enter into agreements with such service providers, or enter into agreements that are not on favorable terms
to the Company, it could materially adversely affect our business, financial condition, results of operations, cash flows and day-to-day
operations.
We
have identified a material weakness in our internal control over financial reporting and determined that our disclosure controls and
procedures were ineffective as of June 30, 2022, as a result of the restatement of our unaudited financial information as of and for
the quarter ended June 30, 2022. In the future, we may identify additional material weaknesses or otherwise fail to maintain an effective
system of internal control over financial reporting or adequate disclosure controls and procedures, which may result in material errors
in our financial statements or cause us to fail to meet our period reporting obligations.
Under
the supervision and with the participation of our management, including our Interim Chief Executive Officer and Chief Financial Officer,
we conducted an assessment of the effectiveness of our internal control over financial reporting as of June 30, 2022. A material weakness
is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility
that a material error in our annual or interim financial statements will not be prevented or detected on a timely basis. In Management's
Report on Internal Control over Financial Reporting included in our quarterly report on Form 10-Q for the quarter ended June 30, 2022
filed August 12, 2022, our management previously concluded that we maintained effective internal control over financial reporting as
of June 30, 2022. Our management subsequently concluded that a material weakness existed and our internal control over financial reporting
was not effective as of June 30, 2022. This determination was made as a result of a recording error of the fair value of shares of Common
Stock we issued for services in June 2022. Such shares have a fair value of $8.00 per share, the price of our Common Stock at the time
of our direct listing, but were initially recorded at a fair value of $4.00 per share. With this error being corrected in amendment no.
1 to our quarterly report on Form 10-Q for the period ended June 30, 2022, net loss increased by $6,297,960. Management is actively engaged
in the planning for, and implementation of, remediation efforts to address our material weakness.
If
we identify new material weaknesses in our internal control over financial reporting, if we are unable to assert that our internal control
over financial reporting is effective, or if our independent registered public accounting firm is unable to express an opinion as to
the effectiveness of our internal control over financial reporting, we may be late with the filing of our periodic reports, investors
may lose confidence in the accuracy and completeness of our financial reports and the market price of our Common Stock could be negatively
affected. As a result of such failures, we could also become subject to investigations by the stock exchange on which our securities
are then listed, the SEC, or other regulatory authorities, and become subject to litigation from investors and stockholders, which could
harm our reputation, financial condition or divert financial and management resources from our core business, and would have a material
adverse effect on our business, financial condition and results of operations.
Risks
Related to our Business and Operations - Required DEA Authority To Grow and Process Cannabis and Cannabis Generally
Cannabis
is highly regulated at the federal and state level, and authorizations for the production of cannabis for research is still in the early
stages.
Cannabis,
other than hemp, is a Schedule I controlled substance under the U.S. Controlled Substances Act (21 U.S.C. § 801, et seq.) (the "CSA").
Even in states or territories that have legalized cannabis to some extent, the cultivation, possession, and sale of cannabis all remain
violations of federal law that are punishable by imprisonment, substantial fines and forfeiture. While cannabis remains a federally illegal
Schedule I drug under the CSA, there is a limited exemption under which cannabis can be grown or manufactured for uses in federally sanctioned
research. To become an authorized cannabis researcher in the United States, one must obtain a registration from the DEA and meet certain
requirements imposed by the DEA, the U.S. Food and Drug Administration ("FDA") and the National Institutes of Health. The
registration process to manufacture controlled substances is codified under 21 U.S.C. § 823. It requires that the Attorney General
determine whether registrations are in the public interest. To do so, the Attorney General is directed to consider multiple public interest
factors, including "compliance with applicable State and local law."
15
The
University of Mississippi, pursuant to a contractual agreement with National Institute on Drug Abuse ("NIDA"), has been the
only federally authorized cannabis producer in the United States for years. In the face of unprecedented demand for cannabis manufacture
for research necessitating more suppliers, the program at the University of Mississippi has faced significant criticism for its poor
quality flower, mold issues, and limited availability of strains with levels of THC and CBD comparable to commercial cannabis products.
In
recent years, the federal government has acknowledged the need for new suppliers. During his confirmation hearings in 2019, Attorney
General Barr testified that he supported authorizing more facilities to cultivate cannabis in the U.S. for research purposes. In January
2020, a senior policy advisor for the DEA, Matthew J. Strait, testified before the House Energy and Commerce Committee regarding the
DEA's progress to date. Mr. Strait acknowledged concerns about the limited supply of research-grade cannabis and the lack of chemical
diversity in the plants cultivated in Mississippi. He outlined the DEA's various steps in the past few years to expand cannabis
research and manufacturing capacity, including:
●
In December 2015, the DEA announced to all existing
    Schedule I researchers that it was easing the requirements for obtaining a modification of their existing registration for those
    who wished to conduct research on cannabidiol (CBD).
●
In early 2018, the DEA announced that it had developed
    and implemented an online portal for researchers to safely and securely submit their qualifications, research protocol and institutional
    approvals for a proposed schedule I research registration thereby streamlining the acquisition of information necessary to process
    each application. Presently, the average time it takes for DEA and the FDA to review/approve an application is 52 days.
●
On the manufacturing side, between 2017 and 2020, the
    DEA increased the aggregate production quota for cannabis by 575%, from 472 kg in 2017 to 3,200 kg in 2022. The increase has directly
    supported NIDA's provision of various strains of cannabis to researchers in the United States.
In
addition to these efforts, in 2016, the DEA began accepting new research cultivation applications with regulations crafted under the
Obama administration. However, no decisions were made on those applicants, and, in August 2019, the DEA issued a notice to the pending
applicants, stating that it would promulgate new regulations to govern the program of growing "marihuana" for scientific
and medical research prior to issuing any registrations. During his testimony, Mr. Strait explained that the DEA is "actively taking
steps to expand" the number of registered growers, and had recently sent draft regulations to facilitate licensing additional growers
to the Office of Management and Budget.
Those
draft regulations were published in late March 2020. Under the proposed regulations, the DEA will maintain sole ownership of all cannabis
produced under the program, requiring growers to notify the DEA of an upcoming harvest up to four months' in advance, or at a minimum,
15 days before a harvest. The DEA currently has roughly 35 outstanding applications for research cannabis cultivation licenses, and the
agency said it expects to approve between five and 13 suppliers once the rules are finalized after a public comment period, which has
ended. The proposed rule provides that, with a limited exception, applications accepted for filing after the date the final rule becomes
effective will not be considered pending until all applications accepted for filing on or before the date the final rule becomes effective
have been granted or denied by the Administrator.
On
December 18, 2020, the DEA finalized new regulations pertaining to applications by entities seeking to become registered with the DEA
to grow cannabis as bulk manufacturers for research purposes and provide cannabis to other DEA registered manufacturers. Under these
and other applicable regulations, applicants are responsible for demonstrating they have met various requirements, including requirements
to possess appropriate state authority, document that their customers are licensed to perform research, and employ adequate safeguards
to prevent diversion.
On
May 14, 2021, the DEA announced that it planned to provide memorandums of agreement to an unspecified and unnamed number of companies
to collaborate with the DEA "to facilitate the production, storage, packaging, and distribution of marijuana under the new regulations
as well as other applicable legal standards and relevant laws." The DEA's final rule on the topic estimated that it would
award licenses to between three and fifteen companies. To the extent these memorandums of agreement are finalized, the DEA anticipates
issuing DEA registrations to these manufacturers. Each applicant will then be authorized to cultivate cannabis – up to an allotted
quota – in support of the more than 575 DEA-licensed researchers across the nation. As individual manufacturers are granted DEA
registrations, that information will be made available on DEA's Diversion Control website.
16
A
denial of, or significant delay in obtaining, or any interruption of required government authorizations to grow cannabis for federally
sanctioned purposes would likely significantly, negatively impact us.
Our
business plan depends heavily on receiving the necessary state and federal authorizations to research cannabis and to grow cannabis for
federally sanctioned cannabis research. Bright Green may not commence cannabis growing operations until both the State of New Mexico
and the federal government, in particular the DEA, have signed off that Bright Green has met its obligations under state law and the
MOA and is compliance with all applicable regulations. While New Mexico has granted to Bright Green the necessary licenses to grow cannabis
for research, and BGC and the DEA have entered into a MOA for BGC to be one of the entities registered by the DEA to grow cannabis for
federally sanctioned purposes, we cannot guarantee that the DEA will ultimately permit BGC to register manufacture cannabis. The MOA
was effective and became binding on May 20, 2021. The DEA's denial of any authorizations or any delay in granting the authorization
or renewal could have a significantly negative impact on our business plans, operations and financial results.
BGC
must comply with all terms agreed to in the MOA which include:
●
submitting an Individual Procurement Quota on or before
    April 1 of each year utilizing DEA Form 250;
●
submitting an Individual Manufacturing Quota on or
    before May 1 of each year utilizing DEA Form 189;
●
collecting samples of cannabis and distributing them
    to DEA-registered analytical laboratories for chemical analysis during the pendency of cultivation and prior to the DEA's taking
    possession of the cannabis grown;
●
providing the DEA with 15-day advance written notification,
    via email, of its intent to harvest cannabis;
●
following the DEA's packaging, labeling, storage
    and transportation requirements;
●
distributing DEA's stocks of cannabis to buyers
    who entered into bona fide supply agreements with the Company; providing the DEA with 15-day advance written notification of its
    intent to distribute cannabis; and
●
invoicing the DEA for harvested cannabis that it intends
    to sell to the DEA.
Furthermore,
unless terminated for cause by the DEA, the MOA is effective for an initial one-year term from its effective date, subject to automatic
renewal for up to four additional one-year terms. There is no guarantee, however, that the needed authorizations will be obtained in
the first place, or subsequently renewed at the one year or subsequent renewal terms.
Changes
in the competitive landscape for cannabis for federally sanctioned research could significantly, negatively impact us.
The
DEA has not made public how many entities received memorandums of agreement. If the DEA awards additional licenses to grow cannabis for
federally sanctioned research it would limit our competitive advantage. This would have a negative impact on our business plans, operations
and financial results.
The
Medical Marijuana and Cannabidiol Research Expansion Act, introduced in July 2022 in the House by U.S. Reps. Earl Blumenauer, D-Ore.,
and Andy Harris, R-Md., is the companion bill to Senate Bill 253 (which passed the Senate in April 2022). As drafted, the bill could
increase the number of federally-licensed cannabis researchers in the U.S., and would require researchers to cultivate their own product
under federal authorization or purchase their product from federally legal supply channels (DEA Registrants). The House Bill does not
include a provision in the Senate Bill which would allow cannabis researchers to study products available in state-legal commercial cannabis
markets. The final parameters of a final bill will require reconciling the Senate and House versions, and are unknowable, as are the
impacts a final bill could have on our industry or our business and operations. In July 2022, Senators Chuck Schumer (D-NY), Cory Booker
(D-NJ), and Ron Wyden (D-OR) introduced the Cannabis Administration and Opportunity Act ("CAOA"), which provides for comprehensive
federal legalization of cannabis. The probability that the CAOA in its current form is adopted, now or in the future, is unknowable at
this time, as are the impacts the CAOA could have on our industry or business and operations.
17
The
U.S. wholesale market for cannabis for research is of unknown size and is difficult to forecast.
BGC
plans to operate in a novel market which currently only has one participant. The extent to which the DEA will expand the current cannabis
research program, and the supply that the DEA will require from bulk manufacturers to furnish researchers with cannabis is unknown and
unprecedented. Because this market is new and novel, there are risks to predicting the market size and the resulting revenue BGC will
obtain from government contracts to supply cannabis researchers, should the DEA registration be obtained, and any such projections may
prove inaccurate.
We
may not develop as many cannabis products or a crop of the consistency or quality that we expect, which could have a negative adverse
effect on our business plan and profitability.
Our
success depends on our ability to attract and retain research customers, but we face competition in obtaining customers for our cannabis
materials and products. There are many factors that could impact our ability to attract and retain customers, including our ability to
successfully compete based on price, produce high quality or consistent crops, continually produce desirable and effective products that
are superior to others in the market, and the successful implementation of our customer acquisition plan and the continued growth in
the aggregate number of potential customers. Competition for customers may result in increasing our costs while also lowering the market
prices for our products, and reduce our profitability. If we are not successful in attracting and retaining customers, we may fail to
be competitive or achieve profitability or sustain profitability over time.
As
a result of changing customer preferences, even among research or pharmaceutical customers, many products attain financial success for
a limited period of time.
Even
if we are successful in introducing new products, a failure to gain consumer acceptance or to update products with compelling attributes
could cause a decline in our products' popularity that could reduce revenues and harm our business, operating results and financial
condition. Failure to introduce new products or product types and to achieve and sustain market acceptance could result in our being
unable to meet consumer preferences and generate revenue, which would have a material adverse effect on our profitability and financial
results from operations.
FDA
regulation of cannabis could negatively affect the cannabis industry, which would directly affect our financial condition.
Should
the federal government legalize cannabis, it is possible that the FDA would seek to regulate it under the Food, Drug and Cosmetics Act.
After the U.S. government removed hemp and its extracts from the CSA as part of the Agriculture Improvement Act of 2018, the FDA Commissioner
Scott Gottlieb issued a statement reminding the public of the FDA's continued authority "to regulate products containing
cannabis or cannabis-derived compounds under the Federal Food, Drug and Cosmetic Act and section 351 of the Public Health Service Act."
He also reminded the public that "it's unlawful under the FDCA to introduce food containing added cannabidiol ("CBD")
or tetrahydrocannabinol ("THC") into interstate commerce, or to market CBD or THC products, as, or in, dietary supplements,
regardless of whether the substances are hemp-derived," and regardless of whether health claims are made, because CBD and THC entered
the FDA testing pipeline as the subject of public substantial clinical investigations for GW Pharmaceuticals' Sativex (THC and
CBD) and Epidiolex (CBD). Gottlieb's statement added that, prior to introduction into interstate commerce, any cannabis product,
whether derived from hemp or otherwise, marketed with a disease claim (e.g., therapeutic benefit, disease prevention, etc.) must first
be approved by the FDA for its intended use through one of the drug approval pathways.
The
FDA has sent numerous warning letters to sellers of CBD products making health claims. The FDA could turn its attention to the cannabis
industry at large. In addition to requiring FDA approval of cannabis products marketed as drugs, the FDA could issue rules and regulations
including certified good manufacturing practices related to the growth, cultivation, harvesting and processing of cannabis. It is also
possible that the FDA would require that facilities where cannabis is grown register with the FDA and comply with certain federally prescribed
regulations. Cannabis facilities are currently regulated by state and local governments. In the event that some or all of these federal
enforcement and regulations are imposed, we do not know what the impact would be on our operations, including what costs, requirements
and possible prohibitions may be enforced. If we are unable to comply with the regulations or registration as prescribed by the FDA,
we may be unable to continue to operate our business in its proposed form or at all. There is no guarantee that cannabinoid products
that may not be fully legal now will be able to be legally commercialized in the future or that Bright Green's products or operations
will meet any new FDA regulations or interpretations of the law, which could inhibit Bright Green's business prospects even in
the case that the federal government were to legalize cannabis.
18
Due
to the FDA's position on CBD, and because we are committed to complying with both state and federal laws, any legal restriction
on the sale of products that containing extracts of cannabis could limit the legally accessible CBD/legal cannabinoid market for our
proposed products.
Additionally,
the FDA may, in the future, decide to regulate cannabis products, which could significantly accelerate or stall the development and sale
of cannabis-based products. Currently, there is uncertainty regarding the FDA's path forward regarding cannabis. If the FDA were
to regulate cannabis, it is possible that it would distinguish between DEA-approved facilities like Bright Green's, and commercial
cannabis retailers selling directly to consumers in state-legal markets. Because Bright Green's products are not going directly
to consumers, and would only reach consumers via a prescription drug that has undergone FDA clinical trials and safety testing, it is
likely that the majority of the FDA's regulation would affect state-legal cannabis operators more so than Bright Green. However,
the effect of future FDA regulation on cannabis remains uncertain and could also have an adverse effect on our business operations, operating
costs, and performance. Moreover, there is no guarantee that the FDA will find our products safe or effective or grant us the required
approvals under the FDCA, which may inhibit our business prospects even in the case that the federal government were to legalize cannabis,
and could also create unforeseen costs created by requirements to comply with the FDCA.
Research
in the United States, Canada and other countries on the medical benefits, viability, safety, efficacy and dosing of cannabis or isolated
cannabinoids may cause adverse effects on our operations.
Historically
stringent regulations related to cannabis have made conducting medical and academic studies challenging. Many statements concerning the
potential medical benefits of cannabinoids are based on published articles and reports, and as a result, such statements are subject
to the experimental parameters, qualifications and limitations in the studies that have been completed. Future research and clinical
trials may draw different or negative conclusions regarding the medical benefits, viability, safety, efficacy, dosing or other facts
and perceptions related to medical cannabis, which could adversely affect social acceptance of cannabis and the demand for their products.
There
can be no assurance that future scientific research, findings, regulatory proceedings, litigation, media attention, or other research
findings or publicity will be favorable to the cannabis market or any particular cannabis product or will be consistent with earlier
publicity. Adverse future scientific research reports, findings and regulatory proceedings that are, or litigation, media attention or
other publicity that is, perceived as less favorable than, or that questions, earlier research reports, findings or publicity (whether
or not accurate or with merit) could result in a significant reduction in the demand for the cannabis products of a portfolio company.
Further, adverse publicity reports or other media attention regarding the safety, efficacy and quality of cannabis, or our products specifically,
or associating the consumption of cannabis with illness or other negative effects or events, could adversely affect our business. This
adverse publicity could arise even if the adverse effects associated with cannabis products resulted from consumers' failure to
use such products legally, appropriately or as directed.
The
very dynamic nature of the laws and regulations affecting the cannabis market, the federal authorization of cannabis for research, or
the state-regulated cannabis industry could materially adversely affect our proposed operations, and we cannot predict the impact that
future regulations may have on us.
Local,
state and federal cannabis laws and regulations have been evolving rapidly and are subject to varied interpretations, which could require
us to incur substantial costs associated with compliance or alter our business plan and could negatively impact our business plan or
business. We can know neither the nature of any future laws, regulations, interpretations or applications nor the effect additional governmental
regulations or administrative policies and procedures, when and if promulgated, could have on our business. For example, if cannabis
is no longer illegal under federal law, and depending on future laws or guidance on cannabis for research, we may experience a significant
increase in competition. Accordingly, any change in these laws or regulations, changes in their interpretation, or newly enacted laws
or regulations and any failure by us to comply with these laws or regulations could require changes to certain of our business practices,
negatively impact our operations, cash flow or financial condition, impose additional costs on us or otherwise adversely affect our business.
19
Operating
in a highly regulated business requires significant resources.
We
intend to operate in a highly regulated business. As a result, we expect a significant amount of our management's time and external
resources to be used to comply with the laws, regulations and guidelines that impact our business, and changes thereto, and such compliance
may place a significant burden on our management and other resources.
Additionally,
we may be subject to a variety of laws, regulations and guidelines in each of the jurisdictions in which we distribute cannabis, which
may differ among these various jurisdictions. Complying with multiple regulatory regimes will require additional resources and may our
ability to expand into certain jurisdictions. For example, even if cannabis were to become legal under U.S. federal law, companies operating
in the cannabis industry would have to comply with all applicable state and local laws, which may vary greatly between jurisdictions,
increasing costs for companies that operate in multiple jurisdictions.
The
uncertainties around funding, construction, and growing an agricultural crop pose risks to our business.
Our
planned operations are contingent on completion of raising significant additional funding for the construction of certain facilities
in Grants, New Mexico. We need significant additional capital to build out the properties, and the timing and terms of obtaining that
capital are uncertain. It is also possible that we may not be able to raise the capital required for our construction plans.
Delays
in obtaining the capital, onerous terms for the capital, or a failure to raise the significant capital required could have a material,
negative impact on business or plans of operations. Furthermore, we will be an agricultural supplier and will be subject to agricultural
risks related to issues such as climate change, natural disasters or pests. In particular, there could be difficulties with the first
crop or harvest in any new facility.
The
cannabis industry is subject to the risks inherent in an agricultural business, including environmental factors and the risk of crop
failure.
The
growing of cannabis is an agricultural process. As such, a portfolio company with operations in the cannabis industry is subject to the
risks inherent in the agricultural business, including risks of crop failure presented by weather, climate change, water scarcity, fires,
insects, plant diseases and similar agricultural risks. Although some cannabis production is conducted indoors under climate-controlled
conditions, cannabis continues to be grown outdoors, and in our case, in greenhouses using natural light, which is susceptible to climate
changes, and there can be no assurance that artificial or natural elements, such as insects and plant diseases, will not entirely interrupt
production activities or have an adverse effect on the production of cannabis and, accordingly, the operations of a portfolio company,
which could have an adverse effect on our business, financial condition and results of operations.
We
may be vulnerable to rising energy costs, and an increase or volatility in energy prices may adversely affect our business and results
of operations.
Cannabis
growing operations consume considerable energy, which makes us vulnerable to rising energy costs and/or the availability of stable energy
sources. Accordingly, rising or volatile energy costs or the inability to access stable energy sources may have a material adverse effect
on our business, financial condition and results of operations.
We
are subject to environmental regulations and laws, and failure to timely or completely comply with such regulations and laws, or failure
to obtain or maintain applicable licenses, may adversely affect our business.
Cultivation
and production activities may be subject to licensing requirements relating to environment regulation. Environmental legislation and
regulations are evolving in such a manner that may result in stricter standards and enforcement, larger fines and liability and potentially
increased capital expenditures and operating costs. The application of environmental laws to our business may cause us to increase the
costs of our cultivation, production or scientific activities. Unanticipated licensing delays can result in significant delays and expenses
related to compliance with new environmental regulations, and cost overruns in our business and could affect our financial condition
and results of operations. There can be no assurance that these delays will not occur.
20
The
growth of our business continues to be subject to new and changing federal, state, and local laws and regulations.
Continued
development of the cannabis industry is dependent upon further legalization of cannabis at the state level, and a number of factors could
slow or halt progress in this area, even where there is public support for legislative action. Any delay or halt in the passing or implementation
of legislation legalizing cannabis use, or its cultivation, manufacturing, processing, transportation, distribution, storage and/or sale,
or the re-criminalization or restriction of cannabis at the state level, could negatively impact our business, even though we are primarily
regulated by the DEA. Additionally, changes in applicable federal, state, and local regulations, including zoning restrictions, environmental
requirements, FDA compliance, security requirements, or permitting requirements and fees, could restrict the products and services we
may offer or impose additional compliance costs on us. Violations of applicable laws, or allegations of such violations, could disrupt
our business and result in a material adverse effect on our operations. We cannot predict the nature of any future laws, regulations,
interpretations or applications, including local, state, federal, or environmental, and it is possible that regulations may be enacted
in the future that will be materially adverse to our business or which would have materially significant costs of compliance which could
negatively impact our business.
We
are subject to risks, including delays, from our ongoing and future construction projects, which may result from reliance on third parties,
delays relating to material delivery and supply chains, and fluctuating material prices, among other factors.
We
are subject to several risks in connection with the construction of our projects, including the availability and performance of engineers
and contractors, suppliers and consultants, the availability of funding, and the receipt of required governmental approvals, licenses
and permits, and the projected timeline for construction, which could change due to delays. Any delay in the performance of any one or
more of the contractors, suppliers, consultants or other persons on which we are dependent in connection with our construction activities,
a delay in or failure to receive the required governmental approvals, licenses and permits in a timely manner or on reasonable terms,
or a delay in or failure in connection with the completion and successful operation of the operational elements in connection with construction
could delay or prevent the construction of the additional phases of the facilities as planned. There can be no assurance that current
or future construction plans implemented by us will be successfully completed on time, within budget and without design defect, that
the necessary personnel and equipment will be available in a timely manner or on reasonable terms to complete construction projects successfully,
that we will be able to obtain all necessary governmental approvals, licenses and permits, or that the completion of the construction,
the start-up costs and the ongoing operating costs will not be significantly higher than anticipated by us. Any of the foregoing factors
could adversely impact our operations and financial condition.
The
costs to procure such materials and services to build new facilities may fluctuate widely based on the impact of numerous factors beyond
our control including, international, economic and political trends, foreign currency fluctuations, expectations of inflation, global
or regional consumptive patterns, speculative activities and increased or improved production and distribution methods.
Since
early 2020, the COVID-19 pandemic has impacted global economic activity, and the governments of many countries, states, cities and other
geographic regions have previously taken or continue to take preventative or protective actions, which have caused disruptions in global
supply chains such as closures or other restrictions on the conduct of business operations of manufacturers, suppliers and vendors. Such
preventative or proactive actions may be reinstated or expanded upon in the future. The recovery from COVID-19 also may have risks in
that increased economic activity globally or regionally may result in high demand for, and constrained access to, materials and services
we require to construct and commission our facilities, which may lead to increased costs or delays that could materially and adversely
affect our business.
21
Global
demand on shipping and transport services may cause us to experience delays in the future, which could impact our ability to obtain materials
or build our facilities in a timely manner. These factors could otherwise disrupt our operations and could negatively impact our business,
financial condition and results of operations.
Logistical
problems, unexpected costs, and delays in facility construction, whether or not caused by the COVID-19 pandemic, which we cannot control,
can cause prolonged disruption to or increased costs of third-party transportation services used to ship materials, which could negatively
affect our facility building schedule, and more generally our business, financial condition, results of operations and prospects. If
we experience significant unexpected delays in construction, we may have to delay or limit our production depending on the timing and
extent of the delays, which could harm our business, financial condition and results of operation.
Product
recalls could adversely affect our business.
Our
products could become subject to recall or return for various reasons, including product defects, such as contamination, unintended harmful
side effects or interactions with other substances, packaging safety and inadequate or inaccurate labeling disclosure. If any of our
products are recalled due to an alleged product defect, regulatory requirements or for any other reason, we could be required to incur
the unexpected expense of the recall and any legal proceedings that might arise in connection with the recall. We may lose a significant
amount of sales and may not be able to replace those sales at an acceptable margin or at all. In addition, a product recall may require
significant management attention. Recall of products could lead to adverse publicity, decreased demand for our products and could have
significant reputational and brand damage. Although we have detailed procedures in place for testing finished products, there can be
no assurance that any quality, potency or contamination problems will be detected in time to avoid unforeseen product recalls, regulatory
action or lawsuits. A recall for any of the foregoing reasons could lead to decreased demand for our products and could have a material
adverse effect on our results of operations and financial condition. Additionally, product recalls may lead to increased scrutiny of
our operations by health authorities or regulatory agencies where the Company operates or products are sold, requiring further management
attention and potential legal fees and other expenses.
Our
planned future sale of cannabis and cannabis products could expose us to significant product liability risks.
We
may be subject to various product liability claims, including, among others, that our products caused injury or illness, include inadequate
instructions for use or include inadequate warnings concerning possible side effects or interactions with other substances. A product
liability claim or regulatory action against us could result in increased costs, could adversely affect our reputation with our clients
and consumers generally, and could have a material adverse effect on our business, financial condition and results of operations. There
can be no assurances that we will be able to obtain or maintain product liability insurance on acceptable terms or with adequate coverage
against potential liabilities. Such insurance is expensive and may not be available in the future on acceptable terms, or at all. The
inability to obtain sufficient insurance coverage on reasonable terms or to otherwise protect against potential product liability claims
could prevent or inhibit the commercialization of our potential products.
A
significant failure or deterioration in our quality control systems could have a material adverse effect on our business and operating
results.
The
quality and safety of our products are critical to the success of our business and operations. As such, it is imperative that our (and
our service providers') quality control systems operate effectively and successfully. Quality control systems can be negatively
impacted by the design of the quality control systems, the quality training programs and adherence by employees to quality control guidelines.
Although we strive to ensure that all of our service providers have implemented and adhere to high-quality control systems, any significant
failure or deterioration of such quality control systems could have a material adverse effect on our business and operating results.
We
may experience breaches of security at our facilities or loss as a result of the theft of our products.
Given
the nature of our products and their lack of legal availability outside of government-approved channels, as well as the concentration
of inventory in our Colombian and Portuguese facilities, and despite meeting or exceeding applicable security requirements, there remains
a risk of security breach as well as theft. A security breach at one of our facilities could result in a significant loss of available
products, expose us to additional liability under applicable regulations and to potentially costly litigation or increase expenses relating
to the resolution and future prevention of these breaches and may deter potential customers from choosing our products, any of which
could have an adverse effect on our business, financial condition and results of operations.
22
We
are subject to liability arising from any fraudulent or illegal activity by our employees, contractors and consultants.
We
are exposed to the risk that our employees, independent contractors and consultants may engage in fraudulent or other illegal activity.
Misconduct by these parties could include intentional, reckless, or negligent conduct or disclosure of unauthorized activities to us
that violate (i) government regulations, (ii) manufacturing standards, (iii) federal, state and provincial healthcare fraud and abuse
laws and regulations, or (iv) laws that require the true, complete and accurate reporting of financial information or data. It is not
always possible for us to identify and deter misconduct by our employees and other third parties, and the precautions taken by us to
detect and prevent this activity may not be effective in controlling unknown or unmanaged risks or losses or in protecting us from governmental
investigations or other actions or lawsuits stemming from a failure to be in compliance with such laws or regulations. If any actions
are brought against us, including by former employees, independent contractors or consultants, and we are not successful in defending
ourselves or asserting our rights, those actions could have a significant impact on our business, including the imposition of civil,
criminal and administrative penalties, damages, monetary fines, contractual damages, reputational harm, diminished profits and future
earnings, and the curtailment of our operations, any of which would have an adverse effect on our business, financial condition and results
from operations.
We
will need to raise substantial additional funds in the future, which funds may not be available or, if available, may not be available
on acceptable terms.
Designing
and constructing cultivation, processing and distribution facilities and cultivating and producing cannabis is expensive. Changing circumstances
may cause us to consume capital more rapidly than we currently anticipate. For example, we may incur costs for the design and construction
of cultivation, processing and dispensary facilities that greatly exceed our current budget for such projects. Alternatively, we may
identify opportunities to acquire additional cannabis licenses that we believe would be beneficial to us. The acquisition of such licenses,
and the cost of acquiring the related cultivation, processing or distribution facilities or, if not in existence or completed, the design
and construction of such facilities may require substantial capital. In such events, we may need to raise additional capital to fund
the completion of any such projects.
Furthermore,
the cannabis industry is in its early stages and it is likely that we and our competitors will seek to introduce new products in the
future which may include new genetic formulations. In attempting to keep pace with any new market developments, we will need to expend
significant amounts of capital to successfully develop and generate revenues from new products, including new genetic formulations. We
may also be required to obtain additional regulatory approvals from applicable authorities based on the jurisdictions in which we plan
to distribute our products, which may take significant time. We may not be successful in developing effective and safe new products,
bringing such products to market in time to be effectively commercialized or obtaining any required regulatory approvals, which together
with capital expenditures made in the course of such product development and regulatory approval processes, may have a material adverse
effect on our business, financial condition and results of operations.
We
may need to raise additional funds in the future to support our operations. If we are required to secure additional financing, such additional
fundraising efforts may divert our management from our day-to-day activities, and we may be required to:
●
significantly delay, scale back or discontinue the
    design and construction of any cultivation, processing and dispensary facilities for which we are awarded licenses or
●
relinquish any cultivation, processing and dispensary
    licenses that we are awarded, or sell any cultivation, processing or distribution facilities that we are designing and constructing.
23
If
we are required to conduct additional fundraising activities and we are unable to raise additional capital in sufficient amounts or on
terms acceptable to us, we may be prevented from executing upon our business plan. This would have a material adverse effect on our business,
financial condition and results of operations.
We
are dependent on our banking relations, and while we currently have a stable banking relationship and operate in compliance with all
applicable laws, we could have difficulty accessing or consistently maintaining banking or other financial services due to banks'
risk aversion toward serving even legal parts of the cannabis industry.
We
are dependent on the banking industry to support the financial functions of our company. Our business operating functions including payroll
for our employees and other expenses and transactions which are reliant on traditional banking. Additionally, we anticipate that our
clients will pay us via wire transfer to our bank accounts, or via checks that we deposit into our banks. We require access to banking
services for both us and our clients to receive payments in a timely manner. Lastly, to the extent we rely on any lines of credit, these
could be affected by our relationships with financial institutions and could be jeopardized if we lose access to a bank account.
Important
components of our offerings depend on client accounts and relationships, which in turn depend on banking functions. Most federal and
federally-insured state banks currently do not serve businesses that grow and sell cannabis products under state laws on the stated ground
that growing and selling cannabis is illegal under federal law, even though the Treasury Department's Financial Crimes Enforcement
Network ("FinCEN"), issued guidelines to banks in February 2014 that clarified how financial institutions can provide services
to cannabis-related businesses, consistent with financial institutions' obligations under the Bank Secrecy Act. The continued uncertainty
surrounding financial transactions related to federally-illegal cannabis activities and the subsequent risks this uncertainty presents
to financial institutions may result in their discontinuing services to the cannabis industry or limit their ability to provide services
to the cannabis industry or even federally-legal cannabis businesses like ours, because of the misperception that we are a cannabis business
like federally illegal ones are. While we are not transacting in any way with non-federally legal cannabis, it is possible that banks
could view us as a risk because of our association with cannabis or a misunderstanding of our legal status.
While
our business is federally legal and complies with the CSA, it is possible we could still face banking difficulties. Banks have and may
continue to consider us to be part of the cannabis industry that is subject to banking restrictions. If we were to lose any of our banking
relationships or fail to secure additional banking relationships in the future, we could experience difficulty and incur increased costs
in the administration of our business, paying our employees, accepting payments from clients, each of which may adversely affect our
reputation or results of operations. Additionally, the closure of many or one of our bank accounts due to a bank's reluctance to
provide services to a cannabis business, even though we are operating legally under U.S. law, would require significant management attention
from us and could materially adversely affect our business and operations.
While
we have entered into a non-binding letter of intent with Alterola Biotech Inc. and have entered into exclusive negotiations for a merger
therewith, we cannot assure you that the transactions contemplated by our non-binding letter of intent will be consummated or, that if
such transactions are consummated, they will be accretive to stockholder value.
On
August 25, 2022, we entered into a non-binding letter of intent (the "Alterola Agreement") with Alterola Biotech Inc. ("Alterola")
pursuant to which we agreed to explore a merger transaction with Alterola. Pursuant to the Alterola Agreement, the Company agreed to
acquire 25% (the "Initial Shares") of the issued and outstanding shares of Common Stock, par value $0.001 per share of Alterola
("Alterola Stock"), subject to customary due diligence and applicable regulatory approvals. Additionally, pursuant to the
Alterola Agreement, we received a six-month option (the "Alterola Option") to acquire all remaining issued and outstanding
shares of Alterola Stock, subject to customary due diligence, and regulatory, stockholder and other necessary approvals. The Alterola
Agreement provides that the parties shall use their good faith efforts to enter into a definitive agreement setting forth the binding
terms of the Alterola Transaction, whereby we shall acquire all remaining Alterola Stock in exchange for an additional $6 million together
with an aggregate of $40 million of shares of our Common Stock. However, the Alterola Agreement did not include material terms related
to any proposed acquisitive transaction with Alterola and there is no guarantee that we will agree to terms or definitive documentation
with Alterola in order to effect the proposed merger transaction. Further, even if we are able to agree to terms with Alterola for a
merger transaction, there is no guarantee that the terms will be favorable to and approved by our stockholders, that the transaction
will be completed in the time frame or in the manner currently anticipated, or that we will recognize the anticipated benefits of the
transaction.
