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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: 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 June 16, 2022</b></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; 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: 0pt 0; text-align: center"></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; 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>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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>FORM
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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"><b>REGISTRATION
STATEMENT</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>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>

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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">(Exact
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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>

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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>

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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>Ryan
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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>Chief
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<span id="xdx_90C_edei--LocalPhoneNumber_c20220101__20220331__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zXz3DfRU2Mck" title="Local Phone Number"><ix:nonNumeric contextRef="From2022-01-012022-03-31_dei_BusinessContactMember" name="dei:LocalPhoneNumber">859-3010</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">(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"><i>Copies
to:</i></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: 50%"><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>Richard
    A. Friedman, Esq.</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>Stephen
    A. Cohen, Esq.</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>Sheppard,
    Mullin, Richter &amp; Hampton LLP<br />
    30 Rockefeller Plaza<br />
    New York, NY 10112<br />
    Telephone: (212) 653-8700</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><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>M.
    Ali Panjwani, Esq.</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>Pryor
    Cashman LLP</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>7
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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>New
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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>Telephone:
    (212) 326-0820</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></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">&#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">Approximate
date of commencement of proposed sale to the public:</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
soon as practicable after the effective date of this 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">&#160;</span></p>

<p style="font: 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: &#9744;</span></p>

<p style="font: 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
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement number of the earlier effective registration statement for the same
offering. &#9744;</span></p>

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

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

<p style="font: 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, 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: 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: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    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>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 30%"><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: 30%"><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: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_edei--EntityFilerCategory_c20220101__20220331_zE64tBVwmRL5"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Non-accelerated
    filer</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</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">Smaller
    reporting company</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_edei--EntitySmallBusiness_c20220101__20220331_zVA6B2AAATkd"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt:booleantrue" name="dei:EntitySmallBusiness">&#9746;</ix:nonNumeric></span></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>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
    growth company</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_edei--EntityEmergingGrowthCompany_c20220101__20220331_znzOVH91pc13"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#9744;</ix:nonNumeric></span></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">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 to Section 7(a)(2)(B) of the Securities Act. &#9744;</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>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 the registration statement shall become effective
on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.</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"><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>


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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="width: 100%">&#160;</td></tr></table></div>
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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; color: red"><b>The
information in this prospectus is not complete and may be changed. These securities may not be sold until the registration statement
filed with the Securities and Exchange Commission is declared effective. This prospectus is not an offer to sell nor does it seek an
offer to buy these securities in any state where the offer or sale is not permitted</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" border="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; margin: 0pt 0; width: 33%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><b>PRELIMINARY
  PROSPECTUS</b></span></td>
  <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 34%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><b>SUBJECT
  TO COMPLETION</b></span></td>
  <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 33%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><b>DATED
  JUNE 16, 2022</b></span></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">&#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"><img src="forms-1_001.jpg" alt="" style="height: 112px; width: 195px" /></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>MusclePharm
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">&#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>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">&#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 offering&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares of our common stock on a firm commitment basis.</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
common stock is quoted on the Pink Open Market maintained by OTC Markets Group, or the OTC Pink, under the symbol &#8220;MSLP.&#8221;
On May&#160;&#160;&#160;&#160;&#160;&#160;, 2022, the last reported sale price of our common stock as reported on the OTC Pink was $&#160;&#160;&#160;&#160;&#160;&#160;per share, <span style="background-color: white">which
giving effect to a one for&#160;&#160;&#160;&#160;&#160;&#160;reverse stock split of our common stock to be effected prior to or upon the effective date of our registration
statement, equates to $&#160;&#160;&#160;&#160;&#160;&#160;. As a result, we assumed a public offering price per share of $&#160;&#160;&#160;&#160;&#160;&#160;.</span> The assumed public offering price used
throughout this prospectus has been included for illustration purposes only. The actual offering price may differ materially from the
assumed price used in the prospectus and will be determined by negotiations between us and the representatives of the underwriters and
may not be indicative of prices that will prevail in the trading market.</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have applied to list our common stock on The Nasdaq Capital Market under the symbol &#8220;MSLP,&#8221; which listing is a condition
to this offering. No assurance can be given that our application will be approved.</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
share and per share information in this prospectus reflects, other than in our Financial Statements and the Notes thereto, a proposed
reverse stock split of the authorized and outstanding common stock at an anticipated ratio of 1-for- to occur immediately following the
effective date but prior to the closing of the offering.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investing
in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described under the
heading <i>&#8220;Risk Factors&#8221;</i> beginning on page 7 of this prospectus before making a decision to purchase our
securities.</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; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NEITHER
THE SECURITIES AND EXCHANGE COMMISSION (&#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">&#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">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 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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    public offering price</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; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; 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; width: 1%; 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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting
    discounts and commissions<sup>(1)</sup></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">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</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 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">Proceeds,
    before expenses, to us</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">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</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>
  </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>

<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: 0.2in; text-align: justify"><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">We
    have agreed to reimburse the underwriters for certain expenses and the underwriters will receive compensation in addition to underwriting
    discounts and commissions. See the section titled &#8220;Underwriting&#8221; beginning on page 64 of this prospectus for additional
    disclosure regarding underwriter compensation and offering expenses.</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">We
have granted the underwriters an option for a period of&#160;&#160;&#160;&#160;&#160;&#160;days to purchase up to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;additional shares of our Common Stock at the public offering
price, less underwriting discounts and commissions.</span></p>

<p style="font: 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
underwriters expect to deliver the Company&#8217;s securities to the purchasers on or about &#160;&#160;&#160;&#160;&#160;&#160;&#160;, 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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Roth
Capital Partners</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
date of this prospectus is_________, 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>


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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>TABLE
OF CONTENTS</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>

<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; width: 92%"><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: 8%; text-align: center"><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; 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"><a href="#ds_001">PROSPECTUS SUMMARY</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">1</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"><a href="#ds_002">RISK FACTORS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</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"><a href="#ds_003">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</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"><a href="#ds_004">USE OF PROCEEDS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</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="#ds_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAPITALIZATION </span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>19</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="#ds_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MARKET FOR OUR COMMON STOCK AND RELATED STOCKHOLDER MATTERS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">21</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"><a href="#ds_007">DILUTION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</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"><a href="#ds_008">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULT OF OPERATIONS</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">24</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"><a href="#ds_009">BUSINESS</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">37</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"><a href="#ds_010">MANAGEMENT</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</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"><a href="#ds_011">EXECUTIVE COMPENSATION</a> </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</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"><a href="#ds_012">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</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">57</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"><a href="#ds_013">CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</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">59</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"><a href="#ds_014">DESCRIPTION OF SECURITIES</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">62</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"><a href="#ds_015">UNDERWRITING</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">64</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"><a href="#ds_016">LEGAL MATTERS</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">71</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"><a href="#ds_017">EXPERTS</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">72</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"><a href="#ds_018">WHERE YOU CAN FIND MORE INFORMATION</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">73</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"><a href="#ds_019">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-1</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>You
should rely only on information contained in this prospectus or in any free writing prospectus we may authorize to be delivered or made
available to you. We have not, and the underwriters have not, authorized anyone to provide you with additional information or information
different from that contained in this prospectus or in any free writing prospectus. Neither the delivery of this prospectus nor the sale
of our securities means that the information contained in this prospectus or any free writing prospectus is correct after the date of
this prospectus or such free writing prospectus. This prospectus is not an offer to sell or the solicitation of an offer to buy our securities
in any circumstances under which the offer or solicitation is unlawful or in any state or other jurisdiction where the offer is not permitted.</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>No
person is authorized in connection with this prospectus to give any information or to make any representations about us, the securities
offered hereby or any matter discussed in this prospectus, other than the information and representations contained in this prospectus.
If any other information or representation is given or made, such information or representation may not be relied upon as having been
authorized by us.</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">Neither
we nor any of the underwriters have done anything that would permit this offering or possession or distribution of this prospectus in
any jurisdiction where action for that purpose is required, other than the United States. You are required to inform yourself about,
and to observe any restrictions relating to, this offering and the distribution 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>

<p style="font: 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
also use certain trademarks, trade names, and logos that have not been registered. We claim common law rights to these unregistered trademarks,
trade names and logos.</span></p>

<p style="font: 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="ds_001"></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; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
following summary highlights selected information contained elsewhere in this prospectus and is qualified in its entirety by the more
detailed information and financial statements included elsewhere in this prospectus. It does not contain all the information that may
be important to you and your investment decision. You should carefully read this entire prospectus, including the matters set forth under
&#8220;Risk Factors,&#8221; &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations,&#8221;
and our financial statements and related notes included elsewhere in this prospectus. In this prospectus, unless context requires otherwise,
references to &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; &#8220;MusclePharm&#8221; or &#8220;the Company&#8221; refer to
MusclePharm Corporation</i></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"><b>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"><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">MusclePharm
is a scientifically-driven, performance lifestyle company that develops, manufactures, markets and distributes branded sports nutrition
products and functional energy beverages. Since our incorporation in 2006, we have developed a comprehensive product portfolio, which
has fueled the widespread recognition of our brands, MusclePharm and FitMiss. Today, these brands are sold in more than 100 countries
globally, supported by our diversified and industry-leading distribution partners. We believe our strong international presence has allowed
us to attract a larger and more engaged social audience than our competitive peers, Our global reach to a large and engaged customer
base enables us to achieve The MusclePharm Promise of helping professional athletes and everyday active individuals reach their maximum
potential with the most scientifically advanced, safe and nutritious sports supplementation products possible.</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">&#8220;The
MusclePharm Promise&#8221; guides our endeavors to support the health of individuals and is comprised of three key pillars:</span></p>

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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">&#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>Leading
    by Example<i>. </i></b>We place considerable emphasis on transparency, high-quality ingredients, innovation and science. Our products
    undergo rigorous, independent third-party testing to ensure safe, quality ingredients to support all levels of athletic ability.
    Tests performed on products include banned substance testing and protein verification, among others.</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">&#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"><b>Supporting
    Active Lifestyles<i>. </i></b>Our product portfolio is designed for athletes of all levels and anyone who pursues an active, healthy
    lifestyle<b><i>. </i></b>We offer a broad range of performance powders, capsules, tablets, bars and functional energy beverages that
    satisfy the needs of enthusiasts and professionals alike.</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; 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"><b>Enhancing
    Public Health<i>. </i></b>Through our Specialty, International, Food, Drug, and Mass (&#8220;FDM&#8221;), and newly introduced Grocery
    and Convenience distribution channels, we are able to reach athletes and active individuals of all types and demographics. We believe
    in the importance of our consumers having access to our products where and when they need them.</span></td></tr>
  </table>
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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>Our
Products</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">Our
product portfolio consists of two categories, sports nutrition and functional energy beverages, and targets a variety of fitness enthusiasts
and professionals, as well as individuals who lead an active lifestyle.</span></p>

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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"><b><img src="forms-1_002.jpg" alt="" style="height: 294px; width: 600px" /></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>Sports
Nutrition</i></b></span></p>

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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">&#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>Sport
    Series</b>. In order to cover the needs of athletes, we introduced our scientifically-advanced, performance-driven Sport Series category.
    These award-winning , independently-tested products help fuel athletes safely by increasing strength, energy, endurance, recovery
    and overall athletic performance. It features our Combat Protein Powder, a top selling five-protein blend on the market, currently
    available in 4 flavors.</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; 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"><b>Essentials
    Series.</b> To meet the day-in and day-out demands of fitness and sport, the Essentials Series (formerly known as the Core Series)
    line of supplements exists for athletes to take daily. These products include daily staples for a healthy body, such as BCAA, creatine,
    glutamine, carnitine, CLA, fish oil, a multi-vitamin and more<i>.</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; 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"><b>FitMiss.
    </b>Designed and formulated specifically for the female body, FitMiss sports nutrition products are complementary to any active female&#8217;s
    diet. In seeking a stronger, more balanced foundation, FitMiss ingredients support women in areas of weight management, lean muscle
    mass, body composition, and general health and wellness. Currently, FitMiss protein powder is available in 2 flavors.</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; 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"><b>On-the-Go</b>.
    As more and more consumers are seeking healthier and convenient snacking options, retailers across multiple channels are capitalizing
    on this emerging trend by aggressively expanding their better-for-you assortments. Our On-the-Go portfolio of ready to eat products
    includes our award-winning Combat Crunch Protein Bars, currently available in 4 flavors.</span></td></tr>
  </table>
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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>Functional
Energy Beverages</i></b></span></p>

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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">&#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>Combat
    Energy.</b> In order to tap into the ever-growing functional beverage market, we recently launched our Combat Energy drink line.
    Unlike traditional energy drinks, Combat Energy has zero sugar and zero calories and features the functional benefits of 300mg of
    caffeine and 600mg of BCAA aminos. Our Combat Energy line is available in the three flavors: Green Apple, Grapefruit Lime and Black
    Cherry.</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">&#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"><b>FitMiss
    Energy.</b> Based on the feedback we received from female consumers, we developed and meticulously formulated FitMiss Energy. This
    recently launched product features 200 milligrams of caffeine per can, zero calories, zero sugar, MusclePharm&#8217;s proprietary
    BCAA blend, Biotin and no artificial colors or flavors. Currently, we sell this functional energy beverage in the following
    three flavors: Pineapple Coconut, Mango Sunshine and Watermelon Waterfall.</span></td></tr>
  </table>
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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>Industry</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>Global
Sports Nutrition</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">According
to a 2021 analysis by Grand View Research, the global sports nutrition market is expected to experience double digit growth, growing
at a compound annual growth rate (&#8220;CAGR&#8221;) of 10.9% from 2021 to 2028. A rise in demand is expected to stem from consumers&#8217;
increased focus on self-care, preventive medication and fitness. This heightened focus is particularly due to the rapidly growing number
of individuals with diabetes and obesity that are at risk of serious illness from COVID-19. Given that our products are designed to enhance
one&#8217;s health and fitness ability, we expect to benefit and capitalize on these attractive industry tailwinds.</span></p>

<p style="font: 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>Global
Functional Beverages</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">According
to a 2021 report by Fior Markets, the functional beverage market is expected to grow at a CAGR of 7.1% from 2021 to 2028. This growth
is expected to stem from an increased demand for ready-to-drink beverages by consumers who seek to maintain their health despite their
hectic, busy lifestyles. We believe this growth will be compounded even more by millennials&#8217; strong preference for foods that are
convenient and have diverse nutritional profiles. For these reasons, we anticipate that our newly introduced Combat Energy and FitMiss
Women&#8217;s Complete Energy will experience increased demand, along with our On-The-Go product line.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Strengths</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>Consumer
Awareness of Our Brands</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">According
to Nutritionix.com, our Combat Protein Powder is the fourth best protein brand in the world, and Grand Review Research names MusclePharm
as one of the top players in the North American sports nutrition market. For these reasons, we believe consumers have a strong appetite
for our brand and products, which is exemplified by our large and engaged social media following. Widespread brand recognition as one
of the safest, most trusted and reliable performance lifestyle companies is a strength we seek to maintain, as it allows for organic
growth and fosters the adoption of new product innovations.</span></p>

<p style="font: 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>Strong
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">We
believe that protecting our intellectual property is crucial to the continued successful implementation of our business strategy and
marketing our products. Therefore, our policy is to rigorously pursue registrations for all trademarks associated with our products.
We have over 39 trademark applications in the United States, 29 of which are currently registered with the United States Patent and Trademark
Office. Our registered trademarks include registrations of our house marks, as well as marks associated with our core product lines.</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">We
also have filed for protection of various marks throughout the world and are committed to a significant long-term strategy to build and
protect the MusclePharm and FitMiss brands globally. The &#8220;MusclePharm&#8221; and &#8220;FitMiss&#8221; marks have been granted
final trademark registration effective in 10 countries, including the United States.</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>Asset
Light Business Model</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">Through
our asset light model, we achieve low capital expenditures, which we believe is critical to the generation of high free cash flows, gross
margin, and lower commodity pricing. Currently, we outsource all manufacturing, testing and bottling to third-parties, and despite challenges
in 2020 due to COVID-19, we believe our asset light model will enable us to achieve strong results and profitability in future quarters.
For these reasons, we believe our business is uniquely positioned for profitability, without sacrificing the support of our growth initiatives.</span></p>

<p style="font: 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>Growth
Strategy</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>Product
Innovation</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
believe continued innovation in delivery techniques and ingredients, new product lines, and new products in existing lines is important
to sustaining and creating new market opportunities, meeting consumer demand, and strengthening customer relationships. Over the last
several years, we have launched several new products to meet changing consumer needs and to accelerate our growth. In 2021, we rolled
out our functional energy beverages lines under the MusclePharm and FitMiss brands. With continued market expansion of functional beverages,
coupled with consumers&#8217; increased focus on ready-to-drink healthy alternatives, we expect our zero sugar and zero calorie energy
drinks to benefit from these better-for-you industry tailwinds. Similarly, in 2019, we expanded our On-The-Go assortments with the introduction
of gluten free and non-GMO protein products, along with new flavors of our award-winning Combat Crunch Protein Bars. These On-The-Go
product assortments target a wide and growing audience, as consumers increasingly demand convenient and ready-to-eat snacks with healthy,
diverse nutritional profiles. We continuously monitor market opportunities and consumer trends in order to strategically plan and execute
future product innovations. We continue to drive innovation in our already popular protein powder line and in 2021 we launched a new
and improved formula, delivering better taste and mixability in our two top selling products, Combat 100% Whey and Combat Protein powder.to
To maintain strong demand for our functional energy beverages, we will closely monitor and evaluate customer feedback for future product
innovations to sustain our leadership position in the beverage market.</span></p>

<p style="font: 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>

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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>Expand
Sales in Current and New Channels</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
currently distribute our products across all major global retail channels &#8211; Specialty, International and FDM. This, paired with
our large e-commerce customers, allows us to reach every relevant market in the world. Due to the high competition within these channels,
and the ever-changing customer trends, we have undertaken a number of initiatives to expand into new distribution channels, increase
product trial, and amplify brand messaging.</span></p>

<p style="font: 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
we continue to scale our functional energy beverages, we expect to increase our distribution points through Grocery and Convenience channels
and expect product trial to increase, providing us with the opportunity to convert trial customers into loyal, repeat purchasers, and
ultimately, consumers of our broader product categories. While these initiatives are targeted towards acquiring new, loyal customers,
we plan to grow with existing customers through our established, industry-leading distribution partners in the Specialty, International,
and FDM. Through increased store penetration and shelf-space, we believe we can grow sales of our functional energy beverages with existing
customers by providing widespread accessibility. Given the importance we place on widespread accessibility, we also plan on advancing
our e-commerce presence through strategic partnerships, which we believe will not only enhance sales among new and existing customers
but also further the global reach of our brand and 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><i>Leverage
Existing Brand Awareness for New Products</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
we continue to execute our growth strategy and focus on core and new product innovations, we plan on leveraging our existing brand awareness
to successfully penetrate domestic and international markets. We believe our established brand recognition, recurring customer base,
and far reach will further advance the adoption of our products and growth. In the past, our passionate and loyal following has demonstrated
a keen appetite for new MusclePharm products and we believe this will continue to play a vital role in the success of future product
rollouts.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><i>Private
Placement</i></b></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; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
previously disclosed by MusclePharm Corporation (the &#8220;Company&#8221;) on a Current Report on Form 8-K filed with the U.S. Securities
and Exchange Commission (the &#8220;SEC&#8221;) on June 9, 2022 (the &#8220;June 8-K&#8221;), as of June 3, 2022,</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
the Company entered into an Amended and Restated Securities Purchase Agreement (the &#8220;Amended and Restated Securities
Purchase Agreement&#8221;) with certain accredited and institutional investors, </span>including certain investors
from the Company&#8217;s October 2021 private offering of securities (the &#8220;October Offering&#8221;), which amends and restates
the October 2021 Securities Purchase Agreement to, among other things, allow for the issuance of additional senior secured notes and
warrants.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</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">Pursuant
to the Amended and Restated Securities Agreement, on June 10, 2022,</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
the Company sold an aggregate of $3,081,875 in principal amount 20% Original Issue Discount Senior Secured Notes
(the &#8220;June Notes&#8221;), resulting in gross proceeds to the Company of $2,465,500, exclusive of placement agent commission
and fees and other offering expenses, and warrants (the &#8220;June Warrants&#8221;) to purchase up to 22,013,393 shares
(the &#8220;Warrant Shares&#8221;) of the Company&#8217;s common stock (the </span>&#8220;June Offering&#8221;).</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>

<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>
<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 0pt 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 0pt 0pt 0; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to certain exceptions, the June Notes accrue no interest, mature six months after issuance, or December 10, 2022, and are secured by
the same collateral that secured the notes issued in the October Offering (the &#8220;October Notes&#8221; and together with the June
Notes, the &#8220;Notes&#8221;). The June Warrants are exercisable for five years from the date of issuance at an exercise price of $0.231
per share, subject to adjustment. If at any time following the six-month anniversary of the date of issuance of the June Warrants, a
registration statement covering the resale of the Warrant Shares is not effective, the holders may exercise the June Warrants by means
of a cashless exercise. The Company is prohibited from effecting an exercise of the June Warrants to the extent that, as a result of
such exercise, the holder together with the holder&#8217;s affiliates, would beneficially own more than 4.99% of the number of shares
of the Company&#8217;s common stock outstanding immediately after giving effect to the issuance of the Warrant Shares upon exercise of
the June Warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
previously disclosed in the June 8-K, in connection with the closing of the June Offering, the Company:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; 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; width: 0.25in; 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; width: 0.25in; 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">amended
    (i) the convertible secured promissory note issued to Ryan Drexler, the Company&#8217;s Chief Executive Officer and Chair of the
    Board of Directors, on November 29, 2020 (as amended on August 13, 2021) in the principal amount of $2,871,967 (the &#8220;Drexler
    November Note&#8221;) and (ii) the convertible secured promissory note issued to Ryan Drexler on August 13, 2021 in the principal
    amount of $2,457,549 (the &#8220;Drexler August Note&#8221; and together with the Drexler November Note, the &#8220;Drexler Notes&#8221;)
    to extend the maturity date of the Drexler Notes to June 10, 2025;</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">entered
    into an amendment to Ryan Drexler&#8217;s Amended and Restated Employment Agreement dated February 1, 2018 (the &#8220;Drexler Employment
    Agreement&#8221;) pursuant to which Mr. Drexler&#8217;s cash compensation, including base salary and bonus, was decreased to $250,000
    annually while any Notes remain outstanding; 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">&#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">appointed
    Sabina Rizvi, the Company&#8217;s President and Chief Financial Officer, as a member of the board of directors of the Company.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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"></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 0pt 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Associated with Our Business </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -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; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business is subject to a number of risks of which you should be aware before making a decision to invest in our common shares. These
risks are discussed more fully in the &#8220;Risk Factors&#8221; section of this prospectus. These risks include the following:</span></p>

<p style="font: 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; 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: 0.25in"></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">We
                                            rely on a limited number of customers for a substantial portion of our sales, and the loss
                                            of or material reduction in purchase volume by any of these customers would adversely affect
                                            our sales and operating results.</span></td></tr></table>

<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: 0.25in"></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
                                            failure to respond appropriately to competitive challenges, changing consumer preferences
                                            and demand for new products could significantly harm our customer relationships and product
                                            sales..</span></td></tr></table>

<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: 0.25in"></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
                                            industry is highly competitive, and our failure to compete effectively could adversely affect
                                            our market share, financial condition, and future growth.</span></td></tr></table>

<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: 0.25in"></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">We
                                            have a history of losses from operations, there is uncertainty as to when we may become consistently
                                            profitable, and our current indebtedness may limit our operating flexibility, which raise
                                            substantial doubt about the Company&#8217;s ability to continue as a going concern.</span></td></tr></table>

<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: 0.25in"></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
                                            multiple financing arrangements contain covenants that limit our ability to incur
                                            additional debt and grant liens on assets.</span></td></tr></table>

<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: 0.25in"></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">Mr.
                                            Drexler&#8217;s stock ownership gives him the ability to substantially influence the strategic
                                            direction of the Company and to direct the outcome of matters requiring stockholder approval.</span></td></tr></table>

<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: 0.25in"></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
                                            common stock is subject to the &#8220;penny stock&#8221; rules of the SEC and the trading
                                            market in the securities is limited, which makes transactions in the stock cumbersome and
                                            may reduce the value of an investment in the stock.</span></td></tr></table>

<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: 0.25in"></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">We
                                            have ongoing material weaknesses and may in the future fail to maintain effective systems
                                            of internal control over financial reporting and disclosure controls and procedures, any
                                            of which could, among other things, result in significant additional costs being incurred,
                                            cause a loss of confidence in our financial reporting, and adversely affect the trading price
                                            of our common stock.</span></td></tr></table>

<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: 0.25in"></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">Even
                                            if we meet the initial listing requirements of the Nasdaq Capital Market, there can be no
                                            assurance that we will be able to comply with the continued listing standards of the Nasdaq
                                            Capital Market. Our failure to meet the continued listing requirements of the Nasdaq Capital
                                            Market could result in a de-listing of our Common Stock.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Proposed
Changes to Our Capital Structure</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
plan to effect a 1-for-&#160;&#160;&#160;&#160;&#160;reverse split of our outstanding shares of common stock prior to effectiveness of the registration statement
of which this prospectus forms a part. No fractional shares will be issued in connection with the reverse stock split and all such fractional
interests will be rounded up to the nearest whole number of shares of common stock. The conversion and/or exercise prices of our issued
and outstanding convertible securities, including shares issuable upon exercise of outstanding stock options and warrants, and conversion
of our outstanding convertible notes will be adjusted accordingly. All information presented in this prospectus assumes a 1-for- reverse
split of our outstanding shares of common stock, and unless otherwise indicated, all such amounts and corresponding conversion price
and/or exercise price data set forth in this prospectus have been adjusted to give effect to the assumed reverse stock split.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; 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 0pt 10pt; text-indent: -10pt"><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 0pt 10pt; text-indent: -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; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
principal executive offices are located at 6728 W. Sunset Rd., Suite 130, Las Vegas, NV. We were incorporated in the State of Nevada
on August 4, 2006. Our Internet addresses are <i>www.musclepharm.com</i> and <i>www.musclepharmcorp.com</i>. The information contained
on our websites is not incorporated by reference herein. prospectus, and you should not consider any information contained on, or that
can be accessed through, our website as part of this prospectus or in deciding whether to purchase our common shares.</span></p>

<p style="font: 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>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"><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; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 22%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common
    stock offered by us:</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; 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; width: 76%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of 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; 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"><b>Common
    Stock outstanding prior to this Offering</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">&#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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Shares</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; 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"><b>Common
    Stock to be outstanding immediately after this Offering</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">&#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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Shares
    (&#160;&#160;&#160;&#160;&#160;&#160;shares if the underwriters exercise their option to purchase up to an additional shares to
    cover over-allotments, if any)</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; 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"><b>Over-Allotment
    Option</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">&#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">We
    have granted the underwriters an option for a period of&#160;&#160;&#160;&#160;&#160;&#160;days from the date of this prospectus to purchase up to an additional&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares of Common Stock at the public offering price, less the underwriting discount. </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; 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;&#160;&#160;&#160;&#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>&#160;</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">&#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"><b>Use
    of proceeds:</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">&#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">We
    estimate that the net proceeds from this offering will be approximately $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;or approximately $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;if
    the underwriters exercise their over-allotment option in full, at an assumed public offering price of $&#160;&#160;per share, after
    deducting the underwriting discounts and commissions and estimated offering expenses payable by us. We intend to use the net proceeds
    from this offering for working capital and other general corporate purposes. See &#8220;Use of Proceeds&#8221; for a more complete
    description of the intended use of proceeds from this 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; 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"><b>Risk
    factors:</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">&#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">An
    investment in our securities involves a high degree of risk and could result in a loss of your entire investment. Prior to making
    an investment decision, you should carefully consider all of the information in this prospectus and, in particular, you should evaluate
    the risk factors set forth under the caption &#8220;Risk Factors&#8221; beginning on page 7. </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; 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"><b>OTCPink
    trading symbol:</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">&#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">Our
    common stock is currently quoted on the OTCPink under the trading symbol &#8220;MSLP&#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; 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"><b>Proposed
    Nasdaq trading symbol:</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">&#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">We
    have applied to list our common stock on the Nasdaq Capital Market under the symbol &#8220;MSLP.&#8221; No assurance can be given
    that our application will be approved.</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>

<p style="font: 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
number of shares of common stock to be outstanding immediately after this offering is based on 34,348,891 shares of common stock
outstanding as of May 10, 2022 and excludes:</span></p>

<p style="font: 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%">
  <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">17,355,700
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of common stock issuable upon exercise
    of warrants issued in the October 2021 private placement at exercise price of $0.78 per share;</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>

<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">5,399,441
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of common stock issuable upon exercise
    of outstanding options to purchase shares of 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>

<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">16,154,795
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of common stock issuable upon conversion
    of outstanding convertible notes; and</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>

<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">171,703
    shares of common stock issuable upon the exercise of outstanding options to purchase shares of common stock under our 2015 Incentive
    Compensation Plan at a weighted average exercise price of $1.89.</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"><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></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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">&#9679;</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,811,000
    shares of common stock issuable upon the exercise of outstanding options to purchase shares of common stock under our 2021 Omnibus
    Equity Incentive Plan at a weighted average exercise price of $0.40.</span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.5pt; text-align: justify; text-indent: -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 6.5pt; text-align: justify; text-indent: -2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise indicated herein, all information in this prospectus reflects or assumes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.5pt; text-align: justify; text-indent: -2pt"><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
    one-for-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;reverse stock split of our common stock effected on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    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">&#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">no
    exercise of the underwriters&#8217; option to purchase up to an additional&#160;&#160;shares of common stock to cover over-allotments,
    if any.</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">&#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="ds_002"></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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Any
investment in our common stock involves a high degree of risk. Before deciding whether to purchase our common stock, investors should
carefully consider the risks described below together with the &#8220;Risk Factors&#8221; described in our most recent Annual Report
on Form 10-K, which are incorporated herein by reference, as may be amended, supplemented or superseded from time to time by other reports
we file with the SEC. Our business, financial condition, operating results and prospects are subject to the following material risks
as well as those material risks incorporated by reference. Additional risks and uncertainties not presently foreseeable to us may also
impair our business operations. If any of the following risks actually occurs, our business, financial condition or operating results
could be materially adversely affected. In such case, the trading price of our common stock could decline, and our stockholders may lose
all or part of their investment in the shares of our common stock.</i></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"><b>Risks
Related to Our Financial Position and Need for 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"><b><i>We
will likely be required to raise additional financing to fund our operations.</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
will likely be faced with the need to raise additional funds in the future. There can be no assurance that we will be able to obtain
debt or equity financing on acceptable terms, or at all.</span></p>

<p style="font: 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>Our
senior notes payable agreement contains covenants that limit our ability to incur additional debt and grant liens on assets.</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
senior notes payable contains restrictive covenants that limit our ability to, among other things, incur additional debt and grant liens
on assets. If we fail to comply with the restrictions in this debt instrument, a default may allow the debtor to accelerate the debt
and to exercise remedies under the agreement, which includes the right to declare the principal amount of that debt, together with accrued
and unpaid interest and other related amounts, immediately due and payable, and to exercise any remedies he may have to foreclose on
assets that are subject to liens securing that debt.</span></p>

<p style="font: 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
the Company is unable to extend the Senior Notes or elects not to do so, the Company will be required to repay the Senior Notes through
equity issuances, additional borrowings, cash flows from operations and/or other sources of liquidity.</span></p>

<p style="font: 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
convertible promissory note agreement that we have entered into with Mr. Drexler may limit our ability to, among other things, incur
additional debt. If we fail to comply with the restrictions in this debt instruments, a default may allow the debtor to accelerate the
related debt and to exercise his remedies under the agreement, which includes the right to declare the principal amount of that debt,
together with accrued and unpaid interest and other related amounts, immediately due and payable, and to exercise any remedies he may
have to foreclose on assets that are subject to liens securing that debt.</span></p>

<p style="font: 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 details regarding our indebtedness, see Note 10 to the accompanying consolidated financial statements.</span></p>

<p style="font: 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>Risks
Related to Our Business and Industry</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>Our
industry is highly competitive, and our failure to compete effectively could adversely affect our market share, financial condition,
and future 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">The
sports nutrition market is highly competitive with respect 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: 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">price;</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">shelf
    space and store placement;</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">brand
    and product recognition;</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">new
    product introductions; 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">raw
    materials.</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">Many
of our competitors are larger, more established companies and possess greater financial strength and other resources than we have. We
face competition in the supplement market from a number of large nationally known manufacturers, private label brands and many smaller
manufacturers.</span></p>

<p style="font: 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>

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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>Our
industry is highly regulated. We may in the future incur increased compliance costs and/or incur substantial judgments, fines, legal
fees, and other costs.</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">The
manufacturing, packaging, labeling, advertising, distribution, storage and sale of our products are regulated by various federal, state,
and local agencies as well as those of each foreign country to which we distribute. Our compliance costs may increase in the future,
and those increases could be material. In addition, governmental authorities may commence regulatory or legal proceedings, which could
restrict the permissible scope of our product claims or the ability to manufacture and sell our products in the future. For example,
the FDA regulates our products to ensure that the products are not adulterated or misbranded. Failure to comply with FDA requirements
may result in, among other things, warning or untitled letters, injunctions, product withdrawals, recalls, product seizures, fines, and
criminal proceedings.</span></p>

<p style="font: 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
advertising is subject to regulation by the FTC under the Federal Trade Commission Act. In recent years, the FTC has initiated numerous
investigations of dietary supplement and weight loss products and companies. Additionally, some states also permit advertising and labeling
laws to be enforced by private attorney generals, who may seek relief for consumers, seek class action certifications, seek class wide
damages, and product recalls. Any of these types of actions could 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">&#160;</span></p>

<p style="font: 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 a history of losses from operations, there is uncertainty as to when we may become consistently profitable, and our current indebtedness
may limit our operating flexibility, which raise substantial doubt about the Company&#8217;s ability to continue as a going concern.</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
have historically incurred significant losses and experienced negative cash flows since inception. As of March 31, 2022, we had cash
of $0.5 million, a working capital deficit of $36.3 million, a stockholders&#8217; deficit of $38.1 million and an accumulated deficit
of $211.8 million resulting from recurring losses from operations. As a result of a history of losses and financial condition, there
is substantial doubt about our ability to continue as a going concern.</span></p>

<p style="font: 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">&#160;</span></p>

<p style="font: 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 result of our history of losses and financial condition, there is doubt about our ability to continue as a going concern. The ability
to continue as a going concern is dependent upon us maintaining profitable operations in the future and/or obtaining the necessary financing
to meet our obligations and repay our liabilities when they come due. On an ongoing basis, management evaluates strategies to obtain
financing required to fund our expenses and achieve a level of revenue adequate to support our current cost structure. There is no assurance
that we will be able to obtain additional financing on acceptable terms or at all, or to generate an adequate level of revenues.</span></p>

<p style="font: 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
indebtedness, and history of losses, could have important consequences to us. For example, it could:</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">make
    us more vulnerable to general adverse economic and industry conditions, including effects of the ongoing COVID-19 pandemic;</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">limit
    our ability to obtain additional financing for working capital, capital expenditures, acquisitions and other general corporate requirements;
    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">limit
    our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate.</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>

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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">In
addition, our ability to pay or refinance our debt depends on our successful financial and operating performance, cash flows and capital
resources, which in turn depend upon prevailing economic conditions and certain financial, business and other factors, many of which
are beyond our control. These factors include, among others:</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">economic
    and demand factors affecting our 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pricing
    pressures;</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">increased
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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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">competitive
    conditions; 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">other
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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">If
our cash flows and capital resources are insufficient to fund our debt service obligations, we may be forced to reduce or delay operating
or capital expenditures, sell material assets or operations, seek to obtain additional capital, or restructure our debt.</span></p>

<p style="font: 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
may incur additional indebtedness in the future. Our incurrence of additional indebtedness would intensify the risks described above.</span></p>

<p style="font: 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>Our
operating results may fluctuate, which makes them difficult to predict and they may fall short of expectations.</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
operating results may fluctuate due to a number of factors, many of which are outside of our control. As a result, comparing our operating
results on a period-to-period basis may not be meaningful, and you should not rely on our past results as an indication of our future
performance. Our quarterly, year-to-date, and annual expenses as a percentage of our revenues may differ significantly from our historical
or projected rates. Our operating results in future quarters may not meet expectations.</span></p>

<p style="font: 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
of the following factors, as well as others, may affect our operating 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>

<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    loss of one or more significant customers;</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>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    effects of the ongoing COVID-19 pandemic; 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">adverse
    media reports on the use or efficacy of nutritional supplements.</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">increases
    in the price of raw materials</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">Because
our business is changing and evolving, our historical operating results may not be useful to you in predicting our future operating results.</span></p>

<p style="font: 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>If
we are unable to retain key management personnel or hire qualified personnel, our ability to manage our business effectively and grow
could be negatively impacted.</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">Over
the last few years, the Company has had significant employee turnover. Our future success depends in part on our ability to identify,
hire, develop, motivate and retain key skilled management personnel and employees for all areas of our organization, particularly sales
and marketing. Competition in our industry for qualified employees has been intense. The loss or limitation of the services of any of
our key management employees, including as a result of illness, or our inability to hire qualified employees could 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">&#160;</span></p>

<p style="font: 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>If
we fail to effectively manage our growth, our business and operating results could be harmed.</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">Growth
in our business will place significant demands on our management, and our operational and financial infrastructure. To effectively manage
growth, we expect that we will need to continue to improve our operational, financial and management controls and our reporting systems
and procedures. To accomplish these objectives, we may need to hire additional employees, make certain enhancements to our technology
systems, make capital expenditures, and utilize management resources. Failure to implement these measures could 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">&#160;</span></p>

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

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

<p style="font: 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>Risks
Related to our Products, Manufacturing, the Markets in Which We Operated and Other External Risks</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>We
rely on a limited number of customers for a substantial portion of our sales, and the loss of or material reduction in purchase volume
by any of these customers would adversely affect our sales and operating results.</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 three months ended March 31, 2022, we had three customers who individually accounted for 59%, 13%, and 12% of our net revenue, and
two customers that individually accounted for 59% and 17% of accounts receivable. During the three months ended March 31, 2021, we had
three customers who individually accounted for 28%, 17% and 14% of our net revenue, and two customers that individually accounted for
32% and 21% of accounts receivable.</span></p>

<p style="font: 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
Company&#8217;s retail customers have been and may continue to be affected by outbreaks of disease, such as epidemics or pandemics, including
the ongoing COVID-19 pandemic</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">The
Company&#8217;s retail customers have been and continue to be affected by the ongoing global COVID-19 pandemic and the resulting volatility
and uncertainty it has caused in the U.S. and international markets. Store closures and social distancing have adversely impacted the
Company&#8217;s sales to retailers. The COVID-19 pandemic also has the potential to significantly impact our supply chain if the facilities
of our third- party manufacturers, the distribution centers where our inventory is managed or the operations of our logistics and other
service providers are disrupted, temporarily closed or experience worker shortages. We may also see disruptions or delays in shipments
of certain materials or 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">As
a result of the ongoing COVID-19 outbreak, the Company has transitioned most of its workforce to a remote working model, which may result
in the Company experiencing lower work efficiency and productivity, which in turn may adversely affect the Company&#8217;s business.
As Company employees work from home and access the Company&#8217;s system remotely, the Company may be subject to heightened security
risks, including the risks of cyberattacks. Additionally, if any of the Company&#8217;s key management or other employees are unable
to perform his or her duties for a period of time, including as the result of illness, the Company&#8217;s results of operations or financial
condition could be adversely affected.</span></p>

<p style="font: 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 cannot reasonably estimate the length or severity of the COVID-19 pandemic or the related responses, or the extent to which the
disruption may materially impact the Company&#8217;s business, consolidated financial position, consolidated results of operations or
consolidated cash flows.</span></p>

<p style="font: 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>Our
failure to respond appropriately to competitive challenges, changing consumer preferences and demand for new products could significantly
harm our customer relationships and product sales.</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">The
sports nutrition market is very competitive, and the range of products is diverse and subject to rapid and frequent changes in consumer
demand. Our failure to accurately predict product trends could negatively impact our results and cause our revenues to decline. Our success
with any product offering (whether new or existing) depends upon a number of factors, including our ability 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: 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">deliver
    quality products in a timely manner in sufficient volumes;</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">accurately
    anticipate customer needs and forecast accurately to our manufacturers;</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">differentiate
    our product offerings from those of our competitors;</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">competitively
    price our products; 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">develop
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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">Furthermore,
products often have to be promoted heavily in stores or in the media to obtain visibility and consumer acceptance. Acquiring distribution
for products is difficult and often expensive due to slotting and other promotional charges mandated by retailers. Products can take
substantial periods of time to develop consumer awareness, consumer acceptance and sales volume. Accordingly, some products may fail
to gain or maintain sufficient sales volume and as a result may have to be discontinued. In a highly competitive marketplace, it may
be difficult to have retailer&#8217;s open SKU&#8217;s for new 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"></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>Adverse
publicity or consumer perception of our products and any similar products distributed by others could harm our reputation and adversely
affect our sales.</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 highly dependent upon positive consumer perceptions of the safety and quality of our products as well as similar products distributed
by other sports nutrition supplement companies. Consumer perception of sports nutrition supplements and our products in particular can
be substantially influenced by scientific research or findings, national media attention and other publicity about product use.</span></p>

<p style="font: 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">Adverse
publicity from these sources regarding the safety, quality, or efficacy of our products or nutritional supplements could seriously harm
our reputation and results of operations. The mere publication of news articles or reports asserting that such products may be harmful
or questioning their efficacy could have a material adverse effect on our business, financial condition, and results of operations, regardless
of whether such news articles or reports are scientifically supported or whether the claimed harmful effects would be present at the
dosages recommended for such 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><i>We
may be exposed to material product liability claims, which could increase our costs and adversely affect our reputation and business.</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
a marketer and distributor of products designed for human consumption, we could be subject to product liability claims if the use of
our products is alleged to have resulted in injury or undesired results. Our products consist of vitamins, minerals, herbs, and other
ingredients that are classified as dietary supplements and in most cases are not subject to pre-market regulatory approval in the United
States or internationally. Previously unknown adverse reactions resulting from human consumption of these ingredients could 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">We
have not had any significant product liability claims filed against us but, in the future, we may be subject to various product liability
claims, including due to tampering by unauthorized third parties, product contamination, and claims that our products had inadequate
instructions for use, or inadequate warnings concerning possible side effects and interactions with other substances. The cost of defense
can be substantially higher than the cost of settlement even when claims are without merit. The high cost to defend or settle product
liability claims could have a material adverse effect on our business, financial condition and results of operations, and our insurance,
if any, may not be adequate.</span></p>

<p style="font: 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, the perception of our products resulting from a product liability claim also could 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">&#160;</span></p>

<p style="font: 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>Our
insurance coverage or third-party indemnification rights may not be sufficient to cover our legal claims or other losses that we may
incur in the future.</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
maintain insurance at what we believe are adequate levels for property, general product liability, product recall, director&#8217;s and
officer&#8217;s liability, and workers&#8217; compensation to protect ourselves against potential loss exposures. In the future, insurance
coverage may not be available at adequate levels or on adequate terms to cover potential losses, including on terms that meet our customer&#8217;s
or manufacturer&#8217;s requirements. If insurance coverage is inadequate or unavailable, we may face claims that exceed coverage limits
or that are not covered, which could increase our costs and adversely affect our operating results.</span></p>

<p style="font: 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>Changes
in the economies of the markets in which we do business may affect consumer demand for our products.</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">Consumer
spending habits, including spending for our products, are affected by, among other things, prevailing economic conditions, levels of
employment, fuel prices, changes in exchange rates, salaries and wages, the availability of consumer credit, consumer confidence and
consumer perception of economic conditions. Economic slowdowns in the markets in which we do business and an uncertain economic outlook
may adversely affect consumer spending habits, which may result in lower sales of our products in future periods.</span></p>