24
We
may engage in future acquisitions or strategic transactions, including the transaction with Alterola, which may require us to seek additional
financing or financial commitments, increase our expenses and/or present significant distractions to our management.
As
described herein, we have recently entered into a non-binding letter of intent to merge the Company with Alterola which enables us to
conduct due diligence and negotiate the terms of a definitive merger agreement. In the event we engage in an acquisition or strategic
transaction, we may need to acquire additional financing (particularly, if the acquired entity is not cash flow positive or does not
have significant cash on hand). Obtaining financing through the issuance or sale of additional equity and/or debt securities, if possible,
may not be at favorable terms and may result in additional dilution to our current stockholders. Additionally, any such transaction may
require us to incur non-recurring or other charges, may increase our near and long-term expenditures and may pose significant integration
challenges or disrupt our management or business, which could adversely affect our operations and financial results. For example, an
acquisition or strategic transaction may entail numerous operational and financial risks, including the risks outlined above and additionally:
●
exposure
                                            to unknown liabilities;
●
disruption
                                            of our business and diversion of our management's time and attention in order to develop
                                            acquired products or technologies;
●
higher
                                            than expected acquisition and integration costs;
●
write-downs
                                            of assets or goodwill or impairment charges;
●
increased
                                            amortization expenses;
●
difficulty
                                            and cost in combining the operations and personnel of any acquired businesses with our operations
                                            and personnel;
●
impairment
                                            of relationships with key suppliers or customers of any acquired businesses due to changes
                                            in management and ownership; and
●
inability
                                            to retain key employees of any acquired businesses.
Accordingly,
although there can be no assurance that we will undertake or successfully complete any transactions of the nature described above, and
any transactions that we do complete could have a material adverse effect on our business, results of operations, financial condition
and prospects.
Risks
Related to our Business and Operations - Intellectual Property
We
may be forced to litigate to defend our intellectual property rights, or to defend against claims by third parties against us relating
to intellectual property rights.
We
may be forced to litigate to enforce or defend our intellectual property rights, to protect our trade secrets or to determine the validity
and scope of other parties' proprietary rights. Any such litigation could be very costly and could distract our management from
focusing on operating our business. The existence and/or outcome of any such litigation could harm our business.
We
are subject to risks related to information technology systems, including cyber-security risks; successful cyber-attacks or technological
malfunctions can result in, among other things, financial losses, the inability to process transactions, the unauthorized release of
confidential information and reputational risk, all of which would negatively impact our business, financial condition or results of
operations.
Our
use of technology is critical to our continued operations. We are susceptible to operational, financial and information security risks
resulting from cyber-attacks or technological malfunctions. Successful cyber-attacks or technological malfunctions affecting us or our
service providers can result in, among other things, financial losses, the inability to process transactions, the unauthorized release
of confidential or proprietary information and reputational risk. As cybersecurity threats continue to evolve, we may be required to
use additional resources to continue to modify or enhance protective measures or to investigate security vulnerabilities, which could
have a material adverse effect on our business, financial condition or results of operations.
25
We
are reliant on our intellectual property; failure to protect our intellectual property could negatively affect our business, financial
condition or results of operations.
Our
success will depend in part on our ability to use and develop new extraction technologies, know-how and new strains of cannabis. We may
be vulnerable to competitors who develop competing technology, whether independently or as a result of acquiring access to the proprietary
products and trade secrets of acquired businesses. In addition, effective future patent, copyright and trade secret protection may be
unavailable or limited in the U.S. due to federal illegality or in foreign countries and may be unenforceable under the laws of some
jurisdictions. Failure to adequately maintain and enhance protection over our proprietary techniques and processes, as well as over our
unregistered intellectual property, including policies, procedures and training manuals, could have a material adverse effect on our
business, financial condition or results of operations.
Risks
Related to this Offering and Ownership of Our Common Stock
Our
shares have a limited trading history and an active trading market may not develop or continue to be liquid, and the market price of
our shares of Common Stock may be volatile.
Our
shares are listed and traded on Nasdaq. Prior to the listing on Nasdaq, there had not been a public market for our Common Stock, and
an active market for our Common Stock may not develop or be sustained, which could depress the market price of our securities and could
affect the ability of our stockholders to sell our Common Stock at favorable prices. In the absence of an active public trading market,
investors may not be able to liquidate their investments in our shares of Common Stock. An inactive market may also impair our ability
to raise capital by selling our Common Stock or equity-linked securities, our ability to motivate our employees through equity incentive
awards and our ability to acquire other companies, products or technologies by using our Common Stock or equity-linked securities consideration.
Further, the market price of our Common Stock has been and may continue to be, volatile. Between May 17, 2022, the date our Common Stock
began trading on Nasdaq, and September 20, 2022, the market price of our Common Stock ranged from a high of $58.00 on May 18, 2022 to
a low of $1.00 on August 30, 2022.
The
market price of our Common Stock has been extremely volatile and may continue to be volatile due to numerous circumstances beyond our
control.
The
market price of our Common Stock has fluctuated, and may continue to fluctuate, widely, due to many factors, some of which may be beyond
our control. These factors include, without limitation:
●
"short squeezes";
●
comments by securities analysts or other third parties,
    including blogs, articles, message boards and social and other media;
●
an increase or decrease in the short interest in our
    Common Stock;
●
actual or anticipated fluctuations in our financial
    and operating results;
●
risks and uncertainties associated with events and
    macroeconomics events such as the ongoing COVID-19 pandemic, fluctuations in U.S. interest rates and rapid inflation; and
●
overall general market fluctuations.
Publicly
traded companies' stock prices in general, and our stock price in particular, have experienced extreme price and volume fluctuations
that have often been unrelated or disproportionate to the operating performance of those companies and our company. For example, on May
18, 2022 and August 30, 2022, the closing price of our Common Stock was $48.08 and $1.04, respectively, and the daily trading volume
on these days was approximately 3,221,100 and 314,900 shares, respectively. These broad market fluctuations may adversely affect the
trading price of our Common Stock. In particular, a proportion of our Common Stock has been, and may continue to be, traded by short
sellers which may put pressure on the supply and demand for our Common Stock, further influencing volatility in the market price. Additionally,
these and other external factors have caused, and may continue to cause, the market price and demand of our Common Stock to fluctuate,
which may limit or prevent investors from readily selling their shares of Common Stock and may otherwise negatively affect the liquidity
of our Common Stock.
26
A
"short squeeze" due to a sudden increase in demand for shares of our Common Stock could lead to extreme price volatility
in shares of our Common Stock.
Investors
may purchase shares of our Common Stock to hedge existing exposure or to speculate on the price of our Common Stock. Speculation of the
price of our Common Stock may lead to long and short exposures. To the extent aggregate short exposure exceeds the number of shares of
our Common Stock available for purchase on the open market, investors with short exposure may have to pay a premium to repurchase shares
of our Common Stock for delivery to lenders of our Common Stock. Those repurchases may in turn, dramatically increase the price of our
Common Stock until additional shares of our Common Stock are available for trading or borrowing. This is often referred to as a "short
squeeze." A proportion of our Common Stock has been, and may continue to be, traded by short sellers which may increase the likelihood
that our Common Stock will be the target of a short squeeze. A short squeeze could lead to volatile price movements in shares of our
Common Stock that are unrelated or disproportionate to our operating performance and, once investors purchase the shares of our Common
Stock necessary to cover their short positions, the price of our Common Stock may rapidly decline. Investors that purchase shares of
our Common Stock during a short squeeze may lose a significant portion of their investment.
You
may be diluted by issuances of preferred stock or additional Common Stock in connection with our incentive plans, acquisitions or otherwise;
future sales of such shares in the public market, or the expectations that such sales may occur, could lower our stock price.
Our
certificate of incorporation, as amended and restated, authorizes us to issue up to 200,000,000 shares of Common Stock and up to 10,000,000
shares of preferred stock. Additionally, our amended and restated certificate of incorporation which authorizes us to issue shares of
Common Stock and options, rights, warrants and appreciation rights relating to our Common Stock for the consideration and on the terms
and conditions established by our Board of Directors (the "Board"), in its sole discretion. We could issue a significant
number of shares of Common Stock in the future in connection with investments or acquisitions. Any of these issuances could dilute our
existing stockholders, and such dilution could be significant. Moreover, such dilution could have a material adverse effect on the market
price for the shares of our Common Stock.
The
future issuance of shares of preferred stock with voting rights may adversely affect the voting power of the holders of shares of our
Common Stock, either by diluting the voting power of our Common Stock if the preferred stock votes together with the Common Stock as
a single class, or by giving the holders of any such preferred stock the right to block an action on which they have a separate class
vote, even if the action were approved by the holders of our shares of our Common Stock.
The
future issuance of shares of preferred stock with dividend or conversion rights, liquidation preferences or other economic terms favorable
to the holders of preferred stock could adversely affect the market price for our Common Stock by making an investment in the Common
Stock less attractive. For example, investors in the Common Stock may not wish to purchase Common Stock at a price above the conversion
price of a series of convertible preferred stock because the holders of the preferred stock would effectively be entitled to purchase
Common Stock at the lower conversion price, causing economic dilution to the holders of Common Stock.
The
Company has a limited number of shares of Common Stock available for future issuance which could adversely affect the Company's
ability to raise capital or consummate acquisitions.
The
Company is currently authorized to issue 200,000,000 shares of Common Stock under its certificate of incorporation, as amended and restated.
As of September 20, 2022, the Company had issued 169,342,300 shares of Common Stock and had 9,523,810 shares of Common Stock reserved
for issuance upon exercise of the Warrants.
Due
to the limited number of authorized shares of Common Stock available for issuance, the Company may not be able to raise additional equity
capital or complete a merger, other business combination or partnership unless the Company increases the number of shares it is authorized
to issue.
27
If
the Company does not receive the requisite stockholder approval at a special meeting to increase the number of shares it is authorized
to issue, its operations could be materially adversely impacted. In addition, an increase in the authorized number of shares of Common
Stock and the subsequent issuance of such shares could have the effect of delaying or preventing a change in control of the Company without
further action by the Company's stockholders.
The
future exercise of registration rights may adversely affect the market price of our Common Stock.
Certain
of our stockholders have registration rights for restricted securities. We are obligated to register certain securities including the
Shares and Warrant Shares offered hereby. Sales of a substantial number of shares of Common Stock pursuant to this prospectus in the
public market could occur at any time our prospectus remains effective. In addition, certain registration rights holders can request
underwritten offerings to sell their securities. These sales, or the perception in the market that the holders of a large number of shares
intend to sell shares, could reduce the market price of our Common Stock.
We
do not anticipate paying any cash dividends on our Common Stock in the foreseeable future.
We
currently intend to retain our future earnings, if any, for the foreseeable future, to fund the development and growth of our business.
We do not intend to pay any dividends to holders of our Common Stock in the foreseeable future. Any decision to declare and pay dividends
in the future will be made at the discretion of our Board taking into account various factors, including our business, operating results
and financial condition, current and anticipated cash needs, plans for expansion, any legal or contractual limitations on our ability
to pay dividends under our loan agreements or otherwise. As a result, if our Board does not declare and pay dividends, the capital appreciation
in the price of our Common Stock, if any, will be your only source of gain on an investment in our Common Stock, and you may have to
sell some or all of your Common Stock to generate cash flow from your investment.
If
securities or industry analysts do not publish research or reports about our business, or if they downgrade their recommendations regarding
our Common Stock, its trading price and volume could decline.
We
expect the trading market for our Common Stock to be influenced by the research and reports that industry or securities analysts publish
about us, our business or our industry. As a new public company, we do not currently have and may never obtain research coverage by securities
and industry analysts. If no securities or industry analysts commence coverage of our company, the trading price for our stock may be
negatively impacted. If we obtain securities or industry analyst coverage and if one or more of these analysts cease coverage of our
company or fail to publish reports on us regularly, we could lose visibility in the financial markets, which in turn could cause our
stock price or trading volume to decline and our Common Stock to be less liquid. Moreover, if one or more of the analysts who cover us
downgrades our stock or publishes inaccurate or unfavorable research about our business, or if our results of operations do not meet
their expectations, our stock price could decline.
We
are an
"
emerging growth company
,"
and our election to comply with the reduced disclosure requirements as a
public company may make our Common Stock less attractive to investors.
For
so long as we remain an "emerging growth company" as defined in the JOBS Act, we may take advantage of certain exemptions
from various requirements that are applicable to public companies that are not "emerging growth companies," including not
being required to comply with the independent auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (the
"Sarbanes-Oxley Act"), reduced disclosure obligations regarding executive compensation in our periodic reports and proxy
statements, being required to provide fewer years of audited financial statements, and exemptions from the requirements of holding a
non-binding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.
We may lose our emerging growth company status and become subject to the SEC's internal control over financial reporting management
and auditor attestation requirements. If we are unable to certify the effectiveness of our internal controls, or if our internal controls
have a material weakness, we could be subject to regulatory scrutiny and a loss of confidence by stockholders, which could harm our business
and adversely affect the market price of our Common Stock.
28
We
will cease to be an "emerging growth company" upon the earliest to occur of: (i) the last day of the fiscal year in which
we have more than $1.07 billion in annual revenue; (ii) the date we qualify as a large accelerated filer, with at least $700 million
of equity securities held by non-affiliates; (iii) the date on which we have, in any three-year period, issued more than $1.0 billion
in non-convertible debt securities; and (iv) the last day of the fiscal year following the fifth anniversary of becoming a public company.
As an emerging growth company, we may choose to take advantage of some but not all of these reduced reporting burdens. Accordingly, the
information we provide to our stockholders may be different than the information you receive from other public companies in which you
hold stock. In addition, the JOBS Act also provides that an "emerging growth company" can take advantage of an extended transition
period for complying with new or revised accounting standards.
We
have elected to take advantage of this extended transition period under the JOBS Act. As a result, our operating results and financial
statements may not be comparable to the operating results and financial statements of other companies who have adopted the new or revised
accounting standards. It is possible that some investors will find our Common Stock less attractive as a result, which may result in
a less active trading market for our Common Stock and higher volatility in our stock price.
We
are a
"
smaller reporting company
,"
and our election to comply with the reduced disclosure requirements
as a public company may make our Common Stock less attractive to investors
.
For
so long as we remain a smaller reporting company, we are permitted and intend to rely on exemptions from certain disclosure and other
requirements that are applicable to other public companies that are not smaller reporting companies, such as providing only two years
of audited financing statements. We may continue to be a smaller reporting company if either (i) the market value of our stock held by
non-affiliates is less than $250 million measured on the last business day of our second fiscal quarter or (ii) our annual revenue is
less than $100 million during the most recently completed fiscal year and the market value of our stock held by non-affiliates is less
than $700 million measured on the last business day of our second fiscal quarter.
If
we are a smaller reporting company at the time we cease to be an emerging growth company, we may continue to rely on exemptions from
certain disclosure requirements that are available to smaller reporting companies. It is possible that some investors will find our Common
Stock less attractive as a result, which may result in a less active trading market for our Common Stock and higher volatility in our
stock price.
Provisions
of our amended and restated certificate of incorporation and bylaws may delay or prevent a take-over that may not be in the best interests
of our stockholders.
Provisions
of our amended and restated certificate of incorporation and bylaws may be deemed to have anti-takeover effects, which include when and
by whom special meetings of our stockholders may be called, and may delay, defer or prevent a takeover attempt.
In
addition, our amended and restated certificate of incorporation authorizes the issuance of shares of preferred stock which will have
such rights and preferences determined from time to time by our Board. Our Board may, without stockholder approval, issue additional
preferred shares with dividends, liquidation, conversion, voting or other rights that could adversely affect the voting power or other
rights of the holders of our Common Stock.
The
choice of forum provision in our amended and restated bylaws, could limit our stockholders' ability to obtain a favorable judicial
forum for disputes with us or our directors, officers or colleagues.
Our
amended and restated bylaws, provide that, unless we consent in writing to the selection of an alternative forum, the sole and exclusive
forum for any derivative action or proceeding brought on behalf of us, any action asserting a claim of breach of a fiduciary duty owed
by any of our directors, officers or other employees to us or our stockholders, any action asserting a claim arising pursuant to any
provision of the DGCL, or any action asserting a claim governed by the internal affairs doctrine, shall be a state or federal court located
within the state of Delaware, in all cases subject to the court's having personal jurisdiction over the indispensable parties named
as defendants. The choice of forum provisions may limit a stockholder's ability to bring a claim in a judicial forum that it finds
favorable for disputes with us or our directors, officers or other colleagues, which may discourage such lawsuits against us and our
directors, officers and other colleagues. Alternatively, if a court were to find such choice of forum provisions to be inapplicable or
unenforceable in an action, including but not limited to claims brought in connection with the Securities Act or Exchange Act, we may
incur additional costs associated with resolving such action in other jurisdictions, which could adversely affect our business and financial
condition. Investors are unable to waive compliance with U.S. federal securities laws and the rules and regulations thereunder.
29
The
forum selection provision is intended to apply "to the fullest extent permitted by applicable law," subject to certain exceptions.
Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created
by the Exchange Act or the rules and regulations thereunder. As a result, the exclusive forum provision will not apply to suits brought
to enforce any duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction.
In addition, the exclusive forum provision will not apply to actions brought under the Securities Act, or the rules and regulations thereunder.
This
choice of forum provision may limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes
with us or any of our directors, officers, other employees or stockholders, which may discourage lawsuits with respect to such claims.
As such, stockholders of the Company seeking to bring a claim regarding the internal affairs of the Company may be subject to increased
costs associated with litigating in Delaware as opposed to their home state or other forum, precluded from bringing such a claim in a
forum they otherwise consider to be more favorable, and discouraged from bringing such claims as a result of the foregoing or other factors
related to forum selection. Alternatively, if a court were to find the choice of forum provision contained in our amended and restated
bylaws to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other
jurisdictions, which could harm our business, operating results and financial condition.
The
requirements of being a public company may strain our resources, divert management's attention and affect our ability to attract
and retain executive management and qualified board members.
As
a public company, we are subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act, the Dodd-Frank Act, and other
applicable securities rules and regulations. Compliance with these rules and regulations involves significant legal and financial compliance
costs, may make some activities more difficult, time-consuming or costly and may increase demand on our systems and resources, particularly
after we are no longer an "emerging growth company," as defined in the JOBS Act. The Exchange Act requires, among other things,
that we file annual, quarterly and current reports with respect to our business and operating results. The Sarbanes-Oxley Act requires,
among other things, that we maintain effective disclosure controls and procedures and internal control over financial reporting. In order
to maintain and, if required, improve our disclosure controls and procedures and internal control over financial reporting to meet this
standard, significant resources and management oversight may be required. As a result, management's attention may be diverted from
other business concerns, which could adversely affect our business and operating results. We may need to hire more employees in the future
or engage outside consultants, which will increase our costs and expenses.
In
addition, changing laws, regulations and standards relating to corporate governance and public disclosure are creating uncertainty for
public companies, increasing legal and financial compliance costs and making some activities more time-consuming. These laws, regulations
and standards are subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application
in practice may evolve over time as regulatory and governing bodies provide new guidance. This could result in continuing uncertainty
regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We intend to
invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general and administrative
expenses and a diversion of management's time and attention from revenue-generating activities to compliance activities. If our
efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing bodies due
to ambiguities related to their application and practice, regulatory authorities may initiate legal proceedings against us, and our business
may be adversely affected.
However,
for as long as we remain an "emerging growth company," we may take advantage of certain exemptions from various reporting
requirements that are applicable to public companies that are not "emerging growth companies" including, but not limited
to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes Oxley Act, reduced disclosure
obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding
a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.
We may take advantage of these reporting exemptions until we are no longer an "emerging growth company." We would cease to
be an "emerging growth company" upon the earliest of: (i) the last day of the fiscal year following the fifth anniversary
the last day of the fiscal year ending after the fifth anniversary of the listing of our Common Stock on Nasdaq; (ii) the first fiscal
year after our annual gross revenues are $1.07 billion or more; (iii) the date on which we have, during the previous three-year period,
issued more than $1.0 billion in non-convertible debt securities; or (iv) as of the end of any fiscal year in which the market value
of the Common Stock held by non-affiliates exceeded $700 million as of the end of the second quarter of that fiscal year.
30
As
a result of disclosure of information in this prospectus and in filings required of a public company, our business and financial condition
are highly visible, which may result in threatened or actual litigation, including by competitors and other third parties. If such claims
are successful, our business and operating results could be adversely affected, and even if the claims do not result in litigation or
are resolved in our favor, these claims, and the time and resources necessary to resolve them, could divert the resources of our management
and adversely affect our business and operating results.
We
are subject to additional regulatory burdens as a public company.
We
are required to operate, maintain and oversee financial management control systems to manage our obligations as a public company listed
on Nasdaq and registered with the SEC . These areas include corporate governance, corporate controls, disclosure controls and procedures
and financial reporting and accounting systems. We expended significant resources to improve these systems in preparation for becoming
a public company, and continue to review and improve these systems, but we cannot assure holders of our Common Stock that these and other
measures we might take will be sufficient to allow us to satisfy our obligations as a public company. In addition, compliance with reporting
and other requirements applicable to public companies listed on Nasdaq create additional costs for us and require management's
time and attention. We cannot predict the amount of the additional costs that we might incur, the timing of such costs or the impact
that management's attention to these matters will have on our business.
We
may be exposed to currency fluctuations.
Although
our revenues and expenses are expected to be predominantly denominated in U.S. dollars, we may be exposed to currency exchange fluctuations.
Recent events in the global financial markets have been coupled with increased volatility in the currency markets. Fluctuations in the
exchange rate between the U.S. dollar and the currency of other regions in which we may operate or have customers may have a material
adverse effect on our business, financial condition and operating results. We may, in the future, establish a program to hedge a portion
of our foreign currency exposure with the objective of minimizing the impact of adverse foreign currency exchange movements. However,
even if we develop a hedging program, there can be no assurance that it will effectively mitigate currency risks.
Shares
eligible for future sale may have adverse effects on our share price.
Sales
of substantial amounts of shares or the perception that such sales could occur may adversely affect the prevailing market price for our
shares. We may issue additional shares in subsequent public offerings or private placements to make new investments or for other purposes.
Therefore, it may not be possible for existing shareholders to participate in such future share issuances, which may dilute the existing
shareholders' interests in us.
There
can be no assurances that our shares listed on Nasdaq will not be subject to potential delisting if we do not continue to maintain the
listing requirements of Nasdaq.
Our
Common Stock is listed on the Nasdaq Capital Market, or Nasdaq, under the symbol "BGXX." Nasdaq has rules for continued listing,
including, without limitation, minimum market capitalization and other requirements. Failure to maintain our listing (i.e., being de-listed
from Nasdaq), would make it more difficult for shareholders to sell our Common Stock and more difficult to obtain accurate price quotations
on our Common Stock. This could have an adverse effect on the price of our Common Stock. Our ability to issue additional securities for
financing or other purposes, or otherwise to arrange for any financing we may need in the future, may also be materially and adversely
affected if our Common Stock is not traded on a national securities exchange.
31
If
we cannot continue to satisfy the rules of Nasdaq, our securities may be delisted, which could negatively impact the price of our securities
and your ability to sell them.
Even
though our Common Stock is listed on Nasdaq, we cannot assure you that our Common Stock will continue to be listed on Nasdaq.
We
are required to comply with certain rules of Nasdaq, including those regarding minimum shareholders' equity, minimum share price,
minimum market value of publicly held shares, and various additional requirements. We may not be able to continue to satisfy these requirements
and applicable rules. If we are unable to satisfy Nasdaq criteria for maintaining our listing, our securities could be subject to delisting.
If
Nasdaq delists our securities from trading, we could face significant consequences, including:
●
a limited availability for market quotations for our
    securities;
●
reduced liquidity with respect to our securities;
●
a determination that our Common Stock is a "penny
    stock," which will require brokers trading in our Common Stock to adhere to more stringent rules and possibly result in a reduced
    level of trading activity in the secondary trading market for our Common Stock;
●
limited amount of news and analyst coverage; and
●
a decreased ability to issue additional securities
    or obtain additional financing in the future.
Investment
in our Common Stock is speculative and involves a high degree of risk. You may lose your entire investment.
There
is no guarantee that the Common Stock will earn any positive return in the short term or long term. A holding of our Common Stock is
speculative and involves a high degree of risk and should be undertaken only by holders whose financial resources are sufficient to enable
them to assume such risks and who have no need for immediate liquidity in their investment. A holding of our Common Stock is appropriate
only for holders who have the capacity to absorb a loss of some or all of their holdings.
The
Company will not receive any of the proceeds from the sale of Common Stock in this offering, so your purchase of Common Stock will not
directly benefit the Company.
The
selling securityholders will receive all of the net proceeds from the sale of the Common Stock in this offering. We will not receive
any proceeds from the sale of the Common Stock in this offering, so we will not directly benefit from your purchase of such shares of
Common Stock. We will, however, bear the costs incurred in connection with the registration of these shares of Common Stock. Upon a cash
the exercise of the Warrants, we will receive the exercise price of the Warrants.
Your
ownership interest will be diluted and our stock price could decline when we issue additional shares of Common Stock.
We
expect to issue from time to time in the future additional shares of Common Stock or securities convertible into, or exercisable or exchangeable
for, shares of Common Stock in connection with possible financings, acquisitions, equity incentives for employees or otherwise. Any such
issuance could result in substantial dilution to existing shareholders and cause the trading price of the Common Stock to decline.
We
have issued warrants and may continue to issue additional securities in the future. The exercise of these warrants and the sale of the
Common Stock issuable thereunder may dilute your percentage ownership interest and may also result in downward pressure on the price
of our Common Stock.
As
of September 20, 2022 we have issued and outstanding warrants to purchase 9,523,810 shares of Common Stock at an exercise price of $1.05
per share, subject to adjustment as described therein. Because the market for our Common Stock may be thinly traded, the sales and/or
the perception that those sales may occur, could adversely affect the market price of our Common Stock. Furthermore, the mere existence
of a significant number of shares of Common Stock issuable upon exercise of our outstanding securities may be perceived by the market
as having a potential dilutive effect, which could lead to a decrease in the price of our Common Stock.
32
USE
OF PROCEEDS
All
of the shares of Common Stock offered by the selling securityholders pursuant to this prospectus will be sold by the selling securityholders
for their respective accounts. We will not receive any of the proceeds from these sales.
We
will receive up to an aggregate of approximately $10 million from the exercise of the Warrants, assuming the exercise in full of all
of the Warrants for cash. We will have broad discretion over the use of proceeds from the exercise of the Warrants. There is no assurance
that the holders of the Warrants will elect to exercise any or all of the Warrants. To the extent that any of the Warrants are exercised
on a "cashless basis," the amount of cash we would receive from the exercise of the Warrants will decrease.
33
MARKET
INFORMATION FOR SECURITIES AND DIVIDEND POLICY
Market
Information
Our
Common Stock is quoted on Nasdaq under the symbol "BGXX." As of September 20, 2022, there were approximately 111
record holders of our Common Stock.
Dividend
Policy
Since
our inception, we have not paid any dividends on our Common Stock, and we currently expect that, for the foreseeable future, all earnings,
if any, will be retained for use in the development and operation of our business. In the future, our Board may decide, at its discretion,
whether dividends may be declared and paid to holders of our Common Stock.
34
MANAGEMENT'S
DISCUSSION AND ANALYSIS OF
FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Investing
in our securities involves a high degree of risk. Before you make a decision to buy our securities, in addition to the risks and uncertainties
discussed above under "Special Note Regarding Forward-Looking Statements," you should carefully consider the risks and uncertainties
described below together with all of the other information contained in this prospectus, including our financial statements and related
notes included at the end of this prospectus and in the section titled "Management's Discussion and Analysis of Financial
Condition and Results of Operations," before deciding to invest in our securities. If any of the events or developments described
below were to occur, our business, prospects, operating results and financial condition could suffer materially, the trading price of
our securities could decline and you could lose all or part of your investment. The risks and uncertainties described below are not the
only ones we face. Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also
adversely affect our business.
Overview
and History
Bright
Green Corporation ("Company", "BGC", "we", "us", or "our") is one of the
first companies in the U.S. to receive conditional approval from the United States Drug Enforcement Administration (the "DEA")
to cultivate, manufacture and sell cannabis through DEA-approved channels on terms agreed by both the DEA and BGC. The DEA's Final
Rule on the topic estimated that it would award between three and fifteen companies with these registrations. BGC will produce cannabis
in full compliance with all federal, state, and local laws for the U.S. government and pharmaceutical producers of medicinal cannabis
products who are also licensed by the DEA.
BGC
was incorporated in the State of Delaware in April 2019. In October 2020, BGC and GGG consummated the GGG Merger pursuant to the GGG
Agreement. In November 2020, BGC and Naseeb consummated the Naseeb Merger pursuant to the Naseeb Agreement.
BGC
owns a 70-acre parcel of land, on agricultural property, which includes a completed 22-acre greenhouse structure. The Company also owns
a 40-acre parcel of land nearby, and holds options for two additional 300-acre properties which are adjacent to the owned properties
(one is known as the "Candelaria" property, and the other is known as the "Azuz" property). Once the project
is completed, the existing 22-acre greenhouse will be used to cultivate non-cannabis herbs and medicinal plants.
BGC
entered into the Memorandum of Agreement with the DEA (the "MOA") in May of 2021 following the DEA's determination
that BGC's application materials appeared consistent with the statutory and regulatory framework. The MOA outlines how BGC will
work with the DEA to facilitate the production, storage, packaging, and interstate distribution of federally legal cannabis.
The
MOA provides a path to Bright Green for full federal registration to grow in New Mexico and distribute across the United States, any
(or all) of the following Schedule I controlled substances: "Marihuana Extract" (7350) and "Marihuana" (7360).
The MOA further provides BGC may sell such products to licensed researchers and registered manufacturers in the U.S. and internationally,
and may use such product for internal product development and research. Complementary licenses for the same purpose have also been issued
by the State of New Mexico under the New Mexico Board of Pharmacy to BGC. The MOA also anticipates BGC will grow cannabis for its own
research and product development efforts, which may include the bulk manufacturing of marijuana extracts and highly purified cannabinoids
and derivatives.
In
addition to the existing greenhouse, BGC will be undergoing new construction to establish a state-of-the-art facility headquartered on
our property in Grants, NM. First, we will retrofit the 22-acre existing greenhouse to make it operational. This renovation is underway
and we expect it to be completed in June 2022. Within the first 10- acres of that existing greenhouse retrofit, we will include a two-acre
University Greenhouse to begin housing our cannabis research, development, cultivation and manufacturing operations. This greenhouse
facility will have production capacity for 50,000 cannabis plants at all times of differing maturity levels. Additionally, we estimate
we will harvest approximately 300,000 mature plants per year (with multiple harvests per year). The University Greenhouse will house
our research and development facility pursuant to potential partnership and other arrangements with leading U.S. universities.
35
BGC
is constructing two additional greenhouses on the Candelaria and the Azuz properties. Each of these will be 57 acres and are substantially
larger and will take longer to build than the retrofit of the existing greenhouse.
Our
new construction facilities will include automated robotics such as the Visser transplanter robot, as well as automated growing systems
to optimize growth at each stage of plant development. Additionally, they will include the following technological innovations:
●
Technologically advanced greenhouse design, which allows
    for maximum environmental control, cost-efficiency, and a low carbon footprint;
●
Environmentally sustainable cultivation methodology
    and practices in harmony with New Mexico's unique climate, using naturally available resources;
●
Cultivation at a large scale to provide consistent,
    secure supply for researchers and the pharmaceutical industry;
●
A patented air ventilation system, which uses ambient
    physical properties to generate optimal indoor conditions based upon the data driven growing strategy, with minimum use of energy,
    which in turn enables the highest yield and quality of crop in the shortest time;
●
Ebb-flood irrigation to enable the use of mildew resistant
    cultivars;
●
Fully-implemented pest/disease scouting system;
●
Controlled output through Pharma grade drying and extraction;
●
Extraction and separation techniques allowing for specific
    combinations of cannabinoids and other properties from cannabis for targeted therapeutics; and
●
Tamper-proof track & trace and record keeping system.
Once
completed, the newly constructed fully automated facilities will be developed to grow medicinal plants, including cannabis. Upon receipt
of final registration from the DEA as described above, we plan to cultivate and manufacture cannabis for federally sanctioned research,
as well as perform authorized research on cannabis, including but not limited to CBN, CBG, and CBD. We also plan to leverage our cultivation,
research, and manufacturing facilities to develop and commercialize approved medical cannabis products to sell to DEA registered pharmaceutical
producers.
Our
approximate budget is as follows for the capital construction project:
●
The Company continues to renovate the existing greenhouses
    and will incur $5,000,000 in costs in 2022 to make the greenhouses operational. This will also contain the University Greenhouse
    within the first 10-acres. The budget for that is approximately $8,500,000, of which $6,500,000 is expected to be incurred in 2022
    and the remaining $2,000,000 in 2023.
●
Phase 1 Greenhouse ("Candelaria"), plus
    corridor, total 234,230m2 (approximately 57 acres) has a budget of approximately $160,000,000, of which $1,750,000 is expected to
    be incurred in 2022, $118,250,000 in 2023 and the remaining $40,000,000 in 2024.
●
Phase 2 Greenhouse ("Azuz"), plus corridor,
    total 234,230m2 (approximately 57 acres) has a budget of approximately $105,000,000, of which $1,000,000 is expected to be incurred
    in 2022, $84,000,000 in 2023 and the remaining $20,000,000 in 2024.
●
The Tissue Lab installation and turnkey consulting
    plus CO2 extraction installation has a budget of approximately $19,200,000 and will commence and be completed in 2023.
Cumulatively,
of the total expected expenditures of $297,700,000, $14,250,000 is expected to be incurred in 2022, $223,450,000 in 2023, and the remaining
$60,000,000 in 2024.
Project
Total Spend
2022
2023
2024
Existing Greenhouse (including University Greenhouse)
$
13,500,000
$
11,500,000
$
2,000,000
Phase I - Candelaria
$
160,000,000
$
1,750,000
$
118,250,000
$
40,000,000
Phase II - Azuz
$
105,000,000
$
1,000,000
$
84,000,000
$
20,000,000
Tissue Lab
$
19,200,000
$
19,200,000
Total:
$
297,700,000
$
14,250,000
$
223,450,000
$
60,000,000
36
All
timing and expenditure estimates are subject to change due to supply chain constraints and are contingent upon successful raise of capital
from investors.
BGC
will engage in cannabis propagation, cultivation, and manufacturing of cannabis products including cannabis flower, pre-rolls, concentrates,
vape pens, capsules, tinctures, edibles, topicals and any other cannabis-related products requested for authorized sales. BGC plans to
sell mostly extracted oils from medicinal plants grown in these high-tech facilities and processed onsite through a proprietary system
that vertically integrates the genetically altered growth of the plants to conform to automated growing systems.
Recent
Developments
May
2022 Private Placement
On
May 2, 2022, the Company consummated a private placement transaction, whereby the Company issued an aggregate of 300,000 shares of Common
Stock at a purchase price of $10.00 per share, to two accredited investors, each of whom were existing shareholders of the Company, for
gross cash proceeds of $3,000,000.
The
Company relied upon the exemption provided by Section 4(a)(2) and/or Rule 506 of Regulation D of the Securities Act in connection with
issuance and sale of the securities described above. The persons who acquired these shares were sophisticated investors and were provided
full information regarding the Company's business and operations. There were no general solicitations in connection with the offer
or sale of these securities. The persons who acquired these securities acquired them for their own accounts.
Direct
Listing of Common Stock
On
May 17, 2022, we completed a direct listing of our Common Stock (the "Direct Listing"), on the Nasdaq Capital Market ("Nasdaq")
under the symbol "BGXX." We incurred fees related to financial advisory service, audit, and legal expenses in connection
with the Direct Listing and incurred approximately $4,000,000 in general and administrative expenses during the six months ended June
30, 2022. In addition, in connection with the Direct Listing, and pursuant to a financial advisory agreement by and between the Company
and EF Hutton, division of Benchmark Investments, LLC (the "Advisor") dated April 8, 2022, we issued the Advisor, or its
permitted designees, an aggregate of 1,574,490 shares of Common Stock in connection with the Direct Listing. The shares were issued by
the Company's transfer agent on June 3, 2022.
June
2022 Shareholder Line of Credit
On
June 5, 2022, the Company and the Lender, a member of the board of directors, entered into an unsecured line of credit in the form of
a note (the "June Note"). The Note provides that the Company may borrow up to $5.0 million, including an initial loan in
the amount of $3.0 million, through June 4, 2025 (the "June Note Maturity Date") from Lender. Lender has committed to fund
to the Company $3.0 million under the June Note by June 30, 2022. Prior to the June Note Maturity Date, the Company may borrow up to
an additional $2.0 million under the June Note, at Lender's sole discretion, and subject to the Company's request of such
additional funds form Lender (each loan furnished under the June Note individually, a "Loan," and collectively, the "Loans").
The Company has the right, but not the obligation, to prepay any Loan, in whole or in part, prior to the June Note Maturity Date. Interest
on the unpaid principal amount of any Loan accrues through the earlier of the June Note Maturity Date or the date of prepayment on such
Loan, at a rate of 2% per annum plus the Prime Rate (the rate of interest per annum announced from time to time by JPMorgan Chase Bank
as its prime rate). If the principal and interest, if any, of any Loan is not paid in full on the Maturity Date, additional penalty interest
will accrue on such Loan in the amount of 2% per annum.
As
of June 30, 2022, the Company had drawn down $2.0 million. In July 2022, the Company drew another $1.0 million.
37
Coronavirus
("COVID-19") Impact
The
outbreak of COVID-19, a novel strain of coronavirus first identified in China, which has spread across the globe including the U.S.,
has had an adverse impact on our operations and financial condition. Most recently, the response to this coronavirus by federal, state
and local governments in the U.S. has resulted in the significant market and business disruptions across many industries and affecting
businesses of all sizes. This pandemic has also caused significant stock market volatility and further tightened capital access for most
businesses. Given that the COVID-19 pandemic and its disruptions are of unknown duration, they could have an adverse effect on our liquidity
and profitability.
The
ultimate magnitude of COVID-19, including the extent of its impact on our financial and operational results, which could be material,
will depend on the length of time that the pandemic continues, its effect on the demand for our products and our supply chain, the effect
of governmental regulations imposed in response to the pandemic, as well as uncertainty regarding all of the foregoing. We cannot at
this time predict the full impact of the COVID-19 pandemic, but it could have a larger material adverse effect on our business, financial
condition, results of operations and cash flows beyond what is discussed within this prospectus.
See
the section titled "
Risk Factors
" included elsewhere in this prospectus for further discussion of the possible impact
of the COVID-19 pandemic on our business.
Eastern
European Conflict Impact
In
late February 2022, Russian military forces launched significant military action against Ukraine. Sustained conflict and disruption in
the region is likely. The aggregate impact to Eastern Europe and Europe as a whole, as well as actions taken by other countries, including
new and stricter sanctions by the United States, Canada, the United Kingdom, the European Union, and other countries and organizations
against officials, individuals, regions, and industries in Russia, Belarus and Ukraine, and each country's potential response to
such sanctions, tensions and military actions, is not knowable at this time, and could have a material adverse effect on the Company,
its business and operations.
Results
of Operations
Year
Ended December 31, 2021, Compared to Year Ended December 31, 2020
This
section includes a summary of our historical results of operations, followed by detailed comparisons of our results for the year ended
December 31, 2021 and the year ended December 31, 2020. We have derived this data from our annual financial statements included elsewhere
in this prospectus.
The
Company has completed an audit of its 2021 and 2020 financial performance in accordance with the standards of the PCAOB. The Company
has not started commercial operations but has incurred expenses in connection with corporate and administrative matters, upkeep of acquired
properties for future growing, processing and distribution of medical plants, and improvements to those properties. These expenses include
stock-based compensation for services rendered, legal and audit fees, and property-related expenses such as depreciation, insurance and
taxes. As a result, the Company reported a net loss in all reporting periods. An analysis of the Company's operating performance
for the periods from incorporation through December 31, 2021, together with the Company's income statement summarizing income and
expense items are presented below.
During
the year ended December 31, 2021, the Company reported a net loss of $2,490,499 compared to $3,052,779 in the same period last year.
The decrease in net loss primarily resulted from a decline in share-based compensation and depreciation. Increases in professional fees
partially offset these decreases.
38
Liquidity
and Capital Resources
As
of December 31, 2021, the Company had cash of $1,282,565 compared to $102,263 as of December 31, 2020. The increase of $1,180,302 in
cash was mainly from the sales of Common Stock of $3,130,000. This increase was partly offset by net cash used for operating activities.
Since its inception, the Company has incurred net losses and funded its operations primarily through the issuance of equities and an
advance from a director. As at December 31, 2021, the Company had a total stockholders' equity of $8,220,399 (2020 - $7,220,898).
The
Company is in its initial stages to start building facilities to grow, research and distribute medical plants. The Company has incurred
recurring losses from operations, and as at December 31, 2021, had an accumulated deficit of $6,413,744 (2020 -$3,923,245) and a working
capital of $1,282,829 (2020 – negative working capital of $175,332). The working capital as at December 31, 2021 is sufficient
to pay its operating expenses for a period of at least 12 months from the date of the financial statement was authorized to be issued.
The Company's continued existence is dependent upon its ability to continue to execute its operating plan and to obtain additional
debt or equity financing The Company has developed plans to raise funds and continues to pursue sources of funding that management believes,
if successful, would be sufficient to support the Company's operating. During the year ended December 31, 2021, the Company raised
$3,130,000 through Common Stock issuances. The Company has also raised $50,000 in January 2022. The Company's operating plan is
predicated on a variety of assumptions including, but not limited to, the level of product demand, cost estimates, its ability to continue
to raise additional financing and the state of the general economic environment in which the Company operates. There can be no assurance
that these assumptions will prove accurate in all material respects, or that the Company will be able to successfully execute its operating
plan. In the event that the Company is not able to raise capital from investors in a timely manner, the Company will explore available
options, including but not limited to, an equity backed loan against the property. In the absence of additional appropriate financing,
the Company may have to modify its plan or slow down the pace of development and commercialization.
The
Company does not have any short or long-term contractual purchases with suppliers for future purchases, capital expenditure commitments
that cannot be cancelled with minimal fees, non-cancelable operating leases, or any commitment or contingency that would hinder management's
ability to scale down operations and management expenses until funding is raised.
Inflation
Although
our operations are influenced by general economic conditions, we do not believe that inflation had a material effect on our results of
operations during the year ended December 31, 2021.
Critical
Accounting Policies and Estimates
The
discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been
prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements
requires us to make estimates and judgments that affect the amounts of assets, liabilities, revenues and expenses, and related disclosure
of contingent assets and liabilities. On an on-going basis, we evaluate our estimates based on historical experience and various other
assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about
the carrying values of assets and liabilities that are not readily available apparent from other sources. Actual results may differ from
these estimates under different assumptions or conditions. For a detailed discussion about the Company's significant accounting
policies, refer to Note 3 "Summary of Significant Accounting Policies," in the Company's financial statements included
in this prospectus. During the year ended December 31, 2021, no material changes were made to the Company's significant accounting
policies.
Off-Balance
Sheet Arrangements
We
have not entered into any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our
financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or
capital resources and would be considered material to investors.
39
Results
of Operations
Three
and six months ended June 30, 2022 compared to three and six months ended June 30, 2021.
This
section includes a summary of our historical results of operations, followed by detailed comparisons of our results for the three and
six months ended June 30, 2022 and June 30, 2021.
The
Company has not started commercial operations but has incurred expenses in connection with corporate and administrative matters, upkeep
of acquired properties for future growing, processing and distribution of medical plants, and improvements to those properties. These
expenses include stock-based compensation for services rendered, legal and audit fees, and property-related expenses such as depreciation,
insurance and taxes. As a result, the Company reported a net loss both reporting periods.
Revenue:
We
are a start-up company and have not generated any revenues for the three and six months ended June 30, 2022 and 2021. We can provide
no assurance that we will generate sufficient revenues from our intended business operations to sustain a viable business operation.
In order to generate revenues, we must first receive receipt of final registration from the DEA as described above and begin operations.
Operating
Expenses:
We
incurred operating expenses in the amount of $19,181,093 for the three months ended June 30, 2022, as compared with $431,471 for the
same period ended 2021. We incurred operating expenses in the amount of $19,907,439 for the six months ended June 30, 2022, as
compared with $941,012 for the same period ended 2021. Our operating expenses for all periods consisted entirely of general and
administrative expenses and depreciation. The detail by major category within general and administrative expenses for the three and
six months ended June 30, 2022 and 2021 is reflected in the table below.
Three Months Ended
Six Months Ended
June 30, 2022
June 30, 2021
June 30, 2022
June 30, 2021
Share based compensation
$
14,578,468
$
30,000
$
14,578,468
$
130,000
Professional fees
4,069,967
166,336
4,532,173
324,017
Travel
120,691
-
132,337
-
Other expenses
88,370
5,812
99,435
20,372
Licenses
70,335
5,635
81,658
10,935
Insurance
33,602
8,927
46,903
28,043
Property taxes
14,498
18,080
28,997
35,593
Land option
10,500
9,250
21,000
19,250
Total general and administrative expenses
$
18,986,431
244,040
$
19,520,971
568,210
Depreciation
194,662
187,431
386,468
372,802
Total operating expenses
$
19,181,093
431,471
$
19,907,439
941,012
The
increase of $18,742,391 and $18,952,761 in our general and administrative expenses for the three and six months ended June 30, 2022,
respectively, versus the same periods ended 2021 is largely the result of increased spending on share based compensation to service providers
and executives and professional fees associated with the Direct Listing.
We
expect our general and administrative expenses to increase in future quarters as we continue with our reporting obligations with the
SEC and the increased expenses associated with increased operational activity, which is expected for the balance of the year.
Liquidity
and Capital Resources
As
of June 30, 2022, the Company had cash of $178,973 compared to $1,282,565 as of December 31, 2021. The decrease of $1,103,592 in cash
was mainly from the use of funds for the construction in progress. This decrease was offset by cash received from the sales of Common
Stock of $3,050,000 and drawn down on the Related Party Line of Credit of $2,000,000. Since its inception, the Company has incurred net
losses and funded its operations primarily through the issuance of equities and an advance from a director. As at June 30, 2022, the
Company had a total stockholders' equity of $5,941,428 (December 31, 2021 - $8,220,399).
40
The
Company is in its initial stages to start building facilities to grow, research and distribute medical plants. The Company has incurred
recurring losses from operations, and as at June 30, 2022, had an accumulated deficit of $26,321,183 (December 31, 2021 -$6,413,744)
and a negative working capital of $1,611,420 (December 31, 2021 - working capital of $1,282,829). The Company has also drawn down an
additional $1,000,000 on the Related Party Line of Credit subsequent to June 30, 2022. The Company has sufficient working capital, inclusive
of the ability to drawn down an additional $2,000,000 on the Related Party Line of Credit to pay its operating expenses for a period
of at least 12 months from the date the condensed financial statements were authorized to be issued. The Company's continued existence
is dependent upon its ability to continue to execute its operating plan and to obtain additional debt or equity financing. The Company
has developed plans to raise funds and continues to pursue sources of funding that management believes, if successful, would be sufficient
to support the Company's operating plan. During the three months ended June 30, 2022, the Company raised $3,000,000 through Common
Stock issuances. The Company's operating plan is predicated on a variety of assumptions including, but not limited to, the level
of product demand, cost estimates, its ability to continue to raise additional financing and the state of the general economic environment
in which the Company operates. There can be no assurance that these assumptions will prove accurate in all material respects, or that
the Company will be able to successfully execute its operating plan. In the event that the Company is not able to raise capital from
investors in a timely manner, the Company will explore available options, including but not limited to, an equity backed loan against
the property. In the absence of additional appropriate financing, the Company may have to modify its plan or slow down the pace of development
and commercialization.
The
Company does not have any short or long-term contractual purchases with suppliers for future purchases, capital expenditure commitments
that cannot be cancelled with minimal fees, non-cancelable operating leases, or any commitment or contingency that would hinder management's
ability to scale down operations and management expenses until funding is raised.
Inflation
Although
our operations are influenced by general economic conditions, we do not believe that inflation had a material effect on our results of
operations during the six months ended June 30, 2022.
Off-balance
sheet arrangements
We
have not entered into any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our
financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or
capital resources and would be considered material to investors.
Critical
Accounting Policies and Estimates
The
discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been
prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements
requires us to make estimates and judgments that affect the amounts of assets, liabilities, revenues and expenses, and related disclosure
of contingent assets and liabilities. On an on-going basis, we evaluate our estimates based on historical experience and various other
assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about
the carrying values of assets and liabilities that are not readily available apparent from other sources. Actual results may differ from
these estimates under different assumptions or conditions. For a detailed discussion about the Company's significant accounting
policies, refer to Note 3 "Summary of Significant Accounting Policies," in the Company's financial statements included
in this registration statement. During the six months ended June 30, 2022, no material changes were made to the Company's significant
accounting policies.
JOBS Act Accounting Election
We are an emerging growth company, as defined
in the JOBS Act. The JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying
with new or revised accounting standards. This provision allows an emerging growth company to delay the adoption of some accounting standards
until those standards would otherwise apply to private companies. We have elected to use the extended transition period under the JOBS
Act until the earlier of the date we (1) are no longer an emerging growth company or (2) affirmatively and irrevocably opt out of the
extended transition period provided in the JOBS Act. As a result, our financial statements may not be comparable to companies that comply
with new or revised accounting pronouncements as of public company effective dates.
41
BUSINESS
Stockholders
should read this section in conjunction with the more detailed information about the Company contained in this prospectus, including
our audited financial statements and the other information appearing in the section entitled "Management's Discussion and
Analysis of Financial Condition and Results of Operations."
Our
Mission & Vision
Bright
Green's mission is to be the premier federally-authorized provider of cannabis in North America. Our vision is to improve the quality
of life across a broad spectrum of demographics through the opportunities presented by medicinal applications of plant-based therapies,
particularly cannabis-derived products.
Our
Company
We
are a first-mover in the U.S. federally-authorized cannabis space. We are one of a few companies who have received conditional approval
based on already agreed terms from the DEA to produce federally legal cannabis, and have entered into the MOA with the DEA which permits
BGC to proceed towards a Federal Registration for the Bulk Manufacturing of cannabis under DEA Document Control Number W20078135E.
Unlike
state-licensed cannabis companies who engage in commercial sales to consumers, and whose businesses are legal under state law but not
federal law, subject to the milestones and requirements set forth herein, we are conditionally authorized by the federal government to
sell cannabis commercially for research and manufacturing purposes, export cannabis for international cannabis research purposes, and
sell cannabis to DEA-registered pharmaceutical companies for the production of medical cannabis products and preparations. We plan to
focus on the development of cannabis strains and sales of products with high contents of CBN (cannabinol) and CBG (cannabigerol). If
and when permitted under federal law, we also plan to sell cannabis-derived CBN and CBG to consumers.
Because
cannabis is a Schedule I Controlled Substance in the U.S., it has been historically under-researched. Though the majority of Americans
now live in states where cannabis is legal, the full potential of the cannabis plant for medicinal use remains understudied due to limited
access to federally-approved cannabis. The DEA recently issued a call for more cannabis research supply based on the increased demand
for cannabis research in the U.S. As described herein, we received conditional approval from the DEA based on already agreed terms set
forth in the MOA. Final approval from the DEA is conditioned on, among other things, completed construction of manufacturing and production
facilities and systems. Completion of construction is subject to the risk factors described herein and also requires successful fundraising.
Final
registration under the MOA is anticipated in September 2022, and is contingent upon completion of construction and a successful inspection
by the DEA of BGC's facilities. Additionally, BGC must comply with the terms agreed upon pursuant to the MOA which includes: submitting
an Individual Procurement Quota on or before April 1 of each year utilizing DEA Form 250; submitting an Individual Manufacturing Quota
on or before May 1 of each year utilizing DEA Form 189; collecting samples of cannabis and distributing them to DEA-registered analytical
laboratories for chemical analysis during the pendency of cultivation and prior to the DEA's taking possession of the cannabis
grown; providing the DEA with 15-day advance written notification, via email, of its intent to harvest cannabis; following the DEA's
packaging, labeling, storage and transportation requirements; distributing DEA's stocks of cannabis to buyers who entered into
bona fide supply agreements with the Company; providing the DEA with 15-day advance written notification of its intent to distribute
cannabis; invoicing the DEA for harvested cannabis that it intends to sell to the DEA.
Following
final approval from the DEA, we will be permitted to cultivate and manufacture cannabis, supply cannabis researchers in the U.S. and
globally, and produce cannabis for use in pharmaceutical production of prescription medicines within the U.S. There is no guarantee that
we will receive final approval from the DEA. Our activities will be legal under federal law, which sets BGC apart from most U.S. cannabis
companies.
42
We
have assembled an experienced team of medical professionals and researchers, international horticultural growers and experts, and construction
and cannabis production professionals, which we believe position us as a future industry leader in the production of cannabis.
Background
BGC
owns a 70-acre parcel of land, on agricultural property, which includes an existing 22-acre greenhouse structure. The Company also owns
a 40-acre parcel of land nearby, and holds options for two additional 300-acre properties which are adjacent to the owned properties
(the Candelaria property and the Azuz property).
First,
BGC will retrofit the existing 22-acre greenhouse to make it operational. Once the project is completed, we plan to use the existing
22-acre greenhouse to cultivate non-cannabis herbs and medicinal plants. We expect to complete renovations of the existing 22-acre greenhouse
in September 2022. Within the first 10-acres of that existing greenhouse retrofit, we will include a two-acre University Greenhouse to
house our cannabis research, development, cultivation and manufacturing operations. We expect that this greenhouse facility will have
production capacity for 50,000 cannabis plants at all times of differing maturity levels. Additionally, we estimate we will harvest approximately
300,000 mature plants per year (with multiple harvests per year). Our plan is to have the University Greenhouse house our research and
development facility pursuant to potential partnership and other arrangements with leading U.S. universities.
In
addition to the existing greenhouse, we plan to construct BGC is constructing two additional 57-acre greenhouses, one on the Candelaria
property and one on the Azuz properties.
We
have engaged Dalsem, a developer of high-technology greenhouses worldwide, to complete construction, and have negotiated an agreement
with them which is being drafted by our legal team.
BGC
will leverage automation throughout the facility to ensure that all of BGC's processes are reliable and consistent, including the
Visser transplanter robot or Visser potting robot, and automated growing systems. New Mexico's uniquely predictable climate and
abundant sunshine make it an ideal setting for cultivation of cannabis in a greenhouse. BGC will use state-of-the-art technology to cultivate
cannabis in an efficient, standardized, and cost-effective way. The technologies specific to our planned greenhouses include:
●
Technologically
    advanced greenhouse design, which allows for maximum environmental control, cost-efficiency, and a low carbon footprint;
●
Environmentally
    sustainable cultivation methodology and practices in harmony with New Mexico's unique climate, using naturally available resources;
●
Cultivation
    at a large scale to provide consistent, secure supply for researchers and the pharmaceutical industry;
●
A
    patented air ventilation system, which uses ambient physical properties to generate optimal indoor conditions based upon the data
    driven growing strategy, with minimum use of energy, which in turn enables the highest yield and quality of crop in the shortest
    time;
●
Ebb-flood
    irrigation to enable the use of mildew resistant cultivars;
●
Fully-implemented
    pest/disease scouting system;
●
Controlled
    output through Pharma grade drying and extraction;
●
Extraction
    and separation techniques allowing for specific combinations of cannabinoids and other properties from cannabis for targeted therapeutics;
    and
●
Tamper-proof
    track & trace and record keeping system.
Our
agricultural property has adequate utilities and water and is ideally situated to cultivate and process cannabis in harmony with the
surrounding environment, using the most advanced technology. The result will be consistent, pure, high-quality cannabis and cannabis
extracts that will provide consistent, safe inventory for cannabis researchers around the nation.
43
Planned
Business Lines
Domestic
Cannabis for U.S. Researchers and Registered Manufacturers
We
plan to sell cannabis to research institutions, pursuant to our conditional approval from the DEA. Sales of THC cannabis products will
be made only via bona fide supply agreements from existing DEA registrants, and will not be directly to consumers. Following final approval
from the DEA, we plan to apply for a Controlled Substances Bulk Manufacturing License to cultivate and manufacture cannabis for sale
to federally funded research institutions and other purposes. There is no guarantee that we will receive final approval from the DEA.
Once
we are authorized to begin operations by the DEA, we will be permitted to supply DEA-registered research institutions with cannabis that
contains high levels of THC. Additionally, we plan to conduct in-house research at our own facilities. Our license will also allow us
to provide our products to in-house researchers, which we believe will allow us to conduct cutting edge research into plant-based therapies
using cannabis. We have been granted several patents for cannabis based products. See "
Business-Intellectual Property
".
Given
the competitiveness of the process to obtain a DEA registration to cultivate and process cannabis, and the continued federal illegality
of cannabis in the U.S., we believe we will be uniquely positioned to capture significant parts of the cannabis research supply market.
The market for clinical research has grown exponentially over the past decades, and we project cannabis research to take a similar trajectory.
Cannabis
for International Export
Our
DEA registration will also allow us to export cannabis to researchers internationally. Given our state of the art facility in development,
as well as the cannabis manufacturing expertise of our team, the unique climate of New Mexico and its suitability for cannabis crop,
we anticipate significant demand for our high-quality cannabis products from international markets.
Cannabis
for U.S. Pharmaceutical Production - CBN and CBG
Our
DEA registration, once completed to allow us to begin operations, will allow us to sell cannabis to DEA-registered pharmaceutical companies
for the purpose of producing medicinal cannabis or cannabis preparations. There is significant potential for revenue from pharmaceutical
companies that currently manufacture or desire to manufacture drugs containing cannabis extracts, either on an over-the-counter or prescription
basis.
Further,
we plan to sell cannabinoid-focused products, once legal under applicable law. This business is dependent on federal legalization of
cannabis in the U.S., and there is no guarantee that such federal legalization will occur. CBG and CBN are cannabinoids, like CBD, which
can be derived from the cannabis plant. The CBG and CBN extracts we plan to produce would be sold to pharmaceutical companies and other
market participants. The Company is in preliminary discussions with several pharmaceutical companies in connection with proposed supply
contracts for CBN and CBG high grade oil extracts, to be used in healthcare, hormone balance and anti-aging studies. We plan to distinguish
ourselves by focusing on CBN and CBG, which offer alternative health and wellness benefits to CBD. By focusing on cannabis-derived CBN
and CBG rather than hemp-derived CBD, we will leverage the potential growth opportunity offered by these alternative cannabinoids. The
cannabis plant contains hundreds of cannabinoids and other parts, and due to the ongoing federal illegality severely restricting research
on these components, many believe that there is health and wellness potential in some of these plant derivatives that has not yet been
studied.
FDA
Supply
The
FDA has stated that it recognizes that there is significant interest in the development of therapies and other consumer products derived
from cannabis. The FDA has stated that it is committed to protecting the public health while also taking steps to improve the efficiency
of regulatory pathways for the lawful marketing of appropriate cannabis and cannabis-derived products. The FDA has stated that it is
working to answer questions about the science, safety, and quality of products containing cannabis and cannabis-derived compounds. BGC
will be well-positioned to act as a partner to the FDA as it advances these efforts, and we will be one of the few federally-registered
suppliers of cannabis available to the FDA for any of its research or exploration efforts in the space. As noted elsewhere, it is also
possible that the FDA may move forward with regulating cannabis products, which could materially affect our business plan depending on
what the future regulatory requirements would be. Moreover, there is no guarantee that the FDA will find our products safe or effective
or grant us the required approvals under the FDCA, which may inhibit our business prospects even in the case that the federal government
were to legalize cannabis
44
CBG
and CBN to Consumers Post-Legalization
Once
cannabis legalization occurs at the federal level, we will plan to sell high CBN and CBG cannabis directly to consumers. We anticipate
that we will already have been able to refine our production methods and products for consistency and quality by the time federal legalization
occurs, and will be well-positioned to offer our products directly to consumers, once it is federally legal to do so. This business line
is dependent on federal legalization of cannabis in the U.S., and there is no guarantee that such federal legalization will occur.
Production
Capabilities
BGC
has adopted a phased approach to increase production on its site in Grants, New Mexico. In the first phase, the existing 22-acre Venlo
greenhouse will be renovated and an initial 10- acres will be prepared for operations. The University Greenhouse will be contained within
those first 10- acres. Subsequently, one of two larger greenhouses will be built in Phase 2, with the second following immediately in
Phase 3.
Timeline
The
existing 22-acre Venlo greenhouse is currently under renovation. The first 10- acres of the greenhouse are expected to be completed in
September 2022, though there may be delays due to global supply chain issues. The University Greenhouse will be located within the first
10-acres of the existing Venlo greenhouse and the 10-acre facility will be operational upon receiving final approval from the DEA, and
will provide the initial supply of marijuana and marijuana extracts. Our first harvest will begin once we receive final approval from
the DEA, and will be complete approximately two months from the first planting. We plan to implement a phased approach to the build out
of Phase 1 and Phase 2 and to plant intermittently as phases of each greenhouse reach completion with estimated planting dates to be
completed in tranches as follows: March 2023, September 2023, March 2024, September 2024.
Based
on the targeted production plan, BGC will have capacity for the following outputs once all of the greenhouse facilities are complete:
●
50,000
    cannabis plants in the facility at all times and at different maturity levels;
●
Annual
    harvested plants approximately 300,000 (multiple harvests per year); and
●
Capacity
    to process 5,000 lbs. of plant material per day, using supercritical CO2 extraction.
BGC
plans to cultivate marijuana and focus on the production of dried flower, and oils and marijuana extracts. BGC may also produce edibles
which contain extracts, if permitted by DEA regulations and requested by customers.
The
BGC process draws on expertise from Aurora Larssen Projects, who have completed over 50 fully legal cannabis projects in jurisdictions
throughout the world, including Canada, Australia and Denmark. BGC is in discussions to enter into a supply agreement with cannabis tissue
supplier Nordic Supreme. Following execution of a definitive supply agreement, Nordic Supreme will supply BGC with proven cannabis genetics
from their facilities in Denmark. We plan to finalize and enter into a definitive agreement with Nordic Supreme in the fourth quarter
of 2022.
We
have not yet entered into a formal agreement with Aurora Larssen for consulting and the development of best practices for our cultivation
and manufacturing operations. Aurora Larssen will provide BGC with technical design services related to the greenhouse retrofit and construction
in Grants, New Mexico. The scope of our agreement with Aurora Larssen will be tailored to support and complement Dalsem. Aurora Larssen
will first consult on the retrofit for the existing 22-acre greenhouse and then consult on the Dalsem build of the two new greenhouses.
Aurora Larssen will then implement a Quality Management System, along with the applicable documents, forms, logbooks, and SOPs required
to achieve GACP/GMP and DEA compliance.
45
Dalsem
will be BGC's principal supplier of the greenhouse building materials which will include hot dipped galvanized steel, aluminum
system profiles for the outside cladding and horticultural glass as covering. Dalsem will also provide irrigation building materials
and components for building the Visser Transplanter. There could be price fluctuations for these materials depending on the cost of raw
materials like steel, glass, and aluminum. PlantLogic will supply plastic pots and water collection for the coco peat insert material
to grow plants, and Fertoz will provide organic soil for our facility. Octillo Lumber supplied the steel mesh, and barbed wire for the
property's perimeter fence. The parts for the security fencing are currently onsite.
Intellectual
Property
BGC
holds four issued patents, and other approved patent applications, applications pending review and applications submitted for review.
The patents held by the Company are: Patent No. 10,668,045 for topical massage oil and cream containing CBD, CBN, Curcumin and Boswellia
Resin; Patent No. 10,946,307 Extraction of Cannabinoids, Curcuminoids and Ginsenosides; Patent No. 10,946,308 Enzymatic Method for
Extraction and Purification of Phytocannabinoids; and Patent No. 11,197,833 Fortified CBD oil for treatment of PTSD.
Patents
Issued
Patent Name
Type of Patent Protection (composition
of matter,
method, or use)
Patent
Number
Expiration
Date
Jurisdiction
Topical massage oil and cream containing CBD, CBN, Curcumin and Boswella Resin
Method & Composition
10,668,045
7/12/2039
U.S.
Extraction of Cannabinoids, Curcuminoids and Ginsenosides
Method
10,946,307
7/12/2039
U.S.
Enzymatic Method for Extraction and Purification of Phytocannabinoids
Method
10,946,308
7/12/2039
U.S.
Fortified CBD oil for treatment of PTSD
Method
11,197,833
7/12/2039
U.S.
Patent
Applications Submitted
Patent
    Application Name
Type
    of Patent Protection (composition
of
    matter,
method, or use)
Patent
    Application Number
Patent
Application Filing Date
Jurisdiction
Fortified
    CBD oil for Treatment of PTSD
Composition
17/523,464
November
    10, 2021
U.S.
Dissolution
    of Curcuminoids from Turmeric in Cannabis oil
Method
    & Composition
63/279,396
November
    15, 2021
U.S.
Fortified
    cannabis oil and beverages containing cannabis oil and curcuminoids
Method
63/279,406
November
    15, 2021
U.S.
Fortified
    Cannabis Oil Topical Preparations for Dermal (Skin) Health
Method
63/279,413
November
    15, 2021
U.S.
Chromatographic
    separation of THC, CBD and other cannabinoids
Method
63/279,419
November
    15, 2021
U.S.
Cannabinoid
    Mixture
Method
    & Composition
63/279,369
November
    15, 2021
U.S.
Chromatographic
    separation of THC, CBD and other cannabinoids
Method
63/279,428
November
    15, 2021
U.S.
Method
    for enriching Cannabinol (CBN) in Cannabis oil
Method
63/279,442
November
    15, 2021
U.S.
Generation
    of new varieties of cannabis by ethyl methane sulfonate (EMS) Mutagenesis of cannabis seeds
Method
63/279,446
November
    15, 2021
U.S.
Selection
    of new varieties of cannabis through somatic embryogenesis
Method
63/279,451
November
    15, 2021
U.S.
Fortified
    cannabis oil for treating sleep disorders
Method
63/279,456
November
    15, 2021
U.S.
46
Recent
Developments and Current Licenses Held
In
May 2021, BGC entered into the MOA with the DEA to grow cannabis for federally sanctioned research. Final registration is anticipated
in the coming months, and is contingent upon completion of construction (which will require successful fundraising required to complete
construction), and a successful inspection by the DEA of BGC's facilities, based on the terms agreed upon pursuant to the MOA.
The MOA with the DEA is effective for a one-year term, renewable for up to four additional one-year terms. There is no guarantee that
we will obtain the necessary authorization now, or in the future for renewal purposes. On July 23, 2020, BGC received approval from the
State of New Mexico Board of Pharmacy to conduct Controlled Substances Manufacturing of Cannabis Products in the state, pursuant to receiving
approval from the DEA to do so. On July 24, 2020, BGC submitted an application to the DEA for Controlled Substances Bulk Manufacturing
of cannabis products for authorized purposes.
BGC
is licensed by the State of New Mexico (Business License State Tax ID # 03-324986-00-5), The New Mexico Board of Pharmacy (Controlled
Substance Facility Wholesaler No. CS00229100 valid through July 31, 2024) and Controlled Substance Manufacturer (No. WD00012763, valid
through December 31, 2022); however, BGC may not commence cannabis growing operations until both the State of New Mexico and the federal
government or its authorized agencies, in particular the DEA, have signed off and fully authorized that Bright Green Corporation is in
full compliance of all applicable rules. BGC also holds a Continuous Hemp Commercial Research Production License, issued to James Colasanti,
from the Board of Regents of the New Mexico State University, License No. CHPL-3-2021, expiring January 31, 2023.
Industry
Overview
US
Market Overview
The
U.S. cannabis industry is undergoing rapid growth and change, particularly with the recent opening of opportunities for federally sanctioned
research on cannabis in partnership with the DEA, as well as the federal legalization of hemp, and corresponding state and federal hemp
research programs.
BGC
plans to operate in the U.S. market for federally sanctioned cannabis — as a supplier of cannabis for research or DEA Registered
Manufacturing purposes, and as a researcher itself. Importantly, all of BGC's proposed activities will comply with all existing
or future federal and state regulations.
Legal
Background – Cannabis
Thirty-eight
U.S. states, the District of Columbia, Puerto Rico and Guam have legalized some form of whole-plant cannabis cultivation, sales and use
for certain medical purposes (medical states). Eighteen of those states and the District of Columbia and Northern Mariana have also legalized
cannabis for adults for non-medical purposes (sometimes referred to as adult use). Under U.S. federal law, however, those activities
are illegal. Cannabis, other than hemp (defined by the U.S. government as
Cannabis sativa L.
with a THC concentration of not more
than 0.3% on a dry weight basis), is a Schedule I controlled substance under the CSA. Even in states or territories that have legalized
cannabis to some extent, the cultivation, possession, and sale of cannabis in-state or where those activities are deemed involved in
interstate commerce, all violate the CSA and are punishable by imprisonment, substantial fines and forfeiture. Moreover, individuals
and entities may violate federal law if they aid and abet another in violating the CSA, or conspire with another to violate the law,
and violating the CSA is a predicate for certain other crimes, including money laundering laws and the Racketeer Influenced and Corrupt
Organizations Act. The U.S. Supreme Court has ruled that the federal government has the authority to regulate and criminalize the sale,
possession and use of cannabis, even for individual medical purposes, regardless of whether it is legal under state law.
47
While
the U.S. government has not enforced those laws against companies complying with state cannabis laws, it retains the authority to do
so, and as such the likelihood of any future adverse enforcement against companies complying with state cannabis laws remains uncertain.
In 2018, then-U.S. Attorney General Jefferson Sessions rescinded the DOJ's previous guidance (the Cole Memo) that had given federal
prosecutors discretion not to enforce federal law in states that legalized cannabis, as long as the state's legal regime adequately
addressed specified federal priorities. The Sessions memo, which remains in effect, states that each U.S. Attorney's Office should
follow established principles that govern all federal prosecutions when deciding which cannabis activities to prosecute. As a result,
federal prosecutors could and still can use their prosecutorial discretion to decide to prosecute even state-legal cannabis activities.