<p style="font: 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 2020, we experienced a slowdown in sales to our retail customers, including our largest customer. While this decline was primarily
offset by growth in our largest online customer, there can be no assurances that such growth will continue, or that we will have the
financial resources to produce the additional quantities required by this customer. A prolonged global or regional economic downturn
could have a material negative impact on our business, financial condition, results of operations and cash flows.</span></p>

<p style="font: 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>

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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>Product
returns could negatively impact our operating results and profitability.</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
permit the return of damaged or defective products and accept limited amounts of product returns in certain instances. While such returns
from established customers have historically been nominal and within management&#8217;s expectations and the provisions established,
future return rates may differ from those experienced in the past. Any significant increase in damaged or defective products or accepted
returns could have a material adverse effect on our operating results for the period or periods in which such returns materialize.</span></p>

<p style="font: 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>We
rely on third-party manufacturers for the production of our products.</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
rely on third-party manufacturers to produce products required to meet our quality and market needs, and plan to continue to do so. If
our contract manufacturers fail to maintain high manufacturing standards and processes, it could harm our business. In the event of a
natural disaster or business failure, including due to bankruptcy of a contract manufacturer, we may not be able to secure a replacement
of our products on a timely or cost-effective basis, which could result in delays, additional costs and reduced revenues. Additionally,
our third-party manufacturers have been and may continue to be negatively affected by the ongoing COVID-19 pandemic.</span></p>

<p style="font: 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>A
shortage in the supply of key raw materials or price increases could increase our costs or adversely affect our sales.</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">All
of our raw materials for our products are obtained from third-party suppliers. Since all of the ingredients in our products are commonly
used, we have not experienced shortages or delays in obtaining raw materials. If circumstances change, shortages could result in materially
higher raw material prices or adversely affect our ability to have a product manufactured. Prices for our raw materials can and do fluctuate.
Price increases from a supplier would directly affect our profitability if we are not able to pass price increases on to customers. Our
inability to obtain adequate supplies of raw materials in a timely manner or a material increase in the price of our raw materials could
have a material adverse effect on our business, financial condition and results of operations. Additionally, our third-party suppliers
have been and may continue to be negatively affected by the ongoing COVID-19 pandemic.</span></p>

<p style="font: 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>Risks
Related to our Intellectual Property</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>Our
intellectual property rights are valuable, and any inability to protect them could reduce the value of our products and brand.</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
have invested significant resources to protect our brands and trademarks. However, we may be unable or unwilling to strictly enforce
our intellectual property rights, including our brands and trademarks, from infringement. Our failure to enforce our intellectual property
rights could diminish the value of our brands and product offerings and harm our business and future growth prospects.</span></p>

<p style="font: 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>We
may be subject to intellectual property rights claims, which are costly to defend, could require us to pay damages and could limit our
ability to sell some of our products.</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
industry is characterized by vigorous pursuit and protection of intellectual property rights, which has resulted in protracted and expensive
litigation for several companies. Third parties may assert claims of misappropriation of trade secrets or infringement of intellectual
property rights against us or against our end customers or partners for which we may be liable. Intellectual property lawsuits are subject
to inherent uncertainties due to the complexity of the technical issues involved, and we cannot be certain that we would be successful
in defending ourselves against intellectual property claims.</span></p>

<p style="font: 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,
many potential litigants have the capability to dedicate substantially greater resources than we can to enforce their intellectual property
rights and to defend claims that may be brought against them. Furthermore, a successful claimant could secure a judgment that requires
us to pay substantial damages or prevents us from distributing products or performing certain services.</span></p>

<p style="font: 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>

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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>Risks
Related to Our Capital 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"><b><i>Mr.
Drexler&#8217;s stock ownership gives him the ability to substantially influence the strategic direction of the Company and to direct
the outcome of matters requiring stockholder approval.</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">Mr.
Ryan Drexler, our Chairman of the Board and Chief Executive Officer, owns approximately 49.2% of our outstanding shares of common
stock. As a result, Mr. Drexler is able to substantially influence the strategic direction of the Company and the outcome of matters
requiring approval by our stockholders. Mr. Drexler&#8217;s interests may not be, at all times, the same as those of our other stockholders,
and his control may delay, deter or prevent acts that may be favored by our other 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>We
may, in the future, issue additional shares of common stock and/or preferred stock, which would reduce investors&#8217; percent of ownership
and may dilute our share value.</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></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our articles of incorporation, as amended, authorize
the issuance of 100,000,000 shares of common stock and 10,000,000 shares of preferred stock. As of May 10, 2022, 34,348,891
shares of our common stock were outstanding, and we did not have any outstanding shares of preferred stock. As of May 10,
2022, 34,348,891 shares of our common stock were outstanding. The future issuance of common stock and preferred stock may result
in substantial dilution in the percentage of our common stock held by our then existing stockholders. The issuance of common stock for
future services or acquisitions or other corporate actions may have the effect of diluting the value of the shares held by our investors
and might have an adverse effect on any trading market for our common stock.</p>
<p style="font: 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">&#160;</span></p>

<p style="font: 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
may issue shares of preferred stock in the future that may adversely impact your rights as holders 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">Our
Board has the authority to fix and determine the relative rights and preferences of our authorized but undesignated preferred stock,
as well as the authority to issue shares of such preferred stock, without further stockholder approval. As a result, our Board could
authorize the issuance of a series of preferred stock that would grant to holders preferred rights to our assets upon liquidation, the
right to receive dividends before dividends are declared to holders of our common stock, and the right to the redemption of such preferred
stock, together with a premium, prior to the redemption of the 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that we do issue such additional shares of preferred stock, your rights as holders of common stock could be impaired thereby,
including, without limitation, dilution of your ownership interests in us. In addition, shares of preferred stock could be issued with
terms calculated to delay or prevent a change in control or make removal of management more difficult, which may not be in your interest
as a holder of 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
common stock is quoted on the OTC Markets, which may have an unfavorable impact on our stock price and liquidity.</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
common stock is quoted on the OTC Pink Tier, an automated quotation service operated by OTC Markets Group, Inc under the symbol &#8220;MSLP.&#8221;
The quotation of our shares on the OTC may result in a less liquid market available for existing and potential stockholders to trade
shares of our common stock, in part because of the inability or unwillingness of certain investors to acquire shares of common stock
not traded on a national securities exchange and could depress the trading price of our common stock and have a long-term adverse impact
on our ability to raise capital 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>

<p style="font: 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>Our
share price has been and may continue to be volatile.</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">The
market price of our common shares is subject to significant fluctuations in response to a multitude of factors, including variations
in our quarterly operating results and financial condition. Factors other than our financial results that may affect our share price
include, but are not limited to, market expectations of our performance, market perception of our industry, the activities of our managers,
customers, and investors, and the level of perceived growth in the industry in which we participate, general trends in the markets for
our products, general economic business and political conditions in the countries and regions in which we conduct our business, and changes
in government regulation affecting our business, many of which are not within our control. In addition, like many companies of our size
with low trading volume, our stock price may fluctuate significantly for reasons unrelated to 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"></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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market
and economic conditions may negatively impact our business, financial condition and share price.</i></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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concerns
over inflation, energy costs, geopolitical issues, the U.S. mortgage market and a declining real estate market, unstable global credit
markets and financial conditions, and volatile oil prices have led to periods of significant economic instability, diminished liquidity
and credit availability, declines in consumer confidence and discretionary spending, diminished expectations for the global economy and
expectations of slower global economic growth going forward, increased unemployment rates, and increased credit defaults in recent years.
Our general business strategy may be adversely affected by any such economic downturns, volatile business environments and continued
unstable or unpredictable economic and market conditions. If these conditions continue to deteriorate or do not improve, it may make
any necessary debt or equity financing more difficult to complete, more costly, and more dilutive. Failure to secure any necessary financing
in a timely manner and on favorable terms could have a material adverse effect on our growth strategy, financial performance, and share
price and could require us to delay or abandon development or commercialization plans.</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Future
sales and issuances of our securities could result in additional dilution of the percentage ownership of our stockholders and could cause
our share price to fall.</i></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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect that significant additional capital will be needed in the future to continue our planned operations, including research and development,
increased marketing, hiring new personnel, commercializing our products, and continuing activities as an operating public company. To
the extent we raise additional capital by issuing equity securities, our stockholders may experience substantial dilution. We may sell
common stock, convertible securities or other equity securities in one or more transactions at prices and in a manner we determine from
time to time. If we sell common stock, convertible securities or other equity securities in more than one transaction, investors may
be materially diluted by subsequent sales. Such sales may also result in material dilution to our existing stockholders, and new investors
could gain rights superior to our existing stockholders.</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be at risk of securities class action litigation.</i></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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be at risk of securities class action litigation. In the past, biotechnology and pharmaceutical companies have experienced significant
stock price volatility, particularly when associated with binary events such as clinical trials and product approvals. If we face such
litigation, it could result in substantial costs and a diversion of management&#8217;s attention and resources, which could harm our
business and results in a decline in the market price of our common stock.</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financial
reporting obligations of being a public company in the United States are expensive and time-consuming, and our management will be required
to devote substantial time to compliance matters.</i></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">As
a publicly traded company we incur significant legal, accounting and other expenses. The obligations of being a public company in the
United States require significant expenditures and places significant demands on our management and other personnel, including costs
resulting from public company reporting obligations under the Exchange Act and the rules and regulations regarding corporate governance
practices, including those under the Sarbanes-Oxley Act of 2002, as amended (&#8220;Sarbanes-Oxley&#8221;) and the Dodd-Frank Wall Street
Reform and Consumer Protection Act. These rules require the establishment and maintenance of effective disclosure and financial controls
and procedures, internal control over financial reporting and changes in corporate governance practices, among many other complex rules
that are often difficult to implement, monitor and maintain compliance with. Our management and other personnel will need to devote a
substantial amount of time to ensure that we comply with all of these requirements and to keep pace with new regulations, otherwise we
may fall out of compliance and risk becoming subject to litigation among other potential problems.</span></p>

<p style="font: 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>

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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>We
have ongoing material weaknesses and may in the future fail to maintain effective systems of internal control over financial reporting
and disclosure controls and procedures, any of which could, among other things, result in significant additional costs being incurred,
cause a loss of confidence in our financial reporting, and adversely affect the trading 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">We
have concluded that our internal controls over financial reporting were not effective as of March 31, 2022, due to the existence of material
weaknesses in such controls, and we have also concluded that our disclosure controls and procedures were not effective as of March 31,
2022 all as described in Item 4, &#8220;Controls and Procedures,&#8221; of our Quarterly Report on Form 10-Q. Remediation efforts to
address the identified weaknesses are just beginning . Continuing costs to remedy these material weaknesses and to address inquiries
from regulators may be significant and may require significant time from our management and other personnel, and we cannot assure you
that we will be able to remedy the material weaknesses.</span></p>

<p style="font: 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
incurrence of significant additional expense, or the requirement that management and other personnel devote significant time to these
matters could reduce the time available to execute on our business strategies and could have a material adverse effect on our business,
financial condition and results of operations. We also cannot assure you that additional material weaknesses in our internal control
over financial reporting will not arise or be identified in the future. If our remediation measures are insufficient to address the identified
deficiencies, or if additional deficiencies in our internal control over financial reporting are discovered or occur in the future, our
consolidated financial statements may contain material misstatements and we could be required to restate our financial results and may
be unable to make our filings with the SEC on a timely basis. Moreover, because of the inherent limitations of any control system, material
misstatements due to error or fraud may not be prevented or detected on a timely basis, or at all.</span></p>

<p style="font: 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 unable to provide reliable and timely financial reports in the future, our business and reputation may be further harmed. Failures
in internal controls may negatively affect investor confidence in our management and the accuracy of our financial statements and disclosures
or result in adverse publicity and concerns from investors and commercial customers, any of which could have a negative effect on the
price of our shares, subject us to regulatory investigations and penalties and/or shareholder litigation, and materially adversely impact
our business and financial condition.</span></p>

<p style="font: 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>Nevada
corporation laws limit the personal liability of corporate directors and officers and require indemnification under certain circumstances.</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">Section
78.138(7) of the Nevada Revised Statutes provides that, subject to certain very limited statutory exceptions or unless the articles of
incorporation provide for greater individual liability, a director or officer of a Nevada corporation is not individually liable to the
corporation or its stockholders for any damages as a result of any act or failure to act in his or her capacity as a director or officer,
unless it is proven that the act or failure to act constituted a breach of his or her fiduciary duties as a director or officer and such
breach involved intentional misconduct, fraud or a knowing violation of law. We have not included in our articles of incorporation any
provision intended to provide for greater liability as contemplated by this statutory provision.</span></p>

<p style="font: 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, Section 78.7502(3) of the Nevada Revised Statutes provides that to the extent a director or officer of a Nevada corporation
has been successful on the merits or otherwise in the defense of certain actions, suits or proceedings (which may include certain stockholder
derivative actions), the corporation shall indemnify such director or officer against expenses (including attorneys&#8217; fees) actually
and reasonably incurred by such director or officer in connection therewith.</span></p>

<p style="font: 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>Risks
Related to this Offering</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>Even
if we meet the initial listing requirements of the Nasdaq Capital Market, there can be no assurance that we will be able to comply with
the continued listing standards of the Nasdaq Capital Market. Our failure to meet the continued listing requirements of the Nasdaq Capital
Market could result in a de-listing of our Common Stock</i></b><i>.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
if we meet the initial listing requirements of the Nasdaq Capital Market, we cannot assure you that we will be able to comply with the
other standards that we are required to meet in order to maintain a listing of our Common Stock on the Nasdaq Capital Market. If after
listing we fail to satisfy the continued listing requirements of the Nasdaq Capital Market, such as the corporate governance requirements
or the minimum stockholder&#8217;s equity requirement, the Nasdaq Capital Market may take steps to de-list our Common Stock. Such a de-listing
would likely have a negative effect on the price of our Common Stock and would impair our stockholders&#8217; ability to sell or purchase
our Common Stock when they wish to do so. In the event of a de-listing, we would take actions to restore our compliance with the Nasdaq
Capital Market&#8217;s listing requirements, but we can provide no assurance that any action taken by us would result in our Common Stock
becoming listed again, or that any such action would stabilize the market price or improve the liquidity 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; text-align: justify"></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>If
you purchase shares of our Common Stock in this offering you will experience immediate and substantial dilution in the book value per
share of the Common Stock you purchase.</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">The public offering price per share of our Common Stock will be substantially
higher than the net tangible book value per share of our Common Stock immediately prior to the offering. After giving effect to the sale
of shares of our Common Stock at an assumed public offering price of $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;per share and after deducting the estimated underwriting discount
and estimated offering expenses payable by us, purchasers of our Common Stock in this offering will incur immediate dilution of $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;per
share in the net tangible book value of the Common Stock they acquire. For a further description of the dilution that investors in this
offering will experience, see &#8220;Dilution.&#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">In
addition, to the extent that outstanding stock options have been or may be exercised or other shares issued, you may experience further
dilution.</span></p>

<p style="font: 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>Sales
of a substantial number of shares of our Common Stock in the public market by our existing stockholders could cause our share price to
fall.</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">Sales
of a substantial number of shares of our Common Stock in the public market, or the perception that these sales might occur, could depress
the market price of our Common Stock and could impair our ability to raise capital through the sale of additional equity securities.
We are unable to predict the effect that sales may have on the prevailing market price 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
securities or industry analysts do not publish or cease publishing research or reports about us, our business or our market, or if they
adversely change their recommendations or publish negative reports regarding our business or our Common Stock, our stock price and trading
volume could decline.</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">The
trading market for our Common Stock will be influenced by the research and reports that industry or securities analysts may publish about
us, our business, our market or our competitors. We do not have any control over these analysts and we cannot provide any assurance that
analysts will cover us or provide favorable coverage. If any of the analysts who may cover us adversely change their recommendation regarding
our shares, or provide more favorable relative recommendations about our competitors, our stock price would likely decline. If any analysts
who may cover us were to cease coverage of the Company or fail to regularly publish reports on us, we could lose visibility in the financial
markets, which in turn could cause our stock price or trading volume to decline.</span></p>

<p style="font: 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>Shares
of our Common Stock are an illiquid investment as there is presently a limited market for our Common Stock. We do not know whether a
market for our Common Stock will be sustained or what the trading price of our Common Stock will be and as a result it may be difficult
for you to sell your shares of Common Stock</i></b><i>.</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">There
is presently a limited market for our Common Stock. Although we intend to list our Common Stock on the Nasdaq Stock Market, an active
trading market for our Common Stock may not develop or be sustained. It may be difficult for you to sell your shares of Common Stock
without depressing the market price for our Common Stock or at all. As a result of these and other factors, you may not be able to sell
your shares of Common Stock at or above the offering price or at all. Further, an inactive market may also impair our ability to raise
capital by selling our Common Stock and may impair our ability to enter into strategic partnerships or acquire companies, products, or
services by using our equity securities as consideration.</span></p>

<p style="font: 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>Management
will have broad discretion as to the use of the proceeds from this offering.</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
management will have broad discretion in the allocation of the net proceeds and could use them for purposes other than those contemplated
at the time of this offering and as described in the section titled &#8220;Use of Proceeds.&#8221; You will be relying on the judgment
of our management with regard to the use of these net proceeds, and you will not have the opportunity, as part of your investment decision,
to assess whether the net proceeds are being used appropriately. The failure by our management to apply these funds effectively could
result in financial losses that could have a material adverse effect on our business, cause the price of our securities to decline and
delay the development of our product candidates. Pending the application of these funds, we may invest the net proceeds from this offering
in a manner that does not produce income or that loses value.</span></p>

<p style="font: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Because
we do not intend to declare cash dividends on our shares of common stock in the foreseeable future, shareholders must rely on appreciation
of the value of our common stock for any return on their 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; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have never declared or paid cash dividends on our common stock. We currently anticipate that we will retain future earnings, if any,
for the development, operation and expansion of our business and do not anticipate declaring or paying any cash dividends in the foreseeable
future. In addition, the terms of any existing or future debt agreements may preclude us from paying dividends. As a result, we expect
that only appreciation of the price of our common stock, if any, will provide a return to investors in this offering for the foreseeable
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; 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="ds_003"></span>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING 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"><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">This
prospectus contains forward-looking statements that involve risks and uncertainties. You should not place undue reliance on these forward-looking
statements. All statements other than statements of historical facts contained in this prospectus are forward-looking statements. The
forward-looking statements in this prospectus are only predictions. We have based these forward-looking statements largely on our current
expectations and projections about future events and financial trends that we believe may affect our business, financial condition and
results of operations. In some cases, you can identify these forward-looking statements by terms such as &#8220;anticipate,&#8221; &#8220;believe,&#8221;
&#8220;continue,&#8221; &#8220;could,&#8221; &#8220;depends,&#8221; &#8220;estimate,&#8221; &#8220;expects,&#8221; &#8220;intend,&#8221;
&#8220;may,&#8221; &#8220;ongoing,&#8221; &#8220;plan,&#8221; &#8220;potential,&#8221; &#8220;predict,&#8221; &#8220;project,&#8221;
&#8220;should,&#8221; &#8220;will,&#8221; &#8220;would&#8221; or the negative of those terms or other similar expressions, although not
all forward-looking statements contain those words. We have based these forward-looking statements on our current expectations and projections
about future events and trends that we believe may affect our financial condition, results of operations, strategy, short-term and long-term
business operations and objectives and financial needs.</span></p>

<p style="font: 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">These
forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in &#8220;Risk
Factors.&#8221; Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is
not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which
any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements
we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this prospectus
may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.</span></p>

<p style="font: 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">You
should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected
in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events
and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, except as required by law, neither
we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. We undertake no obligation
to update publicly any forward-looking statements for any reason after the date of this prospectus to conform these statements to actual
results or to changes in our expectations.</span></p>

<p style="font: 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">You
should read this prospectus and the documents that we reference in this prospectus and have filed with the SEC as exhibits to the registration
statement of which this prospectus is a part with the understanding that our actual future results, levels of activity, performance and
events and circumstances may be materially different from what we expect.</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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<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="ds_004"></span>USE
OF PROCEEDS</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">We
estimate that the net proceeds from our issuance and sale of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares of our common stock in this offering will be approximately $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(or
approximately $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;if the underwriter will exercise its over-allotment option in full), based upon an assumed public offering price of $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;per share, which is based upon the last reported sale price of our common stock on the OTC Pink on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, 2022, and after deducting underwriting
discounts and commissions and offering expenses payable by us.</span></p>

<p style="font: 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">A
$1.00 increase or decrease in the assumed public offering price of $&#160;&#160;&#160;&#160;&#160;&#160;&#160;per share would increase or decrease the net proceeds from this
offering by approximately $&#160;&#160;&#160;&#160;&#160;&#160;&#160;million, assuming that the number of shares of common stock offered by us, as set forth on the cover page
of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions and estimated offering
expenses payable by us. An increase or decrease of in the number of shares of common stock offered by us would increase or decrease our
net proceeds by approximately $&#160;&#160;&#160;&#160;&#160;&#160;&#160;million, assuming the assumed public offering price remains the same, and after deducting estimated underwriting
discounts and commissions and estimated offering expenses payable by us.</span></p>

<p style="font: 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 expect to use the net proceeds from this offering for working capital, general corporate purposes and marketing and advertising
our new energy line.</span></p>

<p style="font: 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">Changing
circumstances may cause us to consume capital significantly faster than we currently anticipate. The amounts and timing of our actual
expenditures will depend upon numerous factors, including the progress of our global marketing and sales efforts, with development efforts,
economic and political effects of COVID-19 and government responses to it, and the overall economic environment. Therefore, our management
will retain broad discretion over the use of the proceeds from this offering. We may ultimately use the proceeds for different purposes
than what we currently intend. Pending any ultimate use of any portion of the proceeds from this offering, if the anticipated proceeds
will not be sufficient to fund all the proposed purposes, our management will determine the order of priority for using the proceeds,
as well as the amount and sources of other funds needed.</span></p>

<p style="font: 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">Pending
our use of the net proceeds from this offering, we may invest the net proceeds in a variety of capital preservation investments, including
short-term, investment grade, interest bearing instruments and U.S. government securities.</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>


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<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ds_006"></span>CAPITALIZATION</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 our summary historical consolidated financial data for the periods presented below. The summary consolidated
financial data as of March 31, 2022, has been derived from our unaudited consolidated financial statements included herein.</span></p>

<p style="font: 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
historical results are not necessarily indicative of the results of operations for future periods. You should read the following summary
consolidated financial data in conjunction with our consolidated financial statements and related notes and &#8220;Management&#8217;s
Discussion and Analysis of Financial Condition and Results of Operations&#8221; included elsewhere in this prospectus, as well as our
latest Quarterly Report on Form 10-Q for the three months ended March 31, 2022. See &#8220;Where You Can Find More Information.&#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"><b>&#160;</b></span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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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>

<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">(1)</span></td>
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    terms of this offering determined at pricing.</span></td></tr>
  </table>
<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"></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">Each
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increase or decrease, as applicable, our cash, additional paid-in capital, total stockholders&#8217; equity and total capitalization
by approximately $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, assuming that the number of shares offered by us remains the
same, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. Each increase
or decrease of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; shares to the shares offered by us in the offering would increase
or decrease the amount of our cash and total stockholders&#8217; equity by approximately $ &#160;&#160;&#160;&#160;&#160;&#160;, assuming
a public offering price of $ &#160;&#160;&#160;&#160;&#160;&#160;per share, after deducting estimated underwriting discounts and commissions
and estimated offering expenses payable by us.</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">The
number of shares of common stock to be outstanding immediately after this offering is based on 34,348,891 shares of common stock outstanding
as of May 10, 2022 and excludes:</span></p>

<p style="font: 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%">
  <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">17,355,700
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of common stock issuable upon exercise
    of warrants issued in the October 2021 private placement at exercise price of $0.78 per share;</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>

<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">5,399,441
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of common stock issuable upon exercise
    of outstanding options to purchase shares of 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>

<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">16,154,795
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of common stock issuable upon conversion
    of outstanding convertible notes; and</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>

<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">171,703
    shares of common stock issuable upon the exercise of outstanding options to purchase shares of common stock under our 2015 Incentive
    Compensation Plan at a weighted average exercise price of $1.89.</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"><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></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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">&#9679;</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,811,000
    shares of common stock issuable upon the exercise of outstanding options to purchase shares of common stock under our 2021 Omnibus
    Equity Incentive Plan at a weighted average exercise price of $0.40.</span></td></tr>
  </table>
<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">Immediately
following the effectiveness of the registration statement of which this prospectus forms a part, we expect to effect the Reverse Stock
Split. No fractional shares of the Company&#8217;s common stock will be issued as a result of the Reverse Stock Split. Any fractional
shares resulting from the Reverse Stock Split will be rounded up to the nearest whole share.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise stated, all information in this prospectus assumes:</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">no
    exercise of the underwriters&#8217; over-allotment option to purchase additional shares;</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>

<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">no
    exercise of the warrants to be issued to the representative of the underwriters in connection with this offering as described in
    the &#8220;Underwriting &#8212; Representative&#8217;s Warrants&#8221; section of this prospectus; and</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>

<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">the
    completion of the Reverse Stock Split, that is expected to occur immediately following the effectiveness of the registration statement
    of which this prospectus forms a part. Unless otherwise noted and other than in our financial statements and the notes thereto, the
    share and per share information in this prospectus reflects a proposed reverse stock split of the outstanding common stock and preferred
    stock at an assumed 1-for- &#160;ratio to occur immediately following the effectiveness of the registration statement of which this
    prospectus forms a part.</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>


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    <!-- Field: /Page -->

<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="ds_005"></span>MARKET
FOR OUR COMMON STOCK AND RELATED STOCKHOLDER 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"><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>Market
and Other 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">This
prospectus contains estimates and other statistical data made by independent parties and by us relating to market size and growth and
other data about our industry. We obtained the industry and market data in this prospectus from our own research as well as from industry
and general publications, surveys and studies conducted by third parties. This data involves a number of assumptions and limitations
and contains projections and estimates of the future performance of the industries in which we operate that are subject to a high degree
of uncertainty, including those discussed in &#8220;Risk Factors.&#8221; We caution you not to give undue weight to such projections,
assumptions and estimates. Further, industry and general publications, studies and surveys generally state that they have been obtained
from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. While we believe
that these publications, studies and surveys are reliable, we have not independently verified the data contained in them. In addition,
while we believe that the results and estimates from our internal research are reliable, such results and estimates have not been verified
by any independent source.</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>Listing</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; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
common stock is quoted on the OTC Pink Tier, an automated quotation service operated by OTC Markets Group, Inc. under the symbol &#8220;MSLP.&#8221;
Our transfer agent is EQ Shareowner Services, which is located at 1110 Center Point Curve, Suite 101, Mendota Heights, MN 55120.</span></p>

<p style="font: 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 applied to list our common stock on the Nasdaq Capital Market under the symbol &#8220;MSLP&#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">Immediately
following the offering, we expect to have one class of common stock outstanding. As of March 31, 2022, there were approximately 334
registered holders of record of our common stock, and the last reported sale price of our common stock on the OTCPink was $&#160;&#160;&#160;&#160;&#160;&#160;&#160;per
share on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, 2022 ($&#160;&#160;&#160;&#160;&#160;&#160;&#160;giving
effect to an assumed Reverse Stock Split of 1-for-&#160;&#160;&#160;&#160;, which is expected to occur immediately following the effectiveness
of the registration statement of which this prospectus forms a part). OTCPink does not constitute an established public trading market.
Over-the-counter market quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily
represent actual transactions.</span></p>

<p style="font: 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"></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="ds_007"></span>DILUTION</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">If
you invest in our common stock, your ownership interest will be diluted to the extent of the difference between the initial public offering
price per share of our common stock and the as adjusted net tangible book value per share of our common stock immediately after this
offering.</span></p>

<p style="font: 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 March 31, 2022, we had a historical net tangible book (deficit) of $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, or $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;per
share of common stock, based on 33,386,200 shares of common stock outstanding at March 31, 2022. Our historical net tangible book
value per share is the amount of our total tangible assets less our total liabilities at March 31, 2022, divided by the number of shares
of common stock outstanding at March 31, 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">After
giving effect to the issuance in&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, our pro forma net tangible book value (deficit) as of March 31, 2022 was $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, or $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;per share of
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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
giving further effect to the sale of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares of common
stock in this offering at an assumed public offering price of $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;per share,
which is based upon the last reported sale price of our Common Stock on the OTC Pink
on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, 2022, and after deducting
underwriting discounts and commissions and estimated offering expenses payable by us, our pro forma as adjusted net tangible book
value per share as of March 31, 2022 was $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, or
$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;per share of common stock. This represents an immediate increase in pro forma
as adjusted net tangible book value of $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;per share to existing stockholders and
immediate dilution of $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;per share to new investors purchasing shares of common
stock in this offering.</span></p>

<p style="font: 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 illustrates this dilution on a per share 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>

<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; 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">Assumed
    public offering price per share</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">$</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 style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 60%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historical
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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; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pro
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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></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pro
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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">Dilution
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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
information discussed above is illustrative only, and the dilution information following this offering will be adjusted based on the
actual public offering price and other terms of this offering determined at pricing. A $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;increase (decrease) in the assumed initial public
offering price of $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;per share, which is the midpoint of the price range set forth on the cover page of this prospectus, would increase
(decrease) our pro forma as adjusted net tangible book value after this offering to $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;per share and the dilution to new investors purchasing
common stock in this offering to $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;per share, assuming that the number of shares offered by us, as set forth on the cover page of this
prospectus, remains the same and after deducting underwriting discounts and commissions and estimated offering expenses payable by us.
An increase of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares in the number of shares offered by us, as set forth on the cover page of this prospectus, would increase our pro
forma as adjusted net tangible book value after this offering to $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;per share and decrease the dilution to new investors purchasing common
stock in this offering to $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;per share, assuming no change in the assumed initial public offering price per share and after deducting
underwriting discounts and commissions and estimated offering expenses payable by us. A decrease of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares in the number of shares offered
by us would decrease the pro forma as adjusted net tangible book value after this offering to $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;per share and increase the dilution to
new investors purchasing common stock in this offering to $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;per share, assuming no change in the assumed initial public offering price
per share and after deducting underwriting discounts and commissions and estimated offering expenses payable by us.</span></p>

<p style="font: 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
the underwriters exercise their option to purchase additional shares in full, the pro forma as adjusted net tangible book value per share
after giving effect to the offering would be $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;per share. This represents an increase in pro forma as adjusted net tangible book value
of $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;per share to existing stockholders and dilution in pro forma as adjusted net tangible book value of $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;per share to new investors.</span></p>

<p style="font: 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>

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

<p style="font: 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
number of shares of common stock to be outstanding immediately after this offering is based on 34,348,891 shares of common stock outstanding
as of May 10, 2022 and excludes:</span></p>

<p style="font: 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%">
  <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">17,355,700
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of common stock issuable upon exercise
    of warrants issued in the October 2021 private placement at exercise price of $0.78 per share;</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>

<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">5,399,441
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of common stock issuable upon exercise
    of outstanding options to purchase shares of 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>

<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">16,154,795
    shares </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of common stock issuable upon conversion
    of outstanding convertible notes; and</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>

<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">171,703
    shares of common stock issuable upon the exercise of outstanding options to purchase shares of common stock under our 2015 Incentive
    Compensation Plan at a weighted average exercise price of $1.89.</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"><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></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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">&#9679;</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,811,000
    shares of common stock issuable upon the exercise of outstanding options to purchase shares of common stock under our 2021 Omnibus
    Equity Incentive Plan at a weighted average exercise price of $0.40.</span></p></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
table above assumes no exercise of the underwriters&#8217; over-allotment option in this offering. If the underwriters&#8217; over-allotment
option is exercised in full, the number of common shares held by new investors purchasing common stock in this offering would be increased
to % of the total number of shares of common stock outstanding after this offering, and the number of shares held by existing stockholders
would be reduced to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;% of the total number of shares of common stock outstanding after this offering.</span></p>

<p style="font: 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
the extent that stock options or warrants are exercised, we issue new stock options under our equity incentive plan, or we issue additional
common stock in the future, there will be further dilution to investors participating in this offering. In addition, if we raise additional
capital through the sale of equity or convertible debt securities, the issuance of these securities could result in further dilution
to our stockholders.</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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<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="ds_008"></span>MANAGEMENT&#8217;S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULT 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; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>You
should read the following discussion of our financial condition and results of operations in conjunction with financial statements and
notes thereto, as well as the &#8220;Risk Factors&#8221; and &#8220;Description of Business&#8221; sections included elsewhere in this
prospectus. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results
could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences
include those discussed below and elsewhere in this prospectus, particularly in &#8220;Risk Factors&#8221;.</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"><i>&#160;</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"><b>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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MusclePharm
is a scientifically-driven, performance lifestyle company that develops, manufactures, markets and distributes branded sports nutrition
products and nutritional supplements. We offer a broad range of performance powders, capsules, tablets, gels and on-the-go ready to eat
snacks that satisfy the needs of enthusiasts and professionals alike. Our portfolio of recognized brands, MusclePharm and FitMiss, is
marketed and sold to over 100 countries globally.</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">Our
offerings are clinically developed through a six-stage research process, and all of our manufactured products are rigorously vetted for
banned substances by the leading quality assurance program, Informed-Choice. While we initially drove growth in the Specialty retail
channel, in recent years we have expanded our focus to drive sales and retailer growth across leading e-commerce, Food Drug &amp; Mass
(&#8220;FDM&#8221;), Specialty and International channels.</span></p>

<p style="font: 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="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: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
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  <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: bold 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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  <tr 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: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</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="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">100</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>
  </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
consolidated financial statements are prepared using the accrual method of accounting in accordance with generally accepted accounting
principles in the United States (&#8220;GAAP&#8221;) and have been prepared on a going concern basis, which contemplates the realization
of assets and the settlement of liabilities in the normal course of 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">Our
results of operations are affected by economic conditions, including macroeconomic conditions and levels of business confidence. There
continues to be significant volatility and economic uncertainty in many markets and the ongoing COVID-19 pandemic has increased that
level of volatility and uncertainty and has created economic disruption. We are actively managing our business to respond to the impact.
There were no adjustments recorded in the financial statements that might result from the outcome of these uncertainties.</span></p>

<p style="font: 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>COVID-19</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">The
worldwide spread of COVID-19, including the emergence of variants, has resulted, and may continue to result in a global slowdown of economic
activity, which may decrease demand for a broad variety of goods and services, while also disrupting supply channels, sales channels
and advertising and marketing activities for an unknown period of time until the COVID-19 pandemic is contained, or economic activity
normalizes. With the current uncertainty in economic activity, the impact on our revenue and results of operations is likely to continue
and the size and duration of the impact we are currently unable to accurately predict. The extent of the impact of the COVID-19 pandemic
on our operational and financial performance will depend on a variety of factors, including the duration and spread of COVID-19 and its
variants, and its impact on our customers, contract manufacturers, vendors, industry and employees, all of which are uncertain at this
time and cannot be accurately predicted. See &#8220;<i>Item 1.A Risk Factors</i>&#8221; for further discussion of the adverse impacts
of the COVID-19 pandemic on 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"></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>Factors
Affecting Our Performance</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
we continue to execute our growth strategy and focus on our core products, we believe that we can, over time, continue to improve our
operating margins and expense structure. In addition, we have implemented plans focused on cost containment, customer profitability,
product and pricing controls that we believe will improve our gross margin and reduce our losses.</span></p>

<p style="font: 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
expect that our advertising and promotion expense will continue to decrease as we focus on reducing our expenses and shifting our promotional
costs, in part, from general branding and product awareness to acquiring customers and driving sales from existing customers. We expect
that our discounts and allowances will continue to decrease, both overall and as a percentage of revenue, as we further reduce certain
discretionary promotional activity that does not result in a commensurate increase in revenues.</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>Results
of Operations</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>Comparison
of the Three Months Ended March 31, 2022 to the Three Months Ended March 31, 2021:</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 certain financial information from our consolidated statements of operations along with a percentage of net
revenue and should be read in conjunction with the consolidated financial statements and related notes (in thousands).</span></p>

<p style="font: 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="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: bold 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">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 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">
    <td style="font: 10pt Times New Roman, Times, Serif"><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 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: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
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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">11,592</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">88</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>
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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">72</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 style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    profit</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">1,509</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">12</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="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">3,689</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">28</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 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">Operating
    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; 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><td style="font: 10pt Times New Roman, Times, Serif"><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 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling
    and promotion</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">1,160</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">9</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="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">1,149</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">9</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 style="font: 10pt Times New Roman, Times, Serif; 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; font-size: 10pt">General
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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">2,829</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">22</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">2,268</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">17</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 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: 20pt; 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">3,989</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">30</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>
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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">26</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 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">Income
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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></tr>
  <tr 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)">
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    expense</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 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">0</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>
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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: 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">-48</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>
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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">1</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>
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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"></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>Revenue,
net</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
derive our revenue through the sales of our various branded sports nutrition products, nutritional supplements and energy drinks. Revenue
is recognized when control of a promised good is transferred to a customer in an amount that reflects the consideration the Company expects
to be entitled to in exchange for the good. This usually occurs when finished goods are delivered to the Company&#8217;s customers or
when finished goods are picked up by a customer&#8217;s carrier.</span></p>

<p style="font: 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">Net
revenue reflects the transaction prices for contracts, which includes goods shipped at selling list prices reduced by discounts and sales
allowances. We record discounts and sales allowances as a direct reduction of revenue for various discounts provided to our customers,
consisting primarily of promotional related credits. Sales discounts are a significant part of our marketing plan to our customers as
they help drive increased sales and brand awareness with end users through promotions that we support through our distributors and re-sellers.</span></p>

<p style="font: 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
the three months ended March 31, 2022, our net revenues were approximately $13.1 million compared to $13.1 million for the three months
ended March 31, 2021, a decline of approximately $20,000 or 0%. Net revenue for the energy segment was up $1 million, primarily driven
by volume, while net revenue for the protein products segment was down $1 million. During the three months ended March 31, 2022, the
Company had three customers who individually accounted for 59%, 13% and 12% of our net revenue. During the three months ended March 31,
2021, the Company had three customers who individually accounted for 28%, 17% and 14% of our net revenue. During the 1<sup>st</sup> Quarter
of 2022 the Company instituted a price increase with select customers, contributing to 7.4 % of revenue for the three months ended March
31, 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">Discounts
and sales allowances declined to approximately 11% of gross revenue, or $1.6 million, for the three months ended March 31, 2022, compared
to approximately 15% of gross revenue, or $2.4 million, for the three months ended March 31, 2021. Discounts and sales allowances fluctuate
based on customer mix and changes in discretionary promotional activity. We continue to monitor our discounts and allowances, reducing
where practical to continue to meet our gross margin expectation.</span></p>

<p style="font: 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>Cost
of Revenue and Gross Profit</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">Cost
of revenue for our products is related to the production, manufacturing, and freight-in of the related products purchased from third-party
manufacturers. We primarily use contract manufacturers to drop ship products directly to our 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">We
experienced cost increases for raw materials during the three months ended March 31, 2022 primarily due to industry shortages in supply
and consistent with market demand. Compared to the prior year, commodity protein costs have increased 90% negatively affecting our gross
margin. We are taking steps to manage the increase and shortages by entering into agreements with additional protein brokers to diversify
our protein sources, along with working with new vendors to source other component such as tubs, trays and bags.</span></p>

<p style="font: 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 focused on cost containment and improving gross margins by concentrating on customers with higher margins, reducing product discounts
and promotional activity, along with reducing the number of SKU&#8217;s and negotiating improved pricing for raw materials. With recent
increases in commodity prices, our gross margins have eroded and will continue to be impacted.</span></p>

<p style="font: 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 focusing on growing the energy segment which contributed to two points of margin in the three months ended March 31, 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"></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>Selling
and promotion</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
selling and promotion expense consists primarily of expenses related to freight-out, print and online advertising, club demonstrations,
and stock-based compensation. Historically, advertising and promotions were a large part of both our growth strategy and brand awareness,
in particular strategic partnerships with sports athletes and fitness enthusiasts and endorsements, licensing, and co-branding agreements.
Additionally, we co-developed products with sports athletes and teams. In connection with our restructuring plan, we terminated most
of these contracts in a strategic shift away from such costly arrangements and moved toward digital advertising, ambassador programs
and sampling promotional materials.</span></p>

<p style="font: 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
the three months ended March 31, 2022, our selling and promotion expenses were approximately $1.2 million compared to $1.1 million for
the three months ended March 31, 2021, an increase of $11,000 or 1%. The increase was primarily related to an increase in freight-out
and stock-based compensation related to our Energy business and offset by decreases in Club Demonstrations. Freight out is up $77,000
or 11% and Stock based compensation is up $142,000 or 100%. Club demonstrations were down $222,000 or 75%. All other selling and promotion
expenses represent an increase of $14,000.</span></p>

<p style="font: 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>General
and Administrative</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
general and administrative expenses consist primarily of salaries and benefits, professional fees, depreciation and amortization, research
and development, information technology equipment and network costs, facilities related expenses, directors&#8217; fees, legal fees,
accounting and audit fees, consulting fees, stock-based compensation, investor relations costs, insurance, bad debt and other corporate
expenses.</span></p>

<p style="font: 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
the three months ended March 31, 2022, our general and administrative expenses were approximately $2.8 million compared $2.3 million
for the three months ended March 31, 2021, or an increase of approximately $561,000 or 25%. This was due to an increase in professional
fees associated with accounting fees, an increase in salaries and benefits associated with stock-based compensation and an increase in
bad debt expense, offset by a reduction in office and IT expenses. Professional fees are up $213,000 or 41%, salaries and benefits are
up $176,000 or 17%, and bad debt expense is up $344,000 or 3100% and office/IT expenses are down $96,000 or 39%. All other general and
administrative expenses represent a decrease of $76,000.</span></p>

<p style="font: 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"><b><i>Gain
on Settlements</i></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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the three months ended March 31, 2022 and 2021, gain on settlements was $12,000 and $200,000 respectively.</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest
Expense</i></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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the three months ended March 31, 2022, interest expense was approximately $3.8 million compared to $0.5 million for the three months
ended March 31, 2021, or an increase of $3.3 million or 645%.</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
expense increased primarily due to the $3.2 million amortization of stock warrants associated with the issuance of the Senior Secured
debt offering during the year ended December 31, 2021.</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
(Expense) Income, Net</i></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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the three months ended March 31, 2022 and 2021, other expense was $12,000, compared to other income of $132,000 respectively.</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Provision
for Income Taxes</i></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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the three months ended March 31, 2022 and 2021, tax expense was zero. Our provision for income taxes consists primarily of federal and
state income taxes in the U.S. and income taxes in foreign jurisdictions in which we conduct business. Due to uncertainty, as to the
realization of benefits from our deferred tax assets, including net operating loss carryforwards, research and development and other
tax credits, we have a full valuation allowance reserved against such assets. We expect to maintain this full valuation allowance at
least in the near term.</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"></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>Liquidity
and Capital Resources</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 incurred significant losses and experienced negative cash flows since inception. As of March 31, 2022, we had cash of $0.5 million,
a decline of $0.7 million from the December 31, 2021 balance of $1.2 million. As of March 31, 2022, we had a working capital deficit
of $36.3 million, a stockholders&#8217; deficit of $38.1 million and an accumulated deficit of $211.8 million resulting from recurring
losses from operations. As a result of our history of losses and financial condition, there is substantial doubt about our ability to
continue as a going concern.</span></p>

<p style="font: 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
ability to continue as a going concern is dependent upon us generating profitable operations in the future and/or obtaining the necessary
financing to meet our obligations and repay our liabilities arising from normal business operations when they come due. We are evaluating
different strategies to obtain financing to fund our expenses and achieve a level of revenue adequate to support our current cost structure.
Financing strategies may include, but are not limited to, issuances of capital stock, debt borrowings, partnerships and/or collaborations.</span></p>