Since the Sessions memo was issued nearly three years ago, however, U.S. Attorneys have not targeted state law compliant entities. The
policy of not prosecuting companies complying with state cannabis laws is likely to continue under current U.S. Attorney General Merrick
Garland.
Additionally,
since 2014, versions of the U.S. omnibus spending bill have included a provision prohibiting the DOJ, which includes the DEA, from using
appropriated funds to prevent states from implementing their medical-use cannabis laws
. In USA vs. McIntosh
, the U.S. Court of
Appeals for the Ninth Circuit held that the provision prohibits the DOJ from spending funds to prosecute individuals who engage in conduct
permitted by state medical-use cannabis laws and who strictly comply with such laws. However, the court noted that, if the spending bill
provision were not continued, prosecutors could enforce against conduct occurring during the statute of limitations even while the provision
was previously in force. Other courts that have considered the issue have ruled similarly. This affords some extra protection for medical
cannabis businesses, but does not apply to adult use businesses. Furthermore, any change in the federal government's enforcement
posture with respect to state-licensed cannabis sales, including the enforcement postures of individual federal prosecutors in judicial
districts where we operate, is still a possibility.
Despite
the ongoing federal illegality of cannabis, the DEA authorizes certain institutions to conduct research using cannabis, and recently
expanded those efforts. Between January 2017 and January 2019, the DEA's projections for federally approved cannabis research projects
increased dramatically, and as a result, the DEA more than quadrupled its production quota. In that time, the number of federally registered
cannabis researchers increased by more than 40 percent, from 384 to 542. Subsequently, the DEA announced that it would, for the first
time in decades, open up opportunities for additional cultivators to supply cannabis for this research.
On
August 26, 2019, the DEA announced that it will further facilitate and expand scientific and medical research for cannabis in the United
States, including registering additional entities to produce cannabis for researchers, to increase the amount and variety of cannabis
available for research. The DEA intends this to "facilitate research, advance scientific understanding about the effects of marijuana,
and potentially aid in the development of safe and effective drug products that may be approved for marketing by the Food and Drug Administration."
In other words, the U.S. government believes that cannabis research is in the public's interest. Furthermore, this public statement
acknowledges the possibility that medical cannabis or related products may, in the future, require FDA approval and come under the FDA's
FDCA jurisdiction. However, there is no guarantee that the FDA will find our products safe or effective or grant us the required approvals
under the FDCA. Additionally, the costs of compliance with any future FDA requirements are unknown and our ability to meet those requirements
is also unknown, which may increase our operating costs and inhibit our business prospects even in the case that the federal government
were to legalize cannabis
On
December 18, 2020, the DEA finalized new regulations pertaining to applications by entities seeking to become registered with the DEA
to grow cannabis as bulk manufacturers for authorized purposes. Under these and other applicable regulations, applicants are responsible
for demonstrating they have met various requirements, including requirements to possess appropriate state authority, document that their
customers are licensed to perform research, and employ adequate safeguards to prevent diversion.
On
May 14, 2021, the DEA announced memorandums of agreement were provided to an unspecified and unnamed number of companies to collaborate
with the DEA "to facilitate the production, storage, packaging, and distribution of marijuana under the new regulations as well
as other applicable legal standards and relevant laws." To the extent these memorandums of agreement are finalized, DEA anticipates
issuing DEA registrations to these manufacturers. Each applicant will then be authorized to cultivate cannabis – up to an allotted
quota – in support of the more than 575 DEA-licensed researchers across the nation. As individual manufacturers are granted DEA
registrations, that information will be made available on DEA's Diversion Control website. As of 2022, six companies have been
granted DEA registrations to bulk manufacture cannabis.
48
In
addition to anticipated expenses related to the DEA, we face expected costs related to compliance with existing environmental and other
regulations at the local, state, and federal level, as well as future environmental or other regulations.
Recent
Federal Cannabis Bills
President
Biden's campaign position on cannabis falls short of full legalization. He has campaigned on a platform of relaxing enforcement
of cannabis proscriptions, including decriminalization generally. According to the Biden campaign website: "A Biden Administration
will support the legalization of cannabis for medical purposes and reschedule cannabis as a CSA Schedule II drug so researchers can study
its positive and negative impacts. This will include allowing the VA to research the use of medical cannabis to treat veteran-specific
health needs." He has pledged to "decriminalize" cannabis, which could prompt his U.S. Attorney General to issue policy
guidance to U.S. Attorneys that they should not enforce federal cannabis prohibition against state law compliant entities and others
legally transacting business with them. While President Biden's promise to decriminalize likely would mean that the federal government
would not criminally enforce the Schedule II status against state legal entities, and would expand opportunities for cannabis research
in the U.S., the implications of the potential re-scheduling are not entirely clear for state legal commercial cannabis operators. Although
the U.S. Attorney General could issue policy guidance to federal prosecutors that they should not interfere with cannabis businesses
operating in compliance with states' laws, any such guidance would not have the force of law. The President alone cannot legalize
medical cannabis, and as states have demonstrated, legalizing medical cannabis can take many different forms. While rescheduling cannabis
to the CSA's Schedule II would ease certain research restrictions, it would not make the state medical or adult-use programs federally
legal.
Furthermore,
while industry observers are hopeful that a Democrat-controlled Senate, along with a Biden presidency, will increase the chances of federal
cannabis policy reform, there is no timeline for the passage of a bill legalizing cannabis. In July 2022, Senators Chuck Schumer (D-NY),
Cory Booker (D-NJ) and Ron Wyden (D-OR)introduced the CAOA, which would provide for federal cannabis legalization if it becomes law.
The bill provides a comprehensive federal solution for cannabis by creating a framework for regulating and taxing state-legal sales and
addressing social equity and justice goals. It also proposes some legislative fixes for hemp and CBD.
Previously,
under the Trump administration, two significant cannabis bills were approved by the House of Representatives, however both were rejected
by the U.S. Senate. Those bills were the Marijuana Opportunity Reinvestment and Expungement ("MORE") Act, which would have
repealed the federal criminalization of marijuana, and the Secure and Fair Enforcement ("SAFE") Banking Act, which would
have eliminated penalties that could be assessed on financial institutions because they provided services to cannabis businesses. Regardless
of the future status of federal legalization of cannabis, there are already tremendous opportunities for fully legal medical cannabis
researchers, suppliers, and product developers.
Market
Growth
In
the medical market, the demand for cannabis for research is likely to increase significantly over the next few years and decades, due
to the increasing number of states legalizing cannabis and the strong public support for cannabis legalization. By 2025, 5.4 million
Americans, or 2.4% of U.S. adults, are predicted to be registered patients in medical cannabis states, according to a report by New Frontier
Data ("New Frontier"). New Frontier also projects that the medical cannabis market will nearly double to over $16 billion
in that time, taking into account more geographies within the U.S. legalizing cannabis, which will lead to market expansion, the normalization
of cannabis which will increase the number of consumers, and medical cannabis patients turning to cannabis as an alternative to prescription
drugs. The global medical cannabis market is projected to reach $87.4 billion by 2027, according to Global Market Insights ("GMI").
The DEA's aggregate production quotas for cannabis were 3,200 kg in 2022 for dried flower (an estimated $35 million market) and
1,000 kg for cannabis extract (an estimated $100 million market). These aggregate production quotas are expected to continue increasing
to meet increasing demand for cannabis research in the U.S. In addition to government funding, some institutions are already receiving
private investment in cannabis research. For example, Harvard and MIT recently received a $9 million donation to fund research into cannabis'
influence on brain health and behavior. Additionally, CB2 insights has noted that average prescriptions for qualifying conditions such
as chronic pain, PTSD, sleep disorders, epilepsy and anxiety saw a decline in 11% in favor of medical cannabis replacement leading the
Company to estimate that more than $4 billion in sales that currently go to pharmaceutical products could be redirected towards medical
cannabis. Further research on cannabis legalization and its impact on public health are needed and are likely to take place over the
coming years, as the DEA has recognized the increased need for cannabis related research.
49
In
2019, large pharmaceutical companies in the U.S. spent $83 billion on drug research and development. The private research market, like
the federal DEA research program, has an interest in investigating the uses and risk of cannabis and hemp derivatives, not only in states
that have legalized medical cannabis, but also in anticipation of potential full legalization. Research topics of interest include:
●
therapeutic
    benefits and risks of cannabis for common conditions for military veterans, including PTSD and chronic pain;
●
therapeutic
    benefits and risks of cannabis for opioid addiction treatment, as well as other medical conditions and disabilities;
●
cognitive
    effects of THC use in the developing brain of adolescents;
●
prevention
    of and treatment for cannabis use disorder;
●
effects
    of different levels of THC potency levels;
●
accurate
    roadside testing to detect driving while impaired with cannabis and related topics;
●
availability
    of inaccurately labeled and adulterated cannabis;
●
effective
    cannabis packaging requirements for consumer and child safety;
●
effect
    of cannabis legalization on workplace testing and workplace safety for safety-sensitive jobs, including the use of synthetic THC;
●
effect
    of cannabis use on mental health and addiction;
●
effect
    of cannabinoids on immunological responses against bacterial or viral infections.
Regarding
the cannabis market generally, the industry is large and is growing. In 2020, there were $17.5 billion in annual industry sales, a 46%
increase from 2019. As of May 2021, capital raises in cannabis reached $6 billion, signaling increased confidence in projections of aggressive
cannabis market growth. According to a report by New Frontier Data, the U.S. legal cannabis market is predicted to more than double by
2025, reaching $41.5 billion in sales, and producing a 21% compound annual growth rate ("CAGR"). Therefore, BGC will be entering
a sizeable market with the first-mover advantage of a federally compliant business as cannabis enters a new stage of growth and development,
once it obtains authorization from the DEA to begin operations.
Employees
and Human Capital
We
currently have (2) two officers, an Interim Chief Executive Officer and a Chief Financial Officer. These individuals are not obligated
to devote any specific number of hours to our endeavors but intend to devote as much of their time as they deem necessary, in the exercise
of their business judgement, to our affairs. The amount of time they will devote in any time period will vary depending on the particular
demands of our business during that time. Other than as set forth herein, we do not have any employment agreements with members of our
management team.
50
Facilities
The
following table set forth the Company's owned and leased physical properties as of June 30, 2022, which include corporate offices,
cultivation and production facilities (operating and under construction). In addition to the currently owned and leased property, the
Company holds two options, each for the purchase of 300 acres of land in Grants, New Mexico.
Property
    Type
Owned/Leased
County
State
Agricultural
    Property – 40 acres
Owned
Cibola
New
    Mexico
Agricultural
    Property – 70 acres
Owned
Cibola
New
    Mexico
Office
Leased
Broward
Florida
Legal
Proceedings
From
time to time, we may be involved in legal proceedings arising from the normal course of business activities. Defending such proceedings
is costly and can impose a significant burden on management and employees. The results of any current or future litigation cannot be
predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement
costs, diversion of management resources and other factors. Other than as set forth below, we are not presently a party to any litigation
the outcome of which, if determined adversely to us, would in our estimation, have a material adverse effect on our business, operating
results, cash flows or financial condition.
●
Bright
    Green Corporation v. John Fikany, D-1333-CV-202000231, State of New Mexico, County of Cibola, Thirteenth Judicial District.
On
    October 23, 2020, the Company filed a complaint for declaratory judgment against the former acting Chief Executive Officer of the
    Bright Green Group of Companies, an entity unrelated to the Company, to determine if defendant is entitled to 5,000,000 shares of
    the Company's Common Stock, based on a failure to fulfil agreed upon conditions precedent to earning such shares from the Company.
    Defendant counterclaimed and filed a third-party claim against Lynn Stockwell, founder and a director of the Company, and Ms. Stockwell's
    husband, for claims including wrongful termination and breach of contract. The Company denies defendants allegations and have set
    forth arguments refuting defendant's counterclaims and third-party claims. The case is in the discovery phase. The Company
    is exploring potential dispositive motions against the counter and third-party claims.
●
Bright
    Green Corporation v. Jerry Capussi, D-1333-CV-202000252, State of New Mexico, County of Cibola, Thirteenth Judicial District.
On
    November 16, 2020, the Company and defendant, a former consultant of BGGI, a predecessor to the Company, each filed claims for declaratory
    judgment seeking to determine by court order whether defendant is entitled to (i) shares of Common Stock in the Company (amounting
    to no more than 108,000 shares) or (ii) fair market value of defendant's equity ownership of BGGI. The lawsuit is in early
    discovery stages, and we are preparing arguments for a summary judgment motion. There are no claims for specific monetary liability
    against either party.
51
MANAGEMENT
The
following table sets forth certain information as of the date of this prospectus about our executive officers and members of our Board.
Directors and Executive Officers
Age
Position/Title
Terry Rafih
66
Interim Chief Executive Officer, Chairman
Saleem Elmasri
36
Chief Financial Officer
Dr Alfie Morgan
71
Director
Lynn Stockwell
65
Director
Dean Valore
50
Director
Robert Arnone
55
Director
Board
of Directors
Terry
Rafih
has been BGC's Interim Chief Executive Officer since June 2022 and the Chairman of BGC's Board since October
2019. Since January 1989, Mr. Rafih has been the Owner and Chief Executive Officer of Rafih Automotive Group, one of Canada's largest
networks of auto dealerships. Mr. Rafih has decades of business experience and has managed mergers and acquisitions representing several
billion dollars in aggregate value. Mr. Rafih received a B.S. in business administration from the University of Windsor. Mr. Rafih brings
over 30 years of executive leadership experience to the Board. Mr. Rafih's insights are critical to Board discussions.
Dr.
Alfie Morgan
has been a Director of BGC's Board since 2020. Dr. Morgan has been an Emeritus Professor of Business Administration
at the University of Windsor in Canada since September 2016. From 1969 to 2003, he served as a professor with the University of Windsor,
retiring as full-time member of faculty. He is the author/co-author of numerous publications and a book covering topics in the areas
of strategic management, strategic planning, entrepreneurship, new venture formation, and corporate strategy and corporate best practices.
He has served as a Director of the Windsor Regional Chamber of Commerce since 2003, and served as a Director of the Better Business Bureau
of Southwest Ontario from 2018 to 2020. He previously maintained a management consulting practice specializing in strategic planning,
and new venture formation. Dr. Morgan holds a B.Com from Cairo University, an M.B.A. from Boston University, and a Ph.D. from American
University. Dr. Morgan brings decades of management, research and leadership experience to the Board
Lynn
Stockwell
is the founder of Bright Green Corporation and has been a Director of BGC's Board since its inception. From 2015
to 2020, Ms. Stockwell was a Managing Member of Bright Green Innovations, LLC, a concept for a federally legal emerging cannabis company,
where Ms. Stockwell was responsible for managing the company's industry, business and medical research relationships. Ms. Stockwell
has served as a director of a hospital and held senior leadership positions in connection with fund raising events to promote the use
of natural additives as an alternative to opioids. Ms. Stockwell is a sponsor of biomedical research and clinical trials and a member
of AHP, the Association for Healthcare Philanthropy, with an interest in plant-based bio-identical hormone replacement. Ms. Stockwell
is intimately familiar with BGC's business and operations and brings significant knowledge of BGC's business and the healthcare
industry to the Board.
Dean
M. Valore
has been a Director of BGC's Board since 2020 and Lead Independent Director since July 2022. Mr. Valore is managing
partner of Valore & Gordillo L.L.P., a law firm based in Cleveland, Ohio, which he co-founded in January 2012. Since January 2021,
Mr. Valore has also acted as Magistrate with the South Euclid Municipal Court in Ohio. Mr. Valore has been an adjunct professor of law,
focusing on federal procedure, with the Cleveland-Marshall College of Law at Cleveland State University since January 2011. Before entering
private practice, Mr. Valore was a United States Attorney. Mr. Valore is an expert in matters related to federal corporate compliance
and acts as legal counsel to several medical-grade cannabis and cannabis-related companies. Mr. Valore received his J.D. from Cleveland
State University - Cleveland-Marshall College of Law and his B.S. in finance from Miami University. Mr. Valore brings decades of corporate
governance and federal regulatory and legal experience to the Board.
52
Robert
Arnone
has been a member of BGC's Board since July 2021. Since 2006, Mr. Arnone has been co-owner and Chief Executive Officer
of Levaero Aviation, the exclusive Canadian dealer for Pilatus Aircraft, and a globally recognized leading aircraft brokerage ("Levaero").
Mr. Arnone joined Levaero in 1999 and held various leadership positions before acquiring the company in 2006. Under his leadership, Levaero
has expanded significantly and regularly records annual sales in excess of $75 million. Mr. Arnone holds a B.A. from Lakehead University
and is a Certified Public Accountant.
Executive
Officers
Biographical
information for Terry Rafih, our Interim Chief Executive Officer, is set forth above in the section titled "
Board of Directors
."
Saleem
Elmasri
has been Chief Financial Officer since March 2022. Mr. Elmasri has been working at Titan Advisory Services LLC as Principal
since September 2020. Titan Advisory Services LLC is a boutique advisory firm focused on providing collaborative and customized financial
operations and CFO services to early stage companies. Mr. Elmasri was Managing Director at DLA LLC, a professional services firm providing
clients internal audit, accounting advisory, and corporate finance services, from June 2019 to April 2021 (ended full time employment
September 2020 and became a consultant to DLA through April 2021). Prior to that, Mr. Elmasri worked as Senior Director for Pine Hill
Group LLC, a boutique accounting and transaction advisory firm, from March 2018 to June 2019, and worked as Senior Manager for PricewaterhouseCoopers
LLP, a Big-4 Accounting and Global Professional Services firm, from September 2007 to March 2018. Mr. Elmasri is a CPA and seasoned business
professional who has a passion for delivering meaningful and measurable value to clients through practical solutions. Mr. Elmasri has
over 15 years of experience in financial and management consulting. Mr. Elmasri began his career at PricewaterhouseCoopers and worked
on several of the firm's Fortune 500 clients, primarily focused on the Life Sciences and Pharmaceutical industry. From PwC, Mr.
Elmasri transitioned to lead advisory practices at boutique consulting firms, specializing in transaction and complex accounting advisory.
Mr. Elmasri has B.S. degrees in Accounting and Finance from Rutgers University.
Corporate
Governance
Our
business and affairs are managed under the direction of our Board. The number of directors will be fixed by our Board, subject to the
terms of our amended and restated certificate of incorporation and bylaws, which include a requirement that the number of directors be
fixed exclusively by a resolution adopted by directors constituting a majority of the total number of authorized directors, whether or
not there exist any vacancies in previously authorized directorships. Our Board currently consists of five (5) directors.
When
considering whether directors and nominees have the experience, qualifications, attributes or skills, taken as a whole, to enable our
Board to satisfy its oversight responsibilities effectively in light of our business and structure, the Board focuses primarily on each
person's background and experience as reflected in the information discussed in each of the directors' individual biographies
set forth above. We believe that our directors provide an appropriate mix of experience and skills relevant to the size and nature of
our business.
Corporate
Governance Profile
Our
corporate governance is structured in a manner we believe closely aligns our interests with those of our stockholders. Notable features
of our corporate governance structure include the following:
●
Our
    Board is not classified, with each of our directors subject to re-election annually;
●
A
    majority of our directors satisfy the Nasdaq listing standards for independence;
●
Our
    Board leadership consists of a Lead Independent Director, a Chairman of the Board, and independent committee chairs.
●
Generally,
    all matters to be voted on by stockholders will be approved by a majority (or, in the case of election of directors, by a plurality)
    of the votes entitled to be cast by all stockholders present in person or represented by proxy, voting together as a single class;
●
We
    comply with the requirements of the Nasdaq marketplace rules, including marketplace rules regarding composition of our Board committees;
    and
53
●
By
    virtue of the position, the Lead Independent Director is a member of the Audit Committee, the Compensation Committee and the Corporate
    Governance Nominating and Committee.
●
We
    do not have a stockholder rights plan.
Our
directors stay informed about our business by attending meetings of our Board and its committees and through supplemental reports and
communications. Our independent directors meet regularly in executive sessions without the presence of our corporate officers or non-independent
directors.
Role
of the Board in Risk Oversight
The
Board actively manages the Company's risk oversight process and receives periodic reports from management on areas of material
risk to the Company, including operational, financial, legal, and regulatory risks. The Board committees and the Lead Independent Director
assist the Board in fulfilling its oversight responsibilities in certain areas of risk. The Audit Committee assists the Board with its
oversight of the Company's major financial risk exposures. The Compensation Committee assists the Board with its oversight of risks
arising from the Company's compensation policies and programs. The Corporate Governance and Nominating Committee assists the Board
with its oversight of risks associated with board organization, board independence, and corporate governance. While each committee is
responsible for evaluating certain risks and overseeing the management of those risks, the entire Board is regularly informed about the
risks by committee chairs and the Lead Independent Director.
Director
Independence
The
Nasdaq marketplace rules require that, subject to specified exceptions, each member of a listed company's audit, compensation and
nominations committees be independent, or, if a listed company has no nominations committee, that director nominees be selected or recommended
for the board's selection by independent directors constituting a majority of the board's independent directors. The Nasdaq
marketplace rules further require that audit committee members satisfy independence criteria set forth in Rule 10A-3 under the Exchange
Act and that compensation committee members satisfy the independence criteria set forth in Rule 10C-1 under the Exchange Act.
Prior
to the completion of our Direct Listing, our Board undertook a review of the independence of our directors and considered whether any
director has a material relationship with us that could compromise that director's ability to exercise independent judgment in
carrying out that director's responsibilities. Our Board has affirmatively determined that each of Dr. Alfie Morgan, Dean Valore
and Robert Arnone qualify as an independent director, as defined under the applicable corporate governance standards of Nasdaq. These
rules require that our Audit Committee be composed of at least three (3) members, one of whom must be independent on the date of listing
on Nasdaq, a majority of whom must be independent within 90 days of the effective date of the registration statement containing the prospectus
for our Direct Listing, and all of whom must be independent within one year of the effective date of the registration statement containing
the prospectus for our Direct Listing.
Board
Leadership
Terry
Rafih is Chairman of the Board and Interim Chief Executive Officer. In addition, Mr. Valore, Lead Independent Director, is a member of
the Audit Committee, Corporate Governance and Nominating Committee, and Compensation Committee.
Board
Committees and Meetings
In
April 2022, the Board established three standing committees, the Audit Committee, the Compensation Committee and the Corporate Governance
and Nominating Committee, to assist the Board with the performance of its responsibilities. The initial composition of these committees
was set by the Board at that time, in its discretion. Going forward, the Board will designate the members of these committees and the
committee chairs based on the recommendation of the Corporate Governance and Nominating Committee. The Board has adopted written charters
for each of these committees, which are available on the investor relations section of our website at https://brightgreen.us/. Copies
will also be available in print to any stockholder upon written request. The chair of each committee will develop the agenda for that
committee and determines the frequency and length of committee meetings.
54
The
Board holds periodic meetings, and ad hoc meetings if and when necessary. Directors are expected to attend Board meetings, meetings of
stockholders and meetings of the committees on which they serve, with the understanding that on occasion a director may be unable to
attend a meeting.
Audit
Committee
The
Board formally established an Audit Committee in April 2022. The Audit Committee is composed of three (3) independent directors, Robert
Arnone, Dr. Alfie Morgan, and Dean Valore, Lead Independent Director. Mr. Arnone serves as chair of the Audit Committee. The committee's
primary duties are to:
●
review
    and discuss with management and our independent auditor our annual and quarterly financial statements and related disclosures, including
    disclosure under "Management's Discussion and Analysis of Financial Condition and Results of Operations," and the
    results of the independent auditor's audit or review, as the case may be;
●
review
    our financial reporting processes and internal control over financial reporting systems and the performance, generally, of our internal
    audit function;
●
oversee
    the audit and other services of our independent registered public accounting firm and be directly responsible for the appointment,
    independence, qualifications, compensation and oversight of the independent registered public accounting firm, which reports directly
    to the Audit Committee;
●
provide
    an open means of communication among our independent registered public accounting firm, management, our internal auditing function
    and our Board;
●
review
    any disagreements between our management and the independent registered public accounting firm regarding our financial reporting;
●
prepare
    the Audit Committee report for inclusion in our proxy statement for our annual stockholder meetings;
●
establish
    procedures for complaints received regarding our accounting, internal accounting control and auditing matters; and
●
approve
    all audit and permissible non-audit services conducted by our independent registered public accounting firm.
The
Board has determined that each member of the Audit Committee is independent of management and free of any relationships that, in the
opinion of the Board, would interfere with the exercise of independent judgment and are independent, as that term is defined under the
enhanced independence standards for audit committee members in the Exchange Act and the rules promulgated thereunder.
The
Board has determined that Robert Arnone is an "audit committee financial expert," as that term is defined in the rules promulgated
by the SEC pursuant to the Sarbanes-Oxley Act of 2012. The Board has further determined that each member of the Audit Committee is financially
literate and that at least one member of the committee has accounting or related financial management expertise, as such terms are interpreted
by the Board in its business judgment.
Compensation
Committee
The
Board formally established a Compensation Committee in April 2022. The Compensation Committee is composed of three (3) independent directors
(as defined under the general independence standards of the Nasdaq listing standards and our Corporate Governance Guidelines): Dean Valore,
Dr. Alife Morgan, and Robert Arnone, each a "non-employee director" (within the meaning of Rule 16b-3 of the Exchange Act).
Mr. Valore serves as chair of the Compensation Committee. The committee's primary duties are to:
●
approve
    corporate goals and objectives relevant to executive officer compensation and evaluate executive officer performance in light of
    those goals and objectives;
●
determine
    and approve executive officer compensation, including base salary and incentive awards;
●
make
    recommendations to the Board regarding compensation plans; and
55
●
administer
    any stock plan, equity incentive plan, inducement plan or other compensation plan adopted for the benefit of our employees and/or
    directors.
The
Compensation Committee determines and approve all elements of executive officer compensation. It also provides recommendations to the
Board with respect to non-employee director compensation. The Compensation Committee may not delegate its authority to any other person,
other than to a subcommittee.
Corporate
Governance and Nominating Committee
Our
Board formally established a Corporate Governance and Nominating Committee in April 2022. The Corporate Governance and Nominating Committee
is composed of three (3) independent directors (as defined under the general independence standards of the Nasdaq listing standards and
our Corporate Governance Guidelines): Dean Valore, Dr. Alfie Morgan and Robert Arnone, each a "non-employee director" (within
the meaning of Rule 16b-3 of the Exchange Act). Mr. Valore, Lead Independent Director, serves as chair of the committee. The committee's
primary duties are to:
●
recruit
    new directors, consider director nominees recommended by stockholders and others and recommend nominees for election as directors;
●
review
    the size and composition of our Board and committees;
●
oversee
    the evaluation of the Board;
●
recommend
    actions to increase the Board's effectiveness; and
●
develop,
    recommend and oversee our corporate governance principles, including our Code of Business Conduct and Ethics and our Corporate Governance
    Guidelines.
Code
of Business Conduct and Ethics
We
adopted a written code of business ethics and conduct (the "Code of Conduct") that applies to all of our directors, officers
and employees, including our Interim Chief Executive Officer and Chief Financial Officer. The objective of the Code of Conduct is to
provide guidelines for maintaining our and our subsidiaries integrity, reputation, honesty, objectivity and impartiality. The Code of
Conduct addresses conflicts of interest, protection of our assets, confidentiality, fair dealing with stockholders, competitors and employees,
insider trading, compliance with laws and reporting any illegal or unethical behavior. As part of the Code of Conduct, any person subject
to the Code of Conduct is required to avoid or fully disclose interests or relationships that are harmful or detrimental to our best
interests or that may give rise to real, potential or the appearance of conflicts of interest. Our Board has ultimate responsibility
for the stewardship of the Code of Conduct, and it monitors compliance through our Corporate Governance and Nominating Committee. Directors,
officers and employees are required to annually certify that they have not violated the Code of Conduct. Our Code of Business Conduct
and Ethics reflects the foregoing principles. The full text of our Code of Business Conduct and Ethics is be published on our website.
We
intend to satisfy the disclosure requirement under Item 5.05 of Form 8-K relating to amendments to or waivers from any provision of the
Code of Conduct applicable to our Interim Chief Executive Officer and Chief Financial Officer by posting such information on our website.
Legal
Proceedings
To
our knowledge, other than as described in the section titled
Business - Legal Proceedings
in this prospectus, (i) no director
or executive officer has been a director or executive officer of any business which has filed a bankruptcy petition or had a bankruptcy
petition filed against it during the past ten years; (ii) no director or executive officer has been convicted of a criminal offense or
is the subject of a pending criminal proceeding during the past ten years; (iii) no director or executive officer has been the subject
of any order, judgment or decree of any court permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement
in any type of business, securities or banking activities during the past ten years; and (iv) no director or officer has been found by
a court to have violated a federal or state securities or commodities law during the past ten years.
56
EXECUTIVE
AND DIRECTOR COMPENSATION
We
are an "emerging growth company" under applicable SEC rules and are providing disclosure regarding our executive compensation
arrangements pursuant to the rules applicable to emerging growth companies, which means that we are not required to provide a compensation
discussion and analysis and certain other disclosures regarding our executive compensation. The following discussion relates to the compensation
of our named executive officers for 2021. None of our executive officers were on payroll for 2020, nor did we have any employees.
Following
the adoption of the Compensation Committee charter in April 2022, the Compensation Committee determines and approves all elements of
executive officer compensation. The Compensation Committee's primary objectives in determining executive officer compensation are
to (i) develop an overall compensation package that is at market levels and thus fosters executive officer retention and (ii) align the
interests of our executive officers with our stockholders by linking a significant portion of the compensation package to performance.
Fiscal
Year 2021 and 2020 Summary Compensation Table
No
executive officers or directors received compensation during the years ended December 31, 2021 and 2020 other than in the form of equity
awards as set forth herein.
Name and Principal Position
Year
Salary
($)
Option
Awards
($)
Equity Awards
($)
Total
($)
Terry Rafih,
Interim Chief Executive Officer, Chairman
(1)
2021
-
-
10,000
10,000
2020
-
-
345,345
345,345
Edward A. Robinson,
Former Chief Executive Officer, Director
(1)
2021
-
-
-
-
2020
-
-
207,000
207,000
Saleem Elmasri,
Chief Financial Officer
(2)
2021
-
-
-
-
2020
-
-
-
-
Douglas Bates,
Former Chief Financial Officer
(2)
2021
-
-
-
-
2020
-
-
6,900
6,900
(1)
Mr. Robinson resigned as Chief Executive Officer in June 2022. Terry Rafih was appointed as his replacement in June 2022.
(2)
Mr. Bates resigned as Chief Financial Officer in March 2022. Saleem Elmasri was appointed as his replacement in March 2022.
Employment
Agreements
Other
than as set forth below BGC does not have an employment agreement with any member of BGC's management team or any members of the
Board. BGC plans to enter into executive employment agreements with BGC's management team.
Saleem
Elmasri
On
February 28, 2022, we entered into a Consulting Agreement (the "Elmasri Agreement") with Saleem Elmasri, our Chief Financial
Officer, to provide services to the Company prior to, and following, the registration of the Company's securities under the Exchange
Act. Mr. Elmasri was appointed Chief Financial Officer in March 2022. The Elmasri Agreement provides for the following compensation and
benefits to Mr. Elmasri following registration of the Company's securities pursuant to this registration statement and listing
of the Company's securities with Nasdaq:
●
A
    monthly cash fee not to exceed $30,720, subject to increase as set forth in the Elmasri Agreement.
57
●
An
    initial term of two years.
●
Eligibility
    to participate in any equity compensation plan adopted by the Company
●
Issuance
    of 500,000 shares of the Company's Common Stock
Equity
Incentive Awards
Each
non-employee Director was awarded a one-time grant of 5,000 shares upon being appointed to the Board of Directors during the year ended
December 31, 2021. One director was granted 30,000 shares during the year.
Fiscal
Year 2021 Outstanding Equity Awards at Fiscal Year-End Table
The
following table lists all of the outstanding equity awards held on December 31, 2021 by each of the Company's named executive officers.
Option
    Awards
Equity
    Awards
Name
Grant
    Date
Number
    of Securities Underlying Unexercised Options (#) Exercisable
Number
    of
Securities
    Underlying Unexercised Options (#) Unexercisable
Equity
    Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#)
Option
    Exercise Price ($)
Option
    Expiration Date
Number
    of Shares or Units of Stock That Have Not Vested (#)
Market
    Value of Shares or Units of Stock That Have Not Vested ($)
Equity
    Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)
Equity
Incentive
Plan
Awards:
Market
    or
Payout
Value
    of
Unearned
Shares,
Units
    or
Other
Rights
That
    Have
Not
    Vested
($)
Edward
    A. Robinson
(1)
-
-
-
-
-
-
Douglas
    Bates
(2)
-
-
-
-
-
-
(1)
Mr.
Robinson resigned as Chief Executive Officer in June 2022. Terry Rafih was appointed as his replacement in June 2022.
(2)
Mr.
Bates resigned as Chief Financial Officer in March 2022. Saleem Elmasri was appointed as his replacement in March 2022.
Director
Compensation
As
described above, each non-employee Director was awarded a one-time grant of 5,000 shares upon being appointed to the Board of Directors
during the year ended 2021. One director was granted 30,000 shares during the year.
Fiscal
Year 2021 Director Compensation Table
No
Directors received cash compensation in 2021.
58
CERTAIN
RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
The
following is a description of transactions since 2019, including currently proposed transactions to which we have been or are to be a
party in which the amount involved exceeded or will exceed $120,000, and in which any of our directors (including nominees), executive
officers or beneficial holders of more than 5% of our capital stock, or their immediate family members or entities affiliated with them,
had or will have a direct or indirect material interest. We believe the terms and conditions set forth in such agreements are reasonable
and customary for transactions of this type.
Bright
Green Grow Innovations, LLC Merger
On
May 28, 2019, the Company entered into the BGGI Agreement. Lynn Stockwell, a director of BGC, was the founder of BGGI. Pursuant to the
BGGI Agreement, BGGI transferred to the Company two parcels of land and a greenhouse building having a total net carrying value of $9,128,851
in exchange for shares of BGC. The land transfer consisted of a 70-acre lot with a greenhouse at 1033 George Hanosh Blvd., Grants, New
Mexico 87020 and a 40-acre lot in Grants, New Mexico. The Company assessed that the merger transaction did not qualify as a business
combination in accordance with the provisions of ASC 805. The Company accounted for the merger as an acquisition of assets. Because the
BGGI Merger was deemed a related party transaction by virtue of common ownership and management under ASC 850, the assets transferred
to the Company have been accounted for at historical carrying values of BGGI. For more information, see Note 5 to BGC's audited
financial statements for the years ended December 31, 2021 and 2020 filed as a part of this registration statement.
Grants
Greenhouse Growers, Inc. Merger
On
October 30, 2020, BGC entered into the GGG Agreement with GGG and the sole shareholder of GGG, James Colasanti, a stockholder of the
Company. Pursuant to the GGG Agreement, GGG was merged into BGC in exchange for 1,000,000 shares of Common Stock. GGG had no assets or
liabilities, other than the following options agreements:
●
A
    Real Estate Option Agreement dated October 5, 2020 granting GGG the option to purchase 330 acres for $5,000 per acre until December
    31, 2021(subject to a one-year extension term at GGG's election), with monthly payments of $1,500 due through June 30, 2021
    and monthly payments of $1,750 from July 1, 2021 through December 31, 2021. The one-year extension began on January 1, 2022 and expires
    December 31, 2022, with monthly payments of $2,000 due through the expiration date.
●
A
    Real Estate Option Agreement dated October 21, 2020 granting GGG the option to purchase 175 acres for $5,000 per acre until December
    31, 2021 (subject to a one-year extension term at GGG's election), with monthly payments of $1,000 due through December 31,
    2021. The one-year extension began on January 1, 2022 and expires December 31, 2022, with monthly payments of $1,500 due through
    the expiration date.
BGC
determined the GGG Merger did not qualify as a business combination in accordance with the provisions of ASC 805. BGC accounted for the
merger as an acquisition of assets. This asset acquisition was accounted for at the fair value of the options agreement of $103,837 determined
using the Black Scholes Model with assumptions including current market price of land of $4,000 per acre, exercise price of option of
$5,000 per acre, dividend yield of 0.00%, risk free rate for term of 0.15%, volatility 28.4% and years remaining in the range of 2.19
to 2.24 years. As at December 31, 2021 and 2020, management has assessed the value of these options to be impaired due to uncertainty
surrounding their recoverability. For more information, see Note 5 to BGC's audited financial statements for the years ended December
31, 2021 and 2020 filed as a part of this registration statement.
59
Naseeb,
Inc. Merger
On
November 10, 2020, BGC entered into the Naseeb Agreement with Naseeb and the sole shareholder of Naseeb, Terry Rafih, the Chairman and
Interim CEO of BGC. Pursuant to the Naseeb Agreement, Naseeb was merged into BGC in exchange for 10,000,000 shares of Common Stock. Naseeb
then assisted BGC in obtaining the following licenses and patents:
●
New
    Mexico Hemp License: Industrial Hemp is an agricultural plant that uses all the byproducts of the plant such as seeds and twigs in
    the production of hemp seed, hemp fiber, and other eco-friendly products.
●
New
    Mexico Board of Pharmacy Schedule 1 Bulk Manufacturers License: Securing the license was required as part of the application and
    consideration for a federal license. Additionally, being licensed as a Schedule 1 Bulk Manufacturer allows the Company to develop
    and distribute Schedule 1 drugs; an authorization precedent to the ability to grow, extract and distribute other cannabidiols, such
    as CBG and CBN. Moreover, with this license, the Company is exempt from the restrictions generally applicable to the cannabis industry,
    such as plant count and per plant taxes.
●
Federal
    MOA for a Schedule I Controlled Substance Bulk Manufacturing registration: The Company has a formal agreement with the DEA for the
    construction and operation of a federally licensed agricultural center to grow and distribute marijuana, or its chemical constituents,
    supplying legitimate researchers in the United States.
●
Patents:
    The patents held by the Company provide innovative medical therapies to a wide range of conditions. These patents can be sold, licensed,
    or directly marketed as clinical trials are conducted and approved by the FDA.
BGC
assessed that the Naseeb Merger did not qualify as a business combination in accordance with the provisions of ASC 805. BGC accounted
for the merger as an acquisition of assets. Since, under ASC 850, the merger was considered as a related party transaction by virtue
of common ownership and management, the assets transferred to BGC have been accounted for at historical cost of Naseeb of $1,000. For
more information, see Note 5 to BGC's audited financial statements for the years ended December 31, 2021 and 2020 filed as a part
of this registration statement.
June
2022 Shareholder Loan
On
June 5, 2022, the Company and LDS Capital LLC, a wholly owned company of Lynn Stockwell ("Lender"), a member of the
Board, entered into an unsecured line of credit in the form of a note (the "June Note"). The Note provides that the
Company may borrow up to $5.0 million, including an initial loan in the amount of $3.0 million, through June 4, 2025 (the
"June Note Maturity Date") from Lender. Lender has committed to fund to the Company $3.0 million under the June Note by
June 30, 2022. Prior to the June Note Maturity Date, the Company may borrow up to an additional $2.0 million under the June Note, at
Lender's sole discretion, and subject to the Company's request of such additional funds form Lender (each loan furnished
under the June Note individually, a "Loan," and collectively, the "Loans"). The Company has the right, but
not the obligation, to prepay any Loan, in whole or in part, prior to the June Note Maturity Date. Interest on the unpaid principal
amount of any Loan accrues through the earlier of the June Note Maturity Date or the date of prepayment on such Loan, at a rate of
2% per annum plus the Prime Rate (the rate of interest per annum announced from time to time by JPMorgan Chase Bank as its prime
rate). If the principal and interest, if any, of any Loan is not paid in full on the Maturity Date, additional penalty interest will
accrue on such Loan in the amount of 2% per annum.
Other
Related Party Transactions
During
the year ended December 31, 2020, Lynn Stockwell, a Director of the Company, provided cash advances in connection with the payment of
certain Company expenses in the form of an unsecured, non-interest bearing note with no fixed repayment terms. As of December 31, 2021,
the Company owed $392,194 in connection with this note. Ms. Stockwell and the Company entered into a written agreement whereby no payment
will be required prior to January 1, 2023. For more information, see Note 10 to BGC's audited financial statements for the years
ended December 31, 2021 and 2020 filed as a part of this registration statement.
During
the year ended December 31, 2020, the Company issued 3,000,000 shares of Common Stock valued at $207,000 to Mr. Robinson, former Chief
Executive Officer of the Company, in consideration for services rendered, in lieu of cash compensation.
During
the year ended December 31, 2020, the Company issued 5,000,000 shares of Common Stock valued at $345,000 to Mr. Rafih, Chairman and Interim
CEO of the Company, in consideration for services rendered, in lieu of cash compensation.
No
finder's fees, reimbursements, consulting fee, monies in respect of any payment of a loan or other compensation was paid by the
Company to our sponsor, officers or directors or any affiliate of our sponsor, officers or directors during the year.
Indemnification
Agreements
We
have entered into agreements to indemnify our directors and executive officers. These agreements, among other things, require us to indemnify
these individuals for certain expenses (including attorneys' fees), judgments, fines and settlement amounts reasonably incurred
by such person in any action or proceeding, including any action by or in our right, on account of any services undertaken by such person
on behalf of our company or that person's status as a member of our board of directors to the maximum extent allowed under Delaware
law.
Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers or persons controlling
the Company pursuant to provisions of the State of Delaware, the Company has been informed that, in the opinion of the SEC, such indemnification
is against public policy as expressed in that Act and is, therefore, unenforceable.
60
PRINCIPAL
SECURITYHOLDERS
The
following table sets forth certain information known to us regarding beneficial ownership of our Common Stock as of September 20,
2022 by:
●
each
    person or group of affiliated persons known by us to be the beneficial owner of more than five percent of our capital stock;
●
each
    of our named executive officers;
●
each
    of our directors; and
●
all
    of our executive officers and directors as a group.
We
have determined beneficial ownership in accordance with the rules of the SEC, and the information is not necessarily indicative of beneficial
ownership for any other purpose. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared
voting power or investment power with respect to those securities as well as any shares of Common Stock that the person has the right
to acquire within 60 days of September 20, 2022 through the exercise of stock options or other rights. As of the date hereof,
no options to purchase shares of our Common Stock were outstanding. Unless otherwise indicated, the persons or entities identified in
this table have sole voting and investment power with respect to all shares shown as beneficially owned by them.
Except
as otherwise noted below, the address for persons listed in the table is c/o Bright Green Corporation., 1033 George Hanosh Boulevard
Grants, NM 87020.
Name
    and address of Beneficial Owner
Shares
    Beneficially Owned
(1)
Percentage
    of
Shares
Beneficially
Owned
(1)
5%
    Stockholders:
E.
    Mailloux Enterprises, Inc. and related parties
(2)
20,200,000
11.93
%
Named
    Executive Officers and Directors
Terry
    Rafih, Interim CEO and Chairman
20,005,000
11.81
%
Saleem
    Elmasri, CFO
500,000
*
Lynn
    Stockwell, Director
69,111,470
40.81
%
Dr.
    Alfie Morgan, Director
5,000
*
%
Dean
    Valore, Director
5,000
*
%
Robert
    Arnone, Director
105,000
(3)
*
%
Directors
    and Executive Officers as a Group (6 persons)
(4)
95,436,470
(4)
56.36
%
(4)
*
Less than 1%.
(1)
Based on 169,342,300 shares of Common Stock outstanding as of September 20, 2022. Any shares of Common Stock not outstanding which
are issuable upon the exercise or conversion of other securities held by a person within the next 60 days are considered to be
outstanding when computing such person's ownership percentage of Common Stock but are not when computing anyone else's
ownership percentage.
(2)
This information is solely based on the Company's review of filings made on Schedule 13G with the SEC, relating to beneficial ownership
of 20,200,000 shares of Common Stock as of June 3, 2022. The address of E. Mailloux Enterprises, Inc. ("MEI") is 3129 Marentette
Ave., Unit 2 Windsor ON N8X 4G1, Canada. Ernie Mailloux has voting and dispositive power with respect to the shares of Common Stock held
by MEI. Consists of 12,700,000 shares of Common Stock held by MEI, 7,500,000 shares of Common Stock held by Cheryl Mailloux, wife of
Mr. Mailloux. Mr. Mailloux may be deemed to have voting and dispositive power over shares of Common Stock held by Mrs. Mailloux.
(3)
Includes 100,000 shares held by Aerigo Solutions Inc. Mr. Arnone has sole voting and dispositive power over the shares of Common Stock
held by Aerigo Solutions Inc.
(4)
Includes 100,000 shares beneficially owned by Douglas Bates, who resigned as Chief Financial Officer in March 2022 and 5,605,000 shares
beneficially owned by Edward Robinson, who resigned as Chief Executive Officer in June 2022 and as a director on July 1, 2022.
61
SELLING
SECURITYHOLDERS
The
Common Stock being offered by the selling securityholders are those previously issued to the selling securityholders in the September
2022 Private Placement, and those issuable to the selling securityholders, upon exercise of the Warrants issued in the September 2022
Private Placement. For additional information regarding the September 2022 Private Placement, see "
Prospectus Summary –
September 2022 Private Placement
." We are registering the Shares and Warrant Shares in order to permit the selling securityholders
to offer such shares for resale from time to time. Except for the ownership of the Shares and Warrants issued in the September 2022 Private
Placement, the selling securityholders have not had any material relationship with us within the past three years.
The
table below lists the selling securityholders and other information regarding the beneficial ownership of the Common Stock by each
of the selling securityholders. The second column lists the number of shares of Common Stock beneficially owned by each selling
securityholder, based on its ownership of the Common Stock and Warrants, as of September 20, 2022,
assuming exercise of all Warrants held by the selling securityholders on that date, without regard to any limitations on
exercise.
The
third column lists the Common Stock being offered by this prospectus by the selling securityholders.
In
accordance with the terms of the registration rights agreement entered into between the Company and each of the selling securityholders,
this prospectus generally covers the resale of the (i) sum of the number of shares of Common Stock issued to the selling securityholders
in the September 2022 Private Placement and (ii) the maximum number of shares of Common Stock issuable upon exercise of the related Warrants,
determined as if the outstanding Warrants were exercised in full as of the trading day immediately preceding the date the registration
statement of which this prospectus forms a part was initially filed with the SEC, each as of the trading day immediately preceding the
applicable date of determination and all subject to adjustment as provided in the registration right agreement, without regard to any
limitations on the exercise of the Warrants. The fourth column assumes the sale of all of the shares of Common Stock offered by the selling
securityholders pursuant to this prospectus.
Under
the terms of the Warrants, a selling securityholder may not exercise the Warrants to the extent such exercise would cause such selling
securityholder, together with its affiliates and attribution parties, to beneficially own a number of shares of Common Stock which would
exceed, at the direction of the selling securityholder, 4.99% or 9.99%, of our then outstanding shares of Common Stock following such
exercise, excluding for purposes of such determination of the shares of Common Stock issuable upon exercise of such Warrants which have
not been exercised. The number of shares of Common Stock in the columns below do not reflect this limitation. The selling securityholders
may sell all, some or none of their shares of Common Stock in this offering. See "
Plan of Distribution
."
RESALE
S-1 SELLING SECURITYHOLDER TABLE
Name of Selling Securityholder
Number of
Common
Shares
Beneficially
Owned Prior
to the
Offering
(1)
Percentage of
Common
Shares
Beneficially
Owned Prior
to the
Offering
(1)
Number of
Common
Shares
Registered
for Sale
Hereby
(1)
Number of
Common
Shares
Beneficially
Owned After
the Offering
(1)
Percentage of
Common
Shares
Beneficially
Owned After
the Offering
(1)
Armistice Capital Master Fund Ltd. (2)
9,523,810
(3)
5.62
%(4)
9,523,810
(3)
-
-
Sabby Volatility Warrant Master Fund, Ltd. (5)
9,523,810
(6)
5.62
%(7)
9,523,810
(6)
-
-
1)
This
    table is based upon information supplied by the selling securityholders, which information may not be accurate as of the date hereof.
    We have determined beneficial ownership in accordance with the rules of the SEC. Except as indicated by the footnotes below, we believe,
    based on the information furnished to us, that the selling securityholders named in the table above have sole voting and investment
    power with respect to all Common Stock that they beneficially own, subject to applicable community property laws. Applicable percentages
    are based on 169,342,300 shares outstanding on September 20, 2022, adjusted as required by rules promulgated by the SEC.
2)
The
    Common Stock is directly held by Armistice Capital Master Fund Ltd. (the "Master Fund"), a Cayman Islands exempted company,
    and may be deemed to be indirectly beneficially owned by Armistice Capital, LLC ("Armistice"), as the investment manager
    of the Master Fund; and (ii) Steven Boyd, as the Managing Member of Armistice Capital. Armistice and Steven Boyd disclaim beneficial
    ownership of the reported securities except to the extent of their respective pecuniary interest therein. The address of the Master
    Fund is c/o Armistice Capital, LLC, 510 Madison Avenue, 7th Floor, New York, NY 10022.
3)
Includes
    4,761,905 shares of Common Stock and Warrants to purchase up to 4,761,905 shares of Common Stock, both of which the Master Fund purchased
    in the September 2022 Private Placement. The Warrants are subject to a 4.99% beneficial ownership limitation that prohibits the Master
    Fund from exercising any portion of them if, following such exercise, the Master Fund's ownership of our shares of Common Stock
    would exceed 4.99% of the total amount of our outstanding stock.
4)
Does
    not take into account the application of the beneficial ownership limitation described in footnote 3.
5)
Sabby
    Management, LLC is the investment manager of Sabby Volatility Warrant Master Fund, Ltd. ("Sabby") and shares voting and
    investment power with respect to these shares in this capacity. As manager of Sabby Management, LLC, Hal Mintz also shares voting
    and investment power on behalf of Sabby. Each of Sabby Management, LLC and Mr. Mintz disclaims beneficial ownership over the securities
    listed except to the extent of their pecuniary interest therein.
6)
Includes
    4,761,905 shares of Common Stock and Warrants to purchase up to 4,761,905 shares of Common Stock held by Sabby Volatility Warrant
    Master Fund, Ltd. that were purchased in the September 2022 Private Placement. The Warrants are subject to a 4.99% beneficial ownership
    limitation that prohibits Sabby Volatility Master Fund, Ltd. from exercising any portion of them if, following such exercise, ownership
    of our shares of Common Stock would exceed 4.99% of the total amount of our outstanding stock.
7)
Does
    not take into account the application of the beneficial ownership limitation described in footnote 6.
62
DESCRIPTION
OF OUR SECURITIES
The
following descriptions are summaries of the material terms of our certificate of incorporation and bylaws, each as amended and restated.
Reference is made to the more detailed provisions of, and the descriptions are qualified in their entirety by reference to, the certificate
of incorporation and bylaws, forms of which are filed with the SEC as exhibits to the registration statement of which this prospectus
is a part, and applicable law.
General
Our
authorized capital stock consists of 200,000,000 shares of Common Stock, par value $0.0001 per share, of which 169,342,300 are
issued and outstanding as of September 20, 2022, and 10,000,000 shares of preferred stock, $0.0001 par value per share, of which none
are issued or outstanding, as of the date hereof.
Common
Stock
As
of September 20, 2022, there
were on 169,342,300 shares of our Common Stock outstanding held by
approximately 111 stockholders of record. Our amended and restated certificate of
incorporation provides that:
●
holders
    of Common Stock will have voting rights for the election of our directors and all other matters requiring stockholder action, except
    with respect to amendments to our certificate of incorporation that alter or change the powers, preferences, rights or other terms
    of any outstanding preferred stock if the holders of such affected series of preferred stock are entitled to vote on such an amendment;
●
holders
    of Common Stock will be entitled to one vote per share on matters to be voted on by stockholders and also will be entitled to receive
    such dividends, if any, as may be declared from time to time by our Board in its discretion out of funds legally available therefor;
●
the
    payment of dividends, if any, on the Common Stock will be subject to the prior payment of dividends on any outstanding preferred
    stock;
●
upon
    our liquidation or dissolution, the holders of Common Stock will be entitled to receive
pro rata
all assets remaining available
    for distribution to stockholders after payment of all liabilities and provision for the liquidation of any shares of preferred stock
    outstanding at that time; and
●
our
    stockholders have no conversion, preemptive or other subscription rights and there are no sinking fund or redemption provisions applicable
    to the Common Stock.
Warrants
In
the September 2022 Private Placement that closed on September 12, 2022, Warrants to purchase up to 9,523,810 shares of Common Stock were
issued. The Warrants shall be initially exercisable at a price of $1.05 per share, subject to adjustment as set forth in the Warrants,
are exercisable any time after September 12, 2022 and will expire on September 13, 2027.
Preferred
Stock
Our
amended and restated certificate of incorporation provides that shares of preferred stock may be issued from time to time in one or more
series. Our Board will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating,
optional or other special rights, if any, and any qualifications, limitations and restrictions thereof, applicable to the shares of each
series. Our Board will be able to, without stockholder approval, issue preferred stock with voting and other rights that could adversely
affect the voting power and other rights of the holders of the Common Stock and could have anti-takeover effects. The ability of our
Board to issue preferred stock without stockholder approval could have the effect of delaying, deferring or preventing a change of control
of us or the removal of existing management. Our current certificate of incorporation does not permit the issuance of preferred stock
and so we have no preferred stock outstanding at the date hereof. Although we do not currently intend to issue any shares of preferred
stock, we cannot assure you that we will not do so in the future.
63
Certain
Anti-takeover Provisions of Delaware Law, our Certificate of Incorporation and Bylaws
As
a Delaware corporation, we are governed by the provisions of Section 203 of the Delaware General Corporation Law, which generally has
an anti-takeover effect for transactions not approved in advance by our Board. This may discourage takeover attempts that might result
in payment of a premium over the market price for the shares of Common Stock held by stockholders. In general, Section 203 prohibits
a publicly held Delaware corporation from engaging in a "business combination" with an "interested stockholder"
for a three-year period following the time that such stockholder becomes an interested stockholder, unless the business combination is
approved in a prescribed manner. A "business combination" includes, among other things, a merger, asset or stock sale or
other transaction resulting in a financial benefit to the interested stockholder. An "interested stockholder" is a person
who, together with affiliates and associates, owns, or did own within three years prior to the determination of interested stockholder
status, 15% or more of BGC's voting stock.
Under
Section 203, a business combination between a corporation and an interested stockholder is prohibited unless it satisfies one of the
following conditions:
●
before
    the stockholder became interested, the board of directors approved either the business combination or the transaction which resulted
    in the stockholder becoming an interested stockholder; or
●
upon
    consummation of the transaction which resulted in the stockholder becoming an interested outstanding, shares owned by:
●
persons
    who are directors and also officers, and
●
employee
    stock plans, in some instances; or
●
at
    or after the time the stockholder became interested, the business combination was approved by the board of directors are authorized
    at an annual or special meeting of the stockholders by the affirmative vote of at least two-thirds of the outstanding voting stock
    which is not owned by the interested stockholder.
Exclusive
Forum
Our
amended and restated bylaws provides, and current amended and restated certificate of incorporation currently provides, that unless we
consent in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding
brought on behalf of us, (ii) any action asserting a claim of breach of a fiduciary duty owed by our directors, officers or other employees
to us or our stockholders, (iii) any action asserting a claim arising pursuant to any provision of the DGCL, or (iv) any action asserting
a claim governed by the internal affairs doctrine, shall be a state or federal court located within the state of Delaware, in all cases
subject to the court's having personal jurisdiction over the indispensable parties named as defendants. Any person or entity purchasing
or otherwise acquiring any interest in shares of our capital stock shall be deemed to have notice of and consented to the above forum
exclusivity provisions. The enforceability of similar choice of forum provisions in other companies' certificates of incorporation
and bylaws has been challenged in legal proceedings, and it is possible that a court could find these types of provisions to be inapplicable
or unenforceable.
The
forum selection provision is intended to apply "to the fullest extent permitted by applicable law," subject to certain exceptions.
Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created
by the Exchange Act or the rules and regulations thereunder. As a result, the exclusive forum provision will not apply to suits brought
to enforce any duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction.
In addition, the exclusive forum provision will not apply to actions brought under the Securities Act, or the rules and regulations thereunder.
Special
meeting of stockholders
Our
bylaws further provide that special meetings of our stockholders may be called by the Chairman of the Board, the Board, President of
BGC, or by the Board upon written request by the holders of a majority of the voting authority of BGC.
64
Requirements
for Advance Notification of Director Nominations and Stockholder Proposals
Our
amended and restated bylaws provide that stockholders seeking to bring business before our annual meeting of stockholders, or to nominate
candidates for election as directors at our annual meeting of stockholders, must provide timely notice of their intent in writing. To
be timely, a stockholder's notice needs to be delivered to the secretary at our principal executive offices not later than the
close of business on the day nor earlier than the close of business on the day prior to the first anniversary of the date on which we
first mailed our proxy materials for the preceding year's annual meeting of stockholders; provided, however, if no proxy materials
were mailed by us in connection with the preceding year's annual meeting, or if the date of the annual meeting is advanced more
than days prior to or delayed by more than days after the anniversary of the preceding year's annual meeting, a stockholder's
notice shall be timely if delivered to our principal executive offices not later than the 90th day prior to the scheduled date of the
annual meeting of stockholders or the day following the day on which public announcement of the date of our annual meeting of stockholders
is first made or sent by us. Our amended and restated bylaws specify certain requirements as to the form and content of a stockholders'
meeting. These provisions may preclude our stockholders from bringing matters before our annual meeting of stockholders or from making
nominations for directors at our annual meeting of stockholders.
Authorized
but unissued shares
Our
amended and restated certificate of incorporation provides that authorized but unissued shares of Common Stock and preferred stock are
available for future issuances without stockholder approval and could be utilized for a variety of corporate purposes, including future
offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved
Common Stock and preferred stock could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest,
tender offer, merger or otherwise.
Removal
of directors
Our
bylaws provide that a member of our Board may be removed from service as a director, with or without cause, only by the affirmative vote
of the holders of a majority of the shares of voting stock then outstanding and entitled to vote in an election of directors.
Limitation
of Liability and Indemnification of Directors and Officers
Our
bylaws provide that our directors and officers will be indemnified by us to the fullest extent authorized by Delaware law.
These
provisions may discourage stockholders from bringing a lawsuit against our directors for breach of their fiduciary duty. These provisions
also may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action,
if successful, might otherwise benefit us and our stockholders. Furthermore, a stockholder's investment may be adversely affected
to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.
We believe that these provisions, insurance and the indemnity agreements are necessary to attract and retain talented and experienced
directors and officers.
We
are not aware of any threatened litigation or proceeding that might result in a claim for such indemnification, except as disclosed below.
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling
persons pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the SEC such indemnification
is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
We
are currently engaged in two legal proceedings which may require us to indemnify certain officers and directors if the outcome of either
proceeding is adverse to our interests. Please see the section of this prospectus titled "
Legal Proceedings
."
Listing
Our
Common Stock is listed on the Nasdaq Capital Market under the symbol "BGXX."
Transfer
Agent and Registrar
The
transfer agent and registrar for our Common Stock is Vstock Transfer, LLC. The transfer agent and registrar's address is 18 Lafayette
Place, Woodmere, NY 11598. The transfer agent and registrar can be contacted by phone at: (212) 828-8436.
65
MATERIAL
UNITED STATES FEDERAL INCOME TAX CONSEQUENCES
The
following is a general discussion of material U.S. federal income tax considerations and certain U.S. federal estate tax considerations
relating to the acquisition, ownership, and disposition of our common stock applicable to U.S. holders and non-U.S. holders that purchase
our common stock in this offering and hold it as a "capital asset" within the meaning of Section 1221 of the U.S. Internal
Revenue Code of 1986, as amended (the "Code") (generally, property held for investment). For purposes of this discussion,
a "U.S. holder" means a beneficial owner of our common stock (other than an entity or arrangement that is treated as a partnership
for U.S. federal income tax purposes) that is, for U.S. federal income tax purposes, any of the following:
●
an
    individual who is a citizen or resident of the United States;
●
a
    corporation (or entity treated as a corporation for United States federal income tax purposes) created or organized in or under the
    laws of the United States, any state thereof or the District of Columbia;
●
an
    estate, the income of which is includable in gross income for U.S. federal income tax purposes regardless of its source; or
●
a
    trust if (i) a court within the United States is able to exercise primary supervision over the administration of the trust and one
    or more "United States persons," as defined under the "Code, ("U.S. persons") have the authority to
    control all substantial decisions of the trust or (ii) such trust has made a valid election to be treated as a U.S. person for U.S.
    federal income tax purposes.
For
purposes of this discussion, a "non-U.S. holder" means a beneficial owner of our common stock (other than an entity or arrangement
that is treated as a partnership for U.S. federal income tax purposes) that is not a U.S. holder.
If
a partnership (or other entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds our common stock,
the tax treatment of a partner therein will generally depend on the status of the partner and the activities of the partnership. Partners
of a partnership holding our common stock should consult their tax advisors as to the particular U.S. federal income tax consequences
applicable to them.
This
discussion is based on current provisions of the Code, final, temporary and proposed Treasury regulations promulgated thereunder (the
"Treasury Regulations"), judicial decisions, published rulings and administrative pronouncements of the U.S. Internal Revenue
Service, or IRS, all in effect as of the date of this prospectus supplement and all of which are subject to change or to differing interpretation,
possibly with retroactive effect. Any change could alter the tax consequences to holders described herein. There can be no assurance
that the IRS will not challenge one or more of the tax consequences described herein.
This
discussion does not address all aspects of U.S. federal income and estate taxation that may be relevant to a particular holder in light
of that holder's individual circumstances nor does it address any aspects of U.S. state, local or non-U.S. taxes, other U.S. federal
tax, the alternative minimum tax, or the unearned income Medicare contribution tax on net investment income. This discussion also does
not consider any specific facts or circumstances that may apply to a holder and does not address the special tax rules applicable to
particular holders, such as:
●
banks,
    insurance companies and other financial institutions;
●
brokers
    or dealers or traders in securities;
●
tax-exempt
    organizations;
●
pension
    plans;
●
persons
    who hold our common stock as part of a straddle, hedge, conversion transaction, synthetic security or other integrated investment
    or who have elected to mark securities to market; controlled foreign corporations, passive foreign investment companies, and corporations
    that accumulate earnings to avoid U.S. federal income tax;
●
non-U.S.
    governments; and
●
U.S.
    expatriates and former citizens or long-term residents of the United States.
THIS
SUMMARY IS NOT INTENDED TO CONSTITUTE A COMPLETE DESCRIPTION OF ALL TAX CONSEQUENCES FOR HOLDERS RELATING TO THE OWNERSHIP AND DISPOSITION
OF OUR COMMON STOCK. PROSPECTIVE HOLDERS OF OUR COMMON STOCK SHOULD CONSULT WITH THEIR TAX ADVISORS REGARDING THE TAX CONSEQUENCES TO
THEM (INCLUDING THE APPLICATION AND EFFECT OF ANY STATE, LOCAL, NON-U.S. INCOME AND OTHER TAX LAWS) OF THE ACQUISITION, OWNERSHIP AND
DISPOSITION OF OUR COMMON STOCK.
66
Taxation
of U.S. Holders
Distributions
If
we pay distributions in cash or other property (other than certain distributions of our stock or rights to acquire our stock) to U.S.
holders of shares of our common stock, such distributions generally will constitute dividends for U.S. federal income tax purposes to
the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions
in excess of current and accumulated earnings and profits will constitute a return of capital that will be applied against and reduce
(but not below zero) the U.S. holder's adjusted tax basis in our common stock. Any remaining excess will be treated as gain realized
on the sale or other disposition of the common stock and will be treated as described under "U.S. Holders — Gain or Loss
on Sale, Taxable Exchange or Other Taxable Disposition of Common Stock" below.
Dividends
we pay to a U.S. holder that is a taxable corporation generally will qualify for the dividends received deduction if the requisite holding
period is satisfied. With certain exceptions (including, but not limited to, dividends treated as investment income for purposes of investment
interest deduction limitations), and provided certain holding period requirements are met, dividends we pay to a non-corporate U.S. holder
may constitute "qualified dividends" that will be subject to tax at the maximum tax rate accorded to long-term capital gains.
Gain
or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Common Stock
Upon
a sale or other taxable disposition of our common stock, a U.S. holder generally will recognize capital gain or loss in an amount equal
to the difference between the amount realized and the U.S. holder's adjusted tax basis in the common stock. Any such capital gain
or loss generally will be long-term capital gain or loss if the U.S. holder's holding period for the common stock so disposed of
exceeds one year. Long-term capital gains recognized by non-corporate U.S. holders will be eligible to be taxed at reduced rates. The
deductibility of capital losses is subject to limitations.
Generally,
the amount of gain or loss recognized by a U.S. holder is an amount equal to the difference between (i) the sum of the amount of cash
and the fair market value of any property received in such disposition and (ii) the U.S. holder's adjusted tax basis in its common
stock so disposed of. A U.S. holder's adjusted tax basis in its common stock generally will equal the U.S. holder's acquisition
cost less any prior distributions treated as a return of capital.
Information
Reporting and Backup Withholding
In
general, information reporting requirements may apply to dividends paid to a U.S. holder and to the proceeds of the sale or other disposition
of our shares of common stock, unless the U.S. holder is an exempt recipient. Backup withholding may apply to such payments if the U.S.
holder fails to provide a taxpayer identification number, a certification of exempt status or has been notified by the IRS that it is
subject to backup withholding (and such notification has not been withdrawn).
Backup
withholding is not an additional tax. Any amounts withheld under the backup withholding rules will be allowed as a refund or a credit
against a U.S. holder's U.S. federal income tax liability provided the required information is timely furnished to the IRS. All
U.S. holders should consult their tax advisors regarding the application of information reporting and backup withholding to them.
Taxation
of Non-U.S. Holders
Distributions
As
discussed under "
Dividend Policy
" above, we do not expect to make distributions on our common stock in the foreseeable
future. However, if we do make distributions of cash or property on our common stock, such distributions will constitute dividends for
U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal
income tax principles. Amounts of distributions not treated as dividends for U.S. federal income tax purposes will first constitute a
tax-free return of capital of the non-U.S. holder's investment and be applied against and reduce a non-U.S. holder's adjusted
tax basis in its common stock, but not below zero. Any remaining excess will be treated as capital gain and will be treated as described
below under "
Gain on Sale or Other Disposition of Common Stock
." Because we may not know the extent to which a distribution
is a dividend for U.S. federal income tax purposes at the time it is made, for purposes of the withholding rules discussed below we or
the applicable withholding agent may treat the entire distribution as a dividend. Any such distributions will also be subject to the
discussions below under the headings "
FATCA
" and "
Backup Withholding, Information Reporting and Other Reporting
Requirements
."
67
Subject
to the discussion in the next two paragraphs, dividends paid to a non-U.S. holder generally will be subject to withholding of U.S. federal
income tax at a 30% rate or such lower rate as may be specified by an applicable income tax treaty between the United States and such
holder's country of residence.
Dividends
we pay to a non-U.S. holder that are effectively connected with such non-U.S. holder's conduct of a trade or business within the
United States (and, if required by an applicable tax treaty, are attributable to a U.S. permanent establishment or a fixed base maintained
by such non-U.S. holder) will generally be exempt from the U.S. federal withholding tax described above, if the non-U.S. holder complies
with applicable certification and disclosure requirements (generally including provision of a valid IRS Form W-8ECI (or applicable successor
form) certifying that the dividends are effectively connected with the non-U.S. holder's conduct of a trade or business within
the United States). Instead, such dividends generally will be subject to U.S. federal income tax on a net income basis, at regular U.S.
federal income tax rates as would apply if such holder were a U.S. person (as defined in the Code). Any U.S. effectively connected income
received by a non-U.S. holder that is classified as a corporation for U.S. federal income tax purposes may also be subject to an additional
"branch profits tax" at a rate of 30% (or such lower rate as may be specified by an applicable income tax treaty).
A
non-U.S. holder of our common stock who claims the benefit of an applicable income tax treaty between the United States and such holder's
country of residence generally will be required to provide a properly executed IRS Form W-8BEN or W-8BEN-E (or successor form) and satisfy
applicable certification and other requirements. Non-U.S. holders are urged to consult their tax advisors regarding their entitlement
to benefits under a relevant income tax treaty and the specific methods available to them to satisfy these requirements.
Gain
on Sale or Other Disposition of Common Stock
Subject
to the discussion below under the headings "
FATCA
" and "
Backup Withholding, Information Reporting and Other
Reporting Requirements,
" a non-U.S. holder generally will not be subject to U.S. federal income tax on any gain realized upon
the sale or other disposition of the non-U.S. holder's shares of our common stock unless:
●
the
    gain is effectively connected with a trade or business carried on by the non-U.S. holder within the United States (and, if required
    by an applicable income tax treaty, is attributable to a U.S. permanent establishment or fixed base maintained by such non-U.S. holder);
●
the
    non-U.S. holder is an individual and is present in the United States for 183 days or more in the taxable year of disposition and
    certain other conditions are met; or
●
we
    are or have been a "U.S. real property holding corporation" for U.S. federal income tax purposes at any time within the
    shorter of the five-year period preceding such disposition or such non-U.S. holder's holding period of our common stock, and,
    provided that our common stock is regularly traded in an established securities market within the meaning of applicable Treasury
    Regulations, the non-U.S. holder has held, directly, indirectly, or constructively, at any time during said period, more than 5%
    of our common stock.
Gain
that is effectively connected with the conduct of a trade or business in the United States generally will be subject to U.S. federal
income tax on a net income tax basis, at regular U.S. federal income tax rates that apply to U.S. persons. If the non-U.S. holder is
a non-U.S. corporation, the branch profits tax described above also may apply to such effectively connected gain. An individual non-U.S.
holder who is subject to U.S. federal income tax because the non-U.S. holder was present in the United States for 183 days or more during
the year of sale or other disposition of our common stock will be subject to a flat 30% tax (or such lower rate as may be specified by
an applicable income tax treaty) on the gain derived from such sale or other disposition, which may be offset by certain U.S. source
capital losses, if any. We believe that we are not and we do not anticipate becoming a U.S. real property holding corporation for U.S.
federal income tax purposes. Non-U.S. holders should consult their tax advisors regarding potentially applicable income tax treaties
that may provide for different rules.