<p style="font: 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
have funded our operations from proceeds from the sale of equity and debt securities. We will require significant additional capital
to make the investments we need to execute our longer-term business plan. Our ability to successfully raise sufficient funds through
the sale of debt or equity securities when needed is subject to many risks and uncertainties and, even if it were successful, future
equity issuances would result in dilution to our existing shareholders and future debt securities may contain covenants that limit our
operations or ability to enter into certain transactions.</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will need to raise additional funding through strategic relationships, public or private equity or debt financings, grants or other arrangements
to develop and seek regulatory approvals for our existing and new product candidates. If such funding is not available, or not available
on terms acceptable to us, our current development plan and plans for expansion of our general and administrative infrastructure may
be curtailed.</span></p>

<p style="font: 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>Cash
Flows</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
summary of our cash flows is as follows (in thousands):</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">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the Months Ended March 31,</span></td><td style="font: bold 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">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 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="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 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="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 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">Consolidated
    Statements of Cash Flows Data:</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 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>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    cash (used in) provided by operating activities</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; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,582</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</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">98</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></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">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; 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">-</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">(4</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 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">Net
    cash provided by (used in) financing activities</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 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    change in cash</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">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(689</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,411</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>
  </table>

<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"><b><i>Net
Cash Operating Activities</i></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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
net cash used in operating activities was $3.6 million for the three months ended March 31, 2022, compared to net cash provided by operating
activities of $0.1 million for the three months ended March 31, 2021. The primary drivers include a $6.1 million net loss, and an increase
in accounts receivable, net of $2.5 million.</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Net
Cash Investing Activities</i></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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
net cash used in investing activities for the three months ended March 31, 2022, was zero compared to net cash used in investing activities
of $0.004 million for the three months ended March 31, 2021.</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; background-color: white"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New 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><i>Net
Cash Financing Activities</i></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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
net cash provided by financing activities for the three months ended March 31, 2022, was $2.9 million compared to net cash used by financing
activities of $1.5 million for the three months ended March 31, 2021.</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"><b>Non-GAAP
Adjusted EBITDA</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
addition to disclosing financial results calculated in accordance with GAAP, this prospectus discloses Adjusted EBITDA, which is net
loss adjusted for stock-based compensation, (gain) on settlement of accounts payable, interest expense, depreciation of property and
equipment, amortization of intangible assets, and (gain) or loss on foreign currency.</span></p>

<p style="font: 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">Management
uses Adjusted EBITDA as a supplement to GAAP measures to further evaluate period-to-period operating performance, as well as the Company&#8217;s
ability to meet future working capital requirements. Management believes this non-GAAP measures will provide investors with important
additional perspectives in evaluating the Company&#8217;s ongoing business 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">The
GAAP measure most directly comparable to Adjusted EBITDA is net income (loss). The non-GAAP financial measure of Adjusted EBITDA should
not be considered as an alternative to net income (loss). Adjusted EBITDA is not a presentation made in accordance with GAAP and has
important limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results
as reported under GAAP. Because Adjusted EBITDA excludes some, but not all, items that affect net income (loss) and is defined differently
by different companies, our definition of Adjusted EBITDA may not be comparable to similarly titled measures of other 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set
forth below are reconciliations of our reported GAAP net income (loss) to Adjusted EBITDA (in thousands):</span></p>

<p style="font: 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="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: bold 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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    the Three Months Ended March 31,</span></td><td style="font: bold 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">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 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: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    income (loss) (GAAP)</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: 1%; 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; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94</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></tr>
  <tr 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">Non-GAAP
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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 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">Gain
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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">(12</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="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">(200</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 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">Stock
    compensation expense</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">437</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">-</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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    expense</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">3,821</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">512</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
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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">1</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">3</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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
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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">35</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">80</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Gain)
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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: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted
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  </table>

<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"></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Results
of Operations for the Year Ended December 31, 2021 Compared with the Year Ended December 31, 2020</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 certain financial information from our consolidated statements of operations along with a percentage of net
revenue and should be read in conjunction with the consolidated financial statements and related notes (in thousands).</span></p>

<p style="font: 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="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: bold 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">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 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">
    <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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  <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; width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue,
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    <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: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</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">%</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">Cost
    of revenue</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">44,671</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">89</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>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
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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">Operating
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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><td style="font: 10pt Times New Roman, Times, Serif"><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 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">9,891</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">20</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>
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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">20</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 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"><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">6</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 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment
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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">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">26</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 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: 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">Other
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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><td style="font: 10pt Times New Roman, Times, Serif"><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 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
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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">(5,460</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="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">-11</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="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">(1,493</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="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">-2</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 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">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; 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">(2</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>
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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">(95</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>
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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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    <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">3</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>
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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">1</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 style="font: 10pt Times New Roman, Times, Serif; 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; font-size: 10pt">Gain
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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">5</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 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">Benefit
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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">Net
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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; font-size: 10pt">&#160;</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">5</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>
  </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>Revenue,
net</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
derive our revenue through the sales of our various branded sports nutrition products and nutritional supplements. Revenue is recognized
when control of a promised good is transferred to a customer in an amount that reflects the consideration the Company expects to be entitled
to in exchange for the good. This usually occurs when finished goods are delivered to the Company&#8217;s customers or when finished
goods are picked up by a customer or a customer&#8217;s carrier.</span></p>

<p style="font: 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">Net
revenue reflects the transaction prices for contracts, which includes goods shipped at selling list prices reduced by variable consideration.
We record sales incentives as a direct reduction of revenue for various discounts provided to our customers, consisting primarily of
promotional related credits. Sales discounts are a significant part of our marketing plan to our customers as they help drive increased
sales and brand awareness with end users through promotions that we support through our distributors and re-sellers.</span></p>

<p style="font: 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
the year ended December 31, 2021, our net revenues were approximately $50.0 million compared to $64.4 million for the year ended December
31, 2020, a decline of approximately $14.4 million or 22%. During the year ended December 31, 2021, the Company had three customers who
individually accounted for 38%, 14% and 13% of our net revenue. During the year ended December 31, 2020, the Company had three customers
who individually accounted for 41%, 17% and 12% of our net revenue.</span></p>

<p style="font: 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>

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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">Discounts
and sales allowances declined to approximately 16% of gross revenue, or $9.3 million, for the year ended December 31, 2021, compared
to approximately 22% of gross revenue, or $17.7 million, for the year ended December 31, 2020. Discounts and sales allowances fluctuate
based on customer mix and changes in discretionary promotional activity. We continue to monitor our discounts and allowances, reducing
where practical to continue to meet our gross margin expectations.</span></p>

<p style="font: 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">Net
revenue decreased primarily due to industry wide supply shortages on protein and components, which delayed production of our products.
During the fourth quarter of 2021, the Company instituted price increases of approximately 7.4% with select customers, contributing an
additional $0.2 million net revenue.</span></p>

<p style="font: 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>Cost
of Revenue and Gross Profit</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">Cost
of revenue for our products is related to the production, manufacturing, and freight-in of the related products purchased from third-party
manufacturers. We primarily use contract manufacturers to drop ship products directly to our 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">We
experienced cost increases for raw materials during the year ended December 31, 2021 primarily due to industry shortages in supply and
consistent with market demand. Compared to the prior year, commodity protein costs have increased 133% negatively affecting our gross
margin. We are taking steps to manage the increase and shortages by entering into agreements with additional protein brokers to diversify
our protein sources, along with working with new vendors to source other component such as tubs, trays and bags.</span></p>

<p style="font: 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 focused on cost containment and improving gross margins by concentrating on customers with higher margins, reducing product discounts
and promotional activity, along with reducing the number of SKU&#8217;s and negotiating improved pricing for raw materials. With recent
increases in commodity prices, our gross margins have eroded and will continue to be impacted.</span></p>

<p style="font: 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>General
and Administration</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
general and administrative expenses consist primarily of salaries and benefits, professional fees, depreciation and amortization, research
and development, information technology equipment and network costs, facilities related expenses, directors&#8217; fees, legal fees,
accounting and audit fees, consulting fees, stock-based compensation, investor relations costs, insurance and other corporate expenses.</span></p>

<p style="font: 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
the year ended December 31, 2021, our general and administration expenses were approximately $9.9 million compared to $13.0 million for
the year ended December 31, 2020, or a decline of approximately $3.1 million or 24% due to a decrease in salaries and benefits associated
with a reduction in headcount, reducing operating costs and board member compensation, as well as a reduction in office expenses associated
with closure of headquarters and warehouses. Salaries and benefits are down $1.6 million or 25%; Office and IT expenses are down $0.8
million or 46%.</span></p>

<p style="font: 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 percentage of net revenues, general and administration expenses were approximately 20% for the year ended December 31, 2021, compared
to 20% for the year ended December 31, 2020.</span></p>

<p style="font: 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>Selling
and Promotion</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
selling and promotion expense consists primarily of expenses related to freight-out, print and online advertising, club demonstrations,
and stock-based compensation. Historically, advertising and promotions were a large part of both our growth strategy and brand awareness,
in particular strategic partnerships with sports athletes and fitness enthusiasts and endorsements, licensing, and co-branding agreements.
Additionally, we co-developed products with sports athletes and teams. In connection with our restructuring plan, we terminated most
of these contracts in a strategic shift away from such costly arrangements and moved toward digital advertising, ambassador programs
and sampling promotional materials.</span></p>

<p style="font: 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>

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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">For
the year ended December 31, 2021, our selling and promotion expenses were approximately $4.4 million compared to $3.9 million for the
year ended December 31, 2020; an increase of $0.5 million or 13%. The increase was primarily related to an increase in freight-out and
other increases in Club Demonstrations and stock-based compensation related to our Energy 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">As
a percentage of net revenues, selling and promotion expenses were approximately 9% for the year ended December 31, 2021, compared to
6% for the year ended December 31, 2020. The increase for 2021 expenses was primarily driven by a 23% increase in freight-out.</span></p>

<p style="font: 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>Impairment
of Intangible Assets</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">For
the year ended December 31, 2020, we incurred approximately $0.2 million of impairment of intangible assets. For the year ended December
31, 2021 we had no impairment.</span></p>

<p style="font: 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>Loss
of Settlement of Obligation</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">For
the year ended December 31, 2021, our loss on settlement of obligation was approximately $2,000 compared to $95,000 for the year ended
December 31, 2020. During the year ended December 31, 2020, the Company settled with two contract manufactures, Nutrablend and Excelsior
Nutrition and recorded a loss of $95,000 for the year related to these obligations.</span></p>

<p style="font: 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>Gain
on Settlement of Payables</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">For
the year ended December 31, 2020, we recorded amounts aggregating approximately $1.7 million as a gain on the settlement of liabilities,
the result of the imputation of interest due to the long-term nature of the payouts as follows:</span></p>

<p style="font: 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%">
  <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">On
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    agreed to pay approximately $3.1 million in monthly payments from September 1, 2020 through June 30, 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">&#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">On
    December 16, 2020, we entered into a settlement agreement with Excelsior Nutrition, a manufacturer of our products, pursuant to which
    we agreed to pay approximately $4.8 million in monthly payments beginning January 5, 2020 and thereafter until the settlement amount
    is paid in full.</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">For
the year ended December 31, 2021, we recorded no gain on settlement of payables. The remaining amounts owed related to these settlements
is reflected in accrued and other liabilities.</span></p>

<p style="font: 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>Interest
Expense</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">For
the year ended December 31, 2021, interest expense was approximately $5.4 million compared to $1.5 million for the year ended December
31, 2020, or an increase of $3.9 million or 260%.</span></p>

<p style="font: 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">Interest
expense increased as a result of a higher debt balance due the issuance of the Senior Secured debt offering during the year ended December
31, 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>

<p style="font: 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
Income, Net</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">The
Company&#8217;s other income increased from $0.5 million for the year ended December 31, 2020 to $1.5 million for the year ended December
31, 2021. During 2021, the Company recognized a gain of $1.0 million related to the forgiveness of the Company&#8217;s Paycheck Protection
Program loan and sublease income $0.4 million, partially offset by the Company&#8217;s foreign currency translation gain/loss, primarily
related to trade with Canadian 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"></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>Provision
for Income Taxes</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">For
the year ended December 31, 2021, we recognized a tax benefit of approximately $8,000 compared to a tax benefit of approximately $19,000
for the year ended December 31, 2020. Our provision for income taxes consists primarily of federal and state income taxes in the U.S.
and income taxes in foreign jurisdictions in which we conduct business. Due to uncertainty, as to the realization of benefits from our
deferred tax assets, including net operating loss carryforwards, research and development and other tax credits, we have a full valuation
allowance reserved against such assets. We expect to maintain this full valuation allowance at least in the near term.</span></p>

<p style="font: 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>Liquidity
and Capital Resources</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 incurred significant losses and experienced negative cash flows since inception. As of December 31, 2021, the Company had cash of
approximately $1.2 million, a decline of $780 from the December 31, 2020 balance of $2.0 million. As of December 31, 2021, we had a working
capital deficit of $30.1 million, a stockholders&#8217; deficit of $32.2 million and an accumulated deficit of $205.5 million resulting
from recurring losses from operations. As a result of our history of losses and financial condition, there is substantial doubt about
our ability to continue as a going concern.</span></p>

<p style="font: 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
ability to continue as a going concern is dependent upon us generating profitable operations in the future and/or obtaining the necessary
financing to meet our obligations and repay our liabilities arising from normal business operations when they come due. We are evaluating
different strategies to obtain financing to fund our expenses and achieve a level of revenue adequate to support our current cost structure.
Financing strategies may include, but are not limited to, private placements of capital stock, debt borrowings, partnerships and/or collaborations.</span></p>

<p style="font: 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
have funded our operations from proceeds from the sale of equity and debt securities. We will require significant additional capital
to make the investments we need to execute our longer-term business plan. Our ability to successfully raise sufficient funds through
the sale of debt or equity securities when needed is subject to many risks and uncertainties and, even if it were successful, future
equity issuances would result in dilution to our existing shareholders and future debt securities may contain covenants that limit our
operations or ability to enter into certain transactions.</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will need to raise additional funding through strategic relationships, public or private equity or debt financings, grants or other arrangements
to develop and seek regulatory approvals for our existing and new product candidates. If such funding is not available, or not available
on terms acceptable to us, our current development plan and plans for expansion of our general and administrative infrastructure may
be curtailed.</span></p>

<p style="font: 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>Cash
Flows</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">A
summary of our cash flows is as follows (in thousands):</span></p>

<p style="font: 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="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: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the Years Ended December 31,</span></td><td style="font: bold 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">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 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="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 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="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="font: bold 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: 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">Consolidated
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    <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 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>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    cash used in operating activities</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: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(868</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</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">(780</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="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; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">471</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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<p style="font: 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>

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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>Net
Cash Operating Activities</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
net cash used in operating activities was $8.0 million for the year ended December 31, 2021 compared to net cash used in operating activities
of $0.9 million for the year ended December 31, 2020.</span></p>

<p style="font: 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>Net
Cash Investing Activities</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
net cash used in investing activities for the year ended December 31, 2021, was $0.002 million compared to net cash provided by investing
activities of $0.2 million for the year ended December 31, 2020.</span></p>

<p style="font: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Net
Cash Financing Activities</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
net cash provided by financing activities for the year ended December 31, 2021, was $7.3 million compared to $1.1 million for the year
ended December 31, 2020.</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"><b>Non-GAAP
Adjusted EBITDA</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
addition to disclosing financial results calculated in accordance with GAAP, this Amendment No. 1 to Form 10-K discloses Adjusted EBITDA,
which is net loss adjusted for stock-based compensation, gain on settlement of accounts payable, (gain) loss on disposal of property
and equipment, interest expense, depreciation of property and equipment, amortization of intangible assets, and (benefit) provision for
income 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">Management
uses Adjusted EBITDA as a supplement to GAAP measures to further evaluate period-to-period operating performance, as well as the Company&#8217;s
ability to meet future working capital requirements. Management believes this non-GAAP measures will provide investors with important
additional perspectives in evaluating the Company&#8217;s ongoing business 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">The
GAAP measure most directly comparable to Adjusted EBITDA is net income (loss). The non-GAAP financial measure of Adjusted EBITDA should
not be considered as an alternative to net income (loss). Adjusted EBITDA is not a presentation made in accordance with GAAP and has
important limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results
as reported under GAAP. Because Adjusted EBITDA excludes some, but not all, items that affect net income (loss) and is defined differently
by different companies, our definition of Adjusted EBITDA may not be comparable to similarly titled measures of other 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set
forth below are reconciliations of our reported GAAP net income (loss) to Adjusted EBITDA (in thousands):</span></p>

<p style="font: 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="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><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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                                            ended</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>December
                                            31, 2021</b></span></p></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 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: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
                                            ended</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>December
                                            31, 2020</b></span></p></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: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    income (loss) (GAAP)</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; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12,866</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</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">3,185</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></tr>
  <tr 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">Non-GAAP
    adjustments:</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 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">Gain
    on disposal of property and equipment</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">-</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">)</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
    on settlements</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">(143</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="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">(1,687</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>
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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">Impairment
    of operating lease right of use asset</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">-</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">167</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock
    compensation expense</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">653</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">144</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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    and other expense, net</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">5,039</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">1,188</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
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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">10</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">145</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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
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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">321</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 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">PPP
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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">(965</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="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></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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benefit
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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">(8</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="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">(19</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 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">Loss
    foreign currency</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="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></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: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted
    EBITDA (non-GAAP)</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7,931</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="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">3,283</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>
  </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>

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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>Critical
Accounting Policies and Estimates</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
consolidated financial statements have been prepared in accordance with GAAP and form the basis for the following discussion and analysis
on critical accounting policies and estimates. The preparation of the consolidated financial statements requires us to make estimates
and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent
assets and liabilities. We evaluate our estimates and assumptions on a regular basis. We base our estimates on historical experience
and on 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 apparent from other sources. Actual results
could differ from these estimates and those differences could have a material 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">&#160;</span></p>

<p style="font: 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
preparation of our Financial Statements and the related disclosures in conformity with GAAP, requires our management to make judgments,
assumptions, and estimates that affect the amounts of revenue, expenses, income, assets, and liabilities, reported in our Financial Statements
and accompanying notes. Understanding our accounting policies and the extent to which our management uses judgment, assumptions, and
estimates in applying these policies is integral to understanding our Financial Statements.</span></p>

<p style="font: 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
describe our most significant accounting policies in &#8220;Note 2, Significant Accounting Policies&#8221; of our consolidated notes
to our Financial Statements and found elsewhere in this Quarterly Report. These policies are considered critical because they may result
in fluctuations in our reported results from period to period due to the significant judgments, estimates, and assumptions about highly
complex and inherently uncertain matters. In addition, the use of different judgments, assumptions, or estimates could have a material
impact on our financial condition or results of operations. We evaluate our critical accounting estimates and judgments required by our
policies on an ongoing basis and update them as appropriate based on changing conditions.</span></p>

<p style="font: 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>Revenue
Recognition</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
revenue represents sales of finished goods inventory and is recognized when control of the promised goods is transferred to our customers
in an amount that reflects the consideration we expect to be entitled to in exchange for those goods. The reserves for trade promotions
and product discounts, including sales incentives, are established based on our best estimate of the amounts necessary to settle existing
credits for products sold as of the balance sheet date.</span></p>

<p style="font: 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">All
such costs are netted against sales. These costs include end-aisle or other in-store displays, contractual advertising fees and product
discounts, and other customer specific promotional activity. We provide reimbursement to our customers for such amounts as credits against
amounts owed. To determine the appropriate timing of recognition of consideration payable to a customer, all consideration that is payable
to our customers is reflected in the transaction price at inception and reassessed routinely.</span></p>

<p style="font: 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>Accounts
Receivable and Allowance for Doubtful Accounts</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">Accounts
receivable represents trade obligations from customers that are subject to normal trade collection terms and are recorded at the invoiced
amount, net of any sales discounts and allowance for doubtful accounts, and do not typically bear interest. We assess the collectability
of the accounts by taking into consideration the aging of accounts receivable, changes in customer credit worthiness, general market
and economic conditions, and historical experience. Bad debt expenses are recorded as part of &#8220;General and administrative&#8221;
expenses in the consolidated statements of operations. We reserve the receivable balance against the allowance when management determines
a balance is uncollectible. We also review our customer discounts, and an accrual is made for discounts earned but not yet utilized at
each period end.</span></p>

<p style="font: 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>Litigation
Estimates and Accruals</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 normal course of business or otherwise, we may become involved in legal proceedings. We will accrue a liability for such matters
when it is probable that a liability has been incurred and the amount can be reasonably estimated. When only a range of possible loss
can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other
amount within the range, the minimum amount in the range is accrued. The accrual for a litigation loss contingency might include, for
example, estimates of potential damages, outside legal fees and other directly related costs expected to be incurred. We provide disclosures
for material contingencies when there is a reasonable possibility that a loss or an additional loss may be incurred. In assessing whether
a loss is a reasonable possibility, we may consider the following factors, among others: the nature of the litigation, claim or assessment,
available information, opinions or views of legal counsel and other advisors, and the experience gained from similar cases.</span></p>

<p style="font: 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>

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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>Share-Based
Payments and Stock-Based Compensation</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">Share-based
compensation awards, including stock options and restricted stock awards, are recorded at estimated fair value on the applicable awards&#8217;
grant date, based on the estimated number of awards that are expected to vest. The grant date fair value is amortized on a straight-line
basis over the time in which the awards are expected to vest, or immediately if no vesting is required. Share-based compensation awards
issued to non-employees for services are also recorded at fair value on the grant date. The fair value of restricted stock awards is
based on the fair value of the stock underlying the awards on the grant date as there is no exercise price.</span></p>

<p style="font: 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
fair value of stock options is estimated using the Black-Scholes option-pricing model. The determination of the fair value of each stock
award using this option-pricing model is affected by our assumptions regarding a number of complex and subjective variables. These variables
include, but are not limited to, the expected stock price volatility over the term of the awards and the expected term of the awards
based on an analysis of the actual and projected employee stock option exercise behaviors and the contractual term of the awards. Due
to our limited experience with the expected term of options, the simplified method was utilized in determining the expected option term
as prescribed in ASC 718 Compensation &#8211; Stock 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">We
recognize our stock-based compensation expense over the requisite service period, which is generally consistent with the vesting of the
awards, based on the estimated fair value of all stock-based payments issued to employees and directors that are expected to vest.</span></p>

<p style="font: 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">There
have been no material changes to our critical accounting policies during the period covered by this report.</span></p>

<p style="font: 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"><b><i>Warrants</i></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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
conjunction with the Securities Purchase Agreement (&#8220;SPA&#8221;), we issued 17,355,700 warrants to the senior note holders.
The warrants entitle the holder to purchase one share of our common stock at an exercise price equal to $.78 per share at any
time on or after October 13, 2021 (the &#8220;Initial Exercise Date&#8221;) and on or prior to the close of business on October 13, 2026
the &#8220;Termination Date&#8221;). We determined that these warrants are free standing financial instruments that are legally detachable
and separately exercisable from the debt instruments. Management also determined that the warrants are puttable for cash upon a fundamental
transaction at the option of the holder and as such required classification as equity pursuant to ASC 470. In accordance with the accounting
guidance, the outstanding warrants are recognized as equity on the balance sheet. The proceeds from the sale of a debt instrument with
stock purchase warrants (detachable call options) shall be allocated to the two elements based on the relative fair values of the debt
instrument without the warrants, and of the warrants themselves at time of issuance. The allocation of the portion of the value resulted
in a discount of the debt instrument. The fair value of the warrants were measured using the Black Scholes option pricing model.</span></p>

<p style="font: 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="ds_009"></span>BUSINESS</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>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">MusclePharm
is a scientifically-driven, performance lifestyle company that develops, manufactures, markets and distributes branded sports nutrition
products and functional energy beverages. Since our incorporation in 2006, we have developed a comprehensive product portfolio, which
has fueled the widespread recognition of our brands, MusclePharm and FitMiss. Today, these brands are sold in more than 100 countries
globally, supported by our diversified and industry-leading distribution partners. We believe our strong international presence has allowed
us to attract a larger and more engaged social audience than our competitive peers, Our global reach to a large and engaged customer
base enables us to achieve The MusclePharm Promise of helping professional athletes and everyday active individuals reach their maximum
potential with the most scientifically advanced, safe and nutritious sports supplementation products possible.</span></p>

<p style="font: 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">&#8220;The
MusclePharm Promise&#8221; guides our endeavors to support the health of individuals and is comprised of three key pillars:</span></p>

<p style="font: 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%">
  <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>Leading
    by Example<i>. </i></b>We place considerable emphasis on transparency, high-quality ingredients, innovation and science. Our products
    undergo rigorous, independent third-party testing to ensure safe, quality ingredients to support all levels of athletic ability.
    Tests performed on products include banned substance testing and protein verification, among others.</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"><b>Supporting
    Active Lifestyles<i>. </i></b>Our product portfolio is designed for athletes of all levels and anyone who pursues an active, healthy
    lifestyle<b><i>. </i></b>We offer a broad range of performance powders, capsules, tablets, bars and functional energy beverages that
    satisfy the needs of enthusiasts and professionals alike.</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"><b>Enhancing
    Public Health<i>. </i></b>Through our Specialty, International, Food, Drug, and Mass (&#8220;FDM&#8221;), and newly introduced Grocery
    and Convenience distribution channels, we are able to reach athletes and active individuals of all types and demographics. We believe
    in the importance of our consumers having access to our products where and when they need them.</span></td></tr>
  </table>
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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>Our
Products</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">Our
product portfolio consists of two categories, sports nutrition and functional energy beverages, and targets a variety of fitness enthusiasts
and professionals, as well as individuals who lead an active lifestyle.</span></p>

<p style="font: 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>

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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"><i>Sports
Nutrition</i></span></p>

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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"><img src="forms-1_003.jpg" alt="" style="height: 294px; width: 600px" /></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">Our
product portfolio consists of two categories, sports nutrition and functional energy beverages, and targets a variety of fitness enthusiasts
and professionals, as well as individuals who lead an active lifestyle.</span></p>

<p style="font: 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%">
  <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>Sport
    Series</b>. In order to cover the needs of athletes, we introduced our scientifically-advanced, performance-driven Sport Series category.
    These award-winning , independently-tested products help fuel athletes safely by increasing strength, energy, endurance, recovery
    and overall athletic performance. It features our Combat Protein Powder, a top selling five-protein blend on the market, currently
    available in 4 flavors.</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"><b>Essentials
    Series.</b> To meet the day-in and day-out demands of fitness and sport, the Essentials Series (formerly known as the Core Series)
    line of supplements exists for athletes to take daily. These products include daily staples for a healthy body, such as BCAA, creatine,
    glutamine, carnitine, CLA, fish oil, a multi-vitamin and more<i>.</i></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"><b>FitMiss.
    </b>Designed and formulated specifically for the female body, FitMiss sports nutrition products are complementary to any active female&#8217;s
    diet. In seeking a stronger, more balanced foundation, FitMiss ingredients support women in areas of weight management, lean muscle
    mass, body composition, and general health and wellness. Currently, FitMiss protein powder is available in 2 flavors.</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"><b>On-the-Go</b>.
    As more and more consumers are seeking healthier and convenient snacking options, retailers across multiple channels are capitalizing
    on this emerging trend by aggressively expanding their better-for-you assortments. Our On-the-Go portfolio of ready to eat products
    includes our award-winning Combat Crunch Protein Bars, currently available in 4 flavors.</span></td></tr>
  </table>
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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>Functional
Energy Beverages</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>

<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"><b>Combat
    Energy.</b> In order to tap into the ever-growing functional beverage market, we recently launched our Combat Energy drink line.
    Unlike traditional energy drinks, Combat Energy has zero sugar and zero calories and features the functional benefits of 300mg of
    caffeine and 600mg of BCAA aminos. Our Combat Energy line is available in the three flavors: Green Apple, Grapefruit Lime and Black
    Cherry.</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"><b>FitMiss
    Energy.</b> Based on the feedback we received from female consumers, we developed and meticulously formulated FitMiss Energy. This
    recently launched product features 200 milligrams of caffeine per can, zero calories, zero sugar, MusclePharm&#8217;s proprietary
    BCAA blend, Biotin and no artificial colors or flavors. Currently, we sell this functional energy beverage in the following
    three flavors: Pineapple Coconut, Mango Sunshine and Watermelon Waterfall.</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>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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>Industry</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>Global
Sports Nutrition</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">According
to a 2021 analysis by Grand View Research, the global sports nutrition market is expected to experience double digit growth, growing
at a compound annual growth rate (&#8220;CAGR&#8221;) of 10.9% from 2021 to 2028. A rise in demand is expected to stem from consumers&#8217;
increased focus on self-care, preventive medication and fitness. This heightened focus is particularly due to the rapidly growing number
of individuals with diabetes and obesity that are at risk of serious illness from COVID-19. Given that our products are designed to enhance
one&#8217;s health and fitness ability, we expect to benefit and capitalize on these attractive industry tailwinds.</span></p>

<p style="font: 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>Global
Functional Beverages</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">According
to a 2021 report by Fior Markets, the functional beverage market is expected to grow at a CAGR of 7.1% from 2021 to 2028. This growth
is expected to stem from an increased demand for ready-to-drink beverages by consumers who seek to maintain their health despite their
hectic, busy lifestyles. We believe this growth will be compounded even more by millennials&#8217; strong preference for foods that are
convenient and have diverse nutritional profiles. For these reasons, we anticipate that our newly introduced Combat Energy and FitMiss
Women&#8217;s Complete Energy will experience increased demand, along with our On-The-Go product line.</span></p>

<p style="font: 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
Strengths</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>Consumer
Awareness of Our Brands</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">According
to Nutritionix.com, our Combat Protein Powder is the fourth best protein brand in the world, and Grand Review Research names MusclePharm
as one of the top players in the North American sports nutrition market. For these reasons, we believe consumers have a strong appetite
for our brand and products, which is exemplified by our large and engaged social media following. Widespread brand recognition as one
of the safest, most trusted and reliable performance lifestyle companies is a strength we seek to maintain, as it allows for organic
growth and fosters the adoption of new product innovations.</span></p>

<p style="font: 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>Strong
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">We
believe that protecting our intellectual property is crucial to the continued successful implementation of our business strategy and
marketing our products. Therefore, our policy is to rigorously pursue registrations for all trademarks associated with our products.
We have over 39 trademark applications in the United States, 29 of which are currently registered with the United States Patent and Trademark
Office. Our registered trademarks include registrations of our house marks, as well as marks associated with our core product lines.</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">We
also have filed for protection of various marks throughout the world and are committed to a significant long-term strategy to build and
protect the MusclePharm and FitMiss brands globally. The &#8220;MusclePharm&#8221; and &#8220;FitMiss&#8221; marks have been granted
final trademark registration effective in 10 countries, including the United States.</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>Asset
Light Business Model</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">Through
our asset light model, we achieve low capital expenditures, which we believe is critical to the generation of high free cash flows, gross
margin, and lower commodity pricing. Currently, we outsource all manufacturing, testing and bottling to third-parties, and despite challenges
in 2020 due to COVID-19, we believe our asset light model will enable us to achieve strong results and profitability in future quarters.
For these reasons, we believe our business is uniquely positioned for profitability, without sacrificing the support of our growth initiatives.</span></p>

<p style="font: 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>

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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>Growth
Strategy</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>Product
Innovation</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
believe continued innovation in delivery techniques and ingredients, new product lines, and new products in existing lines is important
to sustaining and creating new market opportunities, meeting consumer demand, and strengthening customer relationships. Over the last
several years, we have launched several new products to meet changing consumer needs and to accelerate our growth. In 2021, we rolled
out our functional energy beverages lines under the MusclePharm and FitMiss brands. With continued market expansion of functional beverages,
coupled with consumers&#8217; increased focus on ready-to-drink healthy alternatives, we expect our zero sugar and zero calorie energy
drinks to benefit from these better-for-you industry tailwinds. Similarly, in 2019, we expanded our On-The-Go assortments with the introduction
of gluten free and non-GMO protein products, along with new flavors of our award-winning Combat Crunch Protein Bars. These On-The-Go
product assortments target a wide and growing audience, as consumers increasingly demand convenient and ready-to-eat snacks with healthy,
diverse nutritional profiles. We continuously monitor market opportunities and consumer trends in order to strategically plan and execute
future product innovations. We continue to drive innovation in our already popular protein powder line and in 2021 we launched a new
and improved formula, delivering better taste and mixability in our two top selling products, Combat 100% Whey and Combat Protein powder.to
To maintain strong demand for our functional energy beverages, we will closely monitor and evaluate customer feedback for future product
innovations to sustain our leadership position in the beverage market.</span></p>

<p style="font: 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>Expand
Sales in Current and New Channels</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
currently distribute our products across all major global retail channels &#8211; Specialty, International and FDM. This, paired with
our large e-commerce customers, allows us to reach every relevant market in the world. Due to the high competition within these channels,
and the ever-changing customer trends, we have undertaken a number of initiatives to expand into new distribution channels, increase
product trial, and amplify brand messaging.</span></p>

<p style="font: 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
we continue to scale our functional energy beverages, we expect to increase our distribution points through Grocery and Convenience channels
and expect product trial to increase, providing us with the opportunity to convert trial customers into loyal, repeat purchasers, and
ultimately, consumers of our broader product categories. While these initiatives are targeted towards acquiring new, loyal customers,
we plan to grow with existing customers through our established, industry-leading distribution partners in the Specialty, International,
and FDM. Through increased store penetration and shelf-space, we believe we can grow sales of our functional energy beverages with existing
customers by providing widespread accessibility. Given the importance we place on widespread accessibility, we also plan on advancing
our e-commerce presence through strategic partnerships, which we believe will not only enhance sales among new and existing customers
but also further the global reach of our brand and 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><i>Leverage
Existing Brand Awareness for New Products</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
we continue to execute our growth strategy and focus on core and new product innovations, we plan on leveraging our existing brand awareness
to successfully penetrate domestic and international markets. We believe our established brand recognition, recurring customer base,
and far reach will further advance the adoption of our products and growth. In the past, our passionate and loyal following has demonstrated
a keen appetite for new MusclePharm products and we believe this will continue to play a vital role in the success of future product
rollouts.</span></p>

<p style="font: 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>Sales
and Marketing</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
goal is to position MusclePharm as the &#8220;must have&#8221; brand for elite athletes and fitness enthusiasts, alike, who are on a
journey to holistically better themselves and achieve their maximum potential. Our marketing is focused on our most prominent products
and includes brand partnerships, focusing on grass-roots marketing and advertising efforts with retail outlets close to our core audience.
Our marketing includes digital marketing, print and media advertising, in store product demonstrations, promotional giveaways, and trade
show events. New product innovation is also a key component of driving incremental sales.</span></p>

<p style="font: 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>

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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>Distribution
Channels</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">MusclePharm
brands are marketed across major global retail distribution channels &#8211; Specialty, International and FDM.</span></p>

<p style="font: 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>Specialty:
</i></b>This channel is composed of brick-and-mortar sales and e-commerce. Due to high competition within this market, we continually
seek to respond to customer trends and shifts by adjusting the mix of existing product offerings, developing new innovative products
and influencing preferences through our marketing.</span></p>

<p style="font: 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>International:
</i></b>Our international reach touches every relevant market in the world. We seek to further grow our international sales by continuing
to offer new products in key markets as well as opening new distribution channels in select regions of the world. We also are evaluating
the benefits of developing expanded contract manufacturing relationships outside of North America to take advantage of local opportunities.</span></p>

<p style="font: 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>FDM:
</i></b>This channel is primarily served by our direct sales force, as well as our network of brokers. We believe direct relationships
with retail partners provide us an opportunity to expand our distribution into additional discount warehouses and national retailers.</span></p>

<p style="font: 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">Below
is a table of net revenue by our major distribution channel (in thousands):</span></p>

<p style="font: 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="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <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: bold 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: 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">Distribution
    Channel</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; 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>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FDM</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 style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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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">100</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">$</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">13,121</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">100</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>
  </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>Product
Research, Development and Quality Control</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">Customers&#8217;
belief in the safety and efficacy of our products is critical. Continued innovation in delivery techniques and ingredients, new product
line extensions, and new product offerings are important in order to sustain existing and create new market opportunities, meet consumer
demand, and strengthen consumer relationships. To support our research and development efforts, we invest in formulation, processing
and packaging development, perform product quality and stability studies, and conduct consumer market research to sample consumer opinions
on product concepts, design, packaging, advertising, and marketing campaigns.</span></p>

<p style="font: 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 committed to science and sport being equal in our product development. We believe real-world applications are essential. Our product
lines have been developed through a stringent protocol to ensure that all formulations promote quality and safety for our customers.
Our quality control team follows detailed supplier selection and certification processes, validation of raw material verification processes,
analytical testing, process audits, and other quality control procedures. Our products are also subject to extensive shelf-life stability
testing. We also engage third-party laboratories to routinely evaluate and validate our internal testing processes on every MusclePharm
product.</span></p>

<p style="font: 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
qualify ingredients, suppliers, and facilities by performing site assessments and conducting on-going performance and process reviews.
Dedicated quality teams regularly audit and assess manufacturing facilities for compliance with Good Manufacturing Practices (&#8220;GMPs&#8221;),
as regulated by the United States Food and Drug Administration (&#8220;FDA&#8221;), to ensure our compliance with all MusclePharm, regulatory,
and certification standards and requirements. To ensure overall consistency, our quality assurance team adheres to strict written procedures.
From the raw ingredient stage to the finished product stage, we monitor and perform quality control checks. Before distributing our products,
we place our products under quarantine to test for environmental contaminants and verify that the finished product meets label claims.
Once a product has successfully passed quality assurance testing and conforms to specifications for identity, purity, strength, and composition,
we then conduct testing with third-party laboratories for added label claim verification.</span></p>

<p style="font: 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>

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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">Multi-level
practices are part of our product development process to ensure athletes and our consumers receive what we believe to be the most scientifically
innovative and safest products on the market. Post-distribution, we have standard operating procedures in place for investigating and
documenting any adverse events or product quality complaints. We are committed to the process of having all of our products certified
to be banned-substance-free before they are available to consumers. Informed Choice, a globally recognized leader in sports testing,
conducts all of our third-party banned substance testing, ensuring that all MusclePharm products are free of banned substances.</span></p>

<p style="font: 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>Manufacturing
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">We
have relationships with multiple third-party manufacturers. Certain of our vendors supply in excess of 10% of our products. Once a product
is manufactured, it is shipped directly to the customer or through a third-party distribution center. All of the third-party manufacturing
facilities and distribution facilities we utilize are designed and operated to meet current GMP standards as promulgated by the FDA.</span></p>

<p style="font: 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
manufacturing process performed by our third-party manufacturers generally consists of the following operations: (I) qualifying ingredients
for products; (ii) testing of all raw ingredients; (iii) measuring ingredients for inclusion in production; (iv) granulating, blending
and grinding ingredients into a mixture with a homogeneous consistency; (v) encapsulating or filling the blended mixture into the appropriate
dosage form using either automatic or semiautomatic equipment; and (vi) testing finished products prior to distribution.</span></p>

<p style="font: 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
maintain and operate a system that integrates distribution, warehousing, and quality control. This provides real-time lot and quality
tracking of raw materials, work in progress and finished goods. We employ a supply chain staff that works with sales, marketing, product
development, and quality control personnel to ensure that only products that meet all specifications are produced and released to 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"><b>Our
Competitors</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
sports nutrition market is very competitive, and the range of products is diverse and subject to rapid and frequent changes in consumer
demand. Competitors use price, shelf space and store placement, as well as brand and product recognition, new product introductions,
and raw materials to capture market share. We believe that retailers look to partner with suppliers who demonstrate brand development,
market intelligence, customer service, and produce high quality products with proven science. We believe we are competitive in all these
areas.</span></p>

<p style="font: 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
competitors include numerous nutritional companies that are highly fragmented in terms of geographic market coverage, distribution channels,
and product categories. In addition, we compete with large pharmaceutical companies and packaged food and beverage companies. Many of
these competitors have greater financial and distribution resources available to them than us and some compete through vertical integration.
In addition, private label entities have gained a foothold in many nutrition categories and also are direct competitors. Our principal
competitors are: Glanbia Performance Nutrition (Optimum Nutrition), Nutrabolt, (Cellucor C4), Dymatize Enterprises LLC, Celsius and Iovate
Health Sciences International Inc. As many of our competitors are either privately held or divisions within larger organizations, it
is difficult to fully gauge their size and relative ranking.</span></p>

<p style="font: 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>Government
Regulation</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
formulation, manufacturing, packaging, labeling, advertising, distribution, storage, and sale of each of our product groups are subject
to regulation by one or more governmental agencies. The most active of these is the FDA, which regulates our products under the Federal
Food, Drug and Cosmetic Act (&#8220;FDCA&#8221;) and the regulations promulgated thereunder. FDA regulations relating specifically to
foods and dietary supplements for human use are set forth in Title 21 of the Code of Federal 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"></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"><i>Dietary
Supplement Regulation</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
FDA has primary jurisdiction for the regulation of dietary supplements. The FDA regulates dietary supplements under the FDCA as a separate
regulatory category of &#8220;foods.&#8221; The FDCA has been amended several times with respect to dietary supplements, including by
the Nutrition Labeling and Education Act of 1990 (the &#8220;NLEA&#8221;) and the Dietary Supplement Health and Education Act of 1994.
A &#8220;dietary supplement&#8221; is defined under the FDCA as &#8220;a product (other than tobacco) intended to supplement the diet
that bears or contains one or more of the following dietary ingredients: vitamins, minerals, amino acids, herbs or other botanicals;
a concentrate, metabolite, constituent, extract or combination of the ingredients listed above.&#8221; Dietary supplements are intended
to enhance the diet, and may not be represented as a conventional food or as the sole item of a meal or diet.</span></p>

<p style="font: 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">Dietary
supplements do not require approval from the FDA before they are marketed. Except in the case of a &#8220;new dietary ingredient,&#8221;
where pre-market review for safety data and other information is required by law, a company is not required to provide the FDA with the
evidence it relies on to substantiate safety or effectiveness before marketing a supplement product. A manufacturer or distributor must
notify the FDA if it intends to market a dietary supplement in the U.S. that contains a &#8220;new dietary ingredient.&#8221; A new dietary
ingredient is an ingredient marketed after October 15, 1994. The manufacturer must demonstrate to the FDA that the new ingredient is
reasonably expected to be safe for use in a dietary supplement. There is no authoritative list of dietary ingredients that were marketed
before October 15, 1994. Therefore, manufacturers are responsible for determining if a dietary ingredient is &#8220;new.&#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">Manufacturers
of dietary supplements must register with the FDA pursuant to the Bioterrorism Preparedness and Response Act of 2002 (&#8220;Bioterrorism
Act&#8221;) before producing supplements. Manufacturers of dietary supplements also must follow current good manufacturing practice (cGMP)
regulations for the preparation, packaging and storage of our food and dietary supplements. Entities that manufacture, package, label
or hold dietary supplement products must follow applicable cGMP regulations. These regulations focus on practices that ensure the identity,
purity, quality, strength and composition of dietary supplements. We engage with third-party manufacturers to manufacture our dietary
supplements.</span></p>

<p style="font: 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 practices and products are also regulated by the Federal Trade Commission (&#8220;FTC&#8221;), the Consumer Product Safety Commission,
the United States Department of Agriculture (&#8220;USDA&#8221;) and the Environmental Protection Agency. The USDA governs certain product
labeling, such as organic and non-GMO claims. The FTC has the primary responsibility of regulating the advertising of foods, including
dietary supplements. Under the FTC Act, all advertising claims, both express and implied, must be truthful, non-misleading, and substantiated.
In practice, the FDA and FTC share jurisdiction over promotional practices and monitor the promotion and advertising of dietary supplements
in multiple media forms, including TV, radio, social media (e.g., Facebook, Twitter), and the internet. We are responsible for determining
that the dietary supplements we manufacture or distribute are safe, and that any representations or claims made about them are substantiated
by adequate evidence to show that the claims are not false or misleading.</span></p>

<p style="font: 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
activities, including our direct selling distribution activities, are also regulated by various agencies of the states, localities and
foreign countries in which our products are sold. In foreign markets, prior to commencing operations and initiating or permitting sales
of our products in the market, we may be required to obtain an approval, license or certification from the country&#8217;s ministry of
health or comparable agency. Prior to entering a new market in which a formal approval, license or certificate is required, we work extensively
with local consultants and authorities in order to obtain the requisite approvals.</span></p>

<p style="font: 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
must also comply with product labeling and packaging regulations that vary from country to country. Our failure to comply with these
regulations can result in a product being removed from sale in a particular market, either temporarily or permanently. In the U.S., foods
and dietary supplements are subject to the Nutrition, Labeling and Education Act (&#8220;NLEA&#8221;), which governs health claims, ingredient
labeling, and nutrient content claims characterizing the level of a nutrient in a product. Dietary supplements may be intended to affect
the structure or function of the human body. If the label of a dietary supplement contains such structure/function claims, the label
must bear the disclaimer: &#8220;This statement has not been evaluated by the FDA. This product is not intended to diagnose, treat, cure,
or prevent any disease.&#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">All
serious adverse events occurring within the United States involving dietary supplements must be reported to the FDA. FDA laws also govern
the recalls of foods and dietary supplements.</span></p>

<p style="font: 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
may be required to obtain an approval, license or certification from a foreign country&#8217;s ministry of health or comparable agency
prior to commencing operations and initiating or permitting sales of our regulated products in foreign markets. Prior to entering a new
market in which a formal approval, license or certificate is required, we work with local consultants and authorities in order to obtain
the requisite approvals. We also must comply with product labeling and packaging regulations that vary from country to country. Our failure
to comply with these regulations can result in a product being removed from sale in a particular market, either temporarily or permanently.</span></p>

<p style="font: 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>

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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>Intellectual
Property</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
regard our trademarks and other proprietary rights as valuable assets and believe that protecting our intellectual property is crucial
to the continued successful implementation of our business strategy. Since we regard our intellectual property as a crucial element of
our business with significant value in the marketing of our products, our policy is to rigorously pursue registrations for all trademarks
associated with our 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">We
have over 39 trademark applications in the United States, 29 of which are currently registered with the United States Patent and Trademark
Office. Our registered trademarks include registrations of our house marks , as well as marks associated with our core product lines.</span></p>

<p style="font: 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
also have filed for protection of various marks throughout the world and are committed to a significant long-term strategy to build and
protect the MusclePharm brand globally. The &#8220;MusclePharm&#8221; and &#8220;FitMiss&#8221; marks have been granted final trademark
registration effective in 10 countries, including the United States.</span></p>

<p style="font: 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>Seasonality</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 does not typically experience seasonal variations, but revenue may fluctuate based upon promotions.</span></p>

<p style="font: 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</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 March 31, 2022 we had 21 total employees, most of whom were full time. None of the employees are represented by a union. Management
considers its relations with our employees to be good and to have been maintained in a normal and customary manner.</span></p>

<p style="font: 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"><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">From
time to time, we may be subject to litigation and claims arising in the ordinary course of business. For information regarding legal
proceedings, see part II Item 1, as well as Note 8 to the Notes to Consolidated Financial Statements (unaudited) contained in our Quarterly
Report for the three months ended March 31, 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"><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>White
Winston Select Asset Fund Series MP-18, LLC et al., v MusclePharm Corp., et al., (Nev. Dist. Ct.; Cal. Superior Court; Colorado Dist.
Ct.; Mass. Super. Ct.)</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
August 21, 2018, White Winston Select Asset Fund Series MP-18, LLC and White Winston Select Asset Fund, LLC (together &#8220;White Winston&#8221;)
initiated a derivative action against the Company and its directors (the &#8220;director defendants&#8221;). White Winston alleges that
the director defendants breached their fiduciary duties by improperly approving the refinancing of three promissory notes issued by the
Company to Mr. Drexler (the &#8220;Amended Note&#8221;) in exchange for $18.0 million in loans. White Winston alleges that this refinancing
improperly diluted their economic and voting power and constituted an improper distribution in violation of Nevada law. In its complaint,
White Winston sought the appointment of a receiver over the Company, a permanent injunction against the exercise of Mr. Drexler&#8217;s
conversion right under the Amended Note, and other unspecified monetary damages. On September 13, 2018, White Winston filed an amended
complaint, which added a former executive of the Company, as a plaintiff (together with White Winston, the &#8220;White Winston Plaintiffs&#8221;).
On December 9, 2019, the White Winston Plaintiffs filed a Second Amended Complaint, in which they added allegations relating to the resignation
of the Company&#8217;s auditor, Plante &amp; Moran PLLC (&#8220;Plante Moran&#8221;). the Company has moved to dismiss the Second Amended
Complaint. That motion has not yet been fully briefed.</span></p>

<p style="font: 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">Along
with its complaint, White Winston also filed a motion for a temporary restraining order (&#8220;TRO&#8221;) and preliminary injunction
enjoining the exercise of Mr. Drexler&#8217;s conversion right under the Amended Note. On August 23, 2018, the Nevada district court
issued an ex parte TRO. On September 14, 2018, the court let the TRO expire and denied White Winston&#8217;s request for a preliminary
injunction, finding, among other things, that White Winston did not show a likelihood of success on the merits of the underlying action
and failed to establish irreparable harm. Following the court&#8217;s decision, the Company filed a motion seeking to recoup the legal
fees and costs it incurred in responding to the preliminary injunction motion. On October 31, 2019, the court awarded the Company $56,000
in fees and costs.</span></p>

<p style="font: 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">Due
to the uncertainty associated with determining our liability, if any, and due to our inability to ascertain with any reasonable degree
of likelihood, as of the date of this report, the outcome of the trial, the Company has not recorded an estimate for its potential liability.</span></p>

<p style="font: 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"></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">On
June 17, 2019, White Winston moved for the appointment of a temporary receiver over the Company, citing Plante Moran&#8217;s resignation.
The court granted White Winston&#8217;s request to hold an evidentiary hearing on the motion, but subsequently stayed the action pending
the parties&#8217; attempts to resolve their dispute. Although the parties have been unable to reach a resolution, the litigation has
not yet resumed. On July 30, 2019, White Winston filed an action in the Superior Court of the State of California in and for the County
of Los Angeles, seeking access to the Company&#8217;s books and records and requesting the appointment of an independent auditor for
the Company. On February 25, 2021, the court ordered the Company to produce certain documents, denied White Winston&#8217;s request for
an auditor, and ordered the Company to pay a $1,500 penalty. On July 20, 2021 the California court awarded White Winston $93,000 in attorneys&#8217;
fees and cost relating to the books-and-records action. The Company paid the amounts due on July 30, 2021, and on August 4, 2021 White
Winston submitted a filing acknowledging that the California court&#8217;s judgment has been fully satisfied.</span></p>

<p style="font: 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 and its Chief Executive Officer have been named as defendants in a new lawsuit filed on February 8, 2022 by White Winston Select
Asset Funds, LLC and White Winston Select Asset Fund Series Fund MP-18, LLC (collectively, &#8220;White Winston&#8221;) in the Superior
Court of Suffolk County Massachusetts. White Winston is bringing claims alleging unfair trade practices, abuse of process, malicious
prosecution, breach of duty of loyalty and, in the alternative, for breach of the settlement agreement relating to the prior action filed
by White Winston in Nevada. The Company has not yet responded to complaint and at this time cannot reasonably estimate any loss that
may arise from this matter.</span></p>

<p style="font: 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>Bakery
Barn, LLC v. MusclePharm Corporation</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
January 24, 2022, Bakery Barn (&#8220;Bakery Barn&#8221;) filed suit against Company in Allegheny County, Pennsylvania court. Company
received the Complaint on February 16, 2022. Bakery Barn alleges that the Company owes Bakery Barn over $1.9 million dollars for breach
of contract. Parties operated on an open account basis with payment terms established by mutual verbal agreement, custom and usage. Beginning
in late 2020, Bakery Barn resumed production for Company and operated under a verbal agreement until August 2021. Bakery Barn contends
that Company is required to reimburse Bakery Barn for foil wraps ordered by Bakery Barn in the amount of $77,800, specific ingredients
totaling $42,400, and products manufactured under purchase order Invoice no. 59192 delivered to Company in the amount of $1,816,017.</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">On
February 24, 2022, Flaherty Fardo Rogel &amp; Amick, LLC (&#8220;Company Counsel&#8221;) filed a Praecipe for Appearance on behalf of
the Company. On February 28, 2022, Company Counsel filed Preliminary Objections to Complaint and Brief In Support Thereof. Bakery Barn
filed an Amended Complaint in Civil Action on March 14, 2022. Company Counsel is in the process of filing Preliminary Objections to this
Amended Complaint. The Company intends to continue to vigorously litigate the matter.</span></p>

<p style="font: 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>Bar
Bakers, LLC v. CFC/Flavor Producers, LLC. Vs MusclePharm</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
March 18, 2022, the Company retained Barnes &amp; Thornburg to represent it in connection with a Cross-Complaint filed in the Superior
Court of California, County of Orange, Case No. 30-2019-01073098-CU-BC-CJC in the matter Bar Bakers LLC v. Creative Flavor Concepts,
Inc. et al.. According to the pleadings, the matter arises from an agreement between the plaintiffs and defendants in which the plaintiff
agreed to manufacturer energy bars and sell them to the defendants. The defendants then sold the energy bars to various retailers, including
the Company. On May 29, 2019, the plaintiff sued the defendants alleging that the defendants were responsible for unpaid invoices &#8211;
nine for bars manufactured and delivered to the Company and one invoice for raw materials. According to the pleadings, the unpaid invoices
total $885,163.72. The invoice for the raw materials is allegedly $4,658,593.02. On January 31, 2022, one of the defendants, Flavor Producers
LLC, filed and served a cross claim against the Company alleging that it was partially responsible for any damages that may befall on
it. Specifically, Flavor Producers is asking the Court to award it $389,989.60 in compensatory damages. On March 25, 2022, the Company
filed an answer to that cross claim denying the factual allegations and Flavor Producers&#8217; assertion that it is entitled to any
damages, including but not limited to, compensatory damages.</span></p>

<p style="font: 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>

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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>ThermoLife
International</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
January 2016, ThermoLife International LLC (&#8220;ThermoLife&#8221;), a supplier of nitrates to the Company, filed a complaint against
the Company in Arizona state court. ThermoLife alleged that the Company failed to meet minimum purchase requirements contained in the
parties&#8217; supply agreement. The court held a bench trial on the issue of damages in October 2019, and on December 4, 2019, the court
entered judgment in favor of ThermoLife and against the Company in the amount of $1.6 million, comprised of $0.9 million in damages,
interest in the amount of $0.3 million and attorneys&#8217; fees and costs in the amount of $0.4 million. The Company recorded $1.6 million
in accrued expenses in 2018. The Company has filed an appeal and posted bonds in the total amount of $0.6 million in order to stay execution
on the judgment pending appeal. Of the $0.6 million, $0.25 million (including fees) was paid by Mr. Drexler on behalf of the Company.
See &#8220;Note 7. Debt&#8221; for additional information. The balance of $0.35 million was secured by a personal guaranty from Mr. Drexler,
the associated fees of $12,500 and $2,500 have been paid by the Company. On April 27, 2021, the appellate court issued a decision largely
affirming the trial court judgement, except vacating the judgement&#8217;s $0.3 million prejudgment interest award and remanding for
a recalculation of prejudgment interest. On May 18, 2021, ThermoLife filed a motion asking the trial court to increase the Company&#8217;s
appeal bond to the full amount of the judgment, or $1.9 million, which the Court denied on June 2, 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>

<p style="font: 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 March 31, 2022, the total amount accrued, including interest, was $1.9 million. For the three months ended March 31, 2022 and 2021,
interest expense recognized on the awarded damages was $0.022 million and $0.022 million, respectfully.</span></p>

<p style="font: 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 4, 2022, the Arizona Supreme Court denied the Company&#8217;s petition for review of the decision of the appellate court and granted
ThermoLife&#8217;s request for attorney&#8217;s fees.</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"></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"><b>SK
Laboratories</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">On
February 3, 2022, MusclePharm sued SK Laboratories in Washoe County (Nevada) District Court. According to the complaint, MusclePharm
alleges SK Laboratories (1) breach its contract, (1) breach an implied covenant of good faith and fair dealing, and (3) unjustly enriched
itself by artificially inflating its costs and passing those costs onto MusclePharm in breach of its agreement, as well as failing to
provide product that complied with Japanese import regulations. There has not been substantial activity in this case given its early
stage.</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">On
May 3, 2022, SK Laboratories sued MusclePharm and Ryan Drexler in Los Angeles County Superior Court. In its lawsuit, it is alleging (1)
breach of contract, (2) breach of personal guaranty, (3) fraud, (4) unfair business practices, (5) intentional interference with prospective
economic advantage, (6) negligent interference with prospective economic advantage, and (7) common count on book account claim. According
to the Complaint, SK Laboratories was a contract manufacturer for MusclePharm for approximately nine years manufacturing &#8220;a variety
of nutritional supplement products.&#8221; Further, according to the complaint, SK Laboratories alleges that MusclePharm has defaulted
on payments due on purchase orders totaling approximately $4,608,980.12, and a breach of personal guaranty of approximately $500,000
against Ryan Drexler for purchases of whey protein SK made on MusclePharm&#8217;s behalf. There has not been substantial activity in
this case given its early stage. MusclePharm&#8217;s answer is due on approximately June 21, 2022.</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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Settlements</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"><b>Manchester
City Football Group</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
Company was engaged in a dispute with City Football Group Limited (&#8220;CFG&#8221;), the owner of Manchester City Football Group, concerning
amounts allegedly owed by the Company under a sponsorship agreement with CFG (the &#8220;Sponsorship Agreement&#8221;). In August 2016,
CFG commenced arbitration in the United Kingdom against the Company, seeking approximately $8.3 million for the Company&#8217;s purported
breach of the Sponsorship Agreement.</span></p>

<p style="font: 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
July 28, 2017, the Company approved a Settlement Agreement (the &#8220;CFG Settlement Agreement&#8221;) with CFG effective July 7, 2017.
The CFG Settlement Agreement represents a full and final settlement of all litigation between the parties. Under the terms of the agreement,
the Company agreed to pay CFG a sum of $3 million, which was recorded as accrued expenses in 2017. The settlement consists of a $1.0
million payment that was advanced by a related party on July 7, 2017, a $1.0 million installment paid on July 7, 2018 and a subsequent
$1.0 million installment payment to paid by July 7, 2019. Of this amount, the Company has remitted $0.3 million.</span></p>

<p style="font: 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 three months ended March 31, 2022 and 2021, the Company recorded a charge of $0.018 million and $0.018 million, respectively. This
charge, representing imputed interest, is included in &#8220;Interest expense&#8221; in the Company&#8217;s consolidated statements 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">&#160;</span></p>

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

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

<p style="font: 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>Nutrablend
Matter</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 27, 2020, Nutrablend, a manufacturer of MusclePharm products, filed an action against the Company in the United States District
Court for the Eastern District of California, claiming approximately $3.1 million in allegedly unpaid invoices. These invoices relate
to the third and fourth quarter of 2019, and a liability has been recorded for the related periods.</span></p>

<p style="font: 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
September 25, 2020, the parties successfully mediated the case to a settlement (the &#8220;Nutrablend Agreement&#8221;) and the Company
agreed to (i) pay approximately $3.1 million (&#8220;Owed Amount&#8221;) in monthly payments (&#8220;Monthly Payments&#8221;) from September
1, 2020 through June 30, 2023 and (ii) issue monthly purchase orders (&#8220;Purchase Orders&#8221;) at minimum amounts accepted by Nutrablend.</span></p>

<p style="font: 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 agreed to issue Purchase Orders in a combined total amount of at least (i) $1.5 million from September 1, 2020 through November
30, 2020; (ii) $1.8 million from December 1, 2020 through February 28, 2021; (iii) $2.1 million from March 31, 2021 through May 31, 2021;
(iv) $2.1 million from June 1, 2021 through August 31, 2021; and (v) $1.4 million from September 1, 2021 through October 30, 2021. Beginning
on November 1, 2021, the Company will be required to issue monthly Purchase Orders to Nutrablend in a minimum amount of $0.7 million
until the Owed Amount is paid in full to Nutrablend. In the event that the Company pays the Owed Amount in full before September 1, 2021,
it&#8217;s entitled to a rebate on all completed Purchase Orders. Further, once the monthly payments, and any additional payments that
the Company has made on the Owed Amount, reduce the outstanding balance of the Owed Amount to below $2.0 million, the Company is eligible
for an extension of a line of credit from Nutrablend in an amount of up to $3.0 million.</span></p>

<p style="font: 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
July 7, 2021, the Company commenced an action against Nutrablend in the Central District of California, seeking (i) a declaration that
the Nutrablend Agreement purchase order provisions have been terminated due to Nutrablend&#8217;s failure to provide the Company with
reasonable assurances of its ability to fulfill its purchase orders; (ii) a declaration that approximately $2.0 million in purchase orders
that the Company placed in July and August 2020 were intended to and do count towards the minimums set forth in the Nutrablend Agreement;
and (iii) damages based on Nutrablend&#8217;s failure to fulfill purchase orders. The case is ongoing.</span></p>

<p style="font: 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 March 31, 2022, the Company determined that approximately $0.998 million of the owed amount was due within a year, and this amount
was recorded in &#8220;Accrued and other liabilities&#8221; in the consolidated balance sheets. The present value of the remaining Owed
Amount that was due after a year was $0.250 million, and the amount was recorded in &#8220;Other long-term liabilities&#8221; in the
consolidated balance sheets. The Company made payments of $0.303 million and $0.189 million during the three months ended March 31, 2022
and 2021, respectively.</span></p>

<p style="font: 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
September 23, 2021, the Company entered into an Amendment to a Settlement Agreement that was originally entered into on September 25,
2020. Pursuant to the Amended Agreement, the Company is no longer obligated to issue Purchase Orders to Nutrablend as stated in the Settlement
Agreement, which, as stated in the Form 8-K dated September 25, 2020, consisted of at least (i) $1.5 million from September 1, 2020 through
November 30, 2020; (ii) $1.8 million from December 1, 2020 through February 28, 2021; (iii) $2.0 million from March 1, 2021 through May
31, 2021; (iv) $2.1 million from June 1, 2021 through August 31, 2021; and (v) $1.4 million from September 1, 2021 through October 30,
2021. The Monthly Payments provision of the Settlement Agreement remains unchanged.</span></p>

<p style="font: 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>

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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>4Excelsior
Matter</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
March 18, 2019, Excelsior Nutrition, Inc. (&#8220;4Excelsior&#8221;), a manufacturer of MusclePharm products, filed an action against
the Company in the Superior Court of the State of California for the County of Los Angeles, claiming approximately $6.2 million in damages
relating to allegedly unpaid invoices, as well as approximately $7.8 million in consequential damages.</span></p>

<p style="font: 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 16, 2020, the Company and 4Excelsior entered into a Settlement Agreement and Mutual Release (&#8220;the Agreement&#8221;), pursuant
to which the parties resolved and settled the civil action pending in the Superior Court of the State of California for the County of
Los Angeles (the &#8220;Litigation&#8221;). The parties agreed to a mutual general release of claims and to jointly file within 10 business
days of the effective date of the Agreement a stipulation and proposed order of dismissal, dismissing with prejudice all claims and counterclaims
asserted in the Litigation. The Company agreed to pay $4.75 million (the &#8220;Settlement Amount&#8221;) in four monthly payments of
$70,000, beginning January 5, 2021, and thereafter in monthly payments of $100,000 until the Settlement Amount is fully paid. The Company
may prepay all or any portion of the Settlement Amount at any time without penalty or premium. The Agreement provides that, in the event
of a Default (as defined in the Agreement) by the Company, the entire outstanding balance of the Settlement Amount will become immediately
due and payable, plus accrued interest at a rate of 18% per annum, commencing from the date of default.</span></p>

<p style="font: 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 determined that approximately $1.1 million of the Settlement Amount was due within a year, and this amount was recorded in &#8220;Accrued
and other liabilities&#8221; in the consolidated balance sheets. The present value of the remaining Settlement Amount that was due after
a year was $1.6 million, and the amount was recorded in &#8220;Other long-term liabilities&#8221; in the consolidated balance sheets.
The Company made payments of $0.3 million and $0.2 million during the three months ended March 31, 2022 and 2021, respectively.</span></p>

<p style="font: 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 summarizes accrued expenses and interest expense incurred in for the three months ended March 31, 2022 and 2021 (in thousands):</span></p>

<p style="font: 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="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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                                            31, 2022</b></span></p></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">&#160;</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">&#160;</span></td>
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                                            31, 2022</b></span></p></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">&#160;</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">&#160;</span></td>
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                                            31, 2021</b></span></p></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">&#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; width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manchester
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    <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">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(18</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(18</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">)</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nutrablend
    Matter</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">1,248</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">2,318</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">(55</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="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">(64</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 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">4Excelsior
    Matter</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">2,715</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">3,597</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">(77</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="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">(98</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 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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ThermoLife
    International</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">&#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">1,364</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; 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; 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; 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">1,364</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; 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; 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; 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">(22</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; 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; 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; 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">(22</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><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: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,057</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</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">8,009</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; 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; padding-bottom: 2.5pt"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(172</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</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">(202</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</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>Corporate
Information</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
principal executive offices are located at 6728 W. Sunset Rd., Suite 130, Las Vegas, NV. We were incorporated in the State of Nevada
on August 4, 2006. Our Internet addresses are <i>www.musclepharm.com</i> and <i>www.musclepharmcorp.com. </i>The information contained
on our websites is not incorporated by reference herein.</span></p>

<p style="font: 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>Available
Information</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
post the following filings on our website as soon as reasonably practicable after they are electronically filed with or furnished to
the SEC: our Annual Report on Form 10-K, our quarterly reports on Form 10-Q, our current reports on Form 8-K and any amendments to those
reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as amended. All such filings are available free of
charge on the Investor Relations section of our website, or from the SEC&#8217;s website at www.sec.gov. Information on our website does
not constitute part of this report. Also available on the Investor Relations section of our website are the charters of the committees
of our Board, as well as our corporate governance guidelines and code of ethics.</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>


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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="ds_010"></span>MANAGEMENT</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; background-color: white">T<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">he
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">following table sets forth the names, positions
and ages of our directors and executive officers as of the date of this report.</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>

<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 style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 28%"><p style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></p></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; white-space: nowrap; width: 8%"><p style="border-bottom: black 1.5pt solid; 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>Age</b></span></p></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; white-space: nowrap; width: 60%"><p style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position</b></span></p></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">Ryan
    Drexler</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; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</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; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer and Chair of the Board of Directors</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">Sabina
    Rizvi</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; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</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; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">President
    Chief Financial Officer and Director</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">Michael
    Heller</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; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</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; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</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">Paul
    Karr</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; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</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">Biographical
information concerning the directors and executive officers listed above is set forth below:</span></p>

<p style="font: 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>Ryan
Drexler</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">Ryan
Drexler was appointed to serve as our Chief Executive Officer and President on November 18, 2016. Prior to that, Mr. Drexler served as
our Interim Chief Executive Officer, President and Chairman of the Board of Directors since March 15, 2016. Mr. Drexler has served as
Chairman of our Board of Directors since August 26, 2015. Mr. Drexler is currently the Chief Executive Officer of Consac, LLC (&#8220;Consac&#8221;),
a privately held firm that invests in the securities of publicly-traded and venture-stage companies. Previously, Mr. Drexler served as
President of Country Life Vitamins, a family-owned nutritional supplements and natural products company that he joined in 1993. In addition
to developing strategic objectives and overseeing acquisitions for Country Life, Mr. Drexler created new brands that include the BioChem
family of sports and fitness nutrition products. Mr. Drexler negotiated and led the process which resulted in the sale of Country Life
in 2007 to the Japanese conglomerate Kikkoman Corp. Mr. Drexler graduated from Northeastern University, where he earned a B.A. in political
science. Because of his experience in running and developing nutritional supplement companies, we believe that Mr. Drexler is well qualified
to serve on our Board 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>Sabina
Rizvi</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">Sabina
Rizvi was appointed to serve as our President and Chief Financial Officer on April 5, 2021. Subsequently, she was appointed as a member
of the Board of Directors on June 9, 2022. Previously, Ms. Rizvi held multiple C-suite roles at Yum! Brands, with increasing responsibility
including CFO of the Canadian and Thailand business units and President and General Manager of Pizza Hut Thailand, where she oversaw
significant growth of the brand. Most recently, she was Chief Operating Officer, Yum! Digital and Technology, playing an instrumental
role in leveraging technology to transform the customer experience. Ms. Rizvi graduated from University of Windsor, Canada with a Master
of Business Administration and completed her Honors Bachelor of Mathematics from University of Waterloo, Canada.</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"><b>Michael
Heller </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">Michael
Heller joined our Board of Directors as an independent director in January 2021 and is chair of the Compensation Committee, a member
of the Audit Committee and Chair of the Nominating &amp; Corporate Governance Committee. Mr. Heller is Principal of Talent Resources
Holdings since January 2020, a global digital marketing agency recognized as a leader in developing and producing influencer based social
media campaigns, providing holistic marketing solutions to brands and full service, social platform management to talent and businesses.
Mr. Heller was the founder and has been Chief Executive Officer of Talent Resources since January 2005. Mr. Heller holds a Bachelor of
Arts degree from the Gallatin School of Individualized Study at New York University, and a Juris Doctor from Cardozo School of Law. Because
of his significant marketing perspective and experience with expanding brand awareness, we believe that Mr. Heller is well qualified
to serve on our Board 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Paul
Karr </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">Paul
Karr joined our Board of Directors as an independent director on June 1, 2021. Mr. Karr serves as Chairman of the Audit Committee and
is a member of the Compensation and Nominating and Governance Committees. Mr. Karr is a Certified Public Accountant and consults with
middle market firms as a Director with CFO Consulting Partners, a position he has held since August 2018. Prior to that, he served at
AIG as Deputy Corporate Controller from September 2014 to July 2016 and North America Controller, Property Casualty from November 2012
to September 2014. His experience includes senior leadership roles in finance and controllership, addressing financial reporting, issue
resolution and internal controls also includes American Express, General Electric, and Bristol-Myers Squibb. He has served on the Board
of Directors of LG Nortel, a $500 million joint venture in Korea, and has worked with numerous audit committees and boards. Mr. Karr
began his career at Deloitte &amp; Touche where he was an audit partner in the Chicago and National offices. He has degrees in Accountancy
&#8211; BS (High Honors) and Master of Accounting Science &#8211; from the University of Illinois at Urbana-Champaign. Based on his experience
in accounting, financial reporting and auditing matters, we believe Mr. Karr is well qualified to serve on our Board 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"></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>Family
Relationships</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">There
are no family relationships among any of our executive officers or 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>Arrangements
between Officers and 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">Except
as set forth herein, to our knowledge, there is no arrangement or understanding between any of our officers or directors and any other
person pursuant to which the officer or director was selected to serve as an officer or director.</span></p>

<p style="font: 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>Involvement
in Certain 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">We
are not aware of any of our directors or officers being involved in any legal proceedings in the past ten years relating to any matters
in bankruptcy, insolvency, criminal proceedings (other than traffic and other minor offenses), or being subject to any of the items set
forth under Item 401(f) of Regulation S-K.</span></p>

<p style="font: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Code
Of Business Ethics</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">Our
Board of Directors established a Code of Business Ethics applicable to our officers and employees. The Code of Business Ethics is accessible
on our website at www.musclepharmcorp.com. If we make any substantive amendments to the Code of Conduct or grant any waiver, including
any implicit waiver, from a provision of the Code of Conduct to our officers, we will disclose the nature of such amendment or waiver
on our website or in a current report on Form 8-K.</span></p>

<p style="font: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate
Governance Overview</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">Our
business, assets and operations are managed under the direction of our Board of Directors. Members of our Board of Directors are kept
informed of our business through discussions with our Chief Executive Officer, our external counsel, members of management and other
Company employees as well as our independent auditors, and by reviewing materials provided to them and participating in meetings of the
Board of Directors and its committees.</span></p>

<p style="font: 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 program features 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    Board of Directors that is nominated for 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">&#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">Charters
    for each of the Boards committees, which clearly establish the roles and responsibilities of each such 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">&#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">regular
    executive sessions among our non-employee and independent directors;</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
    Board of Directors that enjoys unrestricted access to our management, employees and professional advisers;</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
    Code of Conduct, Insider Trading Policy, Corporate Communications Policy and Corporate Governance Guidelines; 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">no
    board member is serving on an excessive number of public company boards.</span></td></tr>
  </table>
<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"></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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
Committees</b></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">Our
Board of Directors has established an Audit Committee, a Compensation Committee, Nominating &amp; Corporate Governance Committee and,
each of which have the composition and responsibilities described below. Members serve on these committees until their resignations or
until otherwise determined by our Board of Directors. The Board of Directors has further determined that Messrs. Karr and Heller, chair
and member, respectively, of the Audit Committee of the Board of Directors, are each an &#8220;Audit Committee Financial Expert,&#8221;
as such term is defined in Item 407(d)(5) of Regulation S-K promulgated by the SEC, by virtue of their relevant experience listed in
their respective biographical summaries provided above in the section entitled &#8220;Executive Officers and Directors.&#8221; Each of
our committees have a written charter. Current copies of the Charters of the Audit Committee, Compensation Committee, and Nominating
&amp; Corporate Governance Committee are available on our website at www.musclepharmcorp.com/MSLP/corporate_governance. As necessary,
the Board of Directors may establish special committees to address issues not directly under the governance of the established committees.</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>Audit
Committee</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; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Audit Committee reviews the work of our internal accounting and audit processes and the Independent Registered Public Accounting Firm.
The Audit Committee has sole authority for the appointment, and oversight of our Independent Registered Public Accounting Firm and to
approve any significant non-audit relationship with the Independent Registered Public Accounting Firm. The Audit Committee is also responsible
for preparing the report required by the rules of the SEC to be included in our annual proxy statement. The Audit Committee is currently
comprised of Mr. Heller and Mr. Karr. The Company&#8217;s Board of Directors has determined that Mr. Karr is an &#8220;Audit Committee
financial expert&#8221; within the meaning of Item 407 of Regulation S-K. Additionally, Mr. Karr serves as chair of the Audit Committee.
Each of Messrs. Karr and Heller are independent for Audit Committee purposes, as determined under Exchange Act rules. Mr. Heller joined
the Audit Committee in January 2021 and Mr. Karr joined the Audit Committee in June 2021. During 2021, the Audit Committee held four
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>

<p style="font: 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>Compensation
Committee</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">The
Compensation Committee approves our goals and objectives relevant to compensation, stays informed as to market levels of compensation
and, based on evaluations submitted by management, recommends to our Board of Directors compensation levels and systems for the Board
of Directors and our officers that correspond to our goals and objectives. The Compensation Committee also produces an annual report
on executive compensation for inclusion in our proxy statement. The Compensation Committee is currently comprised of Mr. Heller, as chair,
and Mr. Karr, as a member. Mr. Karr joined the Compensation Committee in June 2021 and Mr. Heller joined in January 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>

<p style="font: 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>Nominating
&amp; Corporate Governance Committee</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">The
Nominating &amp; Corporate Governance Committee is responsible for recommending to our Board of Directors individuals to be nominated
as directors and committee members. This includes evaluation of new candidates as well as evaluation of current directors. In evaluating
the current directors, the Nominating &amp; Corporate Governance Committee conducted a thorough self-evaluation process, which included
the use of questionnaires and a third-party expert that interviewed each of the directors and provided an analysis of the results of
the interviews to the committee. This committee is also responsible for developing and recommending to the Board of Directors our corporate
governance guidelines, as well as reviewing and recommending revisions to the guidelines on a regular basis. The Nominating &amp; Corporate
Governance Committee is currently comprised of Mr. Karr as a member and Mr. Heller, as the chair. During 2021 the Nominating &amp; Corporate
Governance Committee held no 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>

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

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

<p style="font: 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 Role in Risk Management</b></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">The
Board of Directors oversees an enterprise-wide approach to risk management, designed to support the achievement of organizational objectives,
including strategic objectives, to improve long-term organizational performance and enhance stockholder value. Risk management includes
not only understanding company specific risks and the steps management implements to manage those risks, but also the level of risk acceptable
and appropriate for us. Management is responsible for establishing our business strategy, identifying and assessing the related risks
and implementing appropriate risk management practices. Our Board of Directors reviews our business strategy and management&#8217;s assessment
of the related risk and discusses with management the appropriate level of risk for us. For example, the Board of Directors meets with
management at least quarterly to review, advise and direct management with respect to strategic business risks, risks related to our
new product development and financial risks, among others. The Board of Directors also delegates oversight to Board committees to oversee
selected elements of risk.</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Audit Committee oversees financial risk exposures, including monitoring the integrity of our financial statements, internal controls
over financial reporting, and the independence of our Independent Registered Public Accounting Firm. The Audit Committee reviews periodic
internal controls and related assessments from our finance department. The Audit Committee also assists the Board of Directors in fulfilling
its oversight responsibility with respect to compliance matters and meets at least quarterly with our finance department, Independent
Registered Public Accounting Firm and internal or external legal counsel to discuss risks related to our financial reporting function.
In addition, the Audit Committee ensures that our business is conducted with the highest standards of ethical conduct in compliance with
applicable laws and regulations by monitoring our Code of Business Conduct and our Corporate Compliance Hotline, and the Audit Committee
discusses other risk assessment and our risk management policies periodically with management.</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Compensation Committee participates in the design of the compensation program and helps create incentives that do not encourage a level
of risk-taking behavior that is inconsistent with our business strategy.</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">The
Nominating &amp; Corporate Governance Committee oversees governance-related risks by working with management to establish corporate governance
guidelines applicable to us, and making recommendations regarding director nominees, the determination of director independence, Board
of Directors leadership structure and membership on Board committees.</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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<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="ds_011"></span>EXECUTIVE
COMPENSATION</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"><b>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">We
are eligible to take advantage of the rules applicable to a &#8220;smaller reporting company,&#8221; as defined in the Exchange Act,
for the three months ended March 31, 2022. As a &#8220;smaller reporting company&#8221; we are permitted, and have opted, to comply with
the scaled back executive compensation disclosure rules applicable to a &#8220;smaller reporting company&#8221; under the Exchange Act.
Only three individuals served as executive officers, as defined in Rule 3b-7 under the Exchange Act, during the three months ended March
31, 2022. The following discussion relates to the compensation of those executive officers, who we refer to as our &#8220;named executive
officers&#8221; or &#8220;NEOs&#8221; in this prospectus. During the three months ended March 31, 2022, our NEOs were:</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ryan
    Drexler &#8211; Chief Executive Officer and Chairman of the Board of Directors</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">Sabina
    Rizvi &#8211; President and Chief Financial Officer</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
executive compensation program is designed to attract, motivate and retain talented executives that will drive Company growth and create
long-term shareholder value. The Compensation Committee oversees and administers our executive compensation program, with input and recommendations
from our Chief Executive Officer.</span></p>

<p style="font: 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>Elements
of Executive Compensation</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">Our
executive compensation program has three main components: base salary, cash bonuses and incentive equity awards. Our named executive
officers also receive employee benefits that are made available to our salaried employees generally, are eligible to receive certain
compensation and benefits in connection with a change in control or termination of employment, and receive certain perquisites, in each
case, as described below.</span></p>

<p style="font: 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>Base
Salary</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">The
Compensation Committee determines the initial base salary for each of our named executive officers and each year determines whether to
approve any base salary adjustments based upon the Company&#8217;s performance, the named executive officer&#8217;s individual performance,
changes in duties and responsibilities of the named executive officer and the recommendations of our Chief Executive Officer (other than
with respect to his own base salary).</span></p>

<p style="font: 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>Cash
Bonuses</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">Pursuant
to their employment agreements, each of our named executive officers was eligible to earn a cash bonus, with a target amount established
by the Compensation Committee, based on the achievement of specified performance goals. Mr. Drexler was eligible to receive cash bonuses
of up to $0.4 million based on the achievement of specified performance goals. See below for cash bonus amounts set forth in the &#8220;Summary
Compensation Table&#8221; below.</span></p>

<p style="font: 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>Incentive
Equity Awards</i></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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incentive
equity awards granted by the Company have historically been in the form of restricted stock awards. The Company also has granted stock
options from time to time. The Compensation Committee believes that equity-based awards can be an effective retention tool that also
align our executives&#8217; interests with those of our stockholders. In 2020, none of our named executive officers were granted equity-based
awards.</span></p>

<p style="font: 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>Employment
Agreements</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
maintained employment agreements with Mr. Drexler and Ms. Rizvi. that include certain severance and change in control payments. These
agreements are described under &#8220;Narrative Disclosure to Summary Compensation Table&#8221; below.</span></p>

<p style="font: 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>

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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>Employee
Benefit Plans and Perquisites</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
maintain a 401(k) Savings/Retirement Plan for eligible employees of the Company and certain affiliates, including our named executive
officers. The 401(k) Plan permits eligible employees to defer up to the maximum dollar amount allowed by law. The employee&#8217;s elective
deferrals are immediately vested upon contribution to the 401(k) Plan. We currently make discretionary matching contributions to the
401(k) Plan in an amount equal to 100% of each eligible employee&#8217;s deferrals up to 4% of his or her qualifying compensation, subject
to a total employer contribution maximum of $19,000 and limits imposed by applicable law. We do not maintain any other defined benefit,
defined contribution or deferred compensation plans for our employees.</span></p>

<p style="font: 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
named executive officers are eligible to participate in all of our employee benefit plans, such as medical, dental, vision, group life
and disability insurance, in each case on the same basis as other employees, subject to applicable law. We also provide vacation and
other paid holidays to all employees, including our executive officers. In addition, we provide certain highly-compensated employees,
including our named executive officers, with life insurance and supplemental long-term disability coverage. We also provide certain perquisites,
as described and quantified in the Summary Compensation Table below under &#8220;All Other Compensation.&#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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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">The
following summary compensation tables sets forth all compensation awarded to, earned by, or paid to our named executive officers for
2021 and 2020, in respect of their employment with the Company.</span></p>

<p style="font: 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="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
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    ($)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    ($)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 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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    Awards<br /> ($)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    ($)</span></td><td style="font: bold 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">
    <td style="font: 10pt Times New Roman, Times, Serif"><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"><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 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: 38%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ryan
    Drexler <sup>(1) (4)</sup></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: 5%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</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>
    <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">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,166,667</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>
    <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: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">416,667</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>
    <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: 5%; text-align: right">&#160;&#160;&#160;&#160;<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%; 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>
    <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: 5%; 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%; 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>
    <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: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56,483</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 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
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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">2020</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">$</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">750,000</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">-</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">-</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">-</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">984</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 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: 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; 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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    <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 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">Sabina
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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">$</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">315,341</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">-</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">-</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">724,393</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><td style="font: 10pt Times New Roman, Times, Serif"><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">$</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">1,039,734</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; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">President
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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></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">-</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">-</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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    <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; 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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    <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><td style="font: 10pt Times New Roman, Times, Serif"><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 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">Allen
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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">2021</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">$</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">94,019</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">25,000</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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    <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></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">-</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">$</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">119,019</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">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">194,167</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,501</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</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; 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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    <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></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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    <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; 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; 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; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
    Vice President of Sales and Operations</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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<p style="font: 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: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><p style="font: 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">&#160;</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    information regarding certain transactions between Mr. Drexler and the Company, see Note 10 to the consolidated financial statements.
    Mr. Drexler&#8217;s 2021 bonus included the payout $217,000 of deferred compensation in 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; 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"><sup>(2)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sabina
    Rizvi was appointed to serve as President and Chief Financial Officer in April 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; 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"><sup>(3)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Relates
    to the fair value of options issued to Sabina Rizvi under the 2021 Omnibus Equity Incentive Plan (&#8220;2021 Plan&#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"><sup>(4)</sup></span></td>
    <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
    Board of Directors approved $49,483 for Mr. Drexler&#8217;s moving expenses as well as $7,000 per month for rental home until home
    purchase.</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"><sup>(5)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
    under All Other Compensation for 2021 include employee benefits and certain perquisites, as described above. </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"><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; background-color: white">As
used below, the terms &#8220;without cause,&#8221; &#8220;good reason,&#8221; &#8220;qualifying sale,&#8221; &#8220;aggregate purchase
price,&#8221; &#8220;performance bonus,&#8221; &#8220;cash-based incentives,&#8221; and &#8220;change in control&#8221; are defined in
the applicable agreements.</span></p>

<p style="font: 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>

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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; background-color: white"><b><i>Mr.
Drexler</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; background-color: white">We
entered into an employment agreement with Mr. Drexler on February 11, 2016, which has subsequently been amended and restated, most recently
effective as of February 1, 2019. Subject to earlier termination as provided therein, the term of his agreement runs through February
1, 2021 and automatically renews for successive one-year terms thereafter, unless either party provides at least three months&#8217;
written notice of its or his intention </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">not to renew.
Under his employment agreement, Mr. Drexler was entitled to a base salary of $700,000 for 2019, which was increased to $750,000 per year
effective January 1, 2020, in each case, subject to increase by the board. For 2019, Mr. Drexler was <span style="background-color: white">eligible
to receive cash-based incentives of up to $250,000 based on the achievement of specified performance goals. </span>There was no specified
performance goal in 2020. Under his amended and restated employment agreement, Mr. Drexler is also <span style="background-color: white">eligible
to receive additional cash-based incentives of up to $350,000, based on the achievement of specified performance goals.</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; background-color: white">Concurrently
with entering into the amended and restated employment </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">agreement
in February 2018, We entered <span style="background-color: white">into a transaction bonus agreement with Mr. Drexler, which provides
that, upon the occurrence of a qualifying sale, and provided that at the time of the qualifying sale Mr. Drexler is an owner of at least
20% of our shares, Mr. Drexler will be entitled to a transaction bonus equal to 10% of the aggregate purchase price if such price is
in excess of $50 million. Mr. Drexler is entitled to this transaction bonus regardless of whether the qualifying transaction occurs during
his employment or at any time thereafter.</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; background-color: white">If
Mr. Drexler&#8217;s employment is terminated for any reason, each equity award granted to him will fully vest and he will be entitled
to any unpaid performance bonus or cash-based incentives (as described above), to the extent earned as of the date of such termination,
in addition to any amounts required by law or our policies. In addition, if Mr. Drexler&#8217;s employment is terminated by us without
cause or by Mr. Drexler for good reason prior to (but not in connection with) a qualifying sale, Mr. Drexler will be entitled to receive
(i) 12 months of base salary continuation, (ii) up to 12 months of subsidized COBRA premiums, and (iii) a lump sum payment of the performance
bonus for the year his employment terminates. If Mr. Drexler&#8217;s employment is terminated by us without cause or by Mr. Drexler for
good reason within 12 months following (or prior to, but in connection with or anticipation of) a qualifying sale</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
Mr. Drexler will be entitled to receive, in lieu of the amounts described in the preceding sentence, (i) <span style="background-color: white">a
lump sum payment equal to 200% of his annual base salary, (ii) up to 18 months&#8217; of subsidized COBRA premiums, and (iii) a lump
sum payment equal to 200% of the performance bonus for the year his employment terminates. </span>The severance payable to Mr. Drexler
on a termination of his employment by us without cause or by Mr. Drexler for good reason is subject to his execution (and non-revocation)
of a release of claims in our favor.</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; background-color: white">Under
the employment agreement, Mr. Drexler agreed to certain restrictions on solicitation of employees, which continue for 12 months following
the termination of his employment, if his employment is terminated due to disability, by him for good reason or by us with or without
cause, due to expiration of the employment period by notice of non-renewal or due to termination of his employment upon a notice of termination.
The employment agreement also contains restrictions with respect to disclosure of the Company&#8217;s confidential information.</span></p>

<p style="font: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ms.
Rizvi</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
entered into an employment agreement with Ms. Rizvi on April 5, 2021. Under her employment agreement, Ms. Rizvi is entitled to a base
salary of $450,000 per year. In addition, Ms. Rizvi is eligible to receive cash bonuses based on performance criteria to be adopted by
the Compensation Committee, under her employment agreement, Ms. Rizvi is also entitled to customary employee benefits. Upon joining the
Company Ms. Rizvi was given incentive compensation that included 2% of the sales price of the Company should we be sold. In December
2021, this incentive was terminated. Ms. Rizvi was issued an option to purchase 1,811,000 shares of our common stock, the details of
which are discussed below in &#8220;<i>Outstanding Equity Awards at Year End</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>Outstanding
Equity Awards at Year En</b>d</span></p>