68
FATCA
Withholding
taxes may be imposed under the Foreign Account Tax Compliance Act ("FATCA"), on certain types of payments made to non-U.S.
financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on dividends (including
deemed dividends) paid on our common stock, to a "foreign financial institution" or a "non-financial foreign entity"
(each as defined in the Code), unless (1) the foreign financial institution undertakes certain diligence and reporting obligations, (2)
the non-financial foreign entity either certifies it does not have any "substantial United States owners" (as defined in
the Code) or furnishes identifying information regarding each substantial U.S. owner, or (3) the foreign financial institution or non-financial
foreign entity otherwise qualifies for an exemption from these rules. Foreign financial institutions located in jurisdictions that have
an intergovernmental agreement with the U.S. governing FATCA may be subject to the reporting rules of that intergovernmental agreement.
Because we may not know the extent to which a distribution is a dividend for U.S. federal income tax purposes at the time it is made,
for purposes of these withholding rules we or the applicable withholding agent may treat the entire distribution as a dividend. Although
withholding under FATCA would have applied also to payments of gross proceeds from the sale or other disposition of stock on or after
January 1, 2019, proposed Treasury Regulations would eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers generally
may rely on these proposed Treasury Regulations until final Treasury Regulations are issued. Under certain circumstances, a non-U.S.
holder will be eligible for refunds or credits of withholding taxes imposed under FATCA by timely filing a U.S. federal income tax return.
Prospective investors should consult their tax advisors regarding the potential application of these withholding provisions.
Backup
Withholding, Information Reporting and Other Reporting Requirements
We
must report annually to the IRS and to each non-U.S. holder the amount of any distributions paid to, and the tax withheld with respect
to, each non-U.S. holder. These reporting requirements apply regardless of whether withholding was reduced or eliminated by an applicable
income tax treaty. Copies of this information reporting may also be made available under the provisions of a specific income tax treaty
or agreement with the tax authorities in the country in which the non-U.S. holder resides or is established.
A
non-U.S. holder will generally be subject to backup withholding for dividends on our common stock paid to such holder unless such holder
certifies under penalties of perjury that, among other things, it is a non-U.S. holder (provided that the payor does not have actual
knowledge or reason to know that such holder is a U.S. person) or otherwise establishes an exemption.
Information
reporting and backup withholding generally will apply to the proceeds of a disposition of our common stock by a non-U.S. holder effected
by or through the U.S. office of any broker, U.S. or non-U.S., unless the holder certifies its status as a non-U.S. holder and satisfies
certain other requirements, or otherwise establishes an exemption. Generally, information reporting and backup withholding will not apply
to a payment of disposition proceeds to a non-U.S. holder where the transaction is effected outside the United States through a non-U.S.
office of a broker. However, for information reporting purposes, dispositions effected through a non-U.S. office of a broker with substantial
U.S. ownership or operations generally will be treated in a manner similar to dispositions effected through a U.S. office of a broker.
Non-U.S. holders should consult their tax advisors regarding the application of the information reporting and backup withholding rules
to them.
Backup
withholding is not an additional income tax. Any amounts withheld under the backup withholding rules from a payment to a non-U.S. holder
generally can be credited against the non-U.S. holder's U.S. federal income tax liability, if any, or refunded, provided that the
required information is furnished to the IRS in a timely manner. Non-U.S. holders should consult their tax advisors regarding the application
of the information reporting and backup withholding rules to them.
69
U.S.
Federal Estate Tax
Shares
of our common stock that are owned or treated as owned by an individual who is not a citizen or resident of the United States (as specially
defined for U.S. federal estate tax purposes) at the time of death are considered U.S. situs assets and will be included in the individual's
gross estate for U.S. federal estate tax purposes. Such shares, therefore, may be subject to U.S. federal estate tax, unless an applicable
estate tax or other treaty provides otherwise.
The
preceding discussion of material U.S. federal income tax considerations and certain U.S. federal estate tax considerations is for information
only. It is not legal or tax advice. Prospective investors should consult their tax advisors regarding the particular U.S. federal, state,
local and non-U.S. tax consequences of acquiring, owning and disposing of our common stock, including the consequences of any proposed
changes in applicable laws.
PLAN
OF DISTRIBUTION
We
are registering the Common Stock previously issued in the September 2022 Private Placement that closed on September 12, 2022 and the
Common Stock issuable upon exercise of the Warrants in the September 2022 Private Placement to permit the resale of these shares of Common
Stock by the selling securityholders from time to time after the date of this prospectus. We will not receive any of the proceeds from
the sale by the selling securityholders of the shares of Common Stock. Upon the cash exercise of the Warrants, however, we will receive
the exercise price of the Warrants. We will bear all fees and expenses incident to our obligation to register the shares of Common Stock,
except for any applicable underwriting fees, discounts, selling commissions and stock transfer taxes.
Each
selling securityholder and any of their pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their
shares of Common Stock covered hereby on the Nasdaq or any other stock exchange, market or trading facility on which the Common Stock
is traded or in private transactions, in all cases, in compliance with applicable laws. These sales may be at fixed or negotiated prices.
A selling securityholder may use any one or more of the following methods when selling the shares of Common Stock, in any case, in compliance
with applicable laws:
●
ordinary
    brokerage transactions and transactions in which the broker-dealer solicits purchasers;
●
block
    trades in which the broker-dealer will attempt to sell the shares of Common Stock as agent but may position and resell a portion
    of the block as principal to facilitate the transaction;
●
purchases
    by a broker-dealer as principal and resale by the broker-dealer for its account;
●
an
    exchange distribution in accordance with the rules of the applicable exchange;
●
privately
    negotiated transactions;
●
settlement
    of short sales;
●
in
    transactions through broker-dealers that agree with the selling securityholders to sell a specified number of such Common Stock at
    a stipulated price per security;
●
through
    the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;
●
a
    combination of any such methods of sale; or
●
any
    other method permitted pursuant to applicable law.
70
The
selling securityholders may also sell the shares of Common Stock under Rule 144 or any other exemption from registration under the Securities
Act, if available, rather than under this prospectus, and in any event, in compliance with applicable laws.
Broker-dealers
engaged by the selling securityholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions
or discounts from the selling securityholders (or, if any broker-dealer acts as agent for the purchaser of the shares of Common Stock,
from the purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this prospectus, in the case of an agency
transaction not in excess of a customary brokerage commission in compliance with applicable laws including FINRA Rule 2121; and in the
case of a principal transaction a markup or markdown in compliance with FINRA Rule 2121.
In
connection with the sale of the shares of Common Stock or interests therein, the selling securityholders may enter into hedging transactions
with broker-dealers or other financial institutions, which may in turn engage in short sales of the shares of Common Stock in the course
of hedging the positions they assume. The selling securityholders may also sell the shares of Common Stock short and deliver these shares
to close out their short positions, or loan or pledge the shares of Common Stock to broker-dealers that in turn may sell these shares.
The selling securityholders may also enter into option or other transactions with broker-dealers or other financial institutions or create
one or more derivative securities which require the delivery to such broker-dealer or other financial institution of the shares of Common
Stock offered by this prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this prospectus
(as supplemented or amended to reflect such transaction).
The
selling securityholders and any broker-dealers or agents that are involved in selling the shares of Common Stock may be deemed to be
"underwriters" within the meaning of the Securities Act in connection with such sales. In such event, any commissions received
by such broker-dealers or agents and any profit on the resale of the shares of Common Stock purchased by them may be deemed to be underwriting
commissions or discounts under the Securities Act. Each selling securityholder has informed the Company that it does not have any written
or oral agreement or understanding, directly or indirectly, with any person to distribute the shares of Common Stock being offered by
this prospectus.
The
Company has agreed to indemnify the selling securityholders against certain losses, claims, damages and liabilities, including liabilities
under the Securities Act.
We
agreed to keep this prospectus effective until the earlier of (i) the date on which the shares of Common Stock may be resold by the selling
securityholders without registration and without regard to any volume or manner-of-sale limitations by reason of Rule 144, without the
requirement for the Company to be in compliance with the current public information under Rule 144 under the Securities Act or any other
rule of similar effect, or (ii) all of the shares of Common Stock have been sold pursuant to this prospectus or Rule 144 under the Securities
Act or any other rule of similar effect. The resale securities will be sold only through registered or licensed brokers or dealers if
required under applicable securities laws, including applicable state securities laws. In addition, in certain states, the resale securities
covered hereby may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the
registration or qualification requirement is available and is complied with.
Under
applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously
engage in market making activities with respect to the shares for the applicable restricted period, as defined in Regulation M under
the Exchange Act, prior to the commencement of the distribution. In addition, the selling securityholders will be subject to applicable
provisions of the Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases
and sales of the shares of Common Stock by the selling securityholders or any other person. We will make copies of this prospectus available
to the selling securityholders and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior
to the time of the sale (including by compliance with Rule 172 under the Securities Act).
Once
sold under the registration statement of which this prospectus forms a part, the shares of Common Stock being offered hereby will generally
be freely tradable in the United States in the hands of persons other than our affiliates.
71
LEGAL
MATTERS
The
validity of the securities offered hereby will be passed upon for us by Dentons US LLP.
EXPERTS
The
audited financial statements of BGC for the years ended December 31, 2021 and 2020 and the notes thereto included in this prospectus
and elsewhere in this registration statement, have been audited by SRCO, C.P.A., Professional Corporation, an independent registered
public accounting firm, as set forth in their report thereon, appearing elsewhere in this prospectus, and are included in reliance on
such report of such firm given upon their authority as experts in accounting and auditing
.
72
WHERE
YOU CAN FIND MORE INFORMATION
We
have filed with the SEC a registration statement on Form S-1 under the Securities Act, with respect to the securities being offered by
this prospectus. This prospectus, which constitutes part of the registration statement, does not contain all of the information in the
registration statement and its exhibits. For further information with respect to the Company and the securities offered by this prospectus,
we refer you to the registration statement and its exhibits. Statements contained in this prospectus as to the contents of any contract
or any other document referred to are not necessarily complete, and in each instance, we refer you to the copy of the contract or other
document filed as an exhibit to the registration statement. Each of these statements is qualified in all respects by this reference.
You can read our SEC filings, including the registration statement, over the internet at the SEC's website at
www.sec.gov
.
We
are subject to the information reporting requirements of the Exchange Act, and we file reports, proxy statements and other information
with the SEC. These reports, proxy statements and other information will be available for review at the SEC's website at
www.sec.gov
.
We also maintain a website at https://brightgreen.us, at which you may access these materials free of charge as soon as reasonably practicable
after they are electronically filed with, or furnished to, the SEC. The information contained in, or that can be accessed through, our
website is not part of this prospectus.
73
INDEX
TO FINANCIAL STATEMENTS
BRIGHT
GREEN CORPORATION FINANCIAL STATEMENTS
Pages
Report of Independent Registered Public Accounting Firm
F-4
Balance Sheets as of December 31, 2021 and 2020
F-6
Statements of Operations and Comprehensive Loss for the years ended December 31, 2021 and 2020
F-7
Statements
    of Changes in Stockholders' Equity for the years ended December 31, 2021 and 2020
F-8
Statements of Cash Flows for the years ended December 31, 2021 and 2020
F-9
Notes to Financial Statements
F-10
Condensed Balance Sheets as of June 30, 2022 (unaudited) and December 31, 2021
F-27
Condensed Statements of Operations and Comprehensive Loss for the three months and six months ended June 30, 2022 and 2021 (unaudited)
F-28
Condensed Statements of Changes Stockholders' Equity for the three months and six months ended June 30, 2022 and 2021 (unaudited)
F-29
Condensed Statements of Cash Flows for six months ended June 30, 2022 and 2021 (unaudited)
F-30
Notes to the Condensed Financial Statements
F-31
F-
1
Financial
Statements
BRIGHT
GREEN CORPORATION
December
31, 2021 and 2020
(Expressed
in United States Dollars)
F-
2
BRIGHT
GREEN CORPORATION
Financial
Statements
Years
Ended December 31, 2021 and 2020
Table
of Contents
Page
Report of Independent Registered Public Accounting Firm
F-4
Balance Sheets
F-6
Statements of Operations and Comprehensive Loss
F-7
Statements of Changes in Stockholders' Equity
F-8
Statements of Cash Flows
F-9
Notes to Financial Statements
F-10
F-
3
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Board of Directors and Stockholders of Bright Green Corporation
Opinion
on the Financial Statements
We
have audited the accompanying balance sheets of Bright Green Corporation (the "Company") as of December 31, 2021 and 2020
and the related statements of operations and comprehensive loss, changes in stockholders' equity, and cash flows for each of the
years in the two-year period ended December 31, 2021, and related notes (collectively referred to as the financial statements). In our
opinion, the financial statements present fairly, in all material respects, the financial position of the Company as at December 31,
2021 and 2020 and the results of its operations and its cash flows for the years in the two-year period ended December 31, 2021, in conformity
with accounting principles generally accepted in the United States of America.
Basis
for Opinion
These
financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the United States Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion
on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.
Critical
Audit Matters
The
critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated
or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial
statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters
does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit
matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
(Continues)
F-
4
Report
of independent registered public accounting firm to the Board of Directors and Stockholders of Bright Green Corporation (continued)
Asset
Acquisitions from Related Parties
Critical
Audit Matter Description
As
described further in Note 5, the merger between Bright Green Grow Innovation, LLC and the Company and the subsequent merger between Naseeb
Inc. and the Company were considered and accounted for as asset acquisitions from related parties. These entities were respectively considered
related parties at the respective acquisition dates. Assets acquired were reported at their historical carrying amounts.
How
the Critical Audit Matter was Addressed in the Audit
Our
audit procedures relating to these mergers included, among others:
►
Obtained and
    reviewed the Agreement and Plan of Merger documents to gain an understanding of the underlying terms of the transactions.
►
Evaluated the Company's
    analysis of the mergers and the accuracy of the information used in the analysis and the judgements made by management in assessing
    them as asset acquisitions.
►
Tested management's
    assessment of related parties, including calculating the share of ownership in each entity by the related shareholders, as well as
    entities the shareholders commonly owned and managed.
►
Evaluated the appropriateness
    of accounting treatment for the merger transactions.
►
Reviewed and evaluated
    the financial statement presentation and disclosure regarding the mergers.
We
have served as the Company's auditor since 2021.
Amherst,
    NY
March
    28, 2022
/s/ SRCO, C.P.A., Professional Corporation
SRCO,
    C.P.A., Professional Corporation
CERTIFIED
    PUBLIC ACCOUNTANTS
F-
5
BRIGHT
GREEN CORPORATION
Balance Sheets
December 31, 2021 and 2020
(Expressed
in United States Dollars)
December 31,
December 31,
2021
2020
ASSETS
Current assets
Cash
$
1,282,565
$
102,263
Prepaid expense and other assets
168,226
19,073
Total current assets
1,450,791
121,336
Property (Note 6)
7,328,764
7,777,830
Intangible asset (Note 7)
1,000
1,000
Total assets
$
8,780,555
$
7,900,166
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable
$
149,935
$
180,338
Accrued liabilities
18,027
116,330
Total current liabilities
167,962
296,668
Due to related party (Note 10)
392,194
382,600
Total liabilities
560,156
679,268
STOCKHOLDERS' EQUITY
Common stock; $
0.0001
par value;
200,000,000
stock authorized;
157,544,500
and
156,046,000
stock issued
    and outstanding at December 31, 2021 and 2020, respectively (Note 8)
15,754
15,605
Common stock to be issued (Note 8)
-
138,000
Additional paid-in capital
14,618,389
10,990,538
Accumulated deficit
(
6,413,744
)
(
3,923,245
)
Total stockholders' equity
8,220,399
7,220,898
Total liabilities and stockholders' equity
$
8,780,555
$
7,900,166
Contingencies (Note 11)
Subsequent events (Note 12)
The
accompanying notes are an integral part of financial statements.
F-
6
BRIGHT
GREEN CORPORATION
Statements
of Operations and Comprehensive Loss
For
the years ended December 31, 2021 and 2020
(Expressed
in United States Dollars)
Years Ended
2021
2020
Revenue
$
-
$
-
Expenses
General and administrative expenses
1,738,716
2,111,084
Depreciation
751,783
837,858
Write down of assets
-
103,837
Total operating expenses
2,490,499
3,052,779
Loss before income taxes
(
2,490,499
)
(
3,052,779
)
Income tax expense (Note 9)
-
-
Net loss and comprehensive loss
$
(
2,490,499
)
$
(
3,052,779
)
Weighted average
    common shares outstanding - basic and diluted
156,800,164
135,156,900
Net loss per common share - basic and diluted
$
(
0.02
)
$
(
0.02
)
The
accompanying notes are an integral part of financial statements.
F-
7
BRIGHT GREEN
CORPORATION
Statements
of Changes in Stockholders' Equity
For the
years ended December 31, 2021 and 2020
(Expressed
in United States Dollars)
Common
Additional
Common stock
stock
paid-in
Accumulated
Total
Shares
Amount
to be issued
capital
deficit
equity
Balance, December 31, 2019
124,199,000
$
12,420
$
-
$
9,344,721
$
(
870,466
)
$
8,486,675
Common stock issued upon merger (Note 5 and 8)
1,000,000
100
-
103,737
-
103,837
Common stock issued for services (Note 8)
20,785,000
2,079
-
1,432,086
-
1,434,165
Common stock issued for licenses acquisition (Note 5 and 8)
10,000,000
1,000
-
-
-
1,000
Common stock issued for property acquisition (Note 6 and 8)
9,500
1
-
14,999
-
15,000
Common stock issued for cash (Note 8)
52,500
5
-
94,995
-
95,000
Common stock to be issued (Note 8)
-
-
138,000
-
-
138,000
Net loss
-
-
-
-
(
3,052,779
)
(
3,052,779
)
Balance, December 31, 2020
156,046,000
$
15,605
$
138,000
$
10,990,538
$
(
3,923,245
)
$
7,220,898
Common stock issued for services (Note 8)
125,000
12
-
359,988
-
360,000
Common stock issued for cash (Note 8)
1,373,500
137
(
138,000
)
3,267,863
-
3,130,000
Net loss
-
-
-
-
(
2,490,499
)
(
2,490,499
)
Balance, December 31, 2021
157,544,500
$
15,754
$
-
$
14,618,389
$
(
6,413,744
)
$
8,220,399
The accompanying
notes are an integral part of financial statements.
F-
8
BRIGHT GREEN
CORPORATION
Statements
of Cash Flows
For the
years ended December 31, 2021 and 2020
(Expressed
in United States Dollars)
Years Ended
2021
2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss
$
(
2,490,499
)
$
(
3,052,779
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation
751,783
837,858
Stock-based compensation
360,000
1,434,165
Write down of assets
-
103,837
Changes in operating assets and liabilities:
Prepaid expenses and other current assets
(
149,153
)
39,276
Accounts payable
(
30,403
)
97,592
Accrued liabilities
(
98,303
)
26,714
Net cash used in operating activities
(
1,656,575
)
(
513,337
)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property
(
302,717
)
-
Net cash used in investing activities
(
302,717
)
-
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from related party
122,514
382,600
Payments to related party
(
112,920
)
-
Proceeds from the sale of common stock
3,130,000
233,000
Net cash provided by financing activities
3,139,594
615,600
NET INCREASE IN CASH
1,180,302
102,263
CASH, BEGINNING OF YEAR
102,263
-
CASH, END OF YEAR
$
1,282,565
$
102,263
CASH PAID FOR
Interest
$
1,568
$
-
Income taxes
$
-
$
-
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES
Common stock issued for intangible assets
$
-
$
1,000
Common stock issued for merger agreements
$
-
$
103,837
Common stock issued for acquisition of assets
$
-
$
15,000
The
accompanying notes are an integral part of financial statements.
F-
9
BRIGHT GREEN CORPORATION
Notes to Financial Statements
For the years ended December 31, 2021 and 2020
(Expressed in United States Dollars)
1.
Description of Business and Organization
Bright
Green Corporation (Company) was incorporated on
April 16, 2019
, under the Delaware General Corporation Law. The Company is located in
Grants, New Mexico. The Company holds the land, greenhouse and patents required in the growth, production, and research of medicinal
plants.
On
May 28, 2019, the Company entered into a merger agreement with Bright Green Grow Innovations, LLC ("BGG") (Note 5).
On
October 30, 2020, Grants Greenhouse Growers, Inc. (GGGI), a New Mexico corporation, merged with the Company (Note 5).
On
November 10, 2020, Naseeb, Inc. (Naseeb), a New Mexico corporation, merged with the Company (Note 5).
The
Company is a start-up company at December 31, 2021 and 2020 and has
no
revenue.
The
Company's operations could be significantly adversely affected by the effects of a widespread global outbreak of a contagious disease,
including the recent outbreak of respiratory illness caused by COVID-19. The Company cannot accurately predict the impact COVID-19 will
have on its operations and the ability of others to meet their obligations with the Company, including uncertainties relating to the
ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine
restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population
could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting
in an economic downturn that could further affect the Company's operations and ability to finance its operations.
2.
Liquidity and Basis of Presentation
The
accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America (US GAAP). These financial statements are expressed in United States dollars which is the functional currency of the Company.
As
of December 31, 2021, the Company had cash of $
1,282,565
compared to $
102,263
as of December 31, 2020. The increase of $
1,180,302
in
cash was mainly from the sales of common stock of $
3,130,000
. This increase was partly offset by net cash used for operating expenses.
Since its inception, the Company has incurred net losses and funded its operations primarily through the issuance of equities and an
advance from a director. As at December 31, 2021, the Company had a total stockholders' equity of $
8,220,399
(2020 - $
7,220,898
).
F-
10
BRIGHT
GREEN CORPORATION
Notes
to Financial Statements
For
the years ended December 31, 2021 and 2020
(Expressed
in United States Dollars)
2.
Liquidity and Basis of Presentation (continued)
The
Company is in its initial stages to start building facilities to grow, research and distribute medical plants. The Company has incurred
recurring losses from operations, and as at December 31, 2021, had an accumulated deficit of $
6,413,744
(2020 -$
3,923,245
) and a working
capital of $
1,282,829
(2020 – negative working capital of $
175,332
). The working capital as at December 31, 2021 is sufficient
to pay its operating expenses for a period of at least 12 months from the date of the financial statement was authorized to be issued.
The Company's continued existence is dependent upon its ability to continue to execute its operating plan and to obtain additional
debt or equity financing. The Company has developed plans to raise funds and continues to pursue sources of funding that management believes,
if successful, would be sufficient to support the Company's operating plan. During the year ended December 31, 2021, the Company
raised $
3,130,000
through common stock issuances. The Company has also raised $
50,000
subsequent to year end (Note 12). The Company's
operating plan is predicated on a variety of assumptions including, but not limited to, the level of product demand, cost estimates,
its ability to continue to raise additional financing and the state of the general economic environment in which the Company operates.
There can be no assurance that these assumptions will prove accurate in all material respects, or that the Company will be able to successfully
execute its operating plan. In the event that the Company is not able to raise capital from investors in a timely manner, the Company
will explore available options, including but not limited to, an equity backed loan against the property. In the absence of additional
appropriate financing, the Company may have to modify its plan or slow down the pace of development and commercialization.
The
Company does not have any short or long-term contractual purchases with suppliers for future purchases, capital expenditure commitments
that cannot be cancelled with minimal fees, non-cancelable operating leases, or any commitment or contingency that would hinder management's
ability to scale down operations and management expenses until funding is raised.
3.
Summary of Significant Accounting Policies
A.
Basis of Measurement
The
financial statements of the Company have been prepared on an historical cost basis except as indicated otherwise.
B.
Property
Property
is stated at cost less accumulated depreciation. Expenditures for maintenance and repairs are charged to earnings as incurred; additions,
renewals and betterments are capitalized. When property is retired or otherwise disposed of, the related cost and accumulated depreciation
are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of property, except land, which
is not depreciated, is provided using the declining balance method, once placed in service, with an estimated life of
10
%
for the building.
F-
11
BRIGHT
GREEN CORPORATION
Notes
to Financial Statements
For
the years ended December 31, 2021 and 2020
(Expressed
in United States Dollars)
3.
Summary of Significant Accounting Policies (continued)
C.
Long-lived Assets
The
Company applies the provisions of ASC Topic 360, Property, Plant, and Equipment, which addresses financial accounting and reporting for
the impairment or disposal of long-lived assets. ASC Topic 360 requires that long-lived assets be reviewed annually for impairment whenever
events or changes in circumstances indicate that the assets' carrying amounts may not be recoverable; it further requires impairment
losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows
estimated to be generated by those assets are less than the assets' carrying amounts. In that event, a loss is recognized based
on the amount by which the carrying amount exceeds the fair value of the long-lived assets. Loss on long-lived assets to be disposed
of is determined in a similar manner, except that fair values are reduced for the cost of disposal.
D.
Intangible Assets
The
Company's intangible assets consist of certain licenses (Note 7) which will be amortized over the term of each license. The intangible
assets with finite useful lives are reviewed for impairment when indicators of impairment are present and the undiscounted cash flows
estimated to be generated by those assets are less than the assets' carrying amounts. In that event, a loss is recognized based
on the amount by which the carrying amount exceeds the fair value of the long-lived assets.
E.
Fair Value of Financial Instruments
For
certain carrying amounts of the Company's financial instruments, including cash, other asset, accounts payable, accrued expenses,
and due to related party, the carrying amounts approximate their fair values due to their short-term maturities.
FASB
ASC Topic 820, Fair Value Measurements and Disclosures, requires disclosure of the fair value of financial instruments held by the Company.
FASB ASC Topic 825, Financial Instruments, defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair
value measurement that enhances disclosure requirements for fair value measures.
F-
12
BRIGHT
GREEN CORPORATION
Notes
to Financial Statements
For
the years ended December 31, 2021 and 2020
(Expressed
in United States Dollars)
3.
Summary of Significant Accounting Policies (continued)
E.
Fair Value of Financial Instruments (continued)
The
carrying amounts reported in the balance sheets for receivables and current liabilities each qualify as financial instruments and are
a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their
expected realization, low risk of counterparty default and their current market rate of interest. The three levels of valuation hierarchy
are defined as follows:
Level
1
inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. As of December 31,
2021 and 2020, there were no Level 1 assets or liabilities.
Level
2
inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for
identical or similar assets in inactive markets, and inputs that are observable for the asset or liability, either directly or indirectly,
for substantially the full term of the financial instrument. As of December 31, 2021 and 2020, there were no Level 2 assets or liabilities.
Level
3
inputs to the valuation methodology use one or more unobservable inputs significant to the fair value measurement. As of December
31, 2021 and 2020, there were no Level 3 assets or liabilities.
The
Company analyzes all financial instruments with features of both liabilities and equity under FASB ASC Topic 480, Distinguishing Liabilities
from Equity, and FASB ASC Topic 815, Derivatives and Hedging.
F.
Income Taxes
The
Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes. ASC 740 requires a company to use the asset and liability
method of accounting for income taxes, whereby deferred tax assets are recognized for deductible temporary differences, and deferred
tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts
of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management,
it is more likely than not that some portion, or all of the deferred tax assets will not be realized.
F-
13
BRIGHT
GREEN CORPORATION
Notes
to Financial Statements
For
the years ended December 31, 2021 and 2020
(Expressed
in United States Dollars)
3.
Summary of Significant Accounting Policies (continued)
F.
Income Taxes (continued)
Deferred
tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
Under
ASC 740, a tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained
in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that
is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test,
no tax benefit is recorded. The Company has no material uncertain tax positions for any of the reporting periods presented.
G.
Basic and Diluted Earnings (Loss) per share
Basic
earnings (loss) per share is calculated using the weighted average number of common shares outstanding during the period. The dilutive
effect on earnings per share is calculated, presuming the exercise of outstanding options, warrants and similar instruments. It assumes
that the proceeds of such exercise would be used to repurchase common shares at the average market price during the period. However,
the calculation of diluted loss per share excludes the effects of various conversions and exercise of options and warrants that would
be anti-dilutive.
H.
Segment Reporting
ASC
280-10, "Disclosures about Segments of an Enterprise and Related Information", establishes standards for how public
business enterprises report information about operating segments in the Company's financial statements. Operating segments are
components of an enterprise about which separate financial information is available that is evaluated regularly by the chief
operating decision-maker in deciding how to allocate resources and in assessing performance. Significantly all of the assets of the
Company are located in the United States of America and the Company is a start-up company as at December 31, 2021 and 2020 and has
no
revenue. The Company's reportable segments and operating segments will include its growth, production and research of
medicinal plants operations.
F-
14
BRIGHT
GREEN CORPORATION
Notes
to Financial Statements
For
the years ended December 31, 2021 and 2020
(Expressed
in United States Dollars)
3.
Summary of Significant Accounting Policies (continued)
I.
Use of Estimates
The
preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions.
The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to
be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and
liabilities and the accrual of costs and expenses that are not readily apparent from other sources. This applies in particular to the
useful life of property and valuation allowance for deferred tax assets. The actual results experienced by the Company may differ materially
and adversely from the Company's estimates. To the extent there are material differences between the estimates and the actual results,
future results of operations will be affected.
J.
Stock-based Compensation
The
Company accounts for stock-based payments in accordance with the provision of ASC 718, which requires that all stock-based payments issued
to acquire goods or services, including grants of employee stock options, be recognized in the statement of operations and comprehensive
loss based on their fair values, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and
revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Compensation expense related to stock-based
awards is recognized over the requisite service period, which is generally the vesting period.
The
Company accounts for stock-based compensation awards issued to non-employees for services, as prescribed by ASC 718-10, at either the
fair value of the services rendered or the instruments issued in exchange for such services, whichever is more readily determinable,
using the guidelines in ASC 505-50. The Company issues compensatory shares for services including, but not limited to, executive, management,
accounting, operations, corporate communication, financial and administrative consulting services.
F-
15
BRIGHT
GREEN CORPORATION
Notes
to Financial Statements
For
the years ended December 31, 2021 and 2020
(Expressed
in United States Dollars)
3.
Summary of Significant Accounting Policies (continued)
K.
Standards, Amendments, and Interpretations Adopted
In
December 2019, the FASB issued Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income
Taxes ("ASU 2019-12"), which modifies Accounting Standard Codification 740 – Income Taxes, to simplify the accounting
for income taxes. ASU 2019-12 removes certain exceptions for intra-period tax allocation, recognizing deferred taxes for investments
and simplifies guidance to reduce complexity in certain areas. This update is effective for annual periods beginning after December 15,
2020, and interim periods within those periods, and early adoption is permitted. The Company adopted this accounting policy as of January
1, 2021, which did not significantly impact its financial statements.
In
March 2020, the FASB issued ASU No. 2020-10 Codification Improvements to Financial Instruments, An Amendment of the FASB Accounting Standards
Codification: a) in ASU No. 2016-01, b) in Subtopic 820-10, c) for depository and lending institutions clarification in disclosure requirements,
d) in Subtopic 470-50, e) in Subtopic 820-10, f) Interaction of Topic 842 and Topic 326, g) Interaction of the guidance in Topic 326
and Subtopic 860-20. The amendments in this update represent changes to clarify or improve the Codification. The amendments make
the Codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. For public business
entities updates under the following paragraphs: a), b), d) and e) are effective upon issuance of this final update. The effective date
for c) is for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company adopted
this accounting policy as of January 1, 2021, which did not significantly impact its financial statements.
L.
Standards, Amendments, and Interpretations Issued but Not Yet Adopted
In
April 2021, The FASB issued ASU 2021-04 to codify the final consensus reached by the Emerging Issues Task Force (EITF) on how an issuer
should account for modifications made to equity-classified written call options (hereafter referred to as a warrant to purchase the issuer's
common stock). The guidance in the ASU requires the issuer to treat a modification of an equity-classified warrant that does not cause
the warrant to become liability-classified as an exchange of the original warrant for a new warrant. This guidance applies whether the
modification is structured as an amendment to the terms and conditions of the warrant or as termination of the original warrant and issuance
of a new warrant. The Company does not expect that the new guidance will significantly impact its financial statements.
F-
16
BRIGHT
GREEN CORPORATION
Notes
to Financial Statements
For
the years ended December 31, 2021 and 2020
(Expressed
in United States Dollars)
3.
Summary of Significant Accounting Policies (continued)
M.
Standards, Amendments, and Interpretations Issued but Not Yet Adopted (continued)
Management
does not believe that any recently issued, but not yet effective, accounting standards could have a material effect on the accompanying
financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under the circumstances.
The
Company continues to evaluate the impact of the new accounting pronouncement, including enhanced disclosure requirements, on our business
processes, controls and systems.
4.
Concentration of Credit Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts at each
institution are insured by the Federal Deposit Insurance Corporation ("FDIC") up to $
250,000
. On December 31, 2021, the Company
had $
1,032,565
in excess of the FDIC insured limit.
5.
Merger Transactions
A.
Grants Greenhouse Growers, Inc. Merger
On
October 30, 2020, the Company entered into a merger agreement with Grants Greenhouse Growers, Inc. ("GGG") (the "GGG
Merger Agreement"). Pursuant to the GGG Merger Agreement, GGG was merged into the Company in exchange for
1,000,000
shares of the
Company. GGG had no assets or liabilities, other than the following options agreements:
-
A
                                            Real Estate Option Agreement dated October 5, 2020, and expiring on December 31, 2022, for
                                            $
1,500
monthly payments up until June 30, 2021, and $
1,750
monthly payments from July 1,
                                            2021 to December 31, 2021, with a one-year extension starting on January 1, 2022 for $
2,000
monthly payments, with the option to purchase
330
acres for $
5,000
per acre.
-
A
                                            Real Estate Option Agreement dated October 21, 2020, and expiring on December 31, 2022, for
                                            $
1,000
monthly payments, with a one-year extension starting on January 1, 2022 for $
1,500
monthly payments, with the option to purchase
175
acres for $
5,000
per acre.
F-
17
BRIGHT
GREEN CORPORATION
Notes
to Financial Statements
For
the years ended December 31, 2021 and 2020
(Expressed
in United States Dollars)
5.
Merger Transactions (continued)
A.
Grants
                                            Greenhouse Growers, Inc. Merger (continued)
The
Company assessed that the merger transaction did not qualify as a business combination in accordance with the provisions of ASC 805.
The Company accounted for the merger as an acquisition of assets. The asset acquisition was accounted for at the fair value of the options
agreement of $
103,837
determined using the Black Scholes Model with assumptions including the current market price of land of $
4,000
per acre, exercise price of the option of $
5,000
per acre, dividend yield of
0.00
%
, risk-free rate of return of
0.15
%
, volatility
28.4
%
and years remaining in the range of
2.19
to
2.24
years. As of December 31, 2021 and 2020, management has assessed the value of these
options to be impaired due to uncertainty surrounding their recoverability.
B.
Naseeb,
                                            Inc. Merger
On
November 10, 2020, the Company entered into a merger agreement with Naseeb, Inc. ("Naseeb") and the sole shareholder of Naseeb,
who is also a stockholder and Chairman of the Company. Pursuant to the Naseeb merger agreement, Naseeb was merged into the Company
in exchange for
10,000,000
shares of the Company. Naseeb transferred to the Company their assistance that was used by the Company towards
obtaining the following licenses and patents to the Company:
-
New
                                            Mexico Hemp License: Industrial Hemp is an agricultural plant that uses all the byproducts
                                            of the plant, such as seeds and twigs in the production of hemp seed, hemp fiber, and other
                                            eco-friendly products.