<p style="font: 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 March 31, 2022 there was one outstanding equity award with our named executive officers. On December 21, 2021, we entered into an
agreement under the 2021 Plan with Sabina Rizvi to issue an option to purchase 1,811,000 shares of our common stock, exercisable at a
price of $0.40. The estimated fair value of this grant is $724,393 and was determined by using the Black-Scholes option pricing model
with a term of 7 years; annual volatility rate of 208%; discount rate of 1.39%; and 0% for dividend rate. The fair value of option is
recognized over the requisite vesting period. Upon issuance of this option, the previous incentive compensation discussed above was terminated
and all related stock compensation expense recorded in 2021 was reversed.</span></p>

<p style="font: 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>

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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; background-color: white"><b>Director
Compensation</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"><b><i>Non-Employee
Director Compensation Arrangements</i></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">During
the year ended December 31, 2021, our non-employee directors earned annual cash retainer fees of $75,000 each.</span></p>

<p style="font: 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">All
cash retainers are prorated for partial years of service. We pay annual cash retainer fees to our non-employee directors quarterly. We
also reimburse our non-employee directors for their travel and out of pocket expenses. </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: 0; text-align: justify">During the years ended December 31, 2021 and December
31, 2020, no additional compensation was awarded to our employee-directors for their services as a member of the Board of Directors.
Our directors do not receive board meeting fees.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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"><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">There
    was no restricted stock units awarded to directors in 2021 or 2020.</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; 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="ds_012"></span>SECURITY
OWNERSHIP OF BENEFICIAL OWNERS AND 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"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth information with respect
to the beneficial ownership of shares of our common stock as of May 10, 2022  by (i) each person known to beneficially own
more than 5% of our outstanding common stock, (ii) each of our directors, (iii) each of our named executive officers and
(iv) all of our directors and named executive officers as a group. Except as otherwise indicated, the persons named in the table below
have sole voting and investment power with respect to all shares beneficially owned, subject to community property laws, where applicable.</p>

<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: 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%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center">Shares Beneficially Owned</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt">Sabina Rizvi<sup></sup></td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Michael Heller</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="text-align: left; padding-bottom: 2.5pt">All Named Executive Officers and Directors as a Group (4 persons)</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0pt; font-weight: bold; text-align: left">5% or Greater Stockholders</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; 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"><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">Represents
    less than 1%.</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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; 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">The
    address of each person is c/o MusclePharm Corporation, 6728 W. Sunset Rd., Suite 130, Las Vegas, NV 89119, USA unless otherwise indicated
    herein.</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; 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">(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"></span>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The calculation in this column is based upon 34,348,891
shares of common stock outstanding on May 10, 2022. Beneficial ownership is determined in accordance with the rules of the SEC and generally
includes voting or investment power with respect to the subject securities. Shares of common stock that are currently exercisable or
convertible within 60 days of May 10, 2022 are deemed to be beneficially owned by the person holding such securities for the purpose
of computing the percentage beneficial ownership of such person, but are not treated as outstanding for the purpose of computing the
percentage beneficial ownership of any other person.</p>
<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">
    <td style="font: 10pt Times New Roman, Times, Serif"><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">(3)
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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">Includes 16,154,795 shares of the Company&#8217;s common stock issuable
upon conversion of notes and [1,499,408] shares of the Company&#8217;s common stock held indirectly through Consac LLC, to which Mr. Drexler
is the Chief Executive Officer..</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">&#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; text-align: justify">(4)</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Includes option to purchase 1,811,000 shares of the
    Company&#8217;s common stock.</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; 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: center; background-color: white"></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>Securities
Authorized For Issuance Under Equity Compensation Plans</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 shows information regarding our equity compensation plans, as of March 31, 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>

<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">
    <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">PLAN
    CATEGORY</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="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">Number
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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">Number
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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">Equity
    compensation plans approved by security holders:</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><td style="font: 10pt Times New Roman, Times, Serif"><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 style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2015
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    <td style="border-bottom: Black 1.5pt solid; 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="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">171,703</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>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><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; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.89</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>
    <td style="border-bottom: Black 1.5pt solid; 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="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">576,494</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></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; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021
    Omnibus Equity Incentive Plan<sup>(1)</sup></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">1,811,000</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">$</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">0.40</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">(1</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 style="font: 10pt Times New Roman, Times, Serif; 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; font-size: 10pt">Equity
    compensation plans not approved by security holders</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></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></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></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; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</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">&#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="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">&#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="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">&#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>
  </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>

<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: 0.5in"><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">The
    2021 Omnibus Equity Incentive plan defines the number of shares of Common Stock that are reserved and available for issuance pursuant
    to Awards granted under the Plan shall be equal to the sum of (i) 5,876,554 shares, plus (ii) the number of shares of Common Stock
    reserved, but unissued under the Prior Plan; (iii) the number of shares of Common Stock underlying forfeited awards under the Prior
    Plan; and (iv) an annual increase on the first day of each calendar year beginning with the first January 1 following the Effective
    Date and ending with the last January 1 during the initial ten-year term of the Plan, equal to the lesser of (A) five percent (5%)
    of the Shares outstanding (on an as-converted basis, which shall include Shares issuable upon the exercise or conversion of all outstanding
    securities or rights convertible into or exercisable for Shares, including without limitation, preferred stock, warrants and employee
    options to purchase any Shares) on the final day of the immediately preceding calendar year and (B) such lesser number of Shares
    as determined by the Board; <span style="text-decoration: underline">provided</span>, <span style="text-decoration: underline">that</span>, shares of Common Stock issued under the Plan with respect to an Exempt
    Award shall not count against such share limit. Following the Effective Date, no further awards shall be issued under the Prior Plan,
    but all awards under the Prior Plan which are outstanding as of the Effective Date (including any Grandfathered Arrangement) shall
    continue to be governed by the terms, conditions and procedures set forth in the Prior Plan and any applicable Award Agreement.</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">&#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="ds_013"></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"><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>Related-Party
Refinanced Convertible Note</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
August 21, 2020, the Company entered into a refinancing agreement with Mr. Ryan Drexler, the Company&#8217;s Chairman of the Board of
Directors, Chief Executive Officer and President (the &#8220;2020 Refinancing&#8221;), with an effective date of July 1, 2020. As part
of the 2020 Refinancing, the Company issued to Mr. Drexler an amended and restated convertible secured promissory note (the 2020 &#8220;Refinanced
Convertible Note&#8221;) in the original principal amount of $2.7 million which amended and restated (i) a convertible secured promissory
note dated as of November 8, 2017, $1.1 million of which was outstanding as of July 1, 2020 (ii) a collateral receipt and security agreement
with Mr. Drexler dated as of December 27, 2019, $0.3 million of which was outstanding as of July 1, 2020, and (iii) a secured revolving
promissory note dated as of October 4, 2019, $1.3 million of which was outstanding as of July 1, 2020. The $2.7 million 2020 Refinanced
Convertible Note bears interest at the rate of 12% 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">The
2020 Refinanced Convertible Note contains customary restrictions on the ability of the Company to, among other things, grant liens or
incur indebtedness other than certain obligations incurred in the ordinary course of business. The restrictions are also subject to certain
additional qualifications and carveouts, as set forth in the 2020 Refinanced Convertible Note. The 2020 Refinanced Convertible Note is
subordinated to certain other indebtedness of the Company held by Prestige Capital Finance, LLC, as successor by merger to Prestige
Capital Corporation (together, &#8220;Prestige&#8221;) and Crossroads Financial Group, LLC (&#8220;Crossroads&#8221;). The
Company may prepay the 2020 Refinanced Convertible Note by giving Mr. Drexler between 15- and 60-days&#8217; notice depending upon the
specific circumstances, subject to Mr. Drexler&#8217;s conversion right. Mr. Drexler may convert the outstanding principal and accrued
interest into shares of the Company&#8217;s common stock at a conversion price equal to or greater than (i) the closing price per share
of the common stock on the last business day immediately preceding November 1, 2020 or (ii) $0.17.</span></p>

<p style="font: 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">All
outstanding principal and accrued but unpaid interest under the 2020 Refinanced Convertible Note were due and payable on November 1,
2020. The Note was in default on that date and the Company agreed with Mr. Drexler to amend the 2020 Refinancing by the end of November
2020. Interest accrued but unpaid, totaling $26,000 was capitalized on the due date and added to the principal amount of the 2020 Refinanced
Convertible Note.</span></p>

<p style="font: 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 29, 2020, the Company entered into a refinancing agreement with Mr. Ryan Drexler, (the &#8220;November 2020 Refinancing&#8221;),
in which the Company issued to Mr. Drexler a convertible secured promissory note (the November 2020 &#8220;Convertible Note&#8221;) in
the original principal amount of $2.9 million, which amended and restated a convertible secured promissory note dated as of August 21,
2020. The $2.9 million November 2020 Convertible Note bears interest at the rate of 12% per annum. Unless earlier converted or repaid,
all outstanding principal and any accrued but unpaid interest under the November 2020 Convertible Note shall be due and payable on July
1, 2021. Any interest not paid when due shall be capitalized and added to the principal amount of the November 2020 Convertible Note
and bear interest on the applicable interest payment date along with all other unpaid principal, capitalized interest, and other capitalized
obligations.</span></p>

<p style="font: 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">Mr.
Drexler may, at any time, and from time to time, upon written notice to the Company, convert the outstanding principal and accrued interest
into shares of Common Stock, at a conversion price of $0.23 per share. At the election of the Company, one-sixth of the interest may
be paid in kind (&#8220;PIK Interest&#8221;) by adding such amount to the principal amount of the note, or through the issuance of shares
of the Company&#8217;s common stock to Mr. Drexler. The PIK Interest is convertible to common stock at the closing price per share on
the last business day of each calendar quarter. In no event will the conversion price of such PIK Interest be less than $0.10. The Company
may prepay the Note by giving Mr. Drexler between 15- and 60-days&#8217; notice depending upon the specific circumstances, subject to
Mr. Drexler&#8217;s conversion right. The Company intends to pay all interest due on the Convertible Note to Mr. Drexler at the end of
each calendar quarter.</span></p>

<p style="font: 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
November 2020 Convertible Note contains customary restrictions on the ability of the Company to, among other things, grant liens or incur
indebtedness other than certain obligations incurred in the ordinary course of business. The restrictions are also subject to certain
additional qualifications and carveouts, as set forth in the November 2020 Convertible Note. The November 2020 Convertible Note is subordinated
to certain other indebtedness of the Company held by Prestige and the Senior Notes.</span></p>

<p style="font: 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>

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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>Related
Party Secured Revolving Promissory Note</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 15, 2020, the Company entered into a secured revolving promissory note (the &#8220;Revolving Note&#8221;) with Ryan Drexler.
Under the terms of the Revolving Note, the Company can borrow up to $3.0 million. The Revolving Note bears interest at the rate of 12%
per annum. The funds were used for the purchase of whey protein and other general corporate purposes. Both the outstanding principal,
if any, and all accrued interest under the Revolving Note were due on March 31, 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>

<p style="font: 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 13, 2021, the Company issued to Ryan Drexler (the &#8220;Holder&#8221;) a convertible secured promissory note (the &#8220;August
2021 Convertible Note&#8221;) in the original principal amount of $2.5 million and cancelled the Revolving Note.</span></p>

<p style="font: 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
August 2021 Convertible Note bears interest at the rate of 12% per annum. Interest payments are due on the last day of each calendar
quarter. At the Company&#8217;s option (as determined by its independent directors), the Company may repay up to one sixth of any interest
payment by either adding such amount to the principal amount of the August 2021 Convertible Note or by converting such interest amount
into an equivalent amount of the Company&#8217;s common stock, $0.001 par value per share (the &#8220;Common Stock&#8221;). Any interest
not paid when due shall be capitalized and added to the principal amount of the August 2021 Convertible Note and bear interest on the
applicable interest payment date along with all other unpaid principal, capitalized interest, and other capitalized obligations. Both
the principal and any accrued but unpaid interest under the August 2021 Convertible Note will be due on July 14, 2022, unless converted
or repaid earlier.</span></p>

<p style="font: 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
Holder may, at any time, and from time to time, upon written notice to the Company, convert the outstanding principal and accrued interest
into shares of Common Stock, at a conversion price equal to the closing price of the common stock on October 15, 2021. The Company may
prepay the August 2021 Convertible Note by giving the Holder between 15 and 60 days&#8217; notice depending upon the specific circumstances,
subject to the Holder&#8217;s conversion right.</span></p>

<p style="font: 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
August 2021 Convertible Note contains customary events of default, including, among others, the failure by the Company to make a payment
of principal or interest when due. Following an event of default, at the option of the Holder and upon written notice to the Company,
or automatically under certain circumstances, all outstanding principal and accrued interest will become due and payable. The August
2021 Convertible Note also contains customary restrictions on the ability of the Company to, among other things, grant liens or incur
indebtedness other than certain obligations incurred in the ordinary course of business. The restrictions are also subject to certain
additional qualifications and carveouts, as set forth in the August 2021 Convertible Note. The August 2021 Convertible Note is subordinated
to certain other indebtedness of the Company held by Prestige and the Senior Notes.</span></p>

<p style="font: 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
revolver balance of March 31, 2022 and December 31, 2021 was zero.</span></p>

<p style="font: 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>Related
Party Financing</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
March 8, 2022, the Company entered into an Unsecured Revolving Promissory Note (the &#8220;Note&#8221;) with the Chairman of the Board
and Chief Executive Officer of the Company (the &#8220;Lender&#8221;). The Company expects to initially borrow approximately $3 million
under the Note. Under the terms of the Note, proceeds may be used solely to finance the production of orders from its largest customer
or any of its affiliates or subsidiaries. The Note does not contain a cap on borrowings thereunder. However, further advances under the
Note are at the discretion of the Lender. Outstanding balances under the Note accrue interest at the rate of 18% per annum. Prior to
maturity, the Company generally may pay down principal balances and re-borrow under the Note, subject to the discretion of the Lender
to advance funds under the Note. The Note contains customary events of default and acceleration provisions.</span></p>

<p style="font: 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
Note is subordinate to the 14% Original Issue Discount Senior Secured Notes previously issued by the Company. Under the terms of the
First Amendment to Intercreditor and Subordination Agreement, dated as of March 8, 2022, between the Company, Ryan Drexler and Empery
Tax Efficient, LP (the &#8220;Amendment&#8221;), principal but not interest due under the Note generally may be repaid out of payments
received by the Company in respect of accounts receivable financed pursuant to the Note.</span></p>

<p style="font: 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>

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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>Review,
Approval or Ratification of Transactions with Related Parties</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
have a written related person transactions policy that our executive officers, directors, nominees for election as a director, beneficial
owners of more than 5% of our common stock, and any members of the immediate family of and any entity affiliated with any of the foregoing
persons, are not permitted to enter into a material related person transaction with us without the review and approval of our Audit Committee,
or a committee composed solely of independent directors in the event it is inappropriate for our Audit Committee to review such transaction
due to a conflict of interest. The policy provides that any request for us to enter into a transaction with an executive officer, director,
nominee for election as a director, beneficial owner of more than 5% of our common stock or with any of their immediate family members
or affiliates, in which the amount involved exceeds $0.12 million will be presented to our Audit Committee for review, consideration
and approval.</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
approving or rejecting any such proposal, we expect that our Audit Committee will consider the relevant facts and circumstances available
and deemed relevant to the Audit Committee, including, but not limited to, whether the transaction is on terms no less favorable than
terms generally available to an unaffiliated third party under the same or similar circumstances and the extent of the related persons
interest in the transaction.</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"><b>Director
Independence</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
rules of Nasdaq generally require that a majority of the members of a listed company&#8217;s Board of Directors be independent. In addition,
the listing rules generally require that, subject to specified exceptions, each member of a listed company&#8217;s audit, compensation,
and governance committees be independent. Although we are an over-the-counter listed company, we have nevertheless opted under our Corporate
Governance Guidelines to comply with certain Nasdaq corporate governance rules requiring director independence. The Board of Directors
has determined that all of the Company&#8217;s directors, other than Mr. Drexler, are each independent director as such term is defined
in Nasdaq Marketplace Rule 5605(a)(2). Additionally, when our director nominee commences their service on our Board of Directors at the
time of effectiveness of the registration statement of which this prospectus is a part, a majority of our Board of Directors will
be independent.</span></p>

<p style="font: 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 Compensation, Nominating and Corporate Governance, and Audit committees are comprised solely of 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">Audit
Committee members must also satisfy the independence criteria set forth in Rule 10A-3 under the Exchange Act. In order to be considered
independent for purposes of Rule 10A-3, a member of an audit committee of a listed company may not, other than in his or her capacity
as a member of the audit committee, the Board of Directors, or any other board committee: accept, directly or indirectly, any consulting,
advisory, or other compensatory fee from the listed company or any of its subsidiaries; or be an affiliated person of the listed company
or any of its subsidiaries.</span></p>

<p style="font: 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
Board of Directors has determined that none of our non-employee directors has a relationship that would interfere with the exercise of
independent judgment in carrying out the responsibilities of a director and that each of these directors is independent as that term
is defined under the rules of Nasdaq. Our Board of Directors has also determined that directors who comprise our Audit Committee, Compensation
Committee, and our Nominating and Corporate Governance Committee satisfy the independence standards for those committees established
by applicable SEC rules, Nasdaq rules and applicable rules of the Internal Revenue Code of 1986, as amended.</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>


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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="ds_014"></span>DESCRIPTION
OF 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">The
following description of the Company&#8217;s capital stock is based upon the Company&#8217;s Articles of Incorporation, as amended (&#8220;Articles
of Incorporation&#8221;), the Company&#8217;s Amended and Restated By-Laws (&#8220;By-laws&#8221;) and applicable provisions of law.
We have summarized certain portions of the Articles of Incorporation and By-laws below. The summary is not complete and is subject to,
and is qualified in its entirety by express reference to, the provisions of the Articles of Incorporation and By-laws, each of which
is filed as an exhibit to registration statement of which this prospectus is a part.</span></p>

<p style="font: 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>Authorized
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">As
of the date hereof, the Company&#8217;s authorized capital stock consist of 100,000,000 shares of common stock, par value $0.001 per
share and 10,000,000 shares of preferred stock, par value $0.001 per share.</span></p>

<p style="font: 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>Issued
and Outstanding Stock</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">As
of May 10, 2022, 34,348,891 shares of common stock were issued and outstanding. The outstanding shares of the Company&#8217;s common
stock are duly authorized, validly issued, fully paid and nonassessable. As of the date hereof, no shares of preferred stock were issued
and outstanding.</span></p>

<p style="font: 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>Dividend
Rights</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">Dividends
upon the capital stock of the Company, subject to the provisions of the Articles of Incorporation, if any, may be declared by the Company&#8217;s
Board of Directors (the &#8220;Board of Directors&#8221;) at any regular or special meeting, pursuant to law. Dividends may be paid in
cash, in property or in shares of capital stock, subject to the provisions of the Articles of Incorporation.</span></p>

<p style="font: 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>Rights
Upon Liquidation</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">Subject
to compliance with the provisions of the Nevada Revised Statutes, the powers of the Board of Directors shall include the power to make
a liquidating distribution of the assets, and wind up the affairs of the Company.</span></p>

<p style="font: 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">Upon
liquidation, dissolution or winding up of the Company&#8217;s affairs, the holders of the Company&#8217;s common stock are entitled to
share ratably in the Company&#8217;s assets that are legally available for distribution, after payment of all debts, other liabilities
and subject to prior distribution rights of the Company&#8217;s preferred stock, if any, then outstanding.</span></p>

<p style="font: 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>Conversion,
Redemption and Preemptive Rights</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">Holders
of the Company&#8217;s common stock have no conversion, redemption, preemptive or similar rights.</span></p>

<p style="font: 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>Voting
Rights</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
outstanding share of the Company&#8217;s common stock is entitled to one vote at all meetings of stockholders. <span style="background-color: white">Every
stockholder having the right to vote shall be entitled to vote in person, or by proxy. Except as provided by applicable law, rule or
regulation, when a quorum is present at any meeting of the stockholders, any action by the stockholders on a matter except the election
of directors shall be approved if approved by the majority of the votes cast. No stockholder shall have cumulative voting rights.</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; background-color: white">Directors
are elected by the majority of the votes cast at which a quorum is present,</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>provided,
however,</i> <span style="background-color: white">that, in the case of a director nominee in a Contested Election, the Board of Directors,
in its sole discretion, may determine that directors shall be elected by a plurality of the votes cast in any Contested Election. For
purposes of these By-laws, a &#8220;</span>Contested Election<span style="background-color: white">&#8221; means an election of directors
with respect to which the Board of Directors determines that the number of nominees exceeds the number of directors to be elected.</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"></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>Listing
and Transfer Agent</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
Company&#8217;s common stock is quoted on the Pink Open Market which is operated by the OTC Markets Group, under the symbol &#8220;MSLP.&#8221;
The Company&#8217;s transfer agent is Equiniti Trust Company.</span></p>

<p style="font: 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>Anti-Takeover
Provisions</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>Nevada
Revised Statutes</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">Acquisition
of Controlling Interest Statutes</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">Nevada&#8217;s
&#8220;acquisition of controlling interest&#8221; statutes contain provisions governing the acquisition of a controlling interest in
certain Nevada corporations. These &#8220;control share&#8221; laws provide generally that any person that acquires a &#8220;controlling
interest&#8221; in certain Nevada corporations may be denied certain voting rights, unless a majority of the disinterested stockholders
of the corporation elects to restore such voting rights. These statutes provide that a person acquires a &#8220;controlling interest&#8221;
whenever a person acquires shares of a subject corporation that, but for the application of these provisions of the Nevada Revised Statutes,
would enable that person to exercise (1) one-fifth or more, but less than one-third, (2) one-third or more, but less than a majority
or (3) a majority or more, of all of the voting power of the corporation in the 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">Once
an acquirer crosses one of these thresholds, shares which it acquired in the transaction taking it over the threshold and within the
90 days immediately preceding the date when the acquiring person acquired or offered to acquire a controlling interest become &#8220;control
shares&#8221; to which the voting restrictions described above apply. The Articles of Incorporation and By-laws currently contain no
provisions relating to these statutes, and unless the Articles of Incorporation or By-laws in effect on the tenth day after the acquisition
of a controlling interest were to provide otherwise, these laws would apply to the Company if the Company were to (i) have 200 or more
stockholders of record (at least 100 of which have addresses in the State of Nevada appearing on the Company&#8217;s stock ledger) and
(ii) do business in the State of Nevada directly or through an affiliated 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">If
these laws were to apply to the Company, they might discourage companies or persons interested in acquiring a significant interest in
or control of the Company, regardless of whether such acquisition may be in the interest of 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"><span style="text-decoration: underline">Combinations
with Interested Stockholders Statutes</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">Nevada&#8217;s
&#8220;combinations with interested stockholders&#8221; statutes prohibit certain business &#8220;combinations&#8221; between certain
Nevada corporations and any person deemed to be an &#8220;interested stockholder&#8221; for two years after the such person first becomes
an &#8220;interested stockholder&#8221; unless (i) the corporation&#8217;s board of directors approves the combination (or the transaction
by which such person becomes an &#8220;interested stockholder&#8221;) in advance, or (ii) the combination is approved by the board of
directors and sixty percent of the corporation&#8217;s voting power not beneficially owned by the interested shareholder, its affiliates
and associates. Furthermore, in the absence of prior approval certain restrictions may apply even after such two-year period.</span></p>

<p style="font: 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
purposes of these statutes, an &#8220;interested stockholder&#8221; is any person who is (x) the beneficial owner, directly or indirectly,
of ten percent or more of the voting power of the outstanding voting shares of the corporation, or (y) an affiliate or associate of the
corporation and at any time within the two previous years was the beneficial owner, directly or indirectly, of ten percent or more of
the voting power of the then outstanding shares of the corporation. The definition of the term &#8220;combination&#8221; is sufficiently
broad to cover most significant transactions between the corporation and an &#8220;interested stockholder&#8221;. Subject to certain
timing requirements set forth in the statutes, a corporation may elect not to be governed by these statutes. The Company has not included
any such provision in the Articles of Incorporation.</span></p>

<p style="font: 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
effect of these statutes may be to potentially discourage parties interested in taking control of the Company from doing so if it cannot
obtain the approval of the Board of Directors.</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><i>Articles
of Incorporation and By-laws Provisions</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">The
Articles of Incorporation and By-laws contain provisions that could have the effect of discouraging potential acquisition proposals or
tender offers or delaying or preventing a change in control, including changes a stockholder might consider favorable. In particular,
the Articles of Incorporation and By-laws among other things:</span></p>

<p style="font: 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; 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: 0.25in"></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">permit
                                            the Board of Directors to alter the By-laws without stockholder approval; and</span></td></tr></table>

<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: 0.25in"></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">provide
                                            that vacancies on the Board of Directors may be filled by a majority of directors in office,
                                            although less than a quorum.</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">Such
provisions may have the effect of discouraging a third-party from acquiring the Company, even if doing so would be beneficial to the
Company&#8217;s stockholders. These provisions are intended to enhance the likelihood of continuity and stability in the composition
of the Board of Directors and in the policies formulated by them, and to discourage some types of transactions that may involve an actual
or threatened change in control of the Company. These provisions are designed to reduce the Company&#8217;s vulnerability to an unsolicited
acquisition proposal and to discourage some tactics that may be used in proxy fights. The Company believes that the benefits of increased
protection of the Company&#8217;s potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire
or restructure the Company outweigh the disadvantages of discouraging such proposals because, among other things, negotiation of such
proposals could result in an improvement of their terms.</span></p>

<p style="font: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
these provisions could have the effect of discouraging others from making tender offers for the Company&#8217;s shares that could result
from actual or rumored takeover attempts. These provisions also may have the effect of preventing changes in the Company&#8217;s management.</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>


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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="ds_015"></span>UNDERWRITING
</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">Roth
Capital Partners, LLC is acting as representative of the underwriters. Subject to the terms and conditions of an underwriting agreement
between us and the representative, we have agreed to sell to each underwriter named below, and each underwriter named below has severally
agreed to purchase, at the public offering price less the underwriting discounts set forth on the cover page of this prospectus, the
number of shares of Common Stock listed next to its name in the following table:</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">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriter</span></td><td style="font: bold 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="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><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">Number<br />
                                            Shares of</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">Common<br />
                                            Stock</span></p></td><td style="font: bold 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: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Roth
    Capital Partners, LLC</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; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">&#160;&#160;&#160;&#160;<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; 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></tr>
  <tr 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</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"><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: 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>
  </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
underwriting agreement provides that the obligations of the underwriters to pay for and accept delivery of the shares of Common Stock
offered by this prospectus are subject to various conditions and representations and warranties, including the approval of certain legal
matters by their counsel and other conditions specified in the underwriting agreement. The shares of Common Stock are offered by the
underwriters, subject to prior sale, when, as and if issued to and accepted by them. The underwriters reserve the right to withdraw,
cancel or modify the offer to the public and to reject orders in whole or in part. The underwriters are obligated to take and pay for
all of the shares of Common Stock offered by this prospectus if any such shares of Common Stock are taken, other than those shares of
Common Stock covered by the over-allotment option described below.</span></p>

<p style="font: 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 agreed to indemnify the underwriters against specified liabilities, including liabilities under the Securities Act, and to contribute
to payments the underwriters may be required to make in respect thereof.</span></p>

<p style="font: 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>Over-Allotment
Option</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 granted a 45-day option to the representative of the underwriters to purchase up to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;additional shares of our Common Stock at a public
offering price of $ per share, solely to cover over-allotments, if any. The underwriters may exercise this option for days from the date
of this prospectus solely to cover sales of shares of Common Stock by the underwriters in excess of the total number of shares of Common
Stock set forth in the table above. If any of these additional shares are purchased, the underwriters will offer the additional shares
on the same terms as those on which the shares are being offered.</span></p>

<p style="font: 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>Discounts
and Commissions; Expenses</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
underwriters propose initially to offer the shares of Common Stock to the public at the public offering price set forth on the cover
page of this prospectus and to dealers at those prices less a concession not in excess of $ per share of Common Stock. If all of the
shares of Common Stock offered by us are not sold at the public offering price, the underwriters may change the offering price and other
selling terms by means of a supplement 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">The
following table shows the public offering price, underwriting discounts and commissions and proceeds before expenses to us. The information
assumes either no exercise or full exercise of the over-allotment option we granted to the representative of the underwriters.</span></p>

<p style="font: 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="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: bold 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="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per
    Share</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 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="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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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; width: 46%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public
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    <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">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<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; 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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting
    discount (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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</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">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds,
    before expenses, to us</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</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">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</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>
  </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"></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">We
have agreed to reimburse certain expenses of the underwriters relating to this offering as set forth in the underwriting agreement, including
the fees and expenses of the underwriter&#8217;s legal counsel. However, the maximum amount we have agreed to reimburse the underwriter
for their accountable expenses will not exceed $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.</span></p>

<p style="font: 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
total estimated expenses of the offering, including registration, filing and listing fees, printing fees and legal and accounting expenses,
but excluding underwriting discounts and commissions, are approximately $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.</span></p>

<p style="font: 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>Lock-Up
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">Pursuant
to &#8220;lock-up&#8221; agreements, we, our executive officers and directors, and certain holders of 5% or more of the outstanding shares
of Common Stock, have agreed, without the prior written consent of the representative not to directly or indirectly, offer to sell, sell,
pledge or otherwise transfer or dispose of any of shares of our Common Stock (or enter into any transaction or device that is designed
to, or could be expected to, result in the transfer or disposition by any person at any time in the future of our Common Stock), enter
into any swap or other derivatives transaction that transfers to another, in whole or in part, any of the economic benefits or risks
of ownership of shares of our Common Stock, make any demand for or exercise any right or cause to be filed a registration statement,
including any amendments thereto, with respect to the registration of any shares of Common Stock or securities convertible into or exercisable
or exchangeable for Common Stock or any other securities of ours or publicly disclose the intention to do any of the foregoing, subject
to customary exceptions, for a period of 180 days after the date of this prospectus in the case of our directors, executive officers,
the Company and any successor of the Company and 120 days after the date of this prospectus in the case of certain 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>Pricing
of this Offering</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
public offering price for our Common Stock will be determined through negotiations between us and the underwriters. Among the factors
to be considered in these negotiations will be prevailing market conditions, our financial information, market valuations of other companies
that we and the underwriters believe to be comparable to us, estimates of our business potential, the present state of our development
and other factors deemed relevant.</span></p>

<p style="font: 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
offer no assurances that the public offering price of our Common Stock will correspond to the price at which our Common Stock will trade
in the public market subsequent to this offering or that an active trading market for our Common Stock and warrants will develop and
continue after this offering.</span></p>

<p style="font: 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>Discretionary
Accounts</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
underwriters do not intend to confirm sales of the shares of Common Stock offered hereby to any accounts over which they have discretionary
authority.</span></p>

<p style="font: 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>Trading;
Nasdaq Capital Market 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">We
have applied to list our Common Stock on the Nasdaq Capital Market under the symbol &#8220;&#160;&#160;&#160;&#160;&#160;&#160;.&#8221; No assurance can be given that our
application will be approved or that a trading market will develop. The listing of our Common Stock on the Nasdaq Capital Market is a
condition to this offering. Our Common Stock is currently traded on the OTC Pink, under the symbol &#8220;MSLP.&#8221; On&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, 2022, the
last reported sale price of our Common Stock was $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;per share.</span></p>

<p style="font: 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>Other</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, certain of the underwriters and/or their affiliates may in the future provide, various investment banking and other financial
services for us for which they may receive customary fees. In the course of their businesses, the underwriters and their affiliates may
actively trade our securities or loans for their own account or for the accounts of customers, and, accordingly, the underwriters and
their affiliates may at any time hold long or short positions in such securities or loans. Except for services provided in connection
with this offering, no underwriter has provided any investment banking or other financial services to us during the 180-day period preceding
the date of this prospectus and we do not expect to retain any underwriter to perform any investment banking or other financial services
for at least 90 days after the date of this prospectus.</span></p>

<p style="font: 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>

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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>Price
Stabilization, Short Positions and Penalty Bids</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
connection with this offering, the underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of
our Common Stock. Specifically, the underwriters may over-allot in connection with this offering by selling more shares than are set
forth on the cover page of this prospectus. This creates a short position in our Common Stock for its own account. The short position
may be either a covered short position or a naked short position. In a covered short position, the number of shares of Common Stock over-allotted
by the underwriters is not greater than the number of shares of Common Stock that they may purchase in the over-allotment option. In
a naked short position, the number of shares of Common Stock involved is greater than the number of shares Common Stock in the over-allotment
option. To close out a short position, the underwriters may elect to exercise all or part of the over-allotment option. The underwriters
may also elect to stabilize the price of our Common Stock or reduce any short position by bidding for, and purchasing, Common Stock in
the open market.</span></p>

<p style="font: 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
underwriters may also impose a penalty bid. This occurs when a particular underwriter or dealer repays selling concessions allowed to
it for distributing shares of Common Stock in this offering because the underwriter repurchases the shares of Common Stock in stabilizing
or short covering transactions.</span></p>

<p style="font: 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">Finally,
the underwriters may bid for, and purchase, shares of our Common Stock in market making transactions, including &#8220;passive&#8221;
market making transactions as described below.</span></p>

<p style="font: 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">These
activities may stabilize or maintain the market price of our Common Stock at a price that is higher than the price that might otherwise
exist in the absence of these activities. The underwriters are not required to engage in these activities, and may discontinue any of
these activities at any time without notice. These transactions may be effected on the national securities exchange on which our shares
of Common Stock are traded, in the over-the-counter market, 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>Indemnification</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 agreed to indemnify the underwriters against liabilities relating to this offering arising under the Securities Act and the Exchange
Act, liabilities arising from breaches of some or all of the representations and warranties contained in the underwriting agreement,
and to contribute to payments that the underwriters may be required to make for these liabilities.</span></p>

<p style="font: 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>Electronic
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">This
prospectus in electronic format may be made available on websites or through other online services maintained by one or more of the underwriters,
or by their affiliates. Other than this prospectus in electronic format, the information on any underwriter&#8217;s website and any information
contained in any other website maintained by an underwriter is not part of this prospectus or the registration statement of which this
prospectus forms a part, has not been approved and/or endorsed by us or any underwriter in its capacity as underwriter, and should not
be relied upon by investors.</span></p>

<p style="font: 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>Selling
Restrictions</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
action has been taken in any jurisdiction (except in the United States) that would permit a public offering of our Common Stock, or the
possession, circulation or distribution of this prospectus or any other material relating to us or our Common Stock in any jurisdiction
where action for that purpose is required. Accordingly, our Common Stock may not be offered or sold, directly or indirectly, and this
prospectus or any other offering material or advertisements in connection with our Common Stock may be distributed or published, in or
from any country or jurisdiction, except in compliance with any applicable rules and regulations of any such country or jurisdiction.</span></p>

<p style="font: 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>

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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>European
Economic Area</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
relation to each member state of the European Economic Area, no offer of shares of our common stock which are the subject of the offering
has been, or will be made to the public in that Member State, other than under the following exemptions under the Prospectus Directive:</span></p>

<p style="font: 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%">
  <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: 0.25in; 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">to
    any legal entity which is a qualified investor as defined in the Prospectus Directive;</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>

<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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 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
                                                         fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Directive), </span>subject to
                                                         obtaining the prior consent of the Representatives for any such offer&#894; or</p></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>

<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; text-align: justify"><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">in
    any other circumstances falling within Article 3(2) of the Prospectus Directive,</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"><i>provided
</i>that no such offer of shares of our common stock referred to in (a) to (c) above shall result in a requirement for the Company, the
selling shareholders or any representative to publish a prospectus pursuant to Article 3 of the Prospectus Directive, or supplement a
prospectus pursuant to Article 16 of the Prospectus Directive.</span></p>

<p style="font: 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
person located in a Member State to whom any offer of shares of our common stock is made or who receives any communication in respect
of an offer of shares of our common stock, or who initially acquires any shares of our common stock will be deemed to have represented,
warranted, acknowledged and agreed to and with each Representative and the Company that (1) it is a &#8220;qualified investor&#8221;
within the meaning of the law in that Member State implementing Article 2(1)(e) of the Prospectus Directive&#894; and (2) in the case
of any shares of our common stock acquired by it as a financial intermediary as that term is used in Article 3(2) of the Prospectus Directive,
the shares of our common stock acquired by it in the offer have not been acquired on behalf of, nor have they been acquired with a view
to their offer or resale to, persons in any Member State other than qualified investors, as that term is defined in the Prospectus Directive,
or in circumstances in which the prior consent of the Representatives has been given to the offer or resale&#894; or where shares of
our common stock have been acquired by it on behalf of persons in any Member State other than qualified investors, the offer of those
shares of our common stock to it is not treated under the Prospectus Directive as having been made to such persons.</span></p>

<p style="font: 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, the selling shareholders, the representatives and their respective affiliates will rely upon the truth and accuracy of the foregoing
representations, acknowledgments and agreements.</span></p>

<p style="font: 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">This
prospectus supplement has been prepared on the basis that any offer of shares of our common stock in any Member State will be made pursuant
to an exemption under the Prospectus Directive from the requirement to publish a prospectus for offers of shares. Accordingly any person
making or intending to make an offer in that Member State of shares of our common stock which are the subject of the offering contemplated
in this prospectus supplement may only do so in circumstances in which no obligation arises for the Company, the selling shareholders
or any of the representatives to publish a prospectus pursuant to Article 3 of the Prospectus Directive in relation to such offer. Neither
the Company nor the representatives have authorized, nor do they authorize, the making of any offer of shares of our common stock in
circumstances in which an obligation arises for the Company, the selling shareholders or the Representatives to publish a prospectus
for such offer.</span></p>

<p style="font: 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
the purposes of this provision, the expression an &#8220;offer of shares of our common stock to the public&#8221; in relation to any
shares of our common stock in any Member State means the communication in any form and by any means of sufficient information on the
terms of the offer and the shares of our common stock to be offered so as to enable an investor to decide to purchase or subscribe the
shares of our common stock, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that
Member State, the expression &#8220;Prospectus Directive&#8221; means Directive 2003/71/EC (as amended) and includes any relevant implementing
measure in each Member State. The above selling restriction is in addition to any other selling restrictions set out below.</span></p>

<p style="font: 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>Notice
to Prospective Investors in the United Kingdom</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
addition, in the United Kingdom, this document is being distributed only to, and is directed only at, and any offer subsequently made
may only be directed at persons who are &#8220;qualified investors&#8221; (as defined in the Prospectus Directive) (i) who have professional
experience in matters relating to investments falling within Article 19 (5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the &#8220;Order&#8221;) and/or (ii) who are high net worth companies (or persons to whom it may otherwise
be lawfully communicated) falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as &#8220;relevant
persons&#8221;). This document must not be acted on or relied on in the United Kingdom by persons who are not relevant persons. In the
United Kingdom, any investment or investment activity to which this document relates is only available to, and will be engaged in with,
relevant persons.</span></p>

<p style="font: 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>

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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>Notice
to Prospective Investors in Switzerland</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
shares of our common stock may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange (&#8220;SIX&#8221;)
or on any other stock exchange or regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure
standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing
prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility
in Switzerland. Neither this document nor any other offering or marketing material relating to the shares of our common stock or the
offering may be publicly distributed or otherwise made publicly available in Switzerland.</span></p>

<p style="font: 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">Neither
this document nor any other offering or marketing material relating to the offering, the Company, the shares of our common stock have
been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the
offer of shares of our common stock will not be supervised by, the Swiss Financial Market Supervisory Authority FINMA (FINMA), and the
offer of shares of our common stock has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes
(&#8220;CISA&#8221;). The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does
not extend to acquirers of shares 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notice
to Prospective Investors in the Dubai International Financial Centre</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">This
prospectus supplement relates to an Exempt Offer in accordance with the Offered Securities Rules of the Dubai Financial Services Authority
(&#8220;DFSA&#8221;). This prospectus supplement is intended for distribution only to persons of a type specified in the Offered Securities
Rules of the DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying
any documents in connection with Exempt Offers. The DFSA has not approved this prospectus supplement nor taken steps to verify the information
set forth herein and has no responsibility for the prospectus supplement. The shares of our common stock to which this prospectus supplement
relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the shares of our common stock offered
should conduct their own due diligence on the shares of our common stock. If you do not understand the contents of this prospectus supplement
you should consult an authorized financial advisor.</span></p>

<p style="font: 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>Notice
to Prospective Investors in Australia</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
placement document, prospectus, product disclosure statement or other disclosure document has been lodged with the Australian Securities
and Investments Commission (&#8220;ASIC&#8221;), in relation to the offering. This prospectus supplement does not constitute a prospectus,
product disclosure statement or other disclosure document under the Corporations Act 2001 (the &#8220;Corporations Act&#8221;), and does
not purport to include the information required for a prospectus, product disclosure statement or other disclosure document under the
Corporations 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">Any
offer in Australia of the shares of our common stock may only be made to persons (the &#8220;Exempt Investors&#8221;) who are &#8220;sophisticated
investors&#8221; (within the meaning of section 708(8) of the Corporations Act), &#8220;professional investors&#8221; (within the meaning
of section 708(11) of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations
Act so that it is lawful to offer the shares of our common stock without disclosure to investors under Chapter 6D of the Corporations
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">The
shares of our common stock applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12
months after the date of allotment under the offering, except in circumstances where disclosure to investors under Chapter 6D of the
Corporations Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer
is pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring shares of our common
stock must observe such Australian on-sale restrictions.</span></p>

<p style="font: 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">This
prospectus supplement contains general information only and does not take account of the investment objectives, financial situation or
particular needs of any particular person. It does not contain any securities recommendations or financial product advice. Before making
an investment decision, investors need to consider whether the information in this prospectus supplement is appropriate to their needs,
objectives and circumstances, and, if necessary, seek expert advice on those matters.</span></p>

<p style="font: 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>

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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>Notice
to Prospective Investors in Hong Kong</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
shares of our common stock have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other
than (a) to &#8220;professional investors&#8221; as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules
made under that Ordinance&#894; or (b) in other circumstances which do not result in the document being a &#8220;prospectus&#8221; as
defined in the Companies Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that
Ordinance. No advertisement, invitation or document relating to the shares of our common stock has been or may be issued or has been
or may be in the possession of any person for the purposes of issue, whether in Hong Kong or elsewhere, which is directed at, or the
contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws
of Hong Kong) other than with respect to shares of our common stock which are or are intended to be disposed of only to persons outside
Hong Kong or only to &#8220;professional investors&#8221; as defined in the Securities and Futures Ordinance and any rules made under
that Ordinance.</span></p>

<p style="font: 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>Notice
to Prospective Investors in Japan</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
shares of our common stock have not been and will not be registered under the Financial Instruments and Exchange Law of Japan (Law No.
25 of 1948, as amended) and, accordingly, will not be offered or sold, directly or indirectly, in Japan, or for the benefit of any Japanese
Person or to others for re-offering or resale, directly or indirectly, in Japan or to any Japanese Person, except in compliance with
all applicable laws, regulations and ministerial guidelines promulgated by relevant Japanese governmental or regulatory authorities in
effect at the relevant time. For the purposes of this paragraph, &#8220;Japanese Person&#8221; shall mean any person resident in Japan,
including any corporation or other entity organized under the laws of Japan.</span></p>

<p style="font: 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>Notice
to Prospective Investors in Singapore</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">This
prospectus supplement has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus
supplement and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of shares
of our common stock may not be circulated or distributed, nor may the shares of our common stock be offered or sold, or be made the subject
of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional
investor under Section 274 of the Securities and Futures Act, Chapter 289 of Singapore (the &#8220;SFA&#8221;), (ii) to a relevant person
pursuant to Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275,
of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.</span></p>

<p style="font: 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">Where
the shares of our common stock are subscribed or purchased under Section 275 of the SFA by a relevant person which is:</span></p>

<p style="font: 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%">
  <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; 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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                                         corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business </span>of which is to hold
                                                         investments and the entire share capital of which is owned by one or more individuals, <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
                                                         of whom is an accredited investor&#894; or</span></p></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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%">
  <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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                                         trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each </span>beneficiary of the
                                                         trust is an individual who is an accredited investor,</p></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 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">securities
(as defined in Section 239(1) of the SFA) of that corporation or the beneficiaries&#8217; rights and interest (howsoever described) in
that trust shall not be transferred within six months after that corporation or that trust has acquired the shares of our common stock
pursuant to an offer made under Section 275 of the SFA except:</span></p>

<p style="font: 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>

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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>

<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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
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    an institutional investor or to a relevant person defined in Section 275(2) of the SFA, or to any person arising from an offer referred
    to in Section 275(1A) or Section 276(4)(i)(B) of the SFA&#894;</span></p></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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%">
  <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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">where
    no consideration is or will be given for the transfer&#894;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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%">
  <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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">where
    the transfer is by operation of law&#894;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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%">
  <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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
    specified in Section 276(7) of the SFA&#894; or</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>

<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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 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
    specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore.</span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notice
to Prospective Investors in Canada</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
shares of our common stock may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors,
as defined in National Instrument 45-106 <i>Prospectus Exemptions </i>or subsection 73.3(1) of the <i>Securities Act </i>(Ontario), and
are permitted clients, as defined in National Instrument 31-103 <i>Registration Requirements, Exemptions and Ongoing Registrant Obligations</i>.
Any resale of the shares of our common stock must be made in accordance with an exemption from, or in a transaction not subject to, the
prospectus requirements of applicable securities 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">Securities
legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus
supplement (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised
by the purchaser within the time limit prescribed by the securities legislation of the purchaser&#8217;s province or territory. The purchaser
should refer to any applicable provisions of the securities legislation of the purchaser&#8217;s province or territory for particulars
of these rights or consult with a legal advisor.</span></p>

<p style="font: 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">Pursuant
to section 3A.3 (or, in the case of securities issued or guaranteed by the government of a non-Canadian jurisdiction, section 3A.4) of
National Instrument 33-105 <i>Underwriting Conflicts </i>(<b>NI 33-105</b>), the underwriters are not required to comply with the disclosure
requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.</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>


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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="ds_016"></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"><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">Unless
otherwise indicated, Sheppard, Mullin, Richter &amp; Hampton LLP, New York, New York, will pass upon the validity of the shares of our
common stock to be sold in this offering. Certain legal matters in connection with this offering will be passed upon for the underwriter
by Pryor Cashman LLP.</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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<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="ds_017"></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"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements
of MusclePharm Corporation as of December 31, 2021, and  for the year then ended, included in this prospectus have
been audited by Moss Adams LLP, independent registered public accounting firm, as set forth  in their report which
is included  herein. Such consolidated financial statements have been so included  in reliance upon the report of such
firm (which report expresses an unqualified opinion and includes an explanatory paragraph relating to a going concern uncertainty)
given upon their authority as experts in accounting and auditing.</p>
<p style="font: 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">&#160;</span></p>

<p style="font: 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
consolidated financial statements of MusclePharm Corporation as of December 31, 2020 and for the year then ended have been audited by
SingerLewak LLP, an independent registered public accounting firm, as stated in their report thereon (which report expresses an unqualified
opinion and includes an explanatory paragraph relating to a going concern matter), and included in this Prospectus and Registration Statement
in reliance upon such report and upon the authority of such firm as experts in accounting and auditing.</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>


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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="ds_018"></span>WHERE
YOU CAN FIND MORE 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">&#160;</span></p>

<p style="font: 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 does not contain all of the information in the registration statement of which this prospectus is a
part and the exhibits to such registration statement. For further information with respect to us the Resale Shares by this prospectus,
we refer you to the registration statement of which this prospectus is a part and the exhibits to such registration statement. Statements
contained in this prospectus as to the contents of any contract or any other document are not necessarily complete, and in each instance,
we refer you to the copy of the contract or other document incorporated by reference or filed as an exhibit to the registration statement
of which this prospectus is a part. Each of these statements is qualified in all respects by this reference.</span></p>

<p style="font: 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">You
may read and copy the registration statement of which this prospectus is a part, as well as our reports, proxy statements and other information,
at the SEC&#8217;s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for more
information about the operation of the Public Reference Room. The SEC maintains an Internet site that contains reports, proxy and information
statements, and other information regarding issuers that file electronically with the SEC, including MusclePharm Corporation The SEC&#8217;s
Internet site can be found at http://www.sec.gov. You may also request a copy of these filings, at no cost, by writing us at MusclePharm
Corporation, 6728 W. Sunset Rd., Suite 130, Las Vegas, NV 89118 or telephoning us at (800) 859-3010.</span></p>

<p style="font: 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 and reporting requirements of the Exchange Act, and, in accordance with this law, file periodic reports,
proxy statements and other information with the SEC. These periodic reports, proxy statements and other information are available for
inspection and copying at the SEC&#8217;s public reference facilities and the website of the SEC referred to above. We also maintain
a website at <i>www.musclepharm.com </i>and <i>www.musclepharmcop.com</i>. You may access these materials free of charge as soon as reasonably
practicable after they are electronically filed with, or furnished to, the SEC. Information contained on 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">&#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"></span><b><span id="ds_019"></span>INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS</b></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; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 92%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ag_002">Report of Independent Registered Public Accounting Firm</a> (Moss Adams LLP, Orange County, California, PCAOB ID: 659)&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; vertical-align: bottom; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</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"><a href="#ag_003">Report of Independent Registered Public Accounting Firm</a> (SingerLewak LLP, Los Angeles, California, PCAOB ID: 00367)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>F-4</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; padding-left: 10pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
    Financial Statements (1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; vertical-align: bottom"><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; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ba_003">Consolidated Balance Sheets as of December 31, 2021 and 2020</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</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; padding-left: 10pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ba_004">Consolidated Statements of Operations for the years ended December 31, 2021 and 2020</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; vertical-align: bottom">F-6</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ba_005">Consolidated Statements of Changes in Stockholders&#8217; Deficit for the years ended December 31, 2021 and 2020</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; vertical-align: bottom">F-7</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; padding-left: 10pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ba_006">Consolidated 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; text-align: center; white-space: nowrap; vertical-align: bottom">F-8</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ba_007">Notes to Consolidated Financial Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; vertical-align: bottom">F-9</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; padding-left: 10pt; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; vertical-align: bottom">&#160;</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; width: 92%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
    Financial Statements as of March 31, 2022 and for the Three Months Ended March 31, 2022 and 2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; vertical-align: bottom; width: 8%"><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; 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; text-align: center; vertical-align: bottom"><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; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#mus_003">Consolidated Balance Sheets as of March 31, 2022 (unaudited) and December 31, 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-39</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"><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; vertical-align: bottom"><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; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#mus_004">Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021 (unaudited)</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-40</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; vertical-align: bottom"><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; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#mus_005">Consolidated Statements of Changes in Stockholders&#8217; Deficit for the three months ended March 31, 2022 and 2021 (unaudited)</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-41</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"><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; vertical-align: bottom"><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; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#mus_006">Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (unaudited)</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-42</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"><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; vertical-align: bottom"><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; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ag_001">Notes
    to Consolidated Financial Statements (unaudited)<sup>(1)</sup></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-43</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span 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: 0; margin-bottom: 0; text-align: center"><b>EXPLANATORY NOTE</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">The foregoing notes to the consolidated
financial statements have been revised with respect to the number of outstanding warrants, stock options, convertible notes and
total common stock equivalents from those certain items as disclosed in the registrant&#8217;s Annual Report on Form 10-K/A for the
fiscal year ended December 31, 2021 and in the registrant&#8217;s Quarterly Report on Form 10-Q for the three months ended March 31,
2022 to correct certain typographical errors.</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 0"></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-top: 0pt; margin-bottom: 0pt; text-align: center"><span id="ba_002"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><span id="ag_002"></span>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</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: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Shareholders and the Board of Directors of MusclePharm Corporation</span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Opinion
on the Financial Statements</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated balance sheet of MusclePharm Corporation and subsidiaries (the &#8220;Company&#8221;) as of
December&#160;31, 2021, the related consolidated statements of operations, changes in stockholders&#8217; deficit, and cash flows for
the year then ended, and the related notes (collectively referred to as the &#8220;consolidated financial statements&#8221;). In our
opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company
as of December&#160;31, 2021, and the consolidated results of its operations and its cash flows for the year then ended, in conformity
with accounting principles generally accepted in the United States of America.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Going
Concern Uncertainty</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"><i>&#160;</i></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">The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed
in Note 1 to the consolidated financial statements, the Company has suffered recurring losses from operations and has a net capital deficiency
that raise substantial doubt about its ability to continue as a going concern. Management&#8217;s plans in regard to these matters are
also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of
this uncertainty.</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"><i>&#160;</i></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>Basis
for Opinion</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
consolidated financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion
on the Company&#8217;s consolidated financial statements based on our audit. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audit 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: 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">Our
audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due
to error or fraud, and performing procedures to respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audit provides a reasonable basis for our opinion.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Critical
Audit Matter</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that
was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material
to the consolidated 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 consolidated financial statements, taken as a whole, and we are
not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or
disclosures to which it relates.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
described in Note 2 to the consolidated financial statements, the Company utilizes various promotional activities, including product
discounts, to generate revenue from contracts with customers. The costs of such activities are recorded as reduction in sales and are
reflected in the transaction price when the related sale takes place. Reserves for trade promotions are established based on the Company&#8217;s
best estimate of future and existing obligations for products sold as of the balance sheet date. The reserve for trade promotions is
calculated using actual customer sales, actual promotional activities, and forecasted information for amounts earned, but not yet utilized.
One customer accounted for a significant portion of promotional activities during the year ended December 31, 2021. During the year ended
December 31, 2021, revenue was reduced as a result of these various promotional activities with the customer. As of December 31, 2021,
the reserve for trade promotions with the customer was zero.</span></p>


<p style="font: 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"></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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            primary procedures we performed to address this critical audit matter included:</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>

<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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    management&#8217;s process for determining the estimated trade promotion contra-asset by performing the following primary procedures
    &#8211; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</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">
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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">Obtaining
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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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">&#160;</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaluating
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</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">&#160;</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaluating
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#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">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Testing credit memos issued during the year ended December
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</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">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</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">&#160;</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Testing
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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>

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

<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>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
15, 2022</span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><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: 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"><i>&#160;</i></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: 0; text-align: center"><span id="ag_003"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ajz_001"></span>REPORT
                                            OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Stockholders and the Board of Directors of MusclePharm Corporation</span></p>

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

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

<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated balance sheet of MusclePharm Corporation and its subsidiaries (collectively, the &#8220;Company&#8221;)
as of December 31, 2020, the related consolidated statements of operations, comprehensive loss, stockholders&#8217; deficit and cash
flows for the year then ended, and the related notes to the financial statement. In our opinion, the financial statements present fairly,
in all material respects, the financial position of the Company as of December 31, 2020, and the results of its operations and its cash
flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.</span></p>

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

<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note
1 to the financial statements, the Company has suffered recurring losses from operations, has an accumulated deficit and its total liabilities
exceed its total assets. This raises substantial doubt about the Company&#8217;s ability to continue as a going concern. Management&#8217;s
plans in regard to these matters also are described in Note 1. The financial statements do not include any adjustments that might result
from the outcome of this uncertainty.</span></p>

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

<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"><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 audit. 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 U.S. federal securities laws
and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p>

<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audit 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 audit,
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: 0; text-align: justify">&#160;</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">Our
audit 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 audit 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 audit provide
a reasonable basis for our opinion.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
served as the Company&#8217;s auditor from 2019 to 2021.<br />
Los Angeles, California</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
29, 2021</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"><i>&#160;</i></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"><i></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"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span id="ba_003"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MusclePharm
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"><b>Consolidated
Balance Sheets</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><i>(In
thousands, except share and per share data)</i></b></span></p>

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

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    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="font-weight: bold">ASSETS</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Accounts receivable, net</td><td>&#160;</td>
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    <td style="font-weight: bold; text-align: left">LIABILITIES AND STOCKHOLDERS&#8217; EQUITY</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">Accrued and other liabilities</td><td>&#160;</td>
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  <tr id="xdx_406_eus-gaap--SecuredDebtCurrent_i02I_maLCzQHH_zLu5hKftHrmc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Obligation under secured borrowing arrangement</td><td>&#160;</td>
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  <tr id="xdx_400_eus-gaap--LinesOfCreditCurrent_i02I_maLCzQHH_zCySByL9H02l" style="vertical-align: bottom; background-color: White">
    <td>Line of credit</td><td>&#160;</td>
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  <tr id="xdx_406_eus-gaap--OperatingLeaseLiabilityCurrent_i02I_maLCzQHH_zloON2V3zSha" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Operating lease liability</td><td>&#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 id="xdx_980_eus-gaap--NotesPayableCurrent_i02I_dxL_maLCzQHH_c20211231_zKk7KZxN9QRa" title="Senior notes payable::XDX::4%2C555" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0097">5,035</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_eus-gaap--NotesPayableCurrent_i02I_maLCzQHH_c20201231_zzVjhS7p3Eve" title="Senior notes payable" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0099">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--ConvertibleDebtCurrent_i02I_maLCzQHH_zkwOaaWOkxkg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Convertible notes with a related party</td><td>&#160;</td>
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  <tr id="xdx_409_ecustom--RevolvingLinesOfCreditCurrent_i02I_pn3n3_maLCzQHH_z9NQTq9b4074" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Revolving line of credit, related party</td><td>&#160;</td>
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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="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td id="xdx_986_eus-gaap--LiabilitiesCurrent_iTI_dxL_mtLCzQHH_c20211231_zQg1knnZ6Ea5" title="Total Current Liabilities::XDX::40%2C595" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0107">41,075</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_408_eus-gaap--OperatingLeaseLiabilityNoncurrent_i01I_maLzxKI_zQEQtw7AlnSe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Operating lease liability, long term</td><td>&#160;</td>
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  <tr id="xdx_400_eus-gaap--OtherLongTermDebtNoncurrent_i01I_maLzxKI_zA3IVt8C05Pi" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Other long term liabilities</td><td>&#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"><ix:nonFraction name="us-gaap:OtherLongTermDebtNoncurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,326</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_409_eus-gaap--CommitmentsAndContingencies_i01I_maLASEzwht_zTgX2XMxYy6" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Commitments and contingencies (Note 12)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0121">-</span></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--StockholdersEquityAbstract_i01B_zx6lNNzlP5qh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Stockholders&#8217; deficit:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--PreferredStockValue_i02I_maSEzTOf_zW46RKPEVI98" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Preferred stock, <span id="xdx_909_eus-gaap--PreferredStockSharesIssued_iI_pid_dc_c20211231_zms7vKzlu8Sh" title="Preferred stock, shares issued"><span id="xdx_902_eus-gaap--PreferredStockSharesOutstanding_iI_pid_dc_c20211231_zUZsljxeL0P9" title="Preferred stock, shares outstanding"><span id="xdx_90D_eus-gaap--PreferredStockSharesIssued_iI_pid_dc_c20201231_zIphgAClqyue" title="Preferred stock, shares issued"><span id="xdx_902_eus-gaap--PreferredStockSharesOutstanding_iI_pid_dc_c20201231_zSA6OSS14fVe" title="Preferred stock, shares outstanding"><ix:nonFraction name="us-gaap:PreferredStockSharesIssued" contextRef="AsOf2021-12-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesOutstanding" contextRef="AsOf2021-12-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesIssued" contextRef="AsOf2020-12-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesOutstanding" contextRef="AsOf2020-12-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares">zero</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span></span> issued and outstanding</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0127">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0128">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--CommonStockValue_i02I_maSEzTOf_znWBoysEPnxe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify">Common stock, par value of $<span id="xdx_905_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20211231_z3eLSWYaYWbd"><span id="xdx_90A_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20201231_zls9ZVPfxaOh"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.001</ix:nonFraction></ix:nonFraction></span>
    </span>per share; <span id="xdx_903_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20211231_z4U4uqUi37Zb"><span id="xdx_907_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20201231_zB1ehYXMeGy"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100,000,000</ix:nonFraction></ix:nonFraction></span></span> shares
    authorized, <span id="xdx_906_eus-gaap--CommonStockSharesIssued_iI_pid_c20211231_zJwxQgccQzGa"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">33,386,200</ix:nonFraction></span> and <span id="xdx_907_eus-gaap--CommonStockSharesIssued_iI_pid_c20201231_zgdnwWQqNUa2"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">33,980,905</ix:nonFraction>
    </span>shares issued as of December 31, 2021 and December 31, 2020, respectively; and <span id="xdx_905_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20211231_zsJlBe3ShIW2"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">33,386,200</ix:nonFraction>
    and</span> <span id="xdx_90A_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20201231_zSBGf0SgPF0a"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">33,105,284</ix:nonFraction></span> <span>shares
    outstanding as of December 31, 2021 and December 31, 2020, respectively </span><span></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">32</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">32</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--AdditionalPaidInCapitalCommonStock_i02I_maSEzTOf_zYrfq7572FQi" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Additional paid-in capital</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AdditionalPaidInCapitalCommonStock" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">183,355</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AdditionalPaidInCapitalCommonStock" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">178,261</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--TreasuryStockCommonValue_i02NI_di_msSEzTOf_zPhfokXGMUHb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Treasury Stock at Cost, <span id="xdx_902_eus-gaap--TreasuryStockShares_iI_pid_c20211231_z0b6MBmzHRod" title="Treasury stock, shares"><span id="xdx_907_eus-gaap--TreasuryStockShares_iI_pid_c20201231_zBCD6oxSrx1d" title="Treasury stock, shares"><ix:nonFraction name="us-gaap:TreasuryStockShares" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:TreasuryStockShares" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">875,621</ix:nonFraction></ix:nonFraction></span>
    </span>shares <span id="xdx_F4B_zE3yI7366Pj7"></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:TreasuryStockCommonValue" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,039</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:TreasuryStockCommonValue" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,039</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40A_eus-gaap--RetainedEarningsAccumulatedDeficit_i02I_maSEzTOf_zappx9c8ELVg" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Accumulated deficit</td><td>&#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">(<ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">205,539</ix:nonFraction></td><td style="text-align: left">)</td><td>&#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">(<ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">192,673</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40A_eus-gaap--StockholdersEquity_i02TI_mtSEzTOf_maLASEzwht_z3LdbsB9XYi9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total Stockholders&#8217; Equity</td><td>&#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">(<ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">32,191</ix:nonFraction></td><td style="text-align: left">)</td><td>&#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">(<ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">24,419</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total Liabilities and Stockholders&#8217; Equity</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98B_eus-gaap--LiabilitiesAndStockholdersEquity_iTI_dxL_mtLASEzwht_c20211231_zGe4xEo4vWTf" title="Total Liabilities and Stockholders&apos; Deficit::XDX::10%2C730" style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0165">11,210</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--LiabilitiesAndStockholdersEquity_iTI_mtLASEzwht_c20201231_zV7ccQgJ3DWk" title="Total Liabilities and Stockholders&apos; Deficit" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">13,002</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="display: none; vertical-align: top; text-align: justify">
<td id="xdx_F0D_zGCvLrRYGOej" style="width: 15pt; text-align: right">(1)</td><td id="xdx_F15_znwJ2NdyN881" style="text-align: justify"><ix:footnote id="Footnote000168" xml:lang="en-US">The foregoing financial statements have been revised with respect to the number of shares
of common stock, shares of common stock held in treasury, warrants, stock options and convertible notes outstanding as of March 31, 2021
and December 31, 2021, respectively from the registrant&#8217;s Quarterly Report on Form 10-Q for the three months ended March 31, 2022
and Annual Report on Form 10-K for the fiscal year ended December 31, 2021. These revisions correct certain typographical errors.</ix:footnote></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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of these Consolidated Financial Statements.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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: 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-top: 0pt; margin-bottom: 0pt; text-align: center"><span id="ba_004"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MusclePharm
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"><b>Consolidated
Statements of Operations</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><i>(In
thousands, except share and per share data)</i></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><i>&#160;</i></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><i></i></b></span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,460</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">Net income (loss)</td><td>&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.39</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.39</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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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"><b><i></i></b></span>&#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"><i>The
accompanying notes are an integral part of these Consolidated Financial Statements.</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span id="ba_005"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MusclePharm
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"><b>Consolidated
Statements of Changes in Stockholders&#8217; Deficit</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><i>(In
thousands, except share data)</i></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><i>&#160;</i></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><i></i></b></span></p>

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  <tr id="xdx_40B_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_zE3jSkGu4ZWl" style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 9pt">Issuance of shares for services</span></td><td><span style="font-size: 9pt">&#160;</span></td>
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  <tr id="xdx_408_eus-gaap--NetIncomeLoss_zPw4TT5CAq7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-size: 9pt">Net Income</span></td><td><span style="font-size: 9pt">&#160;</span></td>
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  <tr id="xdx_438_c20210101__20211231_eus-gaap--StockholdersEquity_iS_zxc81c6VJxdi" style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 9pt">Balance- December 31, 2020</span></td><td><span style="font-size: 9pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0285">&#8212;</span></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
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  <tr id="xdx_401_eus-gaap--StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures_zbxMYDM4ZQqb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-size: 9pt">Stock-based compensation for issuance and amortization of restricted stock
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    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0297">&#8212;</span></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td id="xdx_98B_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures_pid_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z2Mfy0dEECA9" title="Stock-based compensation for issuance and amortization of restricted stock awards to employees, executives, and directors, shares" style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">280,916</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" contextRef="From2021-01-012021-12-31_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">653</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0300">&#8212;</span></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0301">&#8212;</span></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt"></span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">653</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr id="xdx_40D_ecustom--AdjustmentsToAdditionalPaidInCapitalWarrantsIssuedWithDebtOffering_zHIghMa2lQw5" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-size: 9pt">Warrants issued with debt offering</span></td><td><span style="font-size: 9pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0307">&#8212;</span></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#8212;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0311">&#8212;</span></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt"></span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="MSLP:AdjustmentsToAdditionalPaidInCapitalWarrantsIssuedWithDebtOffering" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,441</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--NetIncomeLoss_zA9JrjI4fItc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-size: 9pt">Net loss</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt">&#8212;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0315">&#8212;</span></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt">&#8212;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
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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"><b><i>&#160;</i></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"><i>The
accompanying notes are an integral part of these Consolidated Financial Statements.</i></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>


<!-- Field: Page; Sequence: 83; Value: 1 -->
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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-top: 0pt; margin-bottom: 0pt; text-align: center"><span id="ba_006"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MusclePharm
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"><b>Consolidated
Statements of Cash Flows</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><i>(In
thousands)</i></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>

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<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0368">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--ShareBasedCompensation_i02_maNCPBUzLc4_zf5wZ8Zop9sb" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; 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="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">653</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">144</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_ecustom--StockIssuedToNonemployees_i02_maNCPBUzLc4_zXnrKqxlXhkf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Stock issued to nonemployees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0373">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="MSLP:StockIssuedToNonemployees" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">204</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--OperatingLeaseImpairmentLoss_i02_maNCPBUzLc4_zfAyd0CYJ5D7" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Impairment of operating lease right-of-use assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0376">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseImpairmentLoss" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">167</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--AmortizationOfFinancingCosts_i02_maNCPBUzLc4_zc7scWvqexa9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Amortization of debt issue cost</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AmortizationOfFinancingCosts" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">368</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0380">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_ecustom--OIDInterest_i02_maNCPBUzLc4_zW1Qw3tvmqNf" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">OID Interest</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="MSLP:OIDInterest" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">498</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0383">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--AmortizationOfDebtDiscountPremium_i02_maNCPBUzLc4_ztpkGdTllnfa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Amortization of debt discount</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AmortizationOfDebtDiscountPremium" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,928</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0386">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_ecustom--IssuanceOfPaycheckProtectionProgramLoan_i02_maNCPBUzLc4_zliKoTemZNA7" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Gain on extinguishment of Paycheck Protection Program Loan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="MSLP:IssuanceOfPaycheckProtectionProgramLoan" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">965</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0389">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i02B_zJafmA5qO2O6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-weight: bold; text-align: left">Changes in operating assets and liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--IncreaseDecreaseInAccountsReceivable_i03N_di_msNCPBUzLc4_zqm9JStbN33g" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left">Accounts receivable, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">625</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,852</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40E_eus-gaap--IncreaseDecreaseInInventories_i03N_di_msNCPBUzLc4_zCWhPO2OzrKg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt">Inventory</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInInventories" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">702</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInInventories" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">3,687</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--IncreaseDecreaseInPrepaidExpense_i03N_di_msNCPBUzLc4_zvi2RZwdLPrc" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left">Prepaid expenses and other current assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">480</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">39</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_408_ecustom--IncreaseDecreaseInOperatingLeaseAssetsAndLiabilities_i03N_pn3n3_di_msNCPBUzLc4_zsWgVgdgv0re" style="display: none; vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left">Operating lease assets and liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--IncreaseDecreaseInAccountsPayable_i03_pn3n3_maNCPBUzLc4_z1SsZPsJqJLb" style="display: none; vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left">Accounts payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_ecustom--IncreaseDecreaseInRightOfUseAssetAndOtherAssets_i03N_di_msNCPBUzLc4_zKy3zVJFP3J9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left">Right of use asset and other assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0409">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="MSLP:IncreaseDecreaseInRightOfUseAssetAndOtherAssets" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">549</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--IncreaseDecreaseInAccountsPayableTrade_i03_maNCPBUzLc4_zk7Ix6f5Bgbl" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left">Accounts payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayableTrade" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,261</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0413">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--IncreaseDecreaseInOtherNoncurrentLiabilities_i03_maNCPBUzLc4_z6fvUXgf97sh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left">Other long-term liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherNoncurrentLiabilities" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,780</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0416">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--IncreaseDecreaseInOtherAccruedLiabilities_i03_maNCPBUzLc4_z4bdS1295lU7" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left">Accrued and other liabilities</td><td>&#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">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherAccruedLiabilities" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">109</ix:nonFraction></td><td style="text-align: left">)</td><td>&#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">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherAccruedLiabilities" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">4,703</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40B_eus-gaap--NetCashProvidedByUsedInOperatingActivities_i01T_mtNCPBUzLc4_maCCERCzjTE_zmJWddvqNjTc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Net cash provided by/(used in) operating activities</td><td>&#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">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">8,042</ix:nonFraction></td><td style="text-align: left">)</td><td>&#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">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">868</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_408_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_zOugH7PCETri" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">CASH FLOWS FROM INVESTING ACTIVITIES</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_i01N_di_msNCPBUzAcJ_zo7FUPS3flg9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Purchase of property and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_405_eus-gaap--ProceedsFromSaleOfPropertyPlantAndEquipment_i01_maNCPBUzAcJ_zCPALWQUuVv5" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Proceeds from disposal of property and equipment</td><td>&#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"><span style="-sec-ix-hidden: xdx2ixbrl0430">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#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"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">222</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01T_mtNCPBUzAcJ_maCCERCzjTE_zjZvxwxofH8e" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Net cash provided by/(used in) investing activities</td><td>&#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">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">2</ix:nonFraction></td><td style="text-align: left">)</td><td>&#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"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">218</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_zJXK9UcKcifa" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">CASH FLOWS FROM FINANCING ACTIVITIES</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--ProceedsFromLinesOfCredit_i01_maNCPBUzdOk_zvAptmouOsr5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Proceeds from line of credit</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0439">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromLinesOfCredit" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,243</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--RepaymentsOfLinesOfCredit_i01N_di_msNCPBUzdOk_zeXzhduPy9L5" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Payments on lines of credit</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0442">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:RepaymentsOfLinesOfCredit" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,465</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40F_eus-gaap--ProceedsFromIssuanceOfSecuredDebt_i01_maNCPBUzdOk_zMOAOSOVLtje" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Proceeds from secured borrowing arrangement, net of reserves</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfSecuredDebt" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">49,060</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="padding-left: 10pt; text-align: left">Cash paid for taxes</td><td>&#160;</td>
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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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of these Consolidated Financial Statements.</i></span></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: 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-top: 0pt; margin-bottom: 0pt; text-align: center"><span id="ba_007"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MusclePharm
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"><b>Notes
to the Consolidated Financial Statements</b></span></p>

<p id="xdx_04A_c20210101__20211231_zPzaBremiD8g" 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><i>(dollars
in thousands, unless otherwise indicated</i>)</b></span></p>

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



<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:NatureOfOperations"><p id="xdx_806_eus-gaap--NatureOfOperations_zpL1UGRZKcc9" style="font: 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>Note
1. <span id="xdx_821_zLDq42NoaLxg">Description of Business</span></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>&#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>Description
of Business</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">MusclePharm
Corporation, together with its subsidiaries (the &#8220;Company&#8221; or &#8220;MusclePharm&#8221;) is a scientifically-driven, performance
lifestyle company that develops, markets and distributes branded sports nutrition products and nutritional</span></p>

<p style="font: 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">supplements that are manufactured
by the Company&#8217;s contract manufacturers. The Company&#8217;s portfolio of recognized brands, including MusclePharm, FitMiss and
MP Combat Energy is marketed and sold globally. As of December 31, 2021, the Company had the following wholly-owned subsidiary which
did not have any operations or assets as of and for the years ended December 31, 2021 or 2020: MusclePharm Canada Enterprises Corp.</span></p>

<p style="font: 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
2021, the Company announced its entrance into the functional energy space with former Rockstar Energy executives. The Company launched
three flavors of MP Combat Energy in September 2021 for domestic distribution and three additional flavors for international distribution.
The Company believes with the launch of its new energy products, reductions in operating costs and continued focus on gross profit and
revenue growth will allow it to ultimately achieve sustained profitability. However, the Company can give no assurances that this will
occur, especially with the cost to launch new energy products along with the recent increase in the cost of protein, which may have a
material impact on the Company&#8217;s profitability. Additionally, the Company&#8217;s profitability may be materially impacted by the
ability of the Company&#8217;s contract manufacturers to meet customers&#8217; demands. Although, the Company believes entering the functional
energy space will help to increase sales and gross margin, and reduce exposure to commodity prices, the Company can give no assurances
that this will occur. To manage cash flow, the Company has entered into multiple financing arrangements. The entry into the Energy
Drink business has created a second segment, which is presented in detail in Note 18.</span></p>

<p style="font: 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>Information
About Our Segments</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>&#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">We
are engaged in global sales of products that fall into two operating segments: Protein Products and Energy Drinks. Information regarding
our operating segments and geographic and product information is contained in Note 18 to these consolidated financial statements.</span></p>

<p style="font: 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>Going
Concern</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">The
Company has historically incurred significant losses and experienced negative cash flows since inception. As of December 31, 2021,
the Company had cash of $<span id="xdx_902_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn5n6_c20211231_zXrBV8ucauDl" title="Cash"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.2</ix:nonFraction></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million,
a working capital deficit of $<span id="xdx_90D_ecustom--WorkingCapitalDeficit_iI_pn5n6_c20211231_zFoucTWSD6X7"><ix:nonFraction name="MSLP:WorkingCapitalDeficit" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">30.1</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million,
a stockholders&#8217; deficit of $<span id="xdx_90C_eus-gaap--StockholdersEquity_iNI_pn5n6_di_c20211231_zuXhrkgewYJk" title="Stockholders&apos; deficit"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" sign="-" unitRef="USD">32.2</ix:nonFraction></span>
million and an accumulated deficit of $</span><span id="xdx_908_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pn5n6_di_c20211231_zA0aOQZvE8D5" title="Accumulated deficit" 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="-5" scale="6" sign="-" unitRef="USD">205.5</ix:nonFraction> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
resulting from recurring losses from operations. As a result of a history of losses and financial condition, there is substantial
doubt about the Company&#8217;s ability to continue as a going concern.</span></p>

<p style="font: 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&#8217;s ability to continue as a going concern is dependent upon it generating profits in the future and/or obtaining the necessary
financing to meet its obligations and repay liabilities arising from normal business operations when they come due. The Company is evaluating
different strategies to obtain financing to fund its operations to cover expenses and focus on achieving a level of revenue adequate
to support its current cost structure. Financing strategies may include, but are not limited to, private placements of capital stock,
debt borrowings, partnerships and/or collaborations.</span></p>

<p style="font: 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 been focused on cost containment and improving gross margins by focusing on customers with higher margins, reducing product
discounts and promotional activity, along with reducing the number of SKU&#8217;s and negotiating improved pricing for raw materials.
In addition, the Company has worked to negotiate lower production costs with its contract manufacturers. Although these steps improved
gross margins through the first quarter of 2021, with the recent increases in commodity prices, primarily protein, the Company&#8217;s
gross margins have been impacted and will continue to be impacted unless commodity prices return the same levels that were seen in 2020.</span></p>

<p style="font: 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>COVID-19</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>&#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">The
Company&#8217;s results of operations are affected by economic conditions, including macroeconomic conditions and levels of business
confidence. There continues to be significant volatility and economic uncertainty in many markets and the ongoing COVID-19 pandemic contributes
to that level of volatility and uncertainty and has created economic disruption. The Company is actively managing its business to respond
to the impact. There were no adjustments recorded in the financial statements that might result from the outcome of these uncertainties.</span></p>

<p style="font: 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
ultimate impact of the COVID-19 pandemic on the Company&#8217;s operations is unknown and will depend on future developments, which are
highly uncertain and cannot be predicted with confidence, including the duration of the COVID-19 outbreak, new information which may
emerge concerning the severity of the COVID-19 pandemic, and any additional preventative and protective actions that governments, or
the Company, may direct, which may result in an extended period of continued business disruption, reduced customer traffic and reduced
operations. Any resulting financial impact cannot be reasonably estimated at this time but may have a material impact on the Company&#8217;s
business, financial condition and results of operations. Management continues to monitor the business environment for any significant
changes that could impact the Company&#8217;s operations. The Company has taken proactive steps to manage costs and discretionary spending,
such as remote working and reducing facility related expense.</span></p>

<p style="font: 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: 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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the
United States (&#8220;U.S. GAAP&#8221;) for financial information and with the instructions to Form 10-K and Regulation S-X. The consolidated
financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and
transactions have been eliminated in consolidation.</span></p>

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

<p style="font: 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
preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
affect the amounts reported and disclosed in the consolidated financial statements and accompanying notes. Such estimates include, but
are not limited to, allowance for doubtful accounts, revenue discounts and allowances, the valuation of inventory, the calculation of
the Company&#8217;s effective tax rate and deferred tax assets, valuation of stock based compensation, warrants, the assessment of useful lives, recoverability and valuation of long-lived
assets, likelihood and range
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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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<p style="font: 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
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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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<p style="font: 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">Accounts
receivable represents trade obligations from customers that are subject to normal trade collection terms and are recorded at the invoiced
amount, net of any sales discounts and allowance for doubtful accounts, and do not typically bear interest. The Company assesses the
collectability of the accounts by taking into consideration the aging of accounts receivable, changes in customer credit worthiness,
general market and economic conditions, and historical experience. Bad debt expenses are recorded as part of &#8220;General and administrative&#8221;
expenses in the consolidated statements of operations. The Company reserves the receivable balance against the allowance when management
determines a balance is uncollectible. The Company also reviews its customer discounts, and an accrual is made for discounts earned but
not yet utilized at each period end.</span></p>

<p style="font: 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>

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customers are required to pay for their orders in advance of shipment. Accounts receivable consisted of the following as of December
31, 2021 and 2020 (in thousands):</span></p>

<p style="font: 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 id="xdx_8B9_zyQ5X5jaAYjk" style="display: none">Schedule of Accounts Receivable</span></span></p>

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</ix:nonNumeric><p id="xdx_8AA_z7Us5cRduMPg" style="font: 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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</ix:nonNumeric><p id="xdx_8A9_zzozODj9PZM7" style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:RevenueRecognitionPolicyTextBlock"><p id="xdx_844_eus-gaap--RevenueRecognitionPolicyTextBlock_zKJHPZF2p4he" style="font: 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><span id="xdx_86B_z2xLLmVWMQO">Revenue
Recognition</span></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">Revenue
is recognized when control of the promised goods is transferred to the Company&#8217;s customers in an amount that reflects the consideration
the Company expects to be entitled to in exchange for those goods.</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; text-align: justify; white-space: nowrap; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>a.</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"><i>Nature
    of Goods </i></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
Company sells a variety of protein products and energy drinks through a broad distribution platform that includes supermarkets, mass
merchandisers, wholesale clubs, drugstores, convenience stores, home stores, specialty stores and websites and other e-commerce channels,
all of which sell products to consumers.</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; text-align: justify; white-space: nowrap; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></td>
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  </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">For
performance obligations related to the shipping and invoicing of products, control transfers at the point in time upon which finished
goods are delivered to the Company&#8217;s customers or when finished goods are picked up by a customer or a customer&#8217;s carrier,
depending on shipping terms. Once a product has been delivered or picked up by the customer, the customer is able to direct the use of,
and obtain substantially all of the remaining benefits from, the asset. The Company considers control to have transferred upon delivery
or customer receipt because the Company has an enforceable right to payment at that time, the customer has legal title to the asset,
the Company has transferred physical possession of the asset, and the customer has significant risk and rewards of ownership of the asset.</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; text-align: justify; white-space: nowrap; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></td>
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  </table>
<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">The
Company conducts extensive promotional activities with its largest customer, primarily through the use of off-list discounts, coupons,
cooperative advertising, periodic price reduction arrangements, and end-aisle and other in-store displays. The costs of such activities
are netted against sales and are recorded over the calendar year, in proportion to sales recorded during that calendar year. The reserves
for sales returns and consumer and trade promotion liabilities are established based on the Company&#8217;s best estimate of the amounts
necessary to settle future and existing obligations for products sold as of the balance sheet date. To determine the appropriate timing
of recognition of consideration payable to a customer, all consideration payable to customers is reflected in the transaction price at
inception and reassessed routinely.</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"><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; white-space: nowrap; width: 0.75in"><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-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 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 expenses incremental direct costs of obtaining a contract (broker commissions) when the related sale takes place, since the amortization
period of the commissions paid for the sale of products is less than a year. These costs are recorded in &#8220;Selling and promotion&#8221;
expenses in the accompanying consolidated statements of operations. The Company accounts for shipping and handling costs as fulfillment
activities which are therefore recognized upon shipment of the goods.</span></p>

<p style="font: 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">Shipping
and handling costs related to inbound purchases of raw material and finished goods are included in cost of revenues in the consolidated
statements of operations and capitalized into the value of inventory on the balance sheet. For the years ended December 31, 2021 and
2020, the Company incurred $<span id="xdx_90F_ecustom--ShippingAndHandlingExpense_pn5n6_c20210101__20211231__us-gaap--IncomeStatementLocationAxis__us-gaap--CostOfSalesMember_zs69P878jIYk" title="Shipping and handling costs"><ix:nonFraction name="MSLP:ShippingAndHandlingExpense" contextRef="From2021-01-012021-12-31_us-gaap_CostOfSalesMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.8</ix:nonFraction></span> million and $<span id="xdx_90B_ecustom--ShippingAndHandlingExpense_pn5n6_c20200101__20201231__us-gaap--IncomeStatementLocationAxis__us-gaap--CostOfSalesMember_z1JsDVklEhhl" title="Shipping and handling costs"><ix:nonFraction name="MSLP:ShippingAndHandlingExpense" contextRef="From2020-01-012020-12-31_us-gaap_CostOfSalesMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.3</ix:nonFraction></span> million, respectively, of inbound shipping and handling costs. Shipping and handling
costs related to shipments to customers is included in &#8220;general and administrative&#8221; expense in the consolidated statements
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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">The
Company excludes from its revenue any amounts collected from customers for sales (and similar) taxes. During the years ended December
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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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:RevenueFromContractWithCustomerPolicyTextBlock"><p id="xdx_849_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zG8dPfUmUWuf" 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><i><span id="xdx_865_zZUkYsV9mKXg">Disaggregation
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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"><b><i>&#160;</i></b></span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:DisaggregationOfRevenueTableTextBlock"><p id="xdx_89A_eus-gaap--DisaggregationOfRevenueTableTextBlock_zXb3zIPNOJ63" 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">The
following shows the disaggregation of revenue by distribution channel for the years ended December 31, 2021 and 2020 (in thousands).</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; background-color: white"><span id="xdx_8B5_zE16cgeqtHD2" style="display: none">Schedule of
Disaggregation of Revenue</span> <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%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Years Ended December 31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Distribution Channel</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="padding-left: 10pt; width: 44%">Specialty</td><td style="width: 2%">&#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">
    <td style="padding-left: 10pt">FDM</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td id="xdx_98A_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20210101__20211231__srt--StatementGeographicalAxis__custom--FoodDrugAndMassMember_zXeTsYLnXXk1" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-12-31_custom_FoodDrugAndMassMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">14,665</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98A_ecustom--RevenueFromContractWithCustomerPercentage_pid_dp_uPure_c20210101__20211231__srt--StatementGeographicalAxis__custom--FoodDrugAndMassMember_zpN6MF7Dg313" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="MSLP:RevenueFromContractWithCustomerPercentage" contextRef="From2021-01-012021-12-31_custom_FoodDrugAndMassMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">30</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98E_ecustom--RevenueFromContractWithCustomerPercentage_pid_dp_uPure_c20200101__20201231__srt--StatementGeographicalAxis__custom--FoodDrugAndMassMember_zgUVKCZgJSL3" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="MSLP:RevenueFromContractWithCustomerPercentage" contextRef="From2020-01-012020-12-31_custom_FoodDrugAndMassMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">31</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Total</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_989_ecustom--RevenueFromContractWithCustomerPercentage_pid_dp_uPure_c20210101__20211231_ztwONsxio1re" title="Percentage of revenue" style="text-align: right"><ix:nonFraction name="MSLP:RevenueFromContractWithCustomerPercentage" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20200101__20201231_zHwbaXrUKJlc" title="Revenue" style="text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">64,440</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_ecustom--RevenueFromContractWithCustomerPercentage_pid_dp_uPure_c20200101__20201231_zRHehFyHoJC4" title="Percentage of revenue" style="text-align: right"><ix:nonFraction name="MSLP:RevenueFromContractWithCustomerPercentage" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AC_zUBrMeOPJOz9" 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ConcentrationRiskCreditRisk"><p id="xdx_847_eus-gaap--ConcentrationRiskCreditRisk_z5oi8d4Jgowf" style="font: 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><span id="xdx_86A_z0LDTuPvH3rh">Concentrations</span></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">Financial
instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and accounts receivable.
The Company minimizes its credit risk associated with cash by periodically evaluating the credit quality of its primary financial institution.
The cash balance at times may exceed federally insured limits. Management believes the financial risk associated with these balances
is minimal and has not experienced any losses to date. Significant customers and vendors are those that represent more than 10% of the
Company&#8217;s net revenue or accounts receivable for each period presented.</span></p>

<p style="font: 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, we had three customers who individually accounted for <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zx5kYyscp7D" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-12-31_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerOneMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">38</ix:nonFraction></span>%, <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_zxvasETrUDJ7" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-12-31_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerTwoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">14</ix:nonFraction></span>% and <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerThreeMember_zGWCS5zX8j0a" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-12-31_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerThreeMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">13</ix:nonFraction></span>% of our net revenue, and one
customer that accounted for <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zvwWoOlZIKEb" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-12-31_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerOneMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">22</ix:nonFraction></span>% of accounts receivable. During the year ended December 31, 2020, we had three customers who individually
accounted for <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20200101__20201231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zWTnMwtdZs1i" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2020-01-012020-12-31_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerOneMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">41</ix:nonFraction></span>%, <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20200101__20201231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_zvwqwd23Wfpd" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2020-01-012020-12-31_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerTwoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">17</ix:nonFraction></span>% and <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20200101__20201231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerThreeMember_z9IMzNR0rDMi" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2020-01-012020-12-31_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerThreeMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12</ix:nonFraction></span>% of our net revenue, and one customer that accounted for <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20200101__20201231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_z9q9ASCNzk67" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2020-01-012020-12-31_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerOneMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">61</ix:nonFraction></span>% of accounts receivable. Sales to our largest
customer are aggregated to present net revenue for their locations worldwide.</span></p>