New Mexico Board of Pharmacy Controlled
Substance Facility and Wholesaler Licenses: Securing these license was required as part of the application and consideration
for a federal license. Additionally, being licensed as a Schedule 1 Bulk Manufacturer allows the Company to develop and distribute Schedule
1 drugs; an authorization precedent to the ability to grow, extract and distribute other cannabidiols, such as CBG and CBN. Moreover,
with this license, the Company is exempt from the restrictions generally applicable to the cannabis industry, such as plant count and
per plant taxes.
-
Federal
                                            MOA for a Schedule I Controlled Substance Bulk Manufacturing registration: The Company
                                            has a formal agreement with the Drug Enforcement Administration for the construction and
                                            operation of a federally licensed agricultural center to grow and distribute marijuana, or
                                            its chemical constituents, supplying legitimate researchers in the United States.
-
Patents:
                                            The patents held by the Company provide innovative medical therapies to a wide range of conditions.
                                            These patents can be sold, licensed, or directly marketed as clinical trials are conducted
                                            and approved by the FDA.
F-
18
BRIGHT
GREEN CORPORATION
Notes
to Financial Statements
For
the years ended December 31, 2021 and 2020
(Expressed
in United States Dollars)
5.
Merger
                                            Transactions (continued)
B.
Naseeb,
                                            Inc. Merger (continued)
The
Company assessed that the merger transaction did not qualify as a business combination in accordance with the provisions of ASC 805.
The Company accounted for the merger as an acquisition of assets. Since, under ASC 850, the merger was considered a related party transaction
by virtue of common ownership and management, the assets transferred to the Company have been accounted for at a historical cost of Naseeb
of $
1,000
(Note 7).
C.
Bright
                                            Green Grow Innovations, LLC Merger
On
May 28, 2019, the Company entered into a merger agreement with BGGI. Pursuant to the merger agreement, BGGI transferred to the Company
two parcels of land and a greenhouse building having a total net carrying value of $
9,128,851
in exchange for shares of the Company. The land
transfer consisted of a
70
-acre
lot with a greenhouse at 1033 George Hanosh Blvd., Grants, New Mexico 87020 and a
40
-acre
lot in the City of Grants, New Mexico. The Company assessed that the merger transaction did not qualify as a business combination in
accordance with the provisions of ASC 805. The Company accounted for the merger as an acquisition of assets. Since, under ASC 850, the
merger was considered as a related party transaction by virtue of common ownership and management, the assets transferred t
o the
Company have been accounted for at historical carrying values of BGGI.
6.
Property
The
Company owns an expansive
22
-acre modern Dutch "Venlo style" glass greenhouse situated on
70
acres in Grants, New Mexico.
It is being retrofitted for growing, processing and distribution of medicinal plants, including Marijuana, for medical researchers licensed
by the Drug Enforcement Administration.
Property
at December 31, 2021 and 2020, consisted of the following:
2021
2020
Land
$
260,000
$
260,000
Construction in progress
302,717
-
Building and improvement
8,883,851
8,883,851
9,446,568
9,143,851
Accumulated depreciation
(
2,117,804
)
(
1,366,021
)
Net property
$
7,328,764
$
7,777,830
F-
19
BRIGHT
GREEN CORPORATION
Notes
to Financial Statements
For
the years ended December 31, 2021 and 2020
(Expressed
in United States Dollars)
6.
Property (continued)
On
December 4, 2020, the Company entered into a real estate purchase agreement to purchase
40
acres of land located in Grants, New Mexico,
from a majority stockholder of the Company.
As
consideration, the Company issued
9,500
shares of capital stock at a value of $
15,000
determined based on the historical cost of such
land. Under ASC 850, the transfer was considered a related party transaction by virtue of common ownership and management.
7.
Intangible Assets
Intangible
assets at December 31, 2021 and 2020, consisted of the following:
2021
2020
Licenses (Note 5)
$
1,000
$
1,000
Accumulated amortization
-
-
Net intangible assets
$
1,000
$
1,000
8.
Stockholders' Equity
Common
stock
The
Company has authorized
200,000,000
shares of $
0.0001
par value common stock. As of December 31, 2021 and 2020, there were
157,544,500
and
156,046,000
common shares, respectively, issued and outstanding.
During
the year ended December 31, 2021, the Company issued the following:
-
1,019,000
shares of common stock at a purchase price of $
2.00
per share, for gross cash proceed of
                                            $
2,038,000
to 30 accredited investors between January 2021 and October 2021, with (i)
184,000
shares issued in January 2021, which includes the
69,000
shares issued for cash proceeds
                                            of $
138,000
received as of December 31, 2020, (ii)
100,000
shares issued in March 2021, (iii)
335,000
shares issued in May 2021, (iv)
250,000
shares issued in June 2021, (v)
100,000
shares
                                            issued in September 2021 and
50,000
shares issued in October 2021 (the "$
2.00
Round");
-
188,000
shares of common stock at a purchase price of $
3.00
per share, for gross cash proceeds of
                                            $
564,000
, to 188 accredited investors in September and October 2021 with (i)
154,000
shares
                                            in September 2021, and (ii)
34,000
shares issued in October 2021 (the "$
3.00
Round");
F-
20
BRIGHT
GREEN CORPORATION
Notes
to Financial Statements
For
the years ended December 31, 2021 and 2020
(Expressed
in United States Dollars)
8.
Stockholders'
                                            Equity (continued)
-
166,500
shares of common stock at a purchase price of $
4.00
per share, for gross cash proceeds of
                                            $
666,000
, to 12 accredited investors in October and December 2021, with (i)
29,000
shares
                                            in October 2021, and (ii)
137,500
shares issued in December 2021 (the "$
4.00
Round");
-
25,000
shares of common stock for services rendered, at a fair value of $
2.00
per share determined
                                            using the per share purchase price of the $
2.00
Round, to five consultants, with (i)
10,000
shares issued in January 2021 and (ii)
15,000
shares issued in May 2021;
-
40,000
shares of common stock for services rendered, at a fair value of $
2.00
per share determined
                                            using the per share purchase price of the $
2.00
Round, to three directors of the Company,
                                            with (i)
10,000
shares issued in January 2021 and (ii)
30,000
shares issued in February 2021;
                                            and
-
10,000
shares of common stock for services rendered, at fair value at $
3.00
per share determined
                                            using the per share purchase price of the $
3.00
Round, to two directors of the Company, in
                                            September 2021.
-
50,000
shares of common stock for services rendered, at fair value at $
4.00
per share determined
                                            using the per share purchase price of the $
4.00
Round, to three consultants in November 2021.
During
the year ended December 31, 2020, the Company issued the following:
-
52,500
shares of common stock for cash proceeds of $
95,000
;
-
9,500
shares of common stock for
40
acres of land (Note 6) at a value of $
15,000
;
-
10,000,000
shares of common stock in relation to the Naseeb, Inc. merger agreement, valued using the
                                            historical cost of $
1,000
(Note 5);
-
20,785,000
shares of common stock for services valued at $
0.069
per share determined using an asset
                                            approach, including
8,100,000
shares to certain directors and officers of the Company; and
-
1,000,000
shares of common stock in relation to the Grants Greenhouse Growers, Inc. merger agreement
                                            at a value of $
103,837
determined using the Black Scholes Model (Note 5).
F-
21
BRIGHT
GREEN CORPORATION
Notes
to Financial Statements
For
the years ended December 31, 2021 and 2020
(Expressed
in United States Dollars)
9.
Income Taxes
Deferred
income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for income tax purposes. A full valuation allowance is established against all net deferred tax
assets as of December 31, 2021 and 2020, based on estimates of recoverability. While the Company has optimistic plans for its business
strategy, it determined that such a valuation allowance was necessary given the current and expected near term losses and the uncertainty
with respect to its ability to generate sufficient profits from its business model.
The
current and deferred income tax expenses for the periods ended December 31, 2021 and 2020, were $
nil
. The provision for income taxes
differs from that computed at a combined corporate tax rate of approximately
25.8
% as follows:
Income
tax recovery
2021
2020
Net loss
$
(
2,490,499
)
(
3,052,779
)
Expected income tax recovery
(
642,549
)
(
763,195
)
Non-deductible expenses
448,589
1,434,165
Change in valuation allowance
193,960
(
670,970
)
$
-
-
As
of December 31, 2021 and 2020, the Company decided that a valuation allowance relating to the above deferred tax assets of the Company
was necessary, largely based on the negative evidence represented by losses incurred and a determination that it is not more likely than
not to realize these assets, such that, a corresponding valuation allowance, for each respective period, was recorded to offset deferred
tax assets. Management has based its assessment on the Company's lack of profitable operating history. As of December 31, 2021
and 2020, the Company has approximately $
2,117,802
and $
1,366,019
, respectively, of net of operating losses available to offset future
taxable income. The federal loss carryforward expires in 2040 and the state loss carryforward expires in 2039.
The
Company is subject to U.S. federal jurisdiction and the state of New Mexico income taxes. Management has not filed federal or state income
tax returns due to incurring cumulative losses. Therefore, the Company's actual tax position may differ from their book position.
F-
22
BRIGHT
GREEN CORPORATION
Notes
to Financial Statements
For
the years ended December 31, 2021 and 2020
(Expressed
in United States Dollars)
10.
Related Party Transactions
Other
than the transactions disclosed elsewhere in the financial statements, the following are the other significant related party transactions
and balances:
At December 31, 2021, the due to stockholder
balance totaled $
392,194
(2020 - $
382,600
). The due to stockholder balance represents advances from the majority stockholder
for payment of Company expenses, net of repayments when cash is collected on the issuance of shares of common stock or payments of
stockholder liabilities by the Company. The amount is unsecured, non-interest bearing with no terms of repayment. The stockholder
has agreed in writing that no payment will be required by the Company to the lender prior to January 31, 2023.
Included
in common stock issued for services during December 31, 2021, were
50,000
shares of common stock issued to Directors of the Company
(Note 8).
11.
Contingencies
In
the ordinary course of business, the Company is routinely defendants in, or parties to a number of pending and threatened legal actions
including actions brought on behalf of various classes of claimants. In view of the inherent difficulty of predicting the outcome of
such matters, the Company cannot state what the eventual outcome of such matters will be. Legal provisions are established when it becomes
probable that the Company will incur an expense related to a legal action and the amount can be reliably estimated. Such provisions are
recorded at the best estimate of the amount required to settle any obligation related to these legal actions as at the balance sheet
date, taking into account the risks and uncertainties surrounding the obligation. Management and internal and external experts are involved
in estimating any amounts that may be required. The actual costs of resolving these claims may vary significantly from the amount of
the legal provisions. The Company's estimate involves significant judgement, given the varying stages of the proceedings, the fact
that the Company's liability, if any, has yet to be determined and the fact that the underlying matters will change from time to
time. Other than as set forth below, the Company is not presently a party to any litigation. The Company is not able to make a reliable
assessment of the potential losses as these matters are at an early stage, accordingly, no amounts have been accrued in the financial
statements.
Bright
Green Corporation v. John Fikany, State of New Mexico, County of Cibola, Thirteenth Judicial District. In this matter, the Company filed
a complaint for declaratory judgment against the former acting Chief Executive Officer of the
Bright Green Group of Companies, an entity
unrelated to the Company, to determine if defendant is entitled to 5,000,000 shares of the Company's common stock, based on a failure
to fulfill agreed upon conditions precedent to earning such shares from the Company
. Defendant counterclaimed and filed a third-party
claim against a director of the Company, and her spouse, for claims including wrongful termination and breach of contract. The Company
denies defendants allegations and have set forth arguments refuting defendant's counterclaims and third-party claims. The case
is in the discovery phase. The Company is exploring potential dispositive motions against the counter and third-party claims.
F-
23
BRIGHT
GREEN CORPORATION
Notes
to Financial Statements
For
the years ended December 31, 2021 and 2020
(Expressed
in United States Dollars)
11.
Contingencies (continued)
Bright
Green Corporation v. Jerry Capussi, State of New Mexico, County of Cibola, Thirteenth Judicial District. In this matter, the Company
and defendant, a former consultant of BGGI, a predecessor to the Company, have each filed claims for declaratory judgment seeking to
determine by court order whether defendant is entitled to (i) shares of common stock in the Company (amounting to no more than 108,000
shares) or (ii) fair market value of defendant's equity ownership of BGGI. The lawsuit is in early discovery stages, and we are
preparing arguments for a summary judgment motion. There are no claims for specific monetary liability against either party.
12.
Subsequent Events
The
Company's management has evaluated the subsequent events up to March 28, 2022, the dated the financial statements were issued,
pursuant to the requirements of ASC 855.
A
total of
12,500
shares of common stock were issued at $
4
in a private placement in January 2022 to one accredited investor.
13.
Event (Unaudited) Subsequent to the Date of the Independent Auditor's Report
The
Company's management has evaluated the subsequent events up to May 11, 2022, the date this S-1/A has been filed.
A
total of
300,000
shares of common stock were issued at $
10
each for gross proceeds of $
3,000,000
in a private placement on May 2, 2022,
to two accredited investors.
F-
24
Condensed
Financial Statements (Unaudited)
BRIGHT
GREEN CORPORATION
June
30, 2022 and 2021
(Expressed
in United States Dollars)
F-
25
BRIGHT
GREEN CORPORATION
For
the Three Months and Six Months Ended June 30, 2022 and 2021 (Unaudited)
Table
of Contents
Condensed Balance Sheets
F-27
Condensed Statements of Operations and Comprehensive Loss
F-28
Condensed Statements of Changes in Stockholders' Equity
F-29
Condensed Statements of Cash Flows
F-30
Notes to the Condensed Financial Statements
F-31
    - F-44
F-
26
BRIGHT
GREEN CORPORATION
Condensed
Balance Sheets
As
at June 30, 2022 and December 31, 2021
(Expressed
in United States Dollars)
June
    30, 2022
December
    31, 2021
(Unaudited)
(Restated)
ASSETS
Current
    assets
Cash
$
178,973
$
1,282,565
Prepaid
    expenses and other assets
105,526
168,226
Total
    current assets
284,499
1,450,791
Property,
    plant, and equipment (Note 6)
9,556,615
7,328,764
Intangible
    assets (Note 7)
1,000
1,000
Total
    assets
$
9,842,114
$
8,780,555
LIABILITIES
    AND STOCKHOLDERS' EQUITY
Current
    liabilities
Accounts
    payable
$
1,402,885
$
149,935
Accrued
    liabilities
100,840
18,027
Due
    to related party (Note 10)
392,194
-
Total
    current liabilities
1,895,919
167,962
Long-term
    liabilities
Due
    to related party (Note 10)
-
392,194
Related
    party line of credit (Note 8)
2,004,767
-
Total
    long-term liabilities
2,004,767
392,194
Total
    liabilities
3,900,686
560,156
STOCKHOLDERS'
    EQUITY
Common
stock; $
.0001
par
value;
200,000,000
stock
authorized;
159,818,490
and
157,544,500
stock
issued and outstanding at June 30, 2022 and December 31, 2021, respectively (Note 9)
15,981
15,754
Additional
    paid-in capital (Note 9)
32,246,630
14,618,389
Accumulated
    deficit
(
26,321,183
)
(
6,413,744
)
Total
    stockholders' equity
5,941,428
8,220,399
Total
    liabilities and stockholders' equity
$
9,842,114
$
8,780,555
Contingencies
(Note 11)
Subsequent
events (Note 12)
The
accompanying notes are an integral part of the condensed financial statements
F-
27
BRIGHT
GREEN CORPORATION
Condensed
Statements of Operations and Comprehensive Loss (Unaudited)
For
the Three Months and Six Months Ended June 30, 2022 and 2021
(Expressed
in United States Dollars)
Three
    Months Ended
Six
    Months Ended
June
    30, 2022
June
    30, 2021
June
    30, 2022
June
    30, 2021
(Restated)
(Restated)
Revenue
$
-
$
-
$
-
$
-
Expenses
General
    and administrative expenses
18,986,431
244,040
19,520,971
568,210
Depreciation
194,662
187,431
386,468
372,802
Total
    operating expenses
19,181,093
431,471
19,907,439
941,012
Loss
    before income taxes
(
19,181,093
)
(
431,471
)
(
19,907,439
)
(
941,012
)
Income
    tax expense
-
-
-
-
Net
    loss and comprehensive loss
$
(
19,181,093
)
$
(
431,471
)
$
(
19,907,439
)
$
(
941,012
)
Weighted
    average common shares outstanding - basic and diluted
158,901,214
156,611,704
158,231,923
156,384,576
Net
    loss per common share - basic and diluted
$
(
0.12
)
$
(
0.00
)
$
(
0.13
)
$
(
0.01
)
The
accompanying notes are an integral part of the condensed financial statements
F-
28
BRIGHT
GREEN CORPORATION
Condensed
Statements of Changes in Stockholders' Equity (Unaudited)
For
the Three Months and Six Months Ended June 30, 2022 and 2021
(Expressed
in United States Dollars)
Three
    Months and Six Months Ended June 30, 2022
Common
    Stock
Common Stock
    to be
Additional
paid-in
capital
Accumulated
deficit
Total
equity
Shares
Amount
issued
(Restated)
(Restated)
(Restated)
Balance
    at March 31, 2022
157,557,000
$
15,755
$
-
$
14,668,388
$
(
7,140,090
)
$
7,544,053
Common
    stock issued for cash (Note 9)
300,000
30
-
2,999,970
-
3,000,000
Common
    stock issued for services (Note 9)
2,074,490
207
-
14,595,713
-
14,595,920
Common
    stock cancelled that was issued for services (Note 9)
(
113,000
)
(
11
)
-
(
17,441
)
-
(
17,452
)
Net
    loss
-
-
$
-
-
(
19,181,093
)
(
19,181,093
)
Balance
    at June 30, 2022
159,818,490
$
15,981
-
$
2,246,630
$
(
26,321,183
)
$
5,941,428
Balance
    at December 31, 2021 (Audited)
157,544,500
$
15,754
$
-
$
14,618,389
$
(
6,413,744
)
$
8,220,399
Common
    stock issued for cash (Note 9)
312,500
31
-
3,049,969
-
3,050,000
Common
    stock issued for services (Note 9)
2,074,490
207
-
14,595,713
-
14,595,920
Common
    stock cancelled that was issued for services (Note 9)
(
113,000
)
(
11
)
-
(
17,441
)
-
(
17,452
)
Net
    loss
-
-
-
-
(
19,907,439
)
(
19,907,439
)
Balance
    at June 30, 2022
159,818,490
$
15,981
$
-
$
2,246,630
$
(
26,321,183
)
$
5,941,428
Three
    Months and Six Months Ended June 30, 2021
Common
    Stock
Common Stock
to
                                            be
Additional
paid-in
Accumulated
Total
Shares
Amount
issued
capital
deficit
equity
Balance
    at March 31, 2021
156,380,000
$
15,638
$
-
$
11,658,504
$
(
4,432,786
)
$
7,241,356
Common
    stock issued for cash (Note 9)
575,000
57
-
1,149,943
-
1,150,000
Common
    stock issued for cash to be received (Note 9)
10,000
1
-
19,999
-
20,000
Common
    stock issued for services (Note 9)
15,000
2
-
29,998
-
30,000
Common
    stock to be issued (Note 9)
-
-
200,000
-
-
200,000
Net
    loss
-
-
-
-
(
431,471
)
(
431,471
)
Balance
    at June 30, 2021
156,980,000
$
15,698
$
200,000
$
12,858,444
$
(
4,864,257
)
$
8,209,885
Balance
    at December 31, 2020 (Audited)
156,046,000
$
15,605
$
138,000
$
10,990,538
$
(
3,923,245
)
$
7,220,898
Common
    stock issued for cash, received in 2021 (Note 9)
790,000
79
-
1,579,920
-
1,579,999
Common
    stock issued for cash, received in 2020 (Note 9)
69,000
7
(
138,000
)
137,993
-
-
Common
    stock issued for cash to be received (Note 9)
10,000
1
-
19,999
-
20,000
Common
    stock issued for services (Note 9)
65,000
6
-
129,994
-
130,000
Common
    stock to be issued (Note 9)
-
-
200,000
-
-
200,000
Net
    loss
-
-
-
-
(
941,012
)
(
941,012
)
Balance
    at June 30, 2021
156,980,000
$
15,698
$
200,000
$
12,858,444
$
(
4,864,257
)
$
8,209,885
The
accompanying notes are an integral part of the condensed financial statements
F-
29
BRIGHT
GREEN CORPORATION
Condensed
Statements of Cash Flows (Unaudited)
For
the Six Months Ended June 30, 2022 and 2021
(Expressed
in United States Dollars)
Six
    Months Ended
June
    30, 2022
June
    30, 2021
(Restated)
CASH
    FLOWS FROM OPERATING ACTIVITIES
Net
    loss
$
(
19,907,439
)
$
(
941,012
)
Adjustments
    to reconcile net cash used in operating activities:
Depreciation
386,468
372,802
Stock-based
    compensation
14,578,468
130,000
Changes
    in operating assets and liabilities:
Prepaid
    expenses and other assets
62,700
11,070
Accounts
    payable
1,252,950
(
81,929
)
Accrued
    liabilities
87,580
5,525
Net
    cash used in operating activities
(
3,539,273
)
(
503,544
)
CASH
    FLOWS FROM INVESTING ACTIVITIES
Purchase
    of property, plant, and equipment
(
2,614,319
)
-
Net
    cash used in investing activities
(
2,614,319
)
-
CASH
    FLOWS FROM FINANCING ACTIVITIES
Proceeds
    from due to related party
-
11,299
Proceeds
    from related party line of credit
2,000,000
-
Proceeds
    from sale of stock
3,050,000
1,779,999
Net
    cash provided by financing activities
5,050,000
1,791,298
NET
    (DECREASE) INCREASE IN CASH
(
1,103,592
)
1,287,754
CASH, BEGINNING
    OF PERIOD
1,282,565
102,263
CASH, END OF PERIOD
$
178,973
$
1,390,017
CASH
    PAID FOR
Interest
$
-
$
-
Taxes
$
-
$
-
The
accompanying notes are an integral part of the condensed financial statements
F-
30
BRIGHT
GREEN CORPORATION
Notes
to the Condensed Financial Statements (Unaudited)
For
the Three Months and Six Months Ended June 30, 2022 and 2021
(Expressed
in United States Dollars)
1.
Description of Business and Organization
Bright
Green Corporation (Company) was incorporated on
April
16, 2019
, under the Delaware General Corporation
Law. The Company is located in Grants, New Mexico. The Company holds the land, greenhouse and patents required in the growth, production,
and research of medicinal plants.
On
May 28, 2019, the Company entered into a merger agreement with Bright Green Grow Innovation, LLC ("BGGI") (Note 5).
On
October 30, 2020, Grants Greenhouse Growers, Inc., a New Mexico corporation, merged with the Company (Note 5).
On
November 10, 2020, Naseeb, Inc., a New Mexico corporation, merged with the Company (Note 5).
On
March 29, 2022, the Company filed a registration statement pursuant to the Securities Act of 1933, as amended (the "Securities Act")
on Form S-1 with the Securities and Exchange Commission ("SEC"), which was declared effective May 13, 2022, (as amended, the
"Registration Statement"), in connection with the direct listing of the Company's common stock
with the Capital Market of the Nasdaq Stock Market LLC ("Nasdaq").
On
May 17, 2022, the Company's common stock commenced trading on  Nasdaq under the symbol "BGXX."
The
Company is a start-up company at June 30, 2022 and has
no
revenue.
The
Company's operations could be significantly adversely affected by the effects of a widespread global outbreak of a contagious disease,
including the recent outbreak of respiratory illness caused by COVID-19. The Company cannot accurately predict the impact COVID-19 will
have on its operations and the ability of others to meet their obligations with the Company, including uncertainties relating to the
ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine
restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population
could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting
in an economic downturn that could further affect the Company's operations and ability to finance its operations.
F-
31
BRIGHT
                                            GREEN CORPORATION
Notes
to the Condensed Financial Statements (Unaudited)
For
the Three Months and Six Months Ended June 30, 2022 and 2021
(Expressed
in United States Dollars)
2.
Liquidity and Basis of Presentation
The
accompanying unaudited condensed financial statements have been prepared by the Company in conformity with accounting principles
generally accepted in the United States of America ("U.S. GAAP") for interim financial information and the SEC instructions to Form 10-Q and Article 8 of SEC Regulation
S-X. The information
furnished herein reflects all adjustments, consisting only of normal recurring adjustments, which in the opinion of management, are
necessary to fairly state the Company's financial position, the results of its operations, and cash flows for the periods
presented. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with
U.S. GAAP were omitted pursuant to such rules and regula
tions. The
financial information contained in this report should be read in conjunction with the financial information and notes thereto for
the fiscal years ended December 31, 2021 and 2020 filed as a part of the Registration Statement. The results of operations for the
six months ended June 30, 2022 are not necessarily indicative of the results for the year ending December 31, 2022. As of June 30,
2022, the Company had cash of $
178,973
compared to
$
1,282,565
as of December 31, 2021. The decrease of $
1,103,592
in cash was mainly from the use of funds for the construction in progress and the costs associated with the Company's filed
SEC registration statement. This decrease was partly offset by cash received from the sales of common stock of $
3,050,000
.
Since its inception, the Company has incurred net losses and funded its operations primarily through the issuance of equities, an
advance from a director and since June 2022 a $
2,000,000
draw on a line of credit. As at June 30, 2022, the Company had a total stockholders' equity of $
5,941,428
(December 31, 2021 - $
8,220,399
).
The
Company is in its initial stages to start building facilities to grow, research and distribute medical plants. The Company has incurred
recurring losses from operations, and as at June 30, 2022, had an accumulated deficit of $
26,321,183
(December 31, 2021 - $
6,413,744
)
and a negative working capital of $
1,611,420
(December 31, 2021 - working capital of $
1,282,829
). The Company does not have sufficient
working capital to pay its operating expenses for a period of at least 12 months from the date the condensed financial statements were
authorized to be issued. The Company's continued existence is dependent upon its ability to continue to execute its operating plan
and to obtain additional debt or equity financing. The Company has developed plans to raise funds and continues to pursue sources of
funding that management believes, if successful, would be sufficient to support the Company's operating plan. During the six months
ended June 30, 2022, the Company raised $
3,050,000
through common stock issuances. The Company has also secured a $
5,000,000
line of
credit from a related party entity and has drawn a $
2,000,000
from that credit facility. The Company has also drawn an additional $
1,000,000
from that credit facility subsequent to June 30, 2022 (Note 12). The Company's operating plan is predicated on a variety of assumptions
including, but not limited to, the level of product demand, cost estimates, its ability to continue to raise additional financing and
the state of the general economic environment in which the Company operates. There can be no assurance that these assumptions will prove
accurate in all material respects, or that the Company will be able to successfully execute its operating plan. In the event that the
Company is not able to raise capital from investors or credit facilities in a timely manner, the Company will explore available options,
including but not limited to, an equity backed loan against the property. In the absence of additional appropriate financing, the Company
may have to modify its plan or slow down the pace of development and commercialization.
The
Company does not have any short or long-term contractual purchases with suppliers for future purchases, capital expenditure commitments
that cannot be cancelled with minimal fees, non-cancelable operating leases, or any commitment or contingency that would hinder management's
ability to scale down operations and management expenses until funding is raised.
F-
32
BRIGHT
                                            GREEN CORPORATION
Notes
to the Condensed Financial Statements (Unaudited)
For
the Three Months and Six Months Ended June 30, 2022 and 2021
(Expressed
in United States Dollars)
2.
Liquidity and Basis of Presentation (continued)
A.
Restatement of Previously Issued Financial Statements
The
Company has restated its unaudited condensed financial statements as of and for the three months and six months ended June
30, 2022 to correct an error related to the recording of the fair value of shares issued as shared based compensation in June 2022 (the
"Restatement"), which resulted in the Company's general and administrative expenses for the three months
and six months ended June 30, 2022 being understated by $
6,297,960
in the Original Report. The Restatement resulted in an increase in
the reported net loss by $
6,297,960
for the three months and six months ended June 30, 2022, and an increase to reported accumulated
deficit as of June 30, 2022 by $
6,297,960
. The Restatement also impacted the Company's basic and diluted net loss per common share
calculations. The following tables present the Restatement on all affected line items of our previously issued Condensed Balance Sheets as of June 30, 2022, Condensed Statements of Operations and Comprehensive Loss, and Condensed Statements of Cash Flows for the six months ended June 30, 2022. The effect of the Restatement on the June 30, 2022 stockholders'
equity balances is presented in the Condensed Statements Shareholder's Equity Sheet below. Regarding the Condensed
Statements of Cash Flows, the adjustment to net loss was offset by adjustments to change in operating assets and liabilities
within cash flows used in operating activities.  The Restatement had no effect on total net cash flows from operating, investing
or financing activities. The Restatement also impacted Note 9. Stockholders' Equity and Note 12. Subsequent Events, which were
restated in this Amended Report.
The
impact of the restatement on the Company's financial statements is reflected in the following table:
Condensed Balance Sheet at June 30, 2022 (unaudited)
As Reported
Adjustment
As Restated
Additional Paid in Capital
25,948,670
6,297,960
32,246,630
Accumulated deficit
(
20,023,223
)
(
6,297,960
)
(
26,321,183
)
Condensed Statement of Operations and
    Comprehensive Loss for the three months ended June 30, 2022 (unaudited)
As Reported
Adjustment
As Restated
General and administrative expenses
12,688,471
6,297,960
18,986,431
Total operating expenses
12,883,133
6,297,960
19,181,093
Loss before income taxes
(
12,883,133
)
(
6,297,960
)
(
19,181,093
)
Net loss and comprehensive loss
(
12,883,133
)
(
6,297,960
)
(
19,181,093
)
Weighted average common shares outstanding – basic and diluted
159,575,995
(
674,781
)
158,901,214
Net loss per common share – basic and diluted
(
0.08
)
(
0.04
)
(
0.12
)
Condensed Statement of Operations and
    Comprehensive Loss for the six months ended June 30, 2022 (unaudited)
As Reported
Adjustment
As Restated
General and administrative expenses
13,223,011
6,297,960
19,520,971
Total operating expenses
13,609,479
6,297,960
19,907,439
Loss before income taxes
(
13,609,479
)
(
6,297,960
)
(
19,907,439
)
Net loss and comprehensive loss
(
13,609,479
)
(
6,297,960
)
(
19,907,439
)
Weighted average common shares outstanding – basic and diluted
158,571,176
(
339,253
)
158,231,923
Net loss per common share – basic and diluted
(
0.09
)
(
0.04
)
(
0.13
)
Condensed Statement of Changes in Stockholders' Equity for the three months ended June 30, 2022 (unaudited)
As Reported
Adjustment
As Restated
Common stock issued for services
8,297,753
6,297,960
14,595,713
Net loss for the three months ended June 30, 2022
(
12,883,133
)
(
6,297,960
)
(
19,181,093
)
Condensed Statement of Changes in Stockholders' Equity for the six months ended June 30, 2022 (unaudited)
As Reported
Adjustment
As Restated
Common stock issued for services
8,297,753
6,297,960
14,595,713
Net loss for the six months ended June 30, 2022
(
13,609,479
)
(
6,297,960
)
(
19,907,439
)
Condensed Statement of Cash Flows for the six months ended June 30, 2022 (unaudited)
As Reported
Adjustment
As Restated
Net loss
(
13,609,479
)
(
6,297,960
)
(
19,907,439
)
Stock-based compensation
8,280,508
6,297,960
14,578,468
F-
33
BRIGHT
                                            GREEN CORPORATION
Notes
to the Condensed Financial Statements (Unaudited)
For
the Three Months and Six Months Ended June 30, 2022 and 2021
(Expressed
in United States Dollars)
3.
Summary of Significant Accounting Policies
A.
Basis of Measurement
The
condensed financial statements of the Company have been prepared on an historical cost basis except as indicated otherwise.
B.
Property, Plant, Equipment
Property
is stated at cost less accumulated depreciation. Expenditures for maintenance and repairs are charged to earnings as incurred; additions,
renewals and betterments are capitalized. When property is retired or otherwise disposed of, the related cost and accumulated depreciation
are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of property, except land, which
is not depreciated, is provided using the declining balance method, or straight-line method, with estimated lives as follows:
Building and
  improvement - declining balance method
10
year life
Fixtures - straight-line
  method
3
year life
C.
Long-lived Assets
The
Company applies the provisions of ASC Topic 360, Property, Plant, and Equipment, which addresses financial accounting and reporting for
the impairment or disposal of long-lived assets. ASC Topic 360 requires that long-lived assets be reviewed annually for impairment whenever
events or changes in circumstances indicate that the assets' carrying amounts may not be recoverable; it further requires impairment
losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows
estimated to be generated by those assets are less than the assets' carrying amounts. In that event, a loss is recognized based
on the amount by which the carrying amount exceeds the fair value of the long-lived assets. Loss on long-lived assets to be disposed
of is determined in a similar manner, except that fair values are reduced for the cost of disposal.
D.
Intangible Assets
The
Company's intangible assets consist of certain licenses (Note 5) which will be amortized over the term of each license. The intangible
assets with finite useful lives are reviewed for impairment when indicators of impairment are present and the undiscounted cash flows
estimated to be generated by those assets are less than the assets' carrying amounts. In that event, a loss is recognized based
on the amount by which the carrying amount exceeds the fair value of the long-lived assets.
E.
Fair Value of Financial Instruments
For
certain carrying amounts of the Company's financial instruments, including cash, other asset, accounts payable, accrued liabilities,
and due to related party, the carrying amounts approximate their fair values due to their short-term maturities.
F-
34
BRIGHT
                                            GREEN CORPORATION
Notes
to the Condensed Financial Statements (Unaudited)
For
the Three Months and Six Months Ended June 30, 2022 and 2021
(Expressed
in United States Dollars)
3.
Summary of Significant Accounting Policies (continued)
E.
Fair Value of Financial Instruments (continued)
FASB
ASC Topic 820, Fair Value Measurements and Disclosures, requires disclosure of the fair value of financial instruments held by the Company.
FASB ASC Topic 825, Financial Instruments, defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair
value measurement that enhances disclosure requirements for fair value measures.
The
carrying amounts reported in the balance sheets for receivables and current liabilities each qualify as financial instruments and are
a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their
expected realization, low risk of counterparty default and their current market rate of interest. The three levels of valuation hierarchy
are defined as follows:
Level
1
inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. As of June 30, 2022
and December 31, 2021, there were no Level 1 assets or liabilities.
Level
2
inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for
identical or similar assets in inactive markets, and inputs that are observable for the asset or liability, either directly or indirectly,
for substantially the full term of the financial instrument. As of June 30, 2022 and December 31, 2021, there were no Level 2 assets
or liabilities.
Level
3
inputs to the valuation methodology use one or more unobservable inputs which are significant to the fair value measurement.
The
Company analyzes all financial instruments with features of both liabilities and equity under FASB ASC Topic 480, Distinguishing Liabilities
from Equity, and FASB ASC Topic 815, Derivatives and Hedging.
F.
Advertising Costs
Advertising
costs are charged to operations when incurred. Advertising costs totaled $
35,857
and $
nil
for the six months ended June 30, 2022 and
2021, respectively.