<p style="font: 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>


<ix:exclude><!-- Field: Page; Sequence: 88; 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 -->12<!-- Field: /Sequence --></td></tr></table></div>
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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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company uses a limited number of non-affiliated suppliers for contract manufacturing its products. The Company has quality control and
manufacturing agreements in place with its primary manufacturers to ensure consistency in production and quality. The agreements ensure
products are manufactured to the Company&#8217;s specifications and the contract manufacturers will bear the costs of recalled products
due to defective manufacturing. During the year ended December 31, 2021, the Company had three vendors who individually accounted for
<span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__srt--MajorCustomersAxis__custom--VendorOneMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsTotalMember_ziDJHN0ZQY1d" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-12-31_custom_VendorOneMember_us-gaap_SupplierConcentrationRiskMember_us-gaap_CostOfGoodsTotalMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">26</ix:nonFraction></span>%, <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__srt--MajorCustomersAxis__custom--VendorTwoMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsTotalMember_z8BIwdoyLOI1" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-12-31_custom_VendorTwoMember_us-gaap_SupplierConcentrationRiskMember_us-gaap_CostOfGoodsTotalMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">19</ix:nonFraction></span>% and <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__srt--MajorCustomersAxis__custom--VendorThreeMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsTotalMember_zj5qnYTOTg83" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-12-31_custom_VendorThreeMember_us-gaap_SupplierConcentrationRiskMember_us-gaap_CostOfGoodsTotalMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">9</ix:nonFraction></span>% of net purchases, respectively. During the year ended December 31, 2020, the Company had three vendors who individually
accounted for <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20200101__20201231__srt--MajorCustomersAxis__custom--VendorOneMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsTotalMember_zNDiTrqetTs9" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2020-01-012020-12-31_custom_VendorOneMember_us-gaap_SupplierConcentrationRiskMember_us-gaap_CostOfGoodsTotalMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction></span>%, <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20200101__20201231__srt--MajorCustomersAxis__custom--VendorTwoMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsTotalMember_zomazOyjkvud" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2020-01-012020-12-31_custom_VendorTwoMember_us-gaap_SupplierConcentrationRiskMember_us-gaap_CostOfGoodsTotalMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">24</ix:nonFraction></span>% and <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20200101__20201231__srt--MajorCustomersAxis__custom--VendorThreeMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsTotalMember_znxlM1vLaK3g" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2020-01-012020-12-31_custom_VendorThreeMember_us-gaap_SupplierConcentrationRiskMember_us-gaap_CostOfGoodsTotalMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">13</ix:nonFraction></span>% of net purchases.</span></p>

<p style="font: 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 a geographic concentration in the United States, with <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--StatementGeographicalAxis__country--US_zJIAht79AsHk" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-12-31_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember_country_US" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">70</ix:nonFraction></span>% and <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20200101__20201231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--StatementGeographicalAxis__country--US_zQFCvugGUgYc" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2020-01-012020-12-31_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember_country_US" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">72</ix:nonFraction></span>% of revenue from domestic customers during the years ended
December 31, 2021 and 2020, respectively. International customers, primarily in Canada and Asia, comprised <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--StatementGeographicalAxis__custom--CanadaAndAsiaMember_z6JwX6KYPgo6"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-12-31_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember_custom_CanadaAndAsiaMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">30</ix:nonFraction></span>% and <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20200101__20201231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--StatementGeographicalAxis__custom--CanadaAndAsiaMember_zIzYJlxsFnFb"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2020-01-012020-12-31_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember_custom_CanadaAndAsiaMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">28</ix:nonFraction></span>% for the years
ended December 31, 2021 and 2020, respectively. The Company had sales on all continents, other than Antarctica, and no other country
had sales greater than <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--StatementGeographicalAxis__custom--OtherThanAntarcticaMember__srt--RangeAxis__srt--MaximumMember_zpGDL20ELMFf"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-12-31_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember_custom_OtherThanAntarcticaMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span>% of revenue, net.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:InventoryFinishedGoodsPolicy"><p id="xdx_842_eus-gaap--InventoryFinishedGoodsPolicy_zzOlPeek9EUi" style="font: 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>Inventory</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 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; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventory
consists of finished goods and raw materials used to manufacture the Company&#8217;s products by one of our contract manufacturers as
of December 31, 2021 and 2020. The Company records charges for obsolete and slow-moving inventory based on the age of the product as
determined by the expiration date or otherwise determined to be obsolete. Products within one year of their expiration dates are considered
for write-off purposes. Inventory write-downs, once established, are not reversed as they establish a new cost basis for the inventory.
Historically, the Company has had minimal returns with established customers. The Company incurred insignificant inventory write-offs
during the years ended December 31, 2021 and 2020. The Company accounts for its inventory on a First-in First-out 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"><b><i>&#160;</i></b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="MSLP:PrepaidExpensesAndOtherCurrentAssetsPolicyTextBlock"><p id="xdx_846_ecustom--PrepaidExpensesAndOtherCurrentAssetsPolicyTextBlock_zAzamfM28ifa" style="font: 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><span id="xdx_86B_zhxj4vvjF9I4">Prepaid
Expenses and Other Current Assets</span></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">Prepaid
expenses and other current assets consist of various payments the Company has made in advance for goods or services to be received in
the future. These prepaid expenses include legal retainers, giveaways, print advertising, insurance and service contracts requiring up-front
payments.</span></p>

<p style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p id="xdx_840_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zBP5lQWVLov7" style="font: 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><span id="xdx_860_zznHjuEvgyD8">Property
and Equipment</span></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">Property
and equipment are stated at cost less accumulated depreciation. Depreciation is computed on a straight-line basis over the estimated
useful lives of the respective assets. When assets are retired or otherwise disposed, the assets and related accumulated depreciation
are removed, and the resulting gains or losses are recorded in the statement of operations. Repairs and maintenance costs are expensed
as incurred.</span></p>

<p style="font: 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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="MSLP:EstimatedUsefulLivesOfPropertyPlantAndEquipmentTextBlock"><p id="xdx_89F_ecustom--EstimatedUsefulLivesOfPropertyPlantAndEquipmentTextBlock_zW8B5TzmgFKa" style="font: 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
estimated useful lives of the property and equipment are as follows:</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 id="xdx_8B8_zCegn4CJp287" style="display: none">Schedule of Estimated Useful Lives of Property, Plant, and Equipment</span></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 style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Property
    and Equipment</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify; 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; text-align: justify; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated
    Useful Life</b></span></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: justify; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture,
    fixtures and equipment</span></td>
    <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"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentEstimatedUsefulLives_dtY_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MinimumMember_zQb22Q2ZTAS1" title="Property, plant and equipment, estimated useful life"><ix:nonNumeric contextRef="From2021-01-012021-12-31_us-gaap_FurnitureAndFixturesMember_srt_MinimumMember" name="us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives">3</ix:nonNumeric></span>
    - <span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentEstimatedUsefulLives_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MaximumMember_zEno7t6ZAcv1" title="Property, plant and equipment, estimated useful life"><ix:nonNumeric contextRef="From2021-01-012021-12-31_us-gaap_FurnitureAndFixturesMember_srt_MaximumMember" name="us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives">7 years</ix:nonNumeric></span></span></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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manufacturing
    and lab equipment</span></td>
    <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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    - <span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentEstimatedUsefulLives_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MaximumMember_zPmwd9IGPMI8" title="Property, plant and equipment, estimated useful life"><ix:nonNumeric contextRef="From2021-01-012021-12-31_us-gaap_EquipmentMember_srt_MaximumMember" name="us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives">5 years</ix:nonNumeric></span></span></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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vehicles</span></td>
    <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"><span id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentEstimatedUsefulLives_dp_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember__srt--RangeAxis__srt--MinimumMember_zowy36cC72Gc" title="Property, plant and equipment, estimated useful life"><ix:nonNumeric contextRef="From2021-01-012021-12-31_us-gaap_VehiclesMember_srt_MinimumMember" name="us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives">3</ix:nonNumeric></span>
    - <span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentEstimatedUsefulLives_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember__srt--RangeAxis__srt--MaximumMember_zTYmB90xOuJl" title="Property, plant and equipment, estimated useful life"><ix:nonNumeric contextRef="From2021-01-012021-12-31_us-gaap_VehiclesMember_srt_MaximumMember" name="us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives">5 years</ix:nonNumeric></span></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A5_zVTRAMNNWzf3" style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:IntangibleAssetsFiniteLivedPolicy"><p id="xdx_841_eus-gaap--IntangibleAssetsFiniteLivedPolicy_zFIR3gMk1Y84" style="font: 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><span id="xdx_862_zbULFIpd8aV8">Intangible
Assets</span></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">Acquired
intangible assets are recorded at estimated fair value, net of accumulated amortization, and costs incurred in obtaining certain trademarks
are capitalized, and are amortized over their related useful lives, using a straight-line basis consistent with the underlying expected
future cash flows related to the specific intangible asset.</span></p>

<p style="font: 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">Costs
to renew or extend the life of intangible assets are capitalized and amortized over the remaining useful life of the asset. Amortization
expenses are included as a component of &#8220;General and administrative&#8221; expenses in the consolidated statements of operations.
The estimated useful life of the intangible assets is <span id="xdx_902_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_c20210101__20211231_zys3QQE7XiVi" title="Finite-Lived Intangible Asset"><ix:nonNumeric contextRef="From2021-01-012021-12-31" format="ixt-sec:durwordsen" name="us-gaap:FiniteLivedIntangibleAssetUsefulLife">7 years</ix:nonNumeric></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"><b><i>&#160;</i></b></span></p>


<ix:exclude><!-- Field: Page; Sequence: 89; 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 -->13<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock"><p id="xdx_843_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_z5byqBi5lvr9" style="font: 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><span id="xdx_860_zYhzsBMhoae">Impairment
of Long-Lived Assets</span></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">Long-lived
assets are reviewed for impairment whenever events or changes in circumstances exist that indicate the carrying amount of an asset may
not be recoverable. When indicators of impairment exist, an estimate of undiscounted future cash flows is used in measuring whether the
carrying amount of the asset or related asset group is recoverable. Measurement of the amount of impairment, if any, is based upon the
difference between the asset&#8217;s carrying value and estimated fair value. There was <span id="xdx_902_eus-gaap--ImpairmentOfLongLivedAssetsHeldForUse_do_c20210101__20211231_z6DXO82r3k02" title="Impairment of long lived asset"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsHeldForUse" contextRef="From2021-01-012021-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></span> impairment for the year ended December 31,
2021. The Company had a $<span id="xdx_902_eus-gaap--ImpairmentLessorAssetUnderOperatingLease_pn3n6_do_c20210101__20211231_zWvZTiqgLXE6" title="Impairment of operating lease right-of-use assets"><ix:nonFraction name="us-gaap:ImpairmentLessorAssetUnderOperatingLease" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="6" unitRef="USD">0.167</ix:nonFraction></span> million impairment of operating lease right-of-use assets during the year ended December 31, 2020.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:FairValueMeasurementPolicyPolicyTextBlock"><p id="xdx_840_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zB9CCuYpPGCi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_zpMaTPZRPTna">Fair
Value</span></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>&#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">GAAP
defines fair value as the exchange price that would be received from selling an asset or paid to transfer a liability in the principal
or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.
The Company measures its financial assets and liabilities at fair value at each reporting period using an estimated fair value hierarchy
which requires the Company to use observable inputs and minimize the use of unobservable inputs when measuring fair value.</span></p>

<p style="font: 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">A
financial instrument&#8217;s classification within the fair value hierarchy is based upon the lowest level of input that is significant
to the fair value measurement. Three levels of inputs may be used to measure fair value:</span></p>

<p style="font: 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: 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">Level
    1 &#8212; Observable inputs are unadjusted quoted prices in active markets for identical assets or 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"><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">Level
    2 &#8212; Observable inputs are quoted prices for similar assets and liabilities in active markets or inputs other than quoted prices
    which are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially
    the full term of the financial instruments; 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">Level
    3 &#8212; Unobservable inputs which are supported by little or no market activity and which are significant to the fair value of
    the assets or liabilities. These inputs are based on the Company&#8217;s assumptions used to measure assets and liabilities at fair
    value and require significant management judgment or estimation.</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
determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant
to the fair value measurement.</span></p>

<p style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:LesseeLeasesPolicyTextBlock"><p id="xdx_84B_eus-gaap--LesseeLeasesPolicyTextBlock_zWIiHAYPsZl1" style="font: 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><span id="xdx_868_zTcRdGMxiPHh">Leases</span></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">A
lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified assets for a period of
time in exchange for consideration. An entity controls the use when it has a right to obtain substantially all of the benefits from the
use of the identified asset and has the right to direct the use of the asset. The Company determines if an arrangement is a lease at
contract inception. For all classes of underlying assets, the Company includes both the lease and non-lease components as a single component
and accounts for it as a lease. Lease liabilities are recognized based on the present value of the lease payments over the lease term
at the commencement date.</span></p>

<p style="font: 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">MusclePharm
calculates and uses the rate implicit in the lease if the information is readily available, or if not available, the Company uses its
incremental borrowing rate in determining the present value of lease payments. Lease right-of-use (&#8220;ROU&#8221;) assets are based
on the lease liability, subject to adjustments, such as lease incentives. The ROU assets also include any lease payments made at or before
the commencement date. MusclePharm excludes variable lease payments in measuring lease assets and lease liabilities, other than those
that depend on an index or a rate or are in substance fixed payments.</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">The
Company&#8217;s lease terms include options to extend or terminate the lease when it is reasonably certain that such options will be
exercised. Operating leases are included in &#8220;Operating lease right-of-use assets,&#8221; &#8220;Operating lease liability, current&#8221;
and &#8220;Operating lease liability, long-term&#8221; on the consolidated balance sheets. Finance leases are included in &#8220;Property
and equipment, net,&#8221; &#8220;Accrued and other liabilities&#8221; and &#8220;Other long-term liabilities&#8221; on the consolidated
balance sheets.</span></p>

<p style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:CostOfSalesPolicyTextBlock"><p id="xdx_84D_eus-gaap--CostOfSalesPolicyTextBlock_zs79C5SoM55h" style="font: 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><span id="xdx_863_zOS4ypU0thfd">Cost
of Revenue</span></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">Cost
of revenue for the Company represents costs directly related to the production, manufacturing and freight-in of the Company&#8217;s products
purchased from contract manufacturers.</span></p>

<p style="font: 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>


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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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:AdvertisingCostsPolicyTextBlock"><p id="xdx_848_eus-gaap--AdvertisingCostsPolicyTextBlock_zL0lP27ujFAh" style="font: 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><span id="xdx_86D_z6ImsBbV3Fv4">Advertising
and Promotion</span></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
advertising and promotion expenses consist primarily of digital, print and media advertising, athletic endorsements and sponsorships,
promotional giveaways, trade show events and various partnering activities with our retail partners, and are expensed as incurred.</span></p>

<p style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy"><p id="xdx_84E_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zwDOlI7nlH5e" style="font: 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><span id="xdx_863_zjRBT9chGnF1">Share-Based
Payments and Stock-Based Compensation</span></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">Share-based
compensation awards, including stock options and restricted stock awards, are recorded at estimated fair value on the applicable awards&#8217;
grant date, based on the estimated number of awards that are expected to vest. The grant date fair value is amortized on a straight-line
basis over the time in which the awards are expected to vest, or immediately if no vesting is required. Share-based compensation awards
issued to non-employees for services are also recorded at fair value on the grant date. The fair value of restricted stock awards is
based on the fair value of the stock underlying the awards on the grant date as there is no exercise price.</span></p>

<p style="font: 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
fair value of stock options is estimated using the Black-Scholes option-pricing model. The determination of the fair value of each stock
award using this option-pricing model is affected by the Company&#8217;s assumptions regarding a number of complex and subjective variables.
These variables include, but are not limited to, the expected stock price volatility over the term of the awards and the expected term
of the awards based on an analysis of the actual and projected employee stock option exercise behaviors and the contractual term of the
awards, and estimated forfeitures. Due to the Company&#8217;s limited experience with the expected term of options, the simplified method
was utilized in determining the expected option term as prescribed in ASC 718 <i>Compensation &#8211; Stock Compensation.</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
Company recognizes stock-based compensation expense over the requisite service period, which is generally consistent with the vesting
of the awards, based on the estimated fair value of all stock-based payments issued to employees and directors that are expected to vest.</span></p>

<p style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="MSLP:WarrantsPolicyTextBlock"><p id="xdx_841_ecustom--WarrantsPolicyTextBlock_zBYNjY68Dfld" style="font: 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><span id="xdx_867_zaX1bteGIXMa">Warrants</span></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
conjunction with the Securities Purchase Agreement (&#8220;SPA&#8221;), the Company issued <span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20211013__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--SeniorNoteHoldersMember_znsKMPkjzJdk"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2021-10-13_custom_SecuritiesPurchaseAgreementMember_custom_SeniorNoteHoldersMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">17,355,700</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">warrants to the senior note holders. The
warrants entitle the holder to purchase one share of the Company&#8217;s common stock at an exercise price equal to $<span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20211013__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--SeniorNoteHoldersMember_zt1aetyQGRPk"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-10-13_custom_SecuritiesPurchaseAgreementMember_custom_SeniorNoteHoldersMember" decimals="INF" unitRef="USDPShares">.78</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share at any time on or after October
13, 2021 (the &#8220;Initial Exercise Date&#8221;) and on or prior to the close of business on October 13, 2026 the &#8220;Termination
Date&#8221;). The Company determined that these warrants are free standing financial instruments that are legally detachable and separately
exercisable from the debt instruments. Management also determined that the warrants are puttable for cash upon a fundamental transaction
at the option of the holder and as such required classification as equity pursuant to ASC 470. In accordance with the accounting guidance,
the outstanding warrants are recognized as equity on the balance sheet. The proceeds from the sale of a debt instrument with stock purchase
warrants (detachable call options) shall be allocated to the two elements based on the relative fair values of the debt instrument without
the warrants, and of the warrants themselves at time of issuance. The allocation of the portion of the value resulted in a discount of
the debt instrument. The fair value of the warrants were measured using the Black Scholes option pricing model.</span></p>

<p style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"><p id="xdx_845_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zxrpYQG1S3pj" style="font: 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><span id="xdx_86E_ze2ZPomeRc36">Foreign
Currency</span></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">The
functional currency of the Company&#8217;s foreign subsidiary, MusclePharm Canada, is the Canadian dollar. There are no assets or liabilities
in this foreign subsidiary and therefore, there is no accumulated other comprehensive income recorded. Revenue and expenses are translated
at average exchange rates in effect during the year. Equity transactions are translated using historical exchange rates.</span></p>

<p style="font: 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">Foreign
currency gains and losses resulting from transactions denominated in a currency other than the functional currency are included in &#8220;Interest
income, net&#8221; in the consolidated statements 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>


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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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:SegmentReportingPolicyPolicyTextBlock"><p id="xdx_84F_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zLXmWQU3CsYi" style="font: 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><span id="xdx_86F_znOtCDOIx31d">Segments</span></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>&#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">Historically,
the Company&#8217;s chief operating decision maker (&#8220;CODM&#8221;) reviews financial information presented on a consolidated basis
for purposes of allocating resources and evaluating financial performance. As such, the Company has had two reporting segments and operating
unit structures. During the fourth quarter of 2021, the Company introduced a functional energy beverages line under the MusclePharm and
FitMiss brands, so the CODM now reviews financial information and makes resource and opportunity decisions on a disaggregated basis with
the functional energy drink business separate from protein 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:LegalCostsPolicyTextBlock"><p id="xdx_848_eus-gaap--LegalCostsPolicyTextBlock_zO9papztHsd6" style="font: 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><span id="xdx_861_zImnqj8XDuM5">Litigation
Estimates and Accruals</span></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>&#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">In
the normal course of business or otherwise, the Company may become involved in legal proceedings. The Company will accrue a liability
for such matters when it is probable that a liability has been incurred and the amount can be reasonably estimated. When only a range
of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate
than any other amount within the range, the minimum amount in the range is accrued. The accrual for a litigation loss contingency might
include, for example, estimates of potential damages, outside legal fees and other directly related costs expected to be incurred. The
Company provides disclosures for material contingencies when there is a reasonable possibility that a loss or an additional loss may
be incurred. In assessing whether a loss is a reasonable possibility, the Company may consider the following factors, among others: the
nature of the litigation, claim or assessment, available information, opinions or views of legal counsel and other advisors, and the
experience gained from similar cases.</span></p>

<p style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_842_eus-gaap--IncomeTaxPolicyTextBlock_z7pUJXPfe71g" style="font: 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><span id="xdx_860_z8lhLH92n9gh">Income
Taxes</span></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">Income
taxes are accounted for using the asset and liability method. Income tax expense includes the current tax liability from operations and
the change in deferred income taxes during the year. Interest income, interest expense and penalties associated with income taxes are
reflected in (Benefit) provision for income taxes on the consolidated statements of operations. Deferred tax assets and liabilities are
recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts
of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets
and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences
are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in
income in the period that includes the enactment date.</span></p>

<p style="font: 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; background-color: white">A
valuation allowance is required to be established unless management determines that it is more likely than not that the Company will
ultimately realize the tax benefit associated with a deferred tax asset.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income
tax positions are measured at the largest amount that is greater than 50% likely to be realized. Changes in recognition or measurement
are reflected in the period in which the change in judgment occurs.</span></p>

<p style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_844_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zDNEaY6KWTOe" style="font: 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><span id="xdx_862_zWjtvFnK3jF1">Recent
Accounting Pronouncements</span></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
July 2016, the FASB issued ASU No. 2016-13, <i>Financial Instruments &#8211; Credit Losses (Topic 326): Measurement of Credit Losses
on Financial Instruments </i>(&#8220;ASU 2016-13&#8221;), which requires the measurement of all expected credit losses of financial assets
held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions
and other organizations will now use forward-looking information to better inform their credit loss estimates. In addition, the ASU amends
the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU
2016-13 is effective for periods beginning after December 15, 2022, and interim periods within those fiscal years. The Company is currently
evaluating the impact this ASU may have on its consolidated financial statements.</span></p>

<p style="font: 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
March 2020, the FASB issued ASU No. 2020-04, <i>Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform
on Financial Reporting</i> (&#8220;ASU 2020-04&#8221;). The amendments in this ASU apply only to contracts, hedging relationships, and
other transactions that reference LIBOR or another reference rate that is expected to be discontinued because of reference rate reform.
The amendments in this update provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other
transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments
do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging
relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through
the end of the hedging relationship. The amendments in this ASU are effective for all entities as of March 12, 2020, through December
31, 2022. The Company has not modified any material contracts due to reference rate reform. The Company will continue to evaluate the
impact this guidance will have on its consolidated financial statements for all future transactions affected by reference rate reform
during the time permitted.</span></p>

<p style="font: 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
August 2020, the FASB issued ASU No. 2020-06, <i>Debt - Debt with Conversion and Other Options (Subtopic 470-20) </i>and <i>Derivatives
and Hedging - Contracts in Entity&#8217;s Own Equity (Subtopic 815-40)</i>. The ASU eliminates the beneficial conversion and cash conversion
accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity&#8217;s own equity that
are currently accounted for as derivatives because of specific settlement provisions. In addition, the new guidance modifies how particular
convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS computation. This guidance
is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption
is permitted, but not earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years.
The FASB also specified that an entity should adopt the guidance as of the beginning of its annual fiscal year and is not permitted to
adopt the guidance in an interim period. The Company is currently evaluating the impact this ASU may have on its consolidated financial
statements.</span></p>

<p style="font: 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, the FASB issued ASU 2021-04, <i>Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock
Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity&#8217;s Own Equity (Subtopic 815-40)</i>. The ASU addresses
issuer&#8217;s accounting for certain modifications or exchanges of freestanding equity-classified written call options. This amendment
is effective for all entities, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years.
Early adoption is permitted. The Company is does not believe adoption of this ASU will have a material impact on its consolidated financial
statements.</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">In
December 2019, the FASB issued ASU 2019-12, <i>Income Taxes (Topic 740):</i> Simplifying the Accounting for Income Taxes, which was expected
to reduce cost and complexity related to the accounting for income taxes. This ASU removes specific exceptions to the general principles
in Topic 740 in U.S. GAAP. It eliminates the need for an organization to analyze whether the following apply in a given period: exception
to the incremental approach for intra-period tax allocation; exceptions to accounting for basis differences when there are ownership
changes in foreign investments; and exception in interim period income tax accounting for year-to-date losses that exceed anticipated
losses. The ASU also simplifies U.S. GAAP for: franchise taxes that are partially based on income; transactions with a government that
result in a step up in the tax basis of goodwill; separate financial statements of legal entities that are not subject to tax; and enacted
changes in tax laws in interim periods. The Company adopted this ASU effective January 1, 2021, with certain provisions applied retrospectively
and other provisions applied prospectively. Adoption of this ASU did not have a material impact to the Company&#8217;s consolidated balance
sheet, statements of operations, or cash flows.</span></p>

<p style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:PriorPeriodReclassificationAdjustmentDescription"><p id="xdx_841_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zWjmjQGqwmVl" style="font: 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><span id="xdx_86B_zAltTNEwxYbk">Reclassifications</span></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
prior period amounts have been reclassified to conform to the current period financial statement presentation, including classification
of certain operating expenses.</span></p>

</ix:nonNumeric></ix:nonNumeric><p id="xdx_81C_zWEgX1kqw0V3" style="font: 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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:InventoryDisclosureTextBlock"><p id="xdx_80A_eus-gaap--InventoryDisclosureTextBlock_zA1I798y5u6k" style="font: 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>Note
3. <span id="xdx_82F_zgOeFVoL007j">Inventory</span></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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfInventoryCurrentTableTextBlock"><p id="xdx_893_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_zqs0P9amrisd" style="font: 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
components of inventory as of December 31, 2021 and 2020 were as follows (in thousands):</span></p>

<p style="font: 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 id="xdx_8B5_zGuSINchFOhe" style="display: none">Schedule of Inventory</span></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; display: none; 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: bold 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">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 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">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 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="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 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_406_eus-gaap--InventoryRawMaterials_iI_pn3n3_maIGziiD_zdmNir6hWCcf" 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: 68%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Raw
    Materials</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; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:InventoryRawMaterials" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">694</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:InventoryRawMaterials" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">437</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></tr>
  <tr id="xdx_401_eus-gaap--InventoryFinishedGoods_iI_pn3n3_maIGziiD_zYtaUzxI7CEc" 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">Finished
    Goods</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:InventoryFinishedGoods" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,144</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:InventoryFinishedGoods" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">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; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--InventoryGross_iTI_pn3n3_mtIGziiD_maINzl0A_zLwQiuKkEeH" 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventory</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:InventoryGross" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,838</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:InventoryGross" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,137</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_40F_eus-gaap--InventoryValuationReserves_iNI_pn3n3_di_msINzl0A_zja1w6Obuam9" 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">Less:
    inventory write downs</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:InventoryValuationReserves" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8</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:InventoryValuationReserves" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">105</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_409_eus-gaap--InventoryNet_iTI_pn3n3_mtINzl0A_zlPSgjIyu4M9" 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventory</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:InventoryNet" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,830</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</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:InventoryNet" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,032</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>
  </table>

</ix:nonNumeric><p id="xdx_8A7_zuBes7x9iUUj" style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_80C_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zSREt2werYw6" style="font: 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>Note
4. <span id="xdx_825_zUvIoaB0qHJd">Property and Equipment</span></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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_890_eus-gaap--PropertyPlantAndEquipmentTextBlock_zPqfrlG7h7ma" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment consisted of the following as of December 31, 2021 and 2020 (in thousands):</span></p>

<p style="font: 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 id="xdx_8B5_zSjshOBmseK8" style="display: none">Schedule of Property and Equipment</span></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; display: none; 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: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_491_20211231_zFZhu3qPWR9d" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_497_20201231_zhuZOQB6b8s3" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_ztFVuDTVkF1l" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 68%; text-align: left">Furniture, fixtures and Equipment</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-12-31_us-gaap_FurnitureAndFixturesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">72</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2020-12-31_us-gaap_FurnitureAndFixturesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">167</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zvtrQqH98lQa" style="vertical-align: bottom; background-color: White">
    <td>Vehicles</td><td>&#160;</td>
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  <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_mtPPAENzGGX_zSAuCYmgf6Hb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Property and equipment, net</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8A7_z25mhSVyHQ0g" style="font: 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">Depreciation
expense related to property and equipment was $<span id="xdx_90B_eus-gaap--Depreciation_pn4n6_c20210101__20211231__us-gaap--IncomeStatementLocationAxis__us-gaap--SellingAndMarketingExpenseMember_zYB0LT5MOjSj"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2021-01-012021-12-31_us-gaap_SellingAndMarketingExpenseMember" format="ixt:numdotdecimal" decimals="-4" scale="6" unitRef="USD">0.01</ix:nonFraction>
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</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million for the years ended December 31, 2021
and 2020, respectively, which is included in &#8220;Selling and Promotion&#8221; expense in the accompanying consolidated statements
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">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:IntangibleAssetsDisclosureTextBlock"><p id="xdx_802_eus-gaap--IntangibleAssetsDisclosureTextBlock_zEfjFy2ieeP7" style="font: 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>Note
5. <span id="xdx_821_zoaIa525Abpi">Intangible Assets</span></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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock"><p id="xdx_89B_eus-gaap--ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock_ziUjvSXn1MCd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets consisted of the following (in thousands):</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 id="xdx_8B8_zuyouhny3O3" 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: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31, 2021</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Amortized Intangible Assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="padding-left: 20pt; font-weight: bold">Total</td><td>&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_pn3n3_c20211231_zw5UFNap0Jp4" title="Accumulated Amortization" style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">2,209</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_c20211231_zTLEClA9DWK3" title="Net Carrying Value" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">35</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="text-align: left">&#160;</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>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31, 2020</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Gross Value</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Accumulated Amortization</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Net Carrying Value</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Remaining Weighted Average Useful Lives (years)</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Amortized Intangible Assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; width: 44%; text-align: left">Brand (apparel rights)</td><td style="width: 2%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_c20201231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--BrandMember_zz8xGivHMhql" title="Gross Value" style="border-bottom: Black 1.5pt solid; width: 10%; text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsGross" contextRef="AsOf2020-12-31_custom_BrandMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,244</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_pn3n3_c20201231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--BrandMember_zTdOGspff0zl" title="Accumulated Amortization" style="border-bottom: Black 1.5pt solid; width: 10%; text-align: right">(<ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization" contextRef="AsOf2020-12-31_custom_BrandMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,888</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_c20201231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--BrandMember_zO65vQRbBfo7" title="Net Carrying Value" style="border-bottom: Black 1.5pt solid; width: 10%; text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2020-12-31_custom_BrandMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">356</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="padding-bottom: 1.5pt; width: 1%; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; width: 10%; text-align: right"><span id="xdx_903_eus-gaap--FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1_dtY_c20200101__20201231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--BrandMember_zCiYfxPKR3Ke" title="Remaining Weighted- Average Useful Lives (years)"><ix:nonNumeric contextRef="From2020-01-012020-12-31_custom_BrandMember" format="ixt-sec:duryear" name="us-gaap:FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1">1.1</ix:nonNumeric></span></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; font-weight: bold">Total</td><td>&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_pn3n3_c20201231_zObfNzDL8eDf" title="Accumulated Amortization" style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,888</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_c20201231_zxISMRRr64F6" title="Net Carrying Value" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">356</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8AD_zbDarkz7lFjl" 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
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in &#8220;general and administrative&#8221; expense in the accompanying consolidated statements of operations. As of December 31, 2021,
the estimated future amortization expense of intangible assets is as follows (in thousands):</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock"><p id="xdx_894_eus-gaap--ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_zFenX4kyeS68" style="font: 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 id="xdx_8B2_z3a36QPIOHWf" style="display: none">Schedule of Estimated Future Amortization Expense of Intangible Assets</span></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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    <td style="width: 78%; text-align: justify">2022</td><td style="width: 2%">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A3_zn8dqSOiLthl" style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock"><p id="xdx_80C_eus-gaap--AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock_zigOJ4qCBrgf" style="font: 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>Note
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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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock"><p id="xdx_893_eus-gaap--ScheduleOfAccruedLiabilitiesTableTextBlock_zjtfBv76eCZb" style="font: 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
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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 id="xdx_8B7_z9XMzb0IrqQj" style="display: none">Schedule of Accrued and Other Liabilities</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr id="xdx_40B_eus-gaap--AccruedBonusesCurrentAndNoncurrent_iI_pn3n3_maALCzgW5_zsMhbO3rdhA6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_405_ecustom--SettlementShortTerm_iI_pn3n3_maALCzgW5_zbB9qPFsJk7l" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Settlements &#8212; short term (Nutrablend and 4Excelsior)</td><td>&#160;</td>
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  <tr id="xdx_409_ecustom--AccruedExpenses_iI_pn3n3_maALCzgW5_z9ubFIxeIk24" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Accrued expenses &#8212; ThermoLife</td><td>&#160;</td>
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    <td style="text-align: left">Accrued and other short-term liabilities</td><td>&#160;</td>
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  <tr id="xdx_40F_eus-gaap--AccruedLiabilitiesCurrent_iTI_pn3n3_mtALCzgW5_zan7gErcens2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8AF_z6vwN62RMeCe" 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; display: none"><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:LesseeOperatingLeasesTextBlock"><p id="xdx_80D_eus-gaap--LesseeOperatingLeasesTextBlock_zT6E6gRxDCHf" style="font: 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>Note
7. <span id="xdx_824_zIuDEklDeqbf">Leases</span></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
Company determines if a contract contains a lease when the contract conveys the right to control the use of identified property or equipment
for a period of time in exchange for consideration. Upon identification and commencement of a lease, we establish a right-of-use (&#8220;ROU&#8221;)
asset and a lease liability. ROU assets and lease liabilities are measured and recognized based on the present value of the future minimum
lease payments over the lease term at the commencement date. The Company has elected not to apply ASC 842 to arrangements with lease
terms of 12 months or less.</span></p>

<p style="font: 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 had operating leases for warehouse facilities and office space across the United States. The remaining lease terms for these
leases range from less than <span id="xdx_906_eus-gaap--LesseeOperatingLeaseTermOfContract_iI_dxL_c20201231__srt--RangeAxis__srt--MinimumMember__srt--MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis__custom--WarehouseFacilitiesAndOfficeSpacesMember_zS0n6Re34mLd" title="Operating lease, term::XDX::P1Y"><span style="-sec-ix-hidden: xdx2ixbrl0788">one</span></span> to <span id="xdx_906_eus-gaap--LesseeOperatingLeaseTermOfContract_iI_dtY_c20211231__srt--RangeAxis__srt--MaximumMember__srt--MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis__custom--WarehouseFacilitiesAndOfficeSpacesMember_z5umUDMWDyr" title="Operating lease, term"><ix:nonNumeric contextRef="AsOf2021-12-31_srt_MaximumMember_custom_WarehouseFacilitiesAndOfficeSpacesMember" format="ixt-sec:duryear" name="us-gaap:LesseeOperatingLeaseTermOfContract">2</ix:nonNumeric></span> years. The Company also leased manufacturing and warehouse equipment under finance lease arrangements,
which expired at various dates through July 2020. The Company did not extend any leases that expired in 2020.</span></p>

<p style="font: 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
July 24, 2020, the Company entered into a Sublease Agreement with a third-party cosmetics company to sublease the office building in
Burbank, California. The sublease commenced on September 15, 2020 and is in effect through the remainder of the Company&#8217;s lease
term (September 15, 2020 through September 30, 2022). Rent was abated for the sublease tenant between November 1, 2020 and December 31,
2020.</span></p>

<p style="font: 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
September 2020, the Company assessed its existing leases for impairment as the remaining lease costs exceeded the anticipated sublease
income on these leases. As a result of the impairment analysis, the Company recorded an impairment charge of $<span id="xdx_902_eus-gaap--OperatingLeaseImpairmentLoss_pn3n6_c20200901__20200930_ztowobCrfD43" title="Operating lease, impairment loss"><ix:nonFraction name="us-gaap:OperatingLeaseImpairmentLoss" contextRef="From2020-09-012020-09-30" format="ixt:numdotdecimal" decimals="-3" scale="6" unitRef="USD">0.167</ix:nonFraction></span> million. <span id="xdx_900_eus-gaap--OperatingLeaseImpairmentLoss_dxL_c20210101__20211231_zl6NThoH8IR4" title="Operating lease, impairment loss::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0794">No</span></span> impairment
was determined to exist 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>

<p style="font: 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 elected the practical expedient to combine lease and non-lease components into a single component for all of its leases.
Fixed lease costs represent the explicitly quantified lease payments prescribed by the lease agreement and are included in the measurement
of the ROU asset and corresponding lease liability.</span></p>

<p style="font: 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">Some
leasing arrangements require variable payments that are dependent on usage, output, or may vary for other reasons, such as insurance
and tax payments. The variable lease payments are not presented as part of the initial ROU asset or lease liability. The Company&#8217;s
lease agreements do not contain any material restrictive covenants.</span></p>

<p style="font: 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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:LeaseCostTableTextBlock"><p id="xdx_891_eus-gaap--LeaseCostTableTextBlock_zHBM4uiC9jz" style="font: 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
components of lease cost for operating and finance leases for the year ended December 31, 2021 were as follows (in thousands):</span></p>

<p style="font: 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 id="xdx_8B1_zy6soXMblFI" style="display: none">Schedule
of Components of Lease Cost for Operating and Finance Leases</span></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>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Income Statement Classification</td><td style="font-weight: bold">&#160;</td>
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    <td style="width: 44%; text-align: left">Operating lease cost</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">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Interest on lease liabilities</td><td>&#160;</td>
    <td style="text-align: left">General and administrative</td><td>&#160;</td>
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  <tr id="xdx_406_ecustom--FinanceLeaseCost_pn3n3_zTy50bPOocNd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Total finance lease cost</td><td>&#160;</td>
    <td>&#160;</td><td>&#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"><span style="-sec-ix-hidden: xdx2ixbrl0807">-</span></td><td style="text-align: left">&#160;</td><td>&#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"><ix:nonFraction name="MSLP:FinanceLeaseCost" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">62</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--VariableLeaseCost_pn3n3_hus-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zSGxS9sK335g" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:VariableLeaseCost" contextRef="From2020-01-012020-12-31_us-gaap_GeneralAndAdministrativeExpenseMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">318</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Sublease income</td><td>&#160;</td>
    <td style="text-align: left">Interest income expense, net</td><td>&#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">(<ix:nonFraction name="us-gaap:SubleaseIncome" contextRef="From2021-01-012021-12-31_us-gaap_InterestIncomeMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">401</ix:nonFraction></td><td style="text-align: left">)</td><td>&#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">(<ix:nonFraction name="us-gaap:SubleaseIncome" contextRef="From2020-01-012020-12-31_us-gaap_InterestIncomeMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">315</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_404_eus-gaap--LeaseCost_pn3n3_z2H2FZbYxOR9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Total lease cost</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:LeaseCost" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">451</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:LeaseCost" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">783</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A9_zN0xMPoOjqOj" style="font: 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 had no short-term leases as of December 31, 2021. The Company&#8217;s leases do not provide an implicit rate; therefore, the
Company uses its incremental borrowing rate based on the information available at the effective date in determining the present value
of future payments for those leases.</span></p>

<p style="font: 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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="MSLP:ScheduleOfWeightedAverageDiscountRateTableTextBlock"><p id="xdx_899_ecustom--ScheduleOfWeightedAverageDiscountRateTableTextBlock_z9FgPTAsmnWf" style="font: 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
weighted average discount rate was as follows:</span></p>

<p style="font: 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 id="xdx_8B9_zUacbpPw18Ib" style="display: none">Schedule
of Weighted Average Discount Rate</span></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>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_491_20211231_zADQWqzkVMHk" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_49D_20201231_zfnC7ZgXDp6c" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_zKqJ2ftlPmh9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 68%; text-align: left">Operating leases</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:OperatingLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">18</ix:nonFraction></td><td style="width: 1%; text-align: left">%</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:OperatingLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">18</ix:nonFraction></td><td style="width: 1%; text-align: left">%</td></tr>
  <tr id="xdx_407_eus-gaap--FinanceLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_z1gJEukOh9oe" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Finance leases</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A4_zsrYbaBGSY7f" style="font: 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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock"><p id="xdx_893_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zHDx2TJEeGk7" style="font: 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
maturities of lease liabilities with leases in effect as of December 31, 2021 were as follows (in thousands):</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 id="xdx_8B8_zCwFJe5wIxha" style="display: none">Schedule
of Maturities of Lease liabilities</span></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>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_493_20211231_zR7mQdOyx90e" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Operating Lease</td><td style="font-weight: bold">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_z6dR9xezwPY8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%; text-align: justify">2022</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">342</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_402_ecustom--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearTwo_iI_pn3n3_zTooSCvAmQSa" style="vertical-align: bottom; background-color: White">
    <td>Thereafter</td><td>&#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"><span style="-sec-ix-hidden: xdx2ixbrl0831">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTIC_pn3n3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total future undiscounted lease payments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">368</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iI_pn3n3_z6FTW6maJD58" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Less amounts representing interest</td><td>&#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"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">26</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--OperatingLeaseLiability_iI_pn3n3_z2OEGRa7Ztkl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Present value of lease liabilities</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiability" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">342</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A9_zYWcyDAkDKf8" 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>


<ix:exclude><!-- Field: Page; Sequence: 96; 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>
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    <!-- Field: /Page --></ix:exclude>

<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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:InterestIncomeAndInterestExpenseDisclosureTextBlock"><p id="xdx_807_eus-gaap--InterestIncomeAndInterestExpenseDisclosureTextBlock_zFfRyl6hXPwg" style="font: 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>Note
8. <span id="xdx_822_zHh8fkv886ch">Interest Expense</span></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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfOtherNonoperatingIncomeExpenseTableTextBlock"><p id="xdx_89D_eus-gaap--ScheduleOfOtherNonoperatingIncomeExpenseTableTextBlock_zilJDBuHSfn4" style="font: 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
the years ended December 31, 2021 and 2020, interest expense consisted of the following:</span></p>

<p style="font: 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 id="xdx_8BD_zgPfZYQkjDIe" style="display: none">Schedule
of Interest Expenses</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_494_20210101__20211231_zDIUN50bf1j4" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_494_20200101__20201231_ze11XiBtVq9h" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Years Ended December 31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="width: 64%; text-align: left">Interest expense, related party</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(<ix:nonFraction name="us-gaap:InterestExpenseRelatedParty" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">541</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(<ix:nonFraction name="us-gaap:InterestExpenseRelatedParty" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">329</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td></tr>
  <tr id="xdx_404_ecustom--InterestExpenseOthers_pn3n3_maIEOzAcE_zVKWu5CS5I2l" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Interest expense, other</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="MSLP:InterestExpenseOthers" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,042</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="MSLP:InterestExpenseOthers" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">202</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--InterestExpenseBorrowings_iN_pn3n3_di_maIEOzAcE_zagHGgV2jRTl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Interest expense, secured borrowing arrangement</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:InterestExpenseBorrowings" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,083</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:InterestExpenseBorrowings" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,366</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40C_ecustom--AmortizationOfDebtIssueCostInterest_iN_pn3n3_di_maIEOzAcE_z48KQ1FW2pni" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Amortization of Debt Issue Cost associated with related warrants</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="MSLP:AmortizationOfDebtIssueCostInterest" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,296</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0853">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_ecustom--AmortizationOfDebtIssueCostOID_iN_pn3n3_di_maIEOzAcE_zJeoPzWFkRpk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Amortization of Debt Issue Cost - OID</td><td>&#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">(<ix:nonFraction name="MSLP:AmortizationOfDebtIssueCostOID" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">498</ix:nonFraction></td><td style="text-align: left">)</td><td>&#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"><span style="-sec-ix-hidden: xdx2ixbrl0856">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--InterestExpense_iNT_di_mtIEOzAcE_zvcEASl8owaj" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Total interest expense</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,460</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,493</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A2_zIM9BkaliuDb" style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:InterestAndOtherIncomeTextBlock"><p id="xdx_80D_eus-gaap--InterestAndOtherIncomeTextBlock_zBwoVcnVCI39" style="font: 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>Note
9. <span id="xdx_827_zF0MFH3pVOj4">Other Income, Net</span></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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:InterestAndOtherIncomeTableTextBlock"><p id="xdx_89D_eus-gaap--InterestAndOtherIncomeTableTextBlock_zKmwN12KX2Z3" style="font: 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
the years ended December 31, 2021 and 2020, &#8220;Other income, net&#8221; consisted of 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"><span id="xdx_8B5_zOhdlL1GLpd1" style="display: none">Schedule
of Other Income Net</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_499_20210101__20211231_zstaI1Yl9056" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_493_20200101__20201231_zVxZfGKslREg" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Years Ended December 31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--DebtInstrumentIncreaseDecreaseOtherNet_pn3n3_maNIEzfll_zpKo4FOEEUi8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 56%; text-align: left">Other income - loan forgiveness</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentIncreaseDecreaseOtherNet" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">965</ix:nonFraction></td><td style="width: 1%; text-align: left"></td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0866">-</span></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--ForeignCurrencyTransactionGainLossBeforeTax_iN_pn3n3_di_maNIEzfll_zgGlPALHjbl2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Foreign currency transaction loss</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">28</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_408_eus-gaap--OtherNonoperatingIncome_pn3n3_maNIEzfll_zUJobgYr9AM9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Other</td><td>&#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"><ix:nonFraction name="us-gaap:OtherNonoperatingIncome" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">564</ix:nonFraction></td><td style="text-align: left"></td><td>&#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"><ix:nonFraction name="us-gaap:OtherNonoperatingIncome" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">473</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--NonoperatingIncomeExpense_iNT_pn3n3_di_mtNIEzfll_zWv0MbNHT3cd" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Total other income, net</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:NonoperatingIncomeExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,501</ix:nonFraction></td><td style="text-align: left"></td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:NonoperatingIncomeExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">465</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A0_zVNHGF7Y8iN1" 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:DebtDisclosureTextBlock"><p id="xdx_80C_eus-gaap--DebtDisclosureTextBlock_zy6aDTR6qZMf" style="font: 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>Note
10 . <span id="xdx_825_zoQjW0hFbcuh">Debt</span></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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfDebtTableTextBlock"><p id="xdx_892_eus-gaap--ScheduleOfDebtTableTextBlock_zT867G0MzZWi" style="font: 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 December 31, 2021 and 2020, the Company&#8217;s debt consisted of the following (in thousands):</span></p>

<p style="font: 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 id="xdx_8BA_zSOxnsY5PM12" style="display: none">Schedule
of Debt</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_49E_20211231_zLw4Z5o8c5Wj" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_499_20201231_zPF14xEwNyHa" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--SeniorNotesCurrent_iI_pn3n3_maLTDz4qv_zvgDST6l2EP9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 68%; text-align: left">Senior notes payable</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:SeniorNotesCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,035</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0882">&#8212;</span></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--ConvertibleNotesPayable_iI_pn3n3_maLTDz4qv_zys76Z0pRWBh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Refinanced convertible note, related party</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ConvertibleNotesPayable" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,330</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ConvertibleNotesPayable" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,872</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_ecustom--LineOfCreditRelatedPartyCurrent_iI_pn3n3_maLTDz4qv_zpEjciXuhNlj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Revolving line of credit, related party</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0887">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="MSLP:LineOfCreditRelatedPartyCurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">743</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--SecuredDebtCurrent_iI_pn3n3_maLTDz4qv_zje0O5qBbWql" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Obligations under secured borrowing arrangement</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:SecuredDebtCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,446</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:SecuredDebtCurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,098</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--NotesPayable_iI_pn3n3_maLTDz4qv_z0HDi8b59Pb9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Notes Payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">210</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">167</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--DeferredFinanceCostsCurrentGross_iNI_pn3n3_di_zTw68UaywkO8" style="display: none; vertical-align: bottom; background-color: White">
    <td style="text-align: left">Debt issue costs, net</td><td>&#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">(<ix:nonFraction name="us-gaap:DeferredFinanceCostsCurrentGross" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">479</ix:nonFraction>) </td><td style="text-align: left">&#160;</td><td>&#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"><span style="-sec-ix-hidden: xdx2ixbrl0897">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--LoansPayable_iI_pn3n3_maLTDz4qv_zYjaRBaU8mkh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Paycheck Protection Program Loan</td><td>&#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"><span style="-sec-ix-hidden: xdx2ixbrl0899">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#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"><ix:nonFraction name="us-gaap:LoansPayable" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">965</ix:nonFraction></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">Total Debt</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_986_eus-gaap--LongTermDebt_iTI_dxL_mtLTDz4qv_c20211231_z1kAVierrvjh" title="Total Debt::XDX::16%2C331" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0902">17,021</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--LongTermDebt_iTI_mtLTDz4qv_c20201231_zjvM3I4CIjE2" title="Total Debt" style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">11,845</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--LongTermDebtCurrent_iNI_pn3n3_di_zG0RaKPMfxp2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Less: current portion</td><td>&#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">(<ix:nonFraction name="us-gaap:LongTermDebtCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">17,021</ix:nonFraction></td><td style="text-align: left">)</td><td>&#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">(<ix:nonFraction name="us-gaap:LongTermDebtCurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,881</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40D_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_zSrb6x9A3Apb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Long term debt</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0909">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtNoncurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">964</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AB_zsVw2A6lV7fc" style="font: 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>Senior
Notes Payable</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>&#160;</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">On
October 13, 2021, the Company entered into a Securities Purchase Agreement (the &#8220;Securities Purchase Agreement&#8221;) with certain
institutional investors as purchasers (the &#8220;Investors&#8221;). Pursuant to the Securities Purchase Agreement, the Company sold,
and the Investors purchased, $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_c20211013__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zL24cfqZoJDf"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-10-13_custom_SecuritiesPurchaseAgreementMember_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,197,674</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million (the &#8220;Purchase Price&#8221;)
in principal amount of senior notes (the &#8220;Senior Notes&#8221;) and warrants (the &#8220;Warrants&#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">The
Senior Notes were issued with an original issue discount of <span id="xdx_906_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_c20211231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zk0WT4nau5y9" title="Original issue discount"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateEffectivePercentage" contextRef="AsOf2021-12-31_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">14</ix:nonFraction></span>%, bear no interest and mature after 6 months, on April 13, 2022. To secure
its obligations thereunder and under the Securities Purchase Agreement, the Company has granted a security interest over substantially
all of its assets to the collateral agent for the benefit of the Investors, pursuant to a pledge and security agreement.</span></p>

<p style="font: 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
maturity date of the Senior Notes may be extended to May 28, 2022 if no event of default has occurred and is continuing and cash flows
from operating and investing activities (but not cash flows from financing activities) of the Company and its subsidiaries was positive
for March 2022 and no event of default is reasonably expected to occur on or before April 30, 2022 and the sum of cash flows from operating
and investing activities (but not from financing activities) of the Company and its subsidiaries will be positive for April 2022. The
maturity date of the Senior Notes also may be extended under other circumstances specified therein. <span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateBasisForEffectiveRate_c20210101__20211231_zSGiP0LFPOnl" title="Debt instrument, interest rate, basis for effective rate"><ix:nonNumeric contextRef="From2021-01-012021-12-31" name="us-gaap:DebtInstrumentInterestRateBasisForEffectiveRate">If the maturity date is extended,
interest will accrue on and from April 13, 2022 at 18% per annum until the Senior Notes are paid in full.</ix:nonNumeric></span> The Company is undertaking
various initiatives to improve gross margins to become cash flow positive prior to the maturity of the Senior Notes. These initiatives
include improving cost of goods on certain raw materials., there can be no assurance the Company will be able to successfully implement
such initiatives on a timely basis or at all or that it otherwise will meet the conditions required to extend the Senior Notes. If the
Company is unable to extend the Senior Notes or elects not to do so, the Company will be required to repay the Senior Notes through equity
issuances, additional borrowings, cash flows from operations and/or other sources of liquidity. For additional information, please refer
to &#8220;Note 19 &#8211; Subsequent Events.&#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>


<ix:exclude><!-- Field: Page; Sequence: 97; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<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
Warrants are exercisable for five (<span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20210101__20211231_zBlSYW1kvXdi"><ix:nonNumeric contextRef="From2021-01-012021-12-31" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">5</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)
years to purchase <span id="xdx_907_eus-gaap--ClassOfWarrantOrRightUnissued_iI_pid_c20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zSmWILg3Nl8c"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightUnissued" contextRef="AsOf2021-12-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">17,355,700</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company&#8217;s common stock,
par value $<span id="xdx_90E_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zKd4gDlzpBl6"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-12-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.001</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share, at an exercise price of $<span id="xdx_902_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z5ECHSTzYa2a"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-12-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.78</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
subject to adjustment under certain circumstances described in the Warrants. The Warrants have a face value of $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zyz0MopoWdKa"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-12-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">4.4</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million which is recorded in Additional Paid-In
Capital.</span></p>

<p style="font: 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
conjunction with the private placement of Senior Notes and Warrants, each of the directors and officers of the Company entered into lock-up
agreements, which prohibit sales of the Common Stock until after April 11, 2022, subject to certain exceptions.</span></p>

<p style="font: 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
issuance of the Senior Notes and Warrants was made in reliance on the exemption provided by Section 4(a)(2) of the Securities Act of
1933, as amended (the &#8220;Securities Act&#8221;), for the offer and sale of securities not involving a public offering, and
Regulation D promulgated under the Securities Act. In accordance with ASC 470-20-25-2, proceeds from the sale of a debt instrument
with stock purchase warrants (detachable call options) are allocated to the two elements based on the relative fair values of the
debt instrument without the warrants and of the warrants themselves at time of issuance. The portion of the proceeds so allocated to
the warrants shall be accounted for as additional paid-in capital. The remainder of the proceeds shall be allocated to the debt
instrument portion of the 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"><b><i>November
2020 Convertible Note, Related Party</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 29, 2020, the Company entered into a refinancing agreement with Mr. Ryan Drexler, (the &#8220;November 2020 Refinancing&#8221;),
in which the Company issued to Mr. Drexler a convertible secured promissory note (the November 2020 &#8220;Convertible Note&#8221;) in
the original principal amount of $<span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20201129__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RyanDrexlerMember__us-gaap--DebtInstrumentAxis__custom--TheTwoThousandTwentyRefinancedConvertibleNoteMember_z0I7NZhpZdnf" title="Debt instrument face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-11-29_custom_RyanDrexlerMember_custom_TheTwoThousandTwentyRefinancedConvertibleNoteMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.9</ix:nonFraction></span> million, which amended and restated a convertible secured promissory note dated as of August 21,
2020. The $<span id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20200821__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RyanDrexlerMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleSecuredPromissoryNoteMember_zhkAGT8kOSYf" title="Debt instrument face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-08-21_custom_RyanDrexlerMember_custom_ConvertibleSecuredPromissoryNoteMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.9</ix:nonFraction></span> million November 2020 Convertible Note bears interest at the rate of 12% per annum. Unless earlier converted or repaid,
all outstanding principal and any accrued but unpaid interest under the November 2020 Convertible Note shall be due and payable on July
1, 2021. Any interest not paid when due shall be capitalized and added to the principal amount of the November 2020 Convertible Note
and bear interest on the applicable interest payment date along with all other unpaid principal, capitalized interest, and other capitalized
obligations.</span></p>

<p style="font: 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">Mr.
Drexler may, at any time, and from time to time, upon written notice to the Company, convert the outstanding principal and accrued interest
into shares of Common Stock, at a conversion price of $<span id="xdx_90D_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20200821__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RyanDrexlerMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleSecuredPromissoryNoteMember_zEyMafyXfn31" title="Debt instrument convertible conversion price"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2020-08-21_custom_RyanDrexlerMember_custom_ConvertibleSecuredPromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.23</ix:nonFraction></span> per share. At the election of the Company, one-sixth of the interest may
be paid in kind (&#8220;PIK Interest&#8221;) by adding such amount to the principal amount of the note, or through the issuance of shares
of the Company&#8217;s common stock to Mr. Drexler. The PIK Interest is convertible to common stock at the closing price per share on
the last business day of each calendar quarter. In no event will the conversion price of such PIK Interest be less than $<span id="xdx_909_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20200821__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RyanDrexlerMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleSecuredPromissoryNoteMember__us-gaap--LongtermDebtTypeAxis__us-gaap--PaymentInKindPIKNoteMember_zYVype9XMYQi" title="Debt instrument convertible conversion price"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2020-08-21_custom_RyanDrexlerMember_custom_ConvertibleSecuredPromissoryNoteMember_us-gaap_PaymentInKindPIKNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.10</ix:nonFraction></span>. The Company
may prepay the Note by giving Mr. Drexler between 15-days&#8217; and 60-days&#8217; notice depending upon the specific circumstances,
subject to Mr. Drexler&#8217;s conversion right.</span></p>

<p style="font: 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
November 2020 Convertible Note contains customary restrictions on the ability of the Company to, among other things, grant liens or incur
indebtedness other than certain obligations incurred in the ordinary course of business. The restrictions are also subject to certain
additional qualifications and carveouts, as set forth in the November 2020 Convertible Note. The November 2020 Convertible Note is subordinated
to certain other indebtedness of the Company held by Prestige Capital Corporation (&#8220;Prestige&#8221;) and the Senior Notes.</span></p>

<p style="font: 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
the years ended December 31, 2021 and 2020, interest expense related to the related party convertible secured promissory notes was $<span id="xdx_905_eus-gaap--InterestExpenseRelatedParty_pn5n6_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--ConvertibleNoteMember_z5NBGg4c4yI1" title="Interest expense related party"><ix:nonFraction name="us-gaap:InterestExpenseRelatedParty" contextRef="From2021-01-012021-12-31_custom_ConvertibleNoteMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.5</ix:nonFraction></span>
million and $<span id="xdx_90E_eus-gaap--InterestExpenseRelatedParty_pn5n6_c20200101__20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleNoteMember_zUn9Y1z6LzWa" title="Interest expense related party"><ix:nonFraction name="us-gaap:InterestExpenseRelatedParty" contextRef="From2020-01-012020-12-31_custom_ConvertibleNoteMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.3</ix:nonFraction></span> million, respectively. During the years ended December 31, 2021 and 2020, interest paid in cash to Mr. Drexler was $<span id="xdx_904_ecustom--PaymentForInterest_pn3n6_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--ConvertibleNoteMember_z2hiV950Chbj" title="Interest paid in cash"><ix:nonFraction name="MSLP:PaymentForInterest" contextRef="From2021-01-012021-12-31_custom_ConvertibleNoteMember" format="ixt:numdotdecimal" decimals="-3" scale="6" unitRef="USD">0.466</ix:nonFraction></span>
million and $<span id="xdx_902_ecustom--PaymentForInterest_pn3n6_c20200101__20201231__us-gaap--DebtInstrumentAxis__custom--ConvertibleNoteMember_zcE9iOfThu6h"><ix:nonFraction name="MSLP:PaymentForInterest" contextRef="From2020-01-012020-12-31_custom_ConvertibleNoteMember" format="ixt:numdotdecimal" decimals="-3" scale="6" unitRef="USD">0.031</ix:nonFraction></span> million respectively.</span></p>

<p style="font: 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>


<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 -->22<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revolving
Line of Credit, Related Party</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 15, 2020, the Company entered into a secured revolving promissory note (the &#8220;Revolving Note&#8221;) with Mr. Ryan Drexler.
Under the terms of the Revolving Note, the Company can borrow up to $<span id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20201015__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RyanDrexlerMember__us-gaap--DebtInstrumentAxis__custom--RelatedPartySecuredRevolvingPromissoryNoteMember_zdzuCoXFNd9" title="Debt instrument face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-10-15_custom_RyanDrexlerMember_custom_RelatedPartySecuredRevolvingPromissoryNoteMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.0</ix:nonFraction></span> million. The Revolving Note bears interest at the rate of <span id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20201015__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RyanDrexlerMember__us-gaap--DebtInstrumentAxis__custom--RelatedPartySecuredRevolvingPromissoryNoteMember_zC3bJFrWkUj2" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-10-15_custom_RyanDrexlerMember_custom_RelatedPartySecuredRevolvingPromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12</ix:nonFraction></span>%
per annum. The funds were used for the purchase of whey protein and other general corporate purposes. Both the outstanding principal,
if any, and all accrued interest under the Revolving Note were due on March 31, 2021, which was not paid.</span></p>

<p style="font: 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 13, 2021, the Company issued to Ryan Drexler (the &#8220;Holder&#8221;) a convertible secured promissory note (the &#8220;August
2021 Convertible Note&#8221;) in the original principal amount of $<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20210813__srt--TitleOfIndividualAxis__custom--RyanDrexlerMember_zc8g00MHEOK3"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-08-13_custom_RyanDrexlerMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.5</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million, replacing</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
the Revolving Note.</span></p>

<p style="font: 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
August 2021 Convertible Note bears interest at the rate of <span id="xdx_901_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20210831__srt--TitleOfIndividualAxis__custom--RyanDrexlerMember_z1vSkHZRpiR7" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-08-31_custom_RyanDrexlerMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12</ix:nonFraction></span>% per annum. Interest payments are due on the last day of each calendar
quarter. <span id="xdx_900_eus-gaap--DebtConversionDescription_c20210801__20210831__srt--TitleOfIndividualAxis__custom--RyanDrexlerMember_zQMPk1JKZ3Ii" title="Debt conversion description"><ix:nonNumeric contextRef="From2021-08-012021-08-31_custom_RyanDrexlerMember" name="us-gaap:DebtConversionDescription">At the Company&#8217;s option (as determined by its independent directors), the Company may repay up to one sixth of any interest
payment by either adding such amount to the principal amount of the August 2021 Convertible Note or by converting such interest amount
into an equivalent amount of the Company&#8217;s common stock, $<span id="xdx_903_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20210831__srt--TitleOfIndividualAxis__custom--RyanDrexlerMember_zo334NUUwFF9" title="Common stock par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-08-31_custom_RyanDrexlerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.001</ix:nonFraction></span> par value per share (the &#8220;Common Stock&#8221;).</ix:nonNumeric></span> Any interest
not paid when due shall be capitalized and added to the principal amount of the August 2021 Convertible Note and bear interest on the
applicable interest payment date along with all other unpaid principal, capitalized interest, and other capitalized obligations. Both
the principal and any accrued but unpaid interest under the August 2021 Convertible Note will be due on <span id="xdx_909_eus-gaap--DebtInstrumentMaturityDate_dd_c20210801__20210831__srt--TitleOfIndividualAxis__custom--RyanDrexlerMember_zUb70vGmDx9e" title="Maturity date"><ix:nonNumeric contextRef="From2021-08-012021-08-31_custom_RyanDrexlerMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">July 14, 2022</ix:nonNumeric></span>, unless converted
or repaid earlier.</span></p>

<p style="font: 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
Holder may, at any time, and from time to time, upon written notice to the Company, convert the outstanding principal and accrued interest
into shares of Common Stock, at a conversion price equal to the closing price of the common stock on October 15, 2021. The Company may
prepay the August 2021 Convertible Note by giving the Holder between <span id="xdx_906_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_pid_uInteger_c20210801__20210831__srt--TitleOfIndividualAxis__custom--RyanDrexlerMember__srt--RangeAxis__srt--MinimumMember_zY0UWrh4At45" title="Trading days"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdTradingDays" contextRef="From2021-08-012021-08-31_custom_RyanDrexlerMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Integer">15</ix:nonFraction></span> and <span id="xdx_90E_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_pid_uInteger_c20210801__20210831__srt--TitleOfIndividualAxis__custom--RyanDrexlerMember__srt--RangeAxis__srt--MaximumMember_z3VyaUmt5V1e" title="Trading days"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdTradingDays" contextRef="From2021-08-012021-08-31_custom_RyanDrexlerMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Integer">60</ix:nonFraction></span> days&#8217; notice depending upon the specific circumstances,
subject to the Holder&#8217;s conversion right.</span></p>

<p style="font: 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
August 2021 Convertible Note contains customary events of default, including, among others, the failure by the Company to make a payment
of principal or interest when due. Following an event of default, at the option of the Holder and upon written notice to the Company,
or automatically under certain circumstances, all outstanding principal and accrued interest will become due and payable. The August
2021 Convertible Note also contains customary restrictions on the ability of the Company to, among other things, grant liens or incur
indebtedness other than certain obligations incurred in the ordinary course of business. The restrictions are also subject to certain
additional qualifications and carveouts, as set forth in the August 2021 Convertible Note. The August 2021 Convertible Note is subordinated
to certain other indebtedness of the Company held by Prestige Corporation (&#8220;Prestige&#8221;) and the Senior Notes.</span></p>

<p style="font: 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">The
related party revolving line of credit balance of December 31, 2021 was <span id="xdx_906_ecustom--RevolverBalance_iI_dc_c20211231_zhjCQfJVcNlf" title="Revolver balance"><ix:nonFraction name="MSLP:RevolverBalance" contextRef="AsOf2021-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">zero</ix:nonFraction></span>
and December 31, 2020 was $<span id="xdx_909_ecustom--RevolverBalance_iI_pn5n6_c20201231_zXhvjsDQFl9i" title="Revolver balance"><ix:nonFraction name="MSLP:RevolverBalance" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.7</ix:nonFraction></span>
million.</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021 and 2020, total related party debt was $<span id="xdx_901_eus-gaap--InterestExpenseDebt_pn5n6_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RelatedPartyMember_zlnJRlaPwmVh"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2021-01-012021-12-31_custom_RelatedPartyMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">5.3</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million and $<span id="xdx_902_eus-gaap--InterestExpenseDebt_pn5n6_c20200101__20201231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RelatedPartyMember_zXWAfczd1VEl"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2020-01-012020-12-31_custom_RelatedPartyMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">6.9</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million, respectively.</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"><b><i>Obligations
Under Secured Borrowing Arrangement</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
January 2016, the Company entered into a Purchase and Sale Agreement (the &#8220;Purchase and Sale Agreement&#8221;) with Prestige, pursuant
to which the Company agreed to sell and assign, and Prestige agreed to buy and accept, certain accounts receivable owed to the Company
(&#8220;Accounts&#8221;). Under the terms of the Purchase and Sale Agreement, upon the receipt and acceptance of each assignment of Accounts,
Prestige will pay the Company <span id="xdx_907_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20160131__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember_z1bVSdFAEyd5" title="Debt instrument interest rate stated percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2016-01-31_custom_PurchaseAndSaleAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">80</ix:nonFraction></span>% of the net face amount of the assigned Accounts, up to a maximum total borrowing of $<span id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20160131__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember_zLIXxNMq2pR7" title="Debt instrument face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2016-01-31_custom_PurchaseAndSaleAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">12.5</ix:nonFraction></span> million subject
to sufficient amounts of accounts receivable to secure the loan. The remaining <span id="xdx_903_ecustom--DebtInstrumentRemainingInterestRate_iI_pid_dp_c20160131__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember_zYFMXtmeq0q5" title="Debt instrument remaining interest rate"><ix:nonFraction name="MSLP:DebtInstrumentRemainingInterestRate" contextRef="AsOf2016-01-31_custom_PurchaseAndSaleAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">20</ix:nonFraction></span>% will be paid to the Company upon collection of the
assigned Accounts, less any chargebacks (including chargebacks for any customer amounts that remain outstanding for over 90 days), disputes,
or other amounts due to Prestige. Prestige&#8217;s purchase of the assigned Accounts from the Company will be at a discount fee which
varies from <span id="xdx_908_ecustom--DisountFeeInterestRate_iI_pid_dp_c20160131__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember__srt--RangeAxis__srt--MinimumMember_zrOyQvkKORAa" title="Disount fee interest rate"><ix:nonFraction name="MSLP:DisountFeeInterestRate" contextRef="AsOf2016-01-31_custom_PurchaseAndSaleAgreementMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.7</ix:nonFraction></span>% to <span id="xdx_90D_ecustom--DisountFeeInterestRate_iI_pid_dp_c20160131__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember__srt--RangeAxis__srt--MaximumMember_zk0IXIY1lEkg" title="Disount fee interest rate"><ix:nonFraction name="MSLP:DisountFeeInterestRate" contextRef="AsOf2016-01-31_custom_PurchaseAndSaleAgreementMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4</ix:nonFraction></span>%, based on the number of days outstanding from the assignment of Accounts to collection of the assigned Accounts.
In addition, the Company granted Prestige a continuing security interest in and first priority lien upon all accounts receivable, inventory,
fixed assets, general intangibles, and other assets. Prestige will have no recourse against the Company if payments are not made due
to the insolvency of an account debtor within 90 days of invoice date, <span style="background-color: white">with the exception of international
and certain domestic customers</span>. <span id="xdx_90B_eus-gaap--DebtInstrumentDescription_c20190410__20190410__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PrestigeMember_zISGKr2boWY3" title="Debt description"><ix:nonNumeric contextRef="From2019-04-102019-04-10_custom_PurchaseAndSaleAgreementMember_custom_PrestigeMember" name="us-gaap:DebtInstrumentDescription">On April 10, 2019, the Company and Prestige amended the terms of the agreement. The agreement
was extended until <span id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_dd_c20190410__20190410__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PrestigeMember_zfRTiWczMGo3" title="Maturity date"><ix:nonNumeric contextRef="From2019-04-102019-04-10_custom_PurchaseAndSaleAgreementMember_custom_PrestigeMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">April 1, 2020</ix:nonNumeric></span> and automatically renews for one (1) year periods unless either party receives written notice of cancellation
from the other, at minimum, thirty (30) days prior to the expiration date thereafter.</ix:nonNumeric></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>


<ix:exclude><!-- Field: Page; Sequence: 99; 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 -->23<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<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">On
June 14, 2021, Prestige advanced the Company $<span id="xdx_90E_eus-gaap--ProceedsFromLoans_pn5n6_c20210613__20210614__dei--LegalEntityAxis__custom--PrestigeCapitalCorporationMember_za3AxeRpqnx3" title="Proceeds from loans"><ix:nonFraction name="us-gaap:ProceedsFromLoans" contextRef="From2021-06-132021-06-14_custom_PrestigeCapitalCorporationMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.0</ix:nonFraction></span> million with a <span id="xdx_90A_eus-gaap--DebtInstrumentTerm_dxL_c20210613__20210614__dei--LegalEntityAxis__custom--PrestigeCapitalCorporationMember_zw5HBC0cDT85" title="Debt instrument term::XDX::P6M"><span style="-sec-ix-hidden: xdx2ixbrl0976">six</span></span>-month term, <span id="xdx_90E_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_c20210613__20210614__dei--LegalEntityAxis__custom--PrestigeCapitalCorporationMember_ztH8vhjrAdja" title="Debt instrument interest rate during period"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateDuringPeriod" contextRef="From2021-06-132021-06-14_custom_PrestigeCapitalCorporationMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">15</ix:nonFraction></span>% interest rate and <span id="xdx_90A_ecustom--AccommodationFeePercent_pid_dp_c20210613__20210614__dei--LegalEntityAxis__custom--PrestigeCapitalCorporationMember_zrUQN7wbMJvl" title="Accommodation fee percent"><ix:nonFraction name="MSLP:AccommodationFeePercent" contextRef="From2021-06-132021-06-14_custom_PrestigeCapitalCorporationMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2</ix:nonFraction></span>% accommodation 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
July 26, 2021, Prestige advanced the Company $<span id="xdx_90E_eus-gaap--ProceedsFromLoans_pn5n6_c20210725__20210726__dei--LegalEntityAxis__custom--PrestigeCapitalCorporationMember_zp8im0Au9hPe" title="Proceeds from loans"><ix:nonFraction name="us-gaap:ProceedsFromLoans" contextRef="From2021-07-252021-07-26_custom_PrestigeCapitalCorporationMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.0</ix:nonFraction></span> million with a <span id="xdx_900_eus-gaap--DebtInstrumentTerm_dxL_c20210725__20210726__dei--LegalEntityAxis__custom--PrestigeCapitalCorporationMember_zsqbl3dCPZE1" title="Debt instrument term::XDX::P6M"><span style="-sec-ix-hidden: xdx2ixbrl0984">six</span></span>-month term and a <span id="xdx_90E_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_c20210725__20210726__dei--LegalEntityAxis__custom--PrestigeCapitalCorporationMember_zM1Yay8eX6o5" title="Debt instrument interest rate during period"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateDuringPeriod" contextRef="From2021-07-252021-07-26_custom_PrestigeCapitalCorporationMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">15</ix:nonFraction></span>% interest rate. In addition, there was an accommodation
fee equal to <span id="xdx_90B_ecustom--AccommodationFeePercent_pid_dp_c20210725__20210726__dei--LegalEntityAxis__custom--PrestigeCapitalCorporationMember_zicy134Kvwjg" title="Accommodation fee percent"><ix:nonFraction name="MSLP:AccommodationFeePercent" contextRef="From2021-07-252021-07-26_custom_PrestigeCapitalCorporationMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1</ix:nonFraction></span>% of the amount advanced plus <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20210725__20210726__dei--LegalEntityAxis__custom--PrestigeCapitalCorporationMember_zaQPVNvje635" title="Options Granted"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2021-07-252021-07-26_custom_PrestigeCapitalCorporationMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">18,750</ix:nonFraction></span> stock options.</span></p>

<p style="font: 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 id="xdx_90D_eus-gaap--DebtInstrumentDescription_c20211012__20211012_z6BNi4EYbP61" title="Debt description"><ix:nonNumeric contextRef="From2021-10-122021-10-12" name="us-gaap:DebtInstrumentDescription">On
October 12, 2021, the June 14, 2021 and July 26, 2021 the total Prestige advance $2.0 million was extended to the date of the termination
of the senior secured note offering, which is in April 2022, and may be extended as discussed above.</ix:nonNumeric></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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021 and 2020, the Company assigned Prestige accounts with an aggregate face amount of approximately $<span id="xdx_907_ecustom--AggregateFaceAmount_pn5n6_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PrestigeMember_zHHByqgETYei"><ix:nonFraction name="MSLP:AggregateFaceAmount" contextRef="From2021-01-012021-12-31_custom_PrestigeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">49.7</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million and $<span id="xdx_90B_ecustom--AggregateFaceAmount_pn5n6_c20200101__20201231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PrestigeMember_zWsic5e1RPm4"><ix:nonFraction name="MSLP:AggregateFaceAmount" contextRef="From2020-01-012020-12-31_custom_PrestigeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">58.0</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million, respectively, for which Prestige paid
to the Company approximately $<span id="xdx_905_eus-gaap--ProceedsFromRelatedPartyDebt_pn5n6_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PrestigeMember_z1r6Hz64UKkk"><ix:nonFraction name="us-gaap:ProceedsFromRelatedPartyDebt" contextRef="From2021-01-012021-12-31_custom_PrestigeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">49.1</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million and $<span id="xdx_909_eus-gaap--ProceedsFromRelatedPartyDebt_pn5n6_c20200101__20201231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PrestigeMember_ztbsPnHYKL5k"><ix:nonFraction name="us-gaap:ProceedsFromRelatedPartyDebt" contextRef="From2020-01-012020-12-31_custom_PrestigeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">46.4</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million, respectively, in cash. During the years
ended December 31, 2021 and 2020, $<span id="xdx_907_eus-gaap--DebtInstrumentPeriodicPaymentInterest_pn5n6_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PrestigeMember_z5h6La5H8QNk"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentInterest" contextRef="From2021-01-012021-12-31_custom_PrestigeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">49.7</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million and $<span id="xdx_90E_eus-gaap--DebtInstrumentPeriodicPaymentInterest_pn5n6_c20200101__20201231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PrestigeMember_z3N7LFVb5I5e"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentInterest" contextRef="From2020-01-012020-12-31_custom_PrestigeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">43.7</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million, respectively, was repaid to Prestige,
including fees and interest. As of December 31, 2021 and 2020, we had outstanding borrowings of approximately $<span id="xdx_906_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PrestigeMember_znKaUsYy1mu4"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-12-31_custom_PrestigeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">6.4</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20201231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PrestigeMember_zNLSYDrPeiU3"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-12-31_custom_PrestigeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">7.1</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million, respectively.</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"><b><i>Paycheck
Protection Program Loan</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; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to economic uncertainty as a result of the ongoing pandemic (&#8220;COVID-19&#8221;), on May 14, 2020, the Company received an aggregate
principal amount of $<span id="xdx_90F_eus-gaap--ProceedsFromIssuanceOfDebt_c20200513__20200514__us-gaap--LineOfCreditFacilityAxis__custom--HarvestSmallBusinessFinanceLLCMember__us-gaap--DebtInstrumentAxis__custom--PaycheckProtectionPrograMember_zkATQrkxIKdh" title="Proceeds from issuance of debt"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfDebt" contextRef="From2020-05-132020-05-14_custom_HarvestSmallBusinessFinanceLLCMember_custom_PaycheckProtectionPrograMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">964,910</ix:nonFraction></span> pursuant to the borrowing arrangement (&#8220;Note&#8221;) with Harvest Small Business Finance, LLC (&#8220;HSBF&#8221;)
and agreed to pay the principal amount plus interest at a <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20200514__us-gaap--LineOfCreditFacilityAxis__custom--HarvestSmallBusinessFinanceLLCMember__us-gaap--DebtInstrumentAxis__custom--PaycheckProtectionPrograMember_zW0DlESX8udd" title="Debt instrument interest rate stated percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-05-14_custom_HarvestSmallBusinessFinanceLLCMember_custom_PaycheckProtectionPrograMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1</ix:nonFraction></span>% fixed interest rate per year, on the unpaid principal balance. The Note
includes forgiveness provisions in accordance with the requirements of the Paycheck Protection Program, Section 1106 of the CARES 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"><span id="xdx_90E_eus-gaap--DebtInstrumentDescription_c20200513__20200514__us-gaap--LineOfCreditFacilityAxis__custom--HarvestSmallBusinessFinanceLLCMember__us-gaap--DebtInstrumentAxis__custom--PaycheckProtectionPrograMember_zAzXuJMqUtx2" title="Debt instrument description"><ix:nonNumeric contextRef="From2020-05-132020-05-14_custom_HarvestSmallBusinessFinanceLLCMember_custom_PaycheckProtectionPrograMember" name="us-gaap:DebtInstrumentDescription">The
Note was expected to mature on <span id="xdx_909_eus-gaap--DebtInstrumentMaturityDate_dd_c20200513__20200514__us-gaap--LineOfCreditFacilityAxis__custom--HarvestSmallBusinessFinanceLLCMember__us-gaap--DebtInstrumentAxis__custom--PaycheckProtectionPrograMember_zbByuHdqWxod" title="Maturity date"><ix:nonNumeric contextRef="From2020-05-132020-05-14_custom_HarvestSmallBusinessFinanceLLCMember_custom_PaycheckProtectionPrograMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">May 16, 2025</ix:nonNumeric></span>. Payments were due by November 16, 2020 (the &#8220;Deferment Period&#8221;) and interest
was accrued during the Deferment Period</ix:nonNumeric></span>. However, the Flexibility Act, which was signed into law on June 5, 2020, extended the Deferment
Period to the date that the forgiven amount is remitted by the United States Small Business Administration (&#8220;SBA&#8221;) to HSBF.</span></p>

<p style="font: 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 25, 2021, the Company received a letter from HSBF indicating the Company&#8217;s SBA PPP loan has been forgiven in full by HSBF
and was recorded as a $<span id="xdx_90A_eus-gaap--ProceedsFromLoans_c20211024__20211025_zFvC6eWGjPri" title="Proceeds from loans"><ix:nonFraction name="us-gaap:ProceedsFromLoans" contextRef="From2021-10-242021-10-25" format="ixt:numdotdecimal" decimals="0" unitRef="USD">964,910</ix:nonFraction></span> gain on forgiveness of debt located in other income-loan forgiveness..</span></p>
<p style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="MSLP:WarrantsDisclosureTextBlock"><p id="xdx_808_ecustom--WarrantsDisclosureTextBlock_zBdpsAs3IzLf" style="font: 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>Note
11. <span id="xdx_825_zlH862vhERi8">Warrants</span></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">In
conjunction with the Securities Purchase Agreement (SPA), the Company issued <span><span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightUnissued_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zRtRk3AWQrAk"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightUnissued" contextRef="AsOf2021-12-31_custom_SecuritiesPurchaseAgreementMember_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">17,355,700</ix:nonFraction></span>
warrants </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to the senior note holders. The
warrants entitle the holder to purchase one share of the Company&#8217;s common stock at an exercise price equal to $<span id="xdx_909_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20211231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zf2ft6is4Neb"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-12-31_custom_SecuritiesPurchaseAgreementMember_us-gaap_WarrantMember" decimals="INF" unitRef="USDPShares">.78</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share at any time on or after October
13, 2021 (the &#8220;Initial Exercise Date&#8221;) and on or prior to the close of business on October 13, 2026 the &#8220;Termination
Date&#8221;). The Company determined that these warrants are free standing financial instruments that are legally detachable and separately
exercisable from the debt instruments. Management also determined that the warrants are puttable for cash upon a fundamental transaction
at the option of the holder and as such required classification as equity pursuant to ASC 470. In accordance with the accounting guidance,
the outstanding warrants are recognized as equity on the balance sheet. The proceeds from the sale of a debt instrument with stock purchase
warrants (detachable call options) shall be allocated to the two elements based on the relative fair values of the debt instrument without
the warrants, and of the warrants themselves at time of issuance. The allocation of the portion of the value resulted in a discount of
the debt instrument. The fair value of the warrants were measured using the Black Scholes option pricing model.</span></p>

<p style="font: 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>


<ix:exclude><!-- Field: Page; Sequence: 100; 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 -->24<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="MSLP:FairValueMeasurementOfWarrantTableTextBlock"><p id="xdx_890_ecustom--FairValueMeasurementOfWarrantTableTextBlock_zmjeSgpqsZ78" style="font: 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
assumptions used to measure the fair value of the warrant as of its issuance date were as follows:</span></p>

<p style="font: 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 id="xdx_8B5_zXmKC5rDXwm3" style="display: none">Schedule
of Fair Value Measurement Warrant</span></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">Inputs</td><td>&#160;</td>
    <td colspan="2" style="padding-bottom: 1.5pt">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%; text-align: left">Warrants Granted</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pip0_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zx4uxtl7kXhc" title="Warrants granted" style="width: 18%; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="From2021-01-012021-12-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">17,355,700</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Stock Price</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--SharePrice_iI_pid_c20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zIBkQJsNRJnc" style="text-align: right"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-12-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.65</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Exercise Price</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zZ6hOJqkd2g7" title="Exercise price per share" style="text-align: right"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-12-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.78</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Term, expected life of options in years</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zIgNgRdPbfcl" title="Expected Term" style="text-align: right"><ix:nonNumeric contextRef="From2021-01-012021-12-31_us-gaap_WarrantMember" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">30.00</ix:nonNumeric></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Volatility</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zODJIgyr1nTc" title="Expected Volatility Rate"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2021-01-012021-12-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">322.8</ix:nonFraction></span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Annual Rate of Quarterly Dividends</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zrsG1sQG4Upd" title="Annual rate Quarterly Dividends"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2021-01-012021-12-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Pure">0.00</ix:nonFraction></span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Risk Free Interest Rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zMaqi8cW8fbf" title="Risk free interest rate"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2021-01-012021-12-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.515</ix:nonFraction></span></td><td style="text-align: left">%</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A0_zwRvOn1dBeCc" style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_80A_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zRjAUxPUq79g" style="font: 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>Note
12. <span id="xdx_82F_zjZ60XEr0Ynd">Commitments and Contingencies</span></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>&#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>Contingencies</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>&#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">In
the normal course of business or otherwise, the Company may become involved in legal proceedings. The Company will accrue a liability
for such matters when it is probable that a liability has been incurred and the amount can be reasonably estimated. When only a range
of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate
than any other amount within the range, the minimum amount in the range is accrued. The accrual for a litigation loss contingency might
include, for example, estimates of potential damages, outside legal fees and other directly related costs expected to be incurred. The
Company provides disclosures for material contingencies when there is a reasonable possibility that a loss or an additional loss may
be incurred. In assessing whether a loss is a reasonable possibility, the Company may consider the following factors, among others: the
nature of the litigation, claim or assessment, available information, opinions or views of legal counsel and other advisors, and the
experience gained from similar cases. As of December 31, 2021, the Company was involved in the following material legal proceedings described
below:</span></p>

<p style="font: 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>Settlements</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"><b>Manchester
City Football Group</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
Company was engaged in a dispute with City Football Group Limited (&#8220;CFG&#8221;), the owner of Manchester City Football Group, concerning
amounts allegedly owed by the Company under a sponsorship agreement with CFG (the &#8220;Sponsorship Agreement&#8221;). <span id="xdx_907_eus-gaap--LossContingencyTrialOrAlternativeDisputeResolution_c20210101__20211231__dei--LegalEntityAxis__custom--CityFootballGroupLimitedMember__us-gaap--TypeOfArrangementAxis__custom--SponsorshipAgreementMember_zfasOnzILucl" title="Loss Contingency, Trial or Alternative Dispute Resolution"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_CityFootballGroupLimitedMember_custom_SponsorshipAgreementMember" name="us-gaap:LossContingencyTrialOrAlternativeDisputeResolution">In August 2016,
CFG commenced arbitration in the United Kingdom against the Company, seeking approximately $<span id="xdx_90D_ecustom--LossContingencyDisputeResolutionAmount_pn5n6_c20210101__20211231__dei--LegalEntityAxis__custom--CityFootballGroupLimitedMember__us-gaap--TypeOfArrangementAxis__custom--SponsorshipAgreementMember_ziHKvo5h7jU4" title="Loss contingency dispute resolution amount"><ix:nonFraction name="MSLP:LossContingencyDisputeResolutionAmount" contextRef="From2021-01-012021-12-31_custom_CityFootballGroupLimitedMember_custom_SponsorshipAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">8.3</ix:nonFraction></span> million for the Company&#8217;s purported
breach of the Sponsorship Agreement</ix:nonNumeric></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">On
July 28, 2017, the Company approved a Settlement Agreement (the &#8220;CFG Settlement Agreement&#8221;) with CFG effective July 7, 2017.
The CFG Settlement Agreement represents a full and final settlement of all litigation between the parties. Under the terms of the agreement,
the Company agreed to pay CFG a sum of $<span id="xdx_908_eus-gaap--LossContingencyAccrualPayments_pn6n6_c20170726__20170728__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zteaaWhfryah" title="Loss Contingency Accrual, Payments"><ix:nonFraction name="us-gaap:LossContingencyAccrualPayments" contextRef="From2017-07-262017-07-28_custom_SettlementAgreementMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">3</ix:nonFraction></span> million, which was recorded as accrued expenses in 2017. The settlement consists of a $<span id="xdx_901_eus-gaap--RepaymentsOfRelatedPartyDebt_pn5n6_c20170706__20170707__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zcQn3ZjEu064" title="Advance payment"><ix:nonFraction name="us-gaap:RepaymentsOfRelatedPartyDebt" contextRef="From2017-07-062017-07-07_custom_SettlementAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.0</ix:nonFraction></span>
million payment that was advanced by a related party on July 7, 2017, a $<span id="xdx_90C_eus-gaap--DebtInstrumentPeriodicPayment_pn5n6_c20180706__20180707__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zRecpzeRVUA1" title="Debt Instrument, Periodic Payment"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2018-07-062018-07-07_custom_SettlementAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.0</ix:nonFraction></span> million installment paid on July 7, 2018 and a subsequent
$<span id="xdx_901_eus-gaap--DebtInstrumentPeriodicPayment_pn5n6_c20190706__20190707__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zejvpgWI9Rua" title="Debt Instrument, Periodic Payment"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2019-07-062019-07-07_custom_SettlementAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.0</ix:nonFraction></span> million installment payment to paid by July 7, 2019. Of this amount, the Company has remitted