G.
Income Taxes
The
Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes. ASC 740 requires a company to use the asset and
liability method of accounting for income taxes, whereby deferred tax assets are recognized for deductible temporary
differences,
and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the
reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation
allowance
when, in the opinion of management, it is more likely than not that some portion, or all of the deferred tax assets will not be
realized.
F-
35
BRIGHT
                                            GREEN CORPORATION
Notes
to the Condensed Financial Statements (Unaudited)
For
the Three Months and Six Months Ended June 30, 2022 and 2021
(Expressed
in United States Dollars)
3.
Summary of Significant Accounting Policies (continued)
G.
Income Taxes (continued)
Deferred
tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
Under
ASC 740, a tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained
in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that
is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test,
no tax benefit is recorded. The Company has no material uncertain tax positions for any of the reporting periods presented.
H.
Basic and Diluted Earnings (Loss) per share
Basic
earnings (loss) per share is calculated using the weighted average number of common shares outstanding during the period. The dilutive
effect on earnings per share is calculated, presuming the exercise of outstanding options, warrants and similar instruments. It assumes
that the proceeds of such exercise would be used to repurchase common shares at the average market price during the period. However,
the calculation of diluted loss per share excludes the effects of various conversions and exercise of options and warrants that would
be anti-dilutive.
I.
Segment Reporting
ASC
280-10, "Disclosures about Segments of an Enterprise and Related Information", establishes standards for how public business
enterprises report information about operating segments in the Company's condensed financial statements. Operating segments are
components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating
decision-maker in deciding how to allocate resources and in assessing performance. Significantly all of the assets of the Company are
located in the United States of America and the Company is a start-up company as at June 30, 2022 and 2021 and has
no
revenue. The Company's
report-able segments and operating segments will include its growth, production and research of medicinal plants operations.
F-
36
BRIGHT
GREEN CORPORATION
Notes
to the Condensed Financial Statements (Unaudited)
For
the Three Months and Six Months Ended June 30, 2022 and 2021
(Expressed
in United States Dollars)
3.
Summary of Significant Accounting Policies (continued)
J.
Use of Estimates
The
preparation of the condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed
financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates
and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that
it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values
of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. This applies in particular
to valuation allowance for deferred tax assets and assignment of the useful lives of property and equipment. The actual results experienced
by the Company may differ materially and adversely from the Company's estimates. To the extent there are material differences between
the estimates and the actual results, future results of operations will be affected.
K.
Stock-based Compensation
The
Company accounts for stock-based payments in accordance with the provision of ASC 718, which requires that all stock-based payments issued
to acquire goods or services, including grants of employee stock options, be recognized in the statement of operations and comprehensive
loss based on their fair values, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and
revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Compensation expense related to stock-based
awards is recognized over the requisite service period, which is generally the vesting period.
The
Company accounts for stock-based compensation awards issued to non-employees for services, as prescribed by ASC 718-10, at either the
fair value of the services rendered or the instruments issued in exchange for such services, whichever is more readily determinable,
using the guidelines in ASC 505-50. The Company issues compensatory shares for services including, but not limited to, executive, management,
accounting, operations, corporate communication, financial and administrative consulting services.
L.
Standards, Amendments, and Interpretations Adopted
In
April 2021, The FASB issued ASU 2021-04 to codify the final consensus reached by the Emerging Issues Task Force (EITF) on how an issuer
should account for modifications made to equity-classified written call options (hereafter referred to as a warrant to purchase the issuer's
common stock). The guidance in the ASU requires the issuer to treat a modification of an equity-classified warrant that does not cause
the warrant to become liability-classified as an exchange of the original warrant for a new warrant. This guidance applies whether the
modification is structured as an amendment to the terms and conditions of the warrant or as termination of the original warrant and issuance
of a new warrant. This update is effective for annual periods beginning after December 15, 2021, and interim periods withing those periods,
and early adoption is permitted. The Company adopted this accounting policy as of January 1, 2022, which did not significantly impact
its condensed financial statements.
F-
37
BRIGHT
GREEN CORPORATION
Notes
to the Condensed Financial Statements (Unaudited)
For
the Three Months and Six Months Ended June 30, 2022 and 2021
(Expressed
in United States Dollars)
3.
Summary of Significant Accounting Policies (continued)
M.
Standards, Amendments, and Interpretations Issued but Not Yet Adopted
1)
Leases
In
February 2016, the FASB issued ASU No. 2016-02, Leases. The new standard establishes a right-of-use (ROU) model that requires a lessee
to record a ROU asset and a lease liability on the statement of financial position for all leases with terms longer than 12 months. Leases
will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement
of activities.
In
November 2019, the new standard's effective date was delayed one year to fiscal years beginning after December 15, 2020. In June
2020, the FASB issued ASU 2020-05 to defer the effective date of ASU 2016-02, an additional year to fiscal years beginning after December
15, 2021. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered
into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients
available. Although the Company does not have leases as of June 30, 2022, the Company is currently evaluating the impact of its pending
adoption of the new standard on its condensed financial statements.
4.
Concentration of Credit Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts at each
institution are insured by the Federal Deposit Insurance Corporation ("FDIC") up to $
250,000
. The Company had $
nil
and $
1,032,565
in excess of the FDIC insured limit at June 30, 2022 and December 31, 2021, respectively.
F-
38
BRIGHT
GREEN CORPORATION
Notes
to the Condensed Financial Statements (Unaudited)
For
the Three Months and Six Months Ended June 30, 2022 and 2021
(Expressed
in United States Dollars)
5.
Merger Transactions
A.
Bright
                                            Green Grow Innovations, LLC Merger
On
May 28, 2019, the Company entered into a merger agreement with BGGI. Pursuant to the merger agreement, BGGI transferred to the Company
two parcels of land and a greenhouse building having a total net carrying value of $
9,128,851
in exchange for shares of the Company (Note
6). The land transfer consisted of a
70
-acre lot with a greenhouse at 1033 George Hanosh Blvd., Grants, New Mexico 87020 and a
40
-acre
lot in the City of Grants, New Mexico. The Company assessed that the merger transaction did not qualify as a business combination in
accordance with the provisions of ASC 805. The Company accounted for the merger as an acquisition of assets. Since, under ASC 850, the
merger was considered as a related party transaction by virtue of common ownership and management, the assets transferred to the Company
have been accounted for at historical carrying values of BGGI.
B.
Grants
                                            Greenhouse Growers, Inc. Merger
On
October 30, 2020, the Company entered into a merger agreement with Grants Greenhouse Growers, Inc. ("GGG") (the "GGG
Merger Agreement"). Pursuant to the GGG Merger Agreement, GGG was merged into the Company in exchange for
1,000,000
shares of the
Company. GGG had no assets or liabilities, other than the following options agreements:
-
A
                                            Real Estate Option Agreement dated October 5, 2020, and expiring on December 31, 2021, for
                                            $
1,500
monthly payments up until June 30, 2021, and $
1,750
monthly payments from July 1,
                                            2021 to December 31, 2021, with a one-year extension starting on January 1, 2022 for $
2,000
monthly payments, with the option to purchase
330
acres for $
5,000
per acre.
-
A
                                            Real Estate Option Agreement dated October 21, 2020, and expiring on December 31, 2021, for
                                            $
1,000
monthly payments, with a one-year extension starting on January 1, 2022 for $
1,500
monthly payments, with the option to purchase
175
acres for $
5,000
per acre.
The
Company assessed that the merger transaction did not qualify as a business combination in accordance with the provisions of ASC 805.
The Company accounted for the merger as an acquisition of assets. The asset acquisition was accounted for at the fair value of the options
agreement of $
103,837
determined using the Black Scholes Model with assumptions including current market price of land of $
4,000
per
acre, exercise price of option of $
5,000
per acre, dividend yield of
0.00
%, risk free rate for term of
0.15
%, volatility
28.4
% and years
remaining in the range of
2.19
to
2.24
years.
As
of December 31, 2021 and 2020, management has assessed the value of these options to be impaired due to uncertainty surrounding their
recoverability.
F-
39
BRIGHT
                                            GREEN CORPORATION
Notes
to the Condensed Financial Statements (Unaudited)
For
the Three Months and Six Months Ended June 30, 2022 and 2021
(Expressed
in United States Dollars)
5.
Merger Transactions (continued)
C.
Naseeb,
                                            Inc. Merger
On
November 10, 2020, the Company entered into a merger agreement with Naseeb, Inc. ("Naseeb") and the sole shareholder of Naseeb,
who is also a shareholder and Chairman of the Company. Pursuant to the Naseeb merger agreement, Naseeb was merged into the Company in
exchange for
10,000,000
shares of the Company. Naseeb transferred to the Company their assistance that was used by the Company towards
obtaining the following licenses and patents to the Company:
-
New
                                            Mexico Hemp License: Industrial Hemp is an agricultural plant that uses all the byproducts
                                            of the plant such as seeds and twigs in the production of hemp seed, hemp fiber, and other
                                            eco-friendly products.
New
Mexico Board of Pharmacy Schedule 1 Bulk Manufacturers License: Securing the license was required as part of the application and consideration
for a federal license. Additionally, being licensed as a Schedule 1 Bulk Manufacturer allows the Company to develop and distribute Schedule
1 drugs; an authorization precedent to the ability to grow, extract and distribute other cannabidiols, such as CBG and CBN. Moreover,
with this license, the Company is exempt from the restrictions generally applicable to the cannabis industry, such as plant count and
per plant taxes.
-
Federal
                                            Medical Marijuana License: The Company has a formal agreement with the Drug Enforcement Administration
                                            for the construction and operation of a federally licensed agricultural center to grow and
                                            distribute marijuana, or its chemical constituents, supplying legitimate researchers in the
                                            United States.
-
Patents:
                                            The patents held by the Company provide innovative medical therapies to a wide range of conditions.
                                            These patents can be sold, licensed, or directly marketed as clinical trials are conducted
                                            and approved by the FDA.
The
Company assessed that the merger transaction did not qualify as a business combination in accordance with the provisions of ASC 805.
The Company accounted for the merger as an acquisition of assets. Since, under ASC 850, the merger was considered as a related party
transaction by virtue of common ownership and management, the assets transferred to the Company have been accounted for at historical
cost of Naseeb of $
1,000
(Note 7).
6.
Property, Plant, and Equipment
The
Company owns an expansive
22
-acre modern Dutch "Venlo style" glass greenhouse situated on
70
acres in Grants, New Mexico.
It is being retrofitted for growing, processing and distribution of medicinal plants, including marijuana, for medical researchers licensed
by the Drug Enforcement Administration.
F-
40
BRIGHT
                                            GREEN CORPORATION
Notes
to the Condensed Financial Statements (Unaudited)
For
the Three Months and Six Months Ended June 30, 2022 and 2021
(Expressed
in United States Dollars)
6.
Property, Plant, and Equipment (continued)
Property
at June 30, 2022 and December 31, 2021, consisted of the following:
June
    30, 2022
December
    31, 2021
Fixtures
$
81,996
-
Land
260,000
260,000
Construction in progress
2,835,040
302,717
Building and improvement
8,883,851
8,883,851
12,060,887
9,446,568
Accumulated depreciation
(
2,504,272
)
(
2,117,804
)
Net property, plant, and
    equipment
$
9,556,615
7,328,764
7.
Intangible Assets
Intangible
assets at June 30, 2022 and December 31, 2021, consisted of the following:
June
    30, 2022
December
    31, 2021
Licenses (Note 5)
$
1,000
1,000
Accumulated amortization
-
-
Net intangible assets
$
1,000
1,000
8.
Related Party Line of Credit
On
June 5, 2022, the Company and LDS Capital LLC ("Lender"), whose managing member is a member of the board of directors, entered into an
unsecured line of credit in the form of a note (the "June Note"). The Note provides that the Company may borrow up to $
5.0
million, including an initial loan in the amount of $
3.0
million, through
June 4, 2025
(the "June Note Maturity Date") from
Lender. Lender has committed to fund to the Company $
3.0
million under the June Note by June 30, 2022. As of June 30, 2022, the Lender
has funded the Company $
2.0
million. The remaining $
1.0
million was funded on July 26, 2022 (Note 12). Prior to the June Note Maturity
Date, the Company may borrow up to an additional $
2.0
million under the June Note, at Lender's sole discretion, and subject to
the Company's request of such additional funds form Lender (each loan furnished under the June Note individually, a "Loan,"
and collectively, the "Loans"). The Company has the right, but not the obligation, to prepay any Loan, in whole or in part,
prior to the June Note Maturity Date. Interest on the unpaid principal amount of any Loan accrues through the earlier of the June Note
Maturity Date or the date of prepayment on such Loan, at a rate of
2
% per annum plus the Prime Rate (the rate of interest per annum announced
from time to time by JPMorgan Chase Bank as its prime rate). If the principal and interest, if any, of any Loan is not paid in full on
the Maturity Date, additional penalty interest will accrue on such Loan in the amount of
2
% per annum.
F-
41
9.
Stockholders' Equity
The
Company has authorized
200,000,000
shares of $
0.0001
par value common stock and
10,000,000
shares of $
0.0001
par value preferred stock. As of June 30, 2022 and December 31, 2021, there were
159,818,490
and
157,544,500
,
respectively, of shares of common stock issued and outstanding. The Company has not issued any preferred shares to date.
During
the six months ended June 30, 2022, the Company issued the following:
-
12,500
shares of common stock at a purchase price of $
4.00
per share, for gross cash proceeds of
                                            $
50,000
, to one accredited investor in January 2022;
-
500,000
shares of common stock for services rendered, at a fair value of $
4.00
per share determined
                                            using the per share purchase price of the latest $
4.00
private placement Round, to the Chief
                                            Financial Officer of the Company, in April 2022;
-
5,000
shares of common stock that were issued in January 2021 to a director of the Company, for
                                            services valued at $
2.00
per share determined using the per share purchase price of the $
2.00
Round, were cancelled in April 2022;
-
300,000
shares of common stock at a purchase price of $
10.00
per share, for gross cash proceeds of
                                            $
3,000,000
, to two accredited investors in May 2022;
-
1,574,490
shares of common stock for services rendered in connection with the Direct Listing to the Company's
advisor, or its permitted designees,
contemporaneous
with the Direct Listing and consistent with the direct listing price
of
$
8.00
per share in June 2022; and
-
108,000
shares of common stock that were issued in June 2019 to a consultant of the Company (Note
                                            11), for services valued at $
0.069
per share determined using an asset approach, were cancelled
                                            in June 2022.
During
the six months ended June 30, 2021, the Company issued the following:
-
869,000
shares of common stock at a purchase price of $
2.00
per share, for gross cash proceed of
                                            $
1,738,000
to twenty-eight accredited investors between January 2021 and June 2021, with
                                            (i)
184,000
shares issued in January 2021, which includes the
69,000
shares issued for cash
                                            proceeds of $
138,000
received as of December 31, 2020, (ii)
100,000
shares issued in March
                                            2021, (iii)
335,000
shares issued in May 2021, which includes the
10,000
shares issued for
                                            cash proceeds of $
20,000
to be received, and (iv)
250,000
shares issued in June 2021;
-
25,000
shares of common stock for services rendered, at a fair value of $
2.00
per share determined
                                            using the per share purchase price of the $
2.00
Round, to five consultants, with (i)
10,000
shares issued in January 2021 and (ii)
15,000
shares issued in May 2021;
-
40,000
shares of common stock for services rendered, at a fair value of $
2.00
per share determined
                                            using the per share purchase price of the $
2.00
Round, to three directors of the Company,
                                            with (i)
10,000
shares issued in January 2021 and (ii)
30,000
shares issued in February 2021.
F-
42
10.
Related Party Transactions
Other
than the transactions disclosed elsewhere in the condensed financial statements, the following are the other significant related party
transactions and balances:
At
June 30, 2022 and December 31, 2021, the due to related party balance totaled $
392,194
. The balance represents advances from the majority
shareholder for payment of Company expenses. The amount is unsecured, non-interest bearing with no terms of repayment. The shareholder
has agreed in writing that no payment will be required by the Company to the lender prior to January 31, 2023.
Included
in common stock issued for services during the six months ended June 30, 2022, were
500,000
shares of common stock issued to the Chief
Financial Officer of the Company (Note 9).
Included
in common stock issued for services during the six months ended June 30, 2021, were
30,000
shares of common stock issued to the three
directors of the Company (Note 9).
As
of June 30, 2022, $
16,896
was due to a company wholly owned by the Company's Chief Financial Officer. The amount is included in
accounts payable in the Condensed Balance Sheet.
As
of June 30, 2022, the outstanding balance on the related party line of credit of $
2,004,767
was due to a Lender, whose managing member
is a member of the board of directors (Note 8).
11.
Contingencies
In
the ordinary course of business, the Company is routinely defendants in, or parties to a number of pending and threatened legal actions
including actions brought on behalf of various classes of claimants. In view of the inherent difficulty of predicting the outcome of
such matters, the Company cannot state what the eventual outcome of such matters will be. Legal provisions are established when it becomes
probable that the Company will incur an expense related to a legal action and the amount can be reliably estimated. Such provisions are
recorded at the best estimate of the amount required to settle any obligation related to these legal actions as at the balance sheet
date, taking into account the risks and uncertainties surrounding the obligation. Management and internal and external experts are involved
in estimating any amounts that may be required. The actual costs of resolving these claims may vary significantly from the amount of
the legal provisions. The Company's estimate involves significant judgement, given the varying stages of the proceedings, the fact
that the Company's liability, if any, has yet to be determined and the fact that the underlying matters will change from time to
time. Other than as set forth below, the Company is not presently a party to any litigation. The Company is not able to make a reliable
assessment of the potential losses as these matters are at an early stage, accordingly, no amounts have been accrued in the condensed
financial statements.
F-
43
BRIGHT
                                            GREEN CORPORATION
Notes
to the Condensed Financial Statements (Unaudited)
For
the Three Months and Six Months Ended June 30, 2022 and 2021
(Expressed
in United States Dollars)
11.
Contingencies (continued)
Bright
Green Corporation v. John Fikany, State of New Mexico, County of Cibola, Thirteenth Judicial District
. In this matter, the Company
filed a complaint for declaratory judgment against the former acting Chief Executive Officer of the
Bright Green Group of Companies,
an entity unrelated to the Company, to determine if defendant is entitled to 5,000,000 shares of the Company's common stock, based
on a failure to fulfill agreed upon conditions precedent to earning such shares from the Company
. Defendant counterclaimed and filed
a third-party claim against a director of the Company, and her spouse, for claims including wrongful termination and breach of contract.
The Company denies defendants allegations and have set forth arguments refuting defendant's counterclaims and third-party claims.
The case is in the discovery phase. The
Company
is exploring potential dispositive motions against the counter and third-party claims.
Bright
Green Corporation v. Jerry Capussi, State of New Mexico, County of Cibola, Thirteenth Judicial District
. In this matter, the Company
and defendant, a former consultant of BGGI, a predecessor to the Company, have each filed claims for declaratory judgment seeking to
determine by court order whether defendant is entitled to (i) shares of common stock in the Company (amounting to no more than 108,000
shares) or (ii) fair market value of defendant's equity ownership of BGGI. The lawsuit is in early discovery stages, and the Company
is preparing arguments for a summary judgment motion. There are no claims for specific monetary liability against either party.
12.
Subsequent Events
The
Company's management has evaluated the subsequent events up to August 19, 2022, the date the condensed financial statements were
issued, pursuant to the requirements of ASC 855, and has determined the following constitute material subsequent events:
On
July 26, 2022, pursuant to the related party line of credit agreement by and between the Company and the Lender, dated June 5, 2022,
the Company received $
1.0
million from the Lender.
F-
44
PART
II
INFORMATION
NOT REQUIRED IN PROSPECTUS
Item
13. Other Expenses of Issuance and Distribution
The
following table sets forth the costs and expenses, other than the underwriting discounts and commissions, payable by the registrant in
connection with the sale of Common Stock being registered. All amounts are estimates except for the SEC registration fee, and the Financial
Industry Regulatory Authority, or FINRA, filing fee.
Item
Amount to
be paid
SEC
    registration fee
$
2,180.66
Legal
    fees and expenses
50,000.00
Accounting
    fees and expenses
12,000.00
Miscellaneous
    fees and expenses
5,819.34
Total
$
70,000.00
Item
14. Indemnification of Directors and Officers
We
are incorporated under the laws of the State of Delaware. Section 145 of the Delaware General Corporation Law ("DGCL") provides
that a Delaware corporation may indemnify any persons who are, or are threatened to be made, parties to any threatened, pending, or completed
action, suit, or proceeding, whether civil, criminal, administrative, or investigative (other than an action by or in the right of such
corporation), by reason of the fact that such person was an officer, director, employee, or agent of such corporation, or is or was serving
at the request of such person as an officer, director, employee, or agent of another corporation or enterprise. The indemnity may include
expenses (including attorneys' fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred by such
person in connection with such action, suit, or proceeding, provided that such person acted in good faith and in a manner he or she reasonably
believed to be in or not opposed to the corporation's best interests and, with respect to any criminal action or proceeding, had
no reasonable cause to believe that his or her conduct was illegal. Our bylaws includes such provisions related to our authority to indemnify
a director, officer, employee, fiduciary, or agent.
Section
145 of the DGCL also provides that Delaware corporation may indemnify any person who is, or is threatened to be made, a party to any
threatened, pending, or completed action or suit by or in the right of the corporation by reason of the fact that such person was a director,
officer, employee, or agent of such corporation, or is or was serving at the request of such corporation as a director, officer, employee,
or agent of another corporation or enterprise. The indemnity may include expenses (including attorneys' fees) actually and reasonably
incurred by such person in connection with the defense or settlement of such action or suit provided such person acted in good faith
and in a manner he or she reasonably believed to be in or not opposed to the corporation's best interests, except that no indemnification
is permitted without judicial approval if the officer or director is adjudged to be liable to the corporation.
Under
the DGCL, where an officer or director is successful on the merits or otherwise in the defense of any action referred to above, the corporation
must indemnify him or her against the expenses which such officer or director has actually and reasonably incurred. Article VI, Section
6.1 of our bylaws contains a mandatory indemnification provision, which requires us to indemnify a person in the defense of any proceeding
to which the person was a party because the person is or was a director or officer, against reasonable expenses incurred by him or her
in connection with the proceeding.
II-
1
Section
102(b)(7) of the DGCL permits a corporation to provide in its certificate of incorporation that a director of the corporation shall not
be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duties as a director, except
for liability for any:
●
breach
    of a director's duty of loyalty to the corporation or its stockholders;
●
act
    or omission not in good faith or that involves intentional misconduct or a knowing violation of law;
●
unlawful
    payment of dividends, stock purchase or redemption of shares; or
●
transaction
    from which the director derives an improper personal benefit.
Our
amended and restated certificate of incorporation does not include such a provision.
Pursuant
to Article VI, Section 6.2 of our bylaws, expenses incurred by any officer or director in defending any proceeding in advance of its
final disposition shall be paid by us upon delivery to us of an undertaking by or on behalf of such director or officer, to repay all
amounts advanced if it should ultimately be determined that such director or officer is not entitled to be indemnified by us.
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 on the
books containing minutes of the meetings of the board of directors at the time such action occurred or immediately after such absent
director receives notice of the unlawful acts.
We
have an insurance policy covering our officers and directors with respect to certain liabilities, including liabilities arising under
the Securities Act, or otherwise.
Item
15. Recent Sales of Unregistered Securities
On
September 7, 2022, we entered into a Securities Purchase Agreement (the "Purchase Agreement") with certain institutional
and accredited investors (each individually, an Investor, and collectively, the "Investors") for the sale by the Company
of (i) 9,523,810 shares (the "Shares") of Common Stock and (ii) warrants to purchase up to an aggregate of 9,523,810 shares
of Common Stock (the "Warrants," and the shares of Common Stock underlying the Warrants, the "Warrant Shares"),
in a private placement offering (the "September 2022 Private Placement"). The combined purchase price of one Share and accompanying
Warrant was $1.05.
In
addition to the September 2022 Private Placement described above, during the period from January 1, 2022 through the date hereof, the
Company issued the following:
●
12,500
    shares of Common Stock at a purchase price of $4.00 per share, for gross cash proceeds of $50,000, to one accredited investor in
    January 2022.
●
300,000
    shares of Common Stock at a purchase price of $10.00 per share to two existing stockholders, each of whom are accredited investors,
    for gross cash proceeds of $3,000,000, in May 2022.
●
1,574,490
    shares of Common Stock for services rendered in connection with the direct listing of our Common Stock on Nasdaq, in June 2022.
During
the year ended December 31, 2021, the Company issued the following:
●
1,019,000
    shares of Common Stock at a purchase price of $2.00 per share, for gross cash proceeds of $2,038,000, to 30 accredited investors
    between January 2021 and October 2021, with (i) 184,000 shares issued in January 2021, which includes the 69,000 shares issued for
    cash proceeds of $138,000 received as of December 31, 2020 (ii) 100,000 shares issued in March 2021, (iii) 335,000 shares issued
    in May 2021, (iv) 250,000 shares issued in June 2021, (v) 100,000 shares issued in September 2021 and (vi) 50,000 shares issued in
    October 2021 (the "$2.00 Round");
●
188,000
    shares of Common Stock at a purchase price of $3.00 per share, for gross cash proceeds of $564,000, to 188 accredited investors in
    September and October 2021, with 154,000 shares in September 2021, and (ii) 34,000 shares in October 2021 (the "$3.00 Round");
II-
2
●
166,500
    shares of Common Stock at a purchase price of $4.00 per share, for gross cash proceeds of $666,000, to 12 accredited investors in
    October and December 2021, with (i) 29,000 shares in October 2021, and (ii) 137,500 shares issued in December 2021 (the "$4.00
    Round");
●
25,000
    shares of Common Stock for services rendered, at a fair value of $2.00 per share determined using the per share purchase price of
    the $2.00 Round, to five consultants, with (i) 10,000 shares issued in January 2021 and (ii) 15,000 shares issued in May 2021;
●
40,000
    shares of Common Stock for services rendered, at a fair value of $2.00 per share determined using the per share purchase price of
    the $2.00 Round, to three directors of the Company, with (i) 10,000 shares issued in January 2021 and (ii) 30,000 shares issued in
    February 2021;
●
10,000
    shares of Common Stock for services rendered, at fair value at $3.00 per share determined using the per share purchase price of the
    $3.00 Round, to two directors of the Company, in September 2021; and
●
50,000
    shares of Common Stock for services rendered, at fair value at $4.00 per share determined using the per share purchase price of the
    $4.00 Round, to three consultants in November 2021.
During
the year ended December 31, 2020, the Company issued the following:
●
52,500
    shares of Common Stock for aggregate cash proceeds of $95,000;
●
9,500
    shares of Common Stock for 40 acres of land at a value of $15,000, at a price per share determined using the historical carrying
    value of BGGI (see Note 6 of financial statements - December 31, 2021);
●
10,000,000
    shares of Common Stock in relation to the Naseeb Merger, valued using the historical cost of $1,000 (see Note 5 of financial statements
    - December 31, 2021);
●
20,785,000
    shares of Common Stock for services rendered, valued at $0.069 per share, including 8,100,000 shares to certain directors and officers
    of the Company; and
●
1,000,000
    shares of Common Stock in relation to the Grants Greenhouse Growers, Inc. merger agreement, at an aggregate value of $103,837 determined
    using the "Black Scholes Model" (see Note 5 of financial statements - December 31, 2021);
During
the period from April 16, 2019 (date of incorporation) to December 31, 2019, the Company issued the following:
●
123,589,000
    shares of Common Stock in relation to the BGGI Merger at $0.074 per share (see Note 5 of financial statements – December 31,
    2021);
●
410,000
    shares of Common Stock for services rendered valued at $0.069 per share to eight consultants; and
●
200,000
    shares of Common Stock for cash proceeds of $200,000 to one individual.
The
Company relied upon the exemption provided by Section 4(a)(2) and/or Rule 506 of Regulation D of the Securities Act of 1933 in connection
with issuance and sale of the securities described above. The persons who acquired these shares were sophisticated investors and were
provided full information regarding the Company's business and operations. There were no general solicitations in connection with
the offer or sale of these securities. The persons who acquired these securities acquired them for their own accounts.
II-
3
Item
16. Exhibits and Financial Statement Schedules
(a)
Exhibits
Exhibit
Description
2.1***
Agreement
    and Plan of Merger between Bright Green Corporation and Bright Green Grown Innovation LLC dated May 28, 2019, filed as Exhibit 2.1
    to the Company's Registration Statement on Form S-1, filed with the SEC on May 4, 2022
2.2***
Agreement
    and Plan of Merger between Bright Green Corporation and Grants Greenhouse Growers Inc. dated as of October 30, 2020, filed as Exhibit
    2.2 to the Company's Registration Statement on Form S-1, filed with the SEC on May 4, 2022
2.3***
Agreement
    and Plan of Merger between Bright Green Corporation and Naseeb Inc. dated as of November 10, 2020, filed as Exhibit 2.3 to the Company's
    Registration Statement on Form S-1, filed with the SEC on May 4, 2022
3.1***
Certificate
    of Incorporation of the registrant, filed as Exhibit 3.1 to the Company's Registration Statement on Form S-1, filed with the
    SEC on May 4, 2022
3.2***
Amended
    and Restated Certificate of Incorporation of the registrant, filed as Exhibit 3.1 to the Company's Quarterly Report on Form
    10-Q, filed with the SEC on June 7, 2022.
3.3***
Bylaws of the registrant, filed as Exhibit 3.3 to the Company's Registration Statement on Form S-1, filed with the SEC on May 4, 2022
3.4***
Amended
    and Restated Bylaws of the registrant, filed as Exhibit 3.2 to the Company's Quarterly Report on Form 10-Q, filed with the
    SEC on June 7, 2022.
4.1***
Form
    of Warrant, filed as Exhibit 4.1 to the Company's Current Report on Form 8-K, filed with the SEC on September 13, 2022.
5.1*
Opinion of Dentons US LLP
10.1***
Memorandum
    of Agreement between Bright Green Corporation and the Department of Justice, Drug Enforcement 7 Administration, filed as Exhibit
    10.1 to the Company's Registration Statement on Form S-1, filed with the SEC on May 4, 2022
10.2***
Line
    of Credit Note, dated June 4, 2022, filed as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed with the SEC
    on June 7, 2022
10.3***
Executive
    Employment Agreement with Edward Robinson, filed as Exhibit 10.2 to the Company's Registration Statement on Form S-1, filed
    with the SEC on May 4, 2022
10.4***
Consulting
    Agreement with Saleem Elmasri, filed as Exhibit 10.3 to the Company's Registration Statement on Form S-1, filed with the SEC
    on May 4, 2022
10.5***#
Securities
    Purchase Agreement dated September 7, 2022, by and between the Company and the purchasers thereto, filed as Exhibit 10.1 to the Company's
    Current Report on Form 8-K filed with the SEC on September 13, 2022
10.6***
Registration
    Rights Agreement dated September 12, 2022, by and between the Company and the purchasers thereto, filed as Exhibit 10.2 to the Company's
    Current Report on Form 8-K filed with the SEC on September 13, 2022
10.7***
Placement
    Agent Agreement dated September 12, 2022 by and between the Company and EF Hutton, division of Benchmark Investments, LLC, filed
    as Exhibit 10.3 to the Company's Current Report on Form 8-K filed with the SEC on September 13, 2022
21.1***
List
    of subsidiaries of the registrant, filed as Exhibit 21.1 to the Company's Registration Statement on Form S-1, filed with the
    SEC on May 4, 2022
23.1*
Consent of SRCO, C.P.A., Professional Corporation
23.2*
Consent of Dentons US LLP (included in Exhibit 5.1)
24.1*
Power of Attorney (included on page II-6)
107*
Filing Fee Table
*
Filed
    herewith
**
To
    be filed by amendment
***
Previously
    filed.
#
Certain
    schedules and exhibits have been omitted pursuant to Item 601(A)(5) of Regulation S-K. The Company will furnish supplementally copies
    of omitted schedules and exhibits to the SEC or its staff upon its request.
II-
4
Item
17. Undertakings.
(a)
The
    undersigned registrant hereby undertakes as follows:
(1)
To
    file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i)
To
    include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii)
To
    reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
    post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
    forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
    the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end
    of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b)
    if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering
    price set forth in the "Calculation of Registration Fee" table in the effective registration statement;
(iii)
To
    include any material information with respect to the plan of distribution not previously disclosed in the registration statement
    or any material change to such information in the registration statement.
(2)
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.
(3)
To
    remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
    termination of the offering.
(4)
That,
    for the purpose of determining liability under the Securities Act of 1933 to any purchaser, each prospectus filed pursuant to Rule
    424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other
    than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of
    the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus
    that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration
    statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior
    to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the
    registration statement or made in any such document immediately prior to such date of first use.
(5)
That,
    for the purpose of determining any liability 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:
(i)
Any
    preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule
    424;
(ii)
Any
    free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by
    the undersigned registrant;
(iii)
The
    portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
    or our securities provided by or on behalf of the undersigned registrant; and
(iv)
Any
    other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
(b)
Insofar
    as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling
    persons of the undersigned pursuant to the foregoing provisions, or otherwise, the undersigned has been advised that in the opinion
    of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In
    the event that a claim for indemnification against such liabilities (other than the payment by the undersigned of expenses incurred
    or paid by a director, officer or controlling person of the undersigned 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 undersigned will,
    unless in the opinion of our 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 Act and will be governed by the final
    adjudication of such issue.
II-
5
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this Registration Statement on Form
S-1 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Grants, State of New Mexico, on the
21
st
day of September, 2022.
BRIGHT
    GREEN CORPORATION
By:
/s/
    Terry Rafih
Name:
Terry
    Rafih
Title:
Chairman
    of the Board, Interim Chief Executive Officer
POWER
OF ATTORNEY
KNOW
ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Saleem Elmasri and Terry Rafih,
and each of them, his or her true and lawful attorneys-in-fact and agents with full power of substitution, for him or her and in his
or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this
registration statement, and to sign any registration statement for the same offering covered by the registration statement that is to
be effective upon filing pursuant to Rule 462(b) promulgated under the Securities Act, and all post-effective amendments thereto, and
to file the same, with all exhibits thereto and all documents in connection therewith, with the Securities and Exchange Commission, granting
unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite
and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents or any of them, his, hers or their substitute or substitutes, may
lawfully do or cause to be done or by virtue hereof.
Pursuant
to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in
the capacities and on the dates indicated.
Name
Title
Date
/s/
    Terry Rafih
Interim
    Chief Executive Officer, Chairman of the Board of Directors
September 21,
    2022
Terry
    Rafih,
Interim Chief Executive Officer, Chairman
(Principal
    Executive Officer)
/s/
    Saleem Elmasri
Chief
    Financial Officer
September 21,
    2022
Saleem
    Elmasri,
Chief Financial Officer
(Principal
    Financial Officer)
/s/
    Alfie Morgan
Director
September 21,
    2022
Dr.
    Alfie Morgan,
Director
/s/
    Lynn Stockwell
Director
September 21,
    2022
Lynn
    Stockwell,
Director
/s/
    Dean Valore
Director
September 21,
    2022
Dean
    Valore,
Director
/s/
    Robert Arnone
Director
September 21,
    2022
Robert
    Arnone,
Director
II-
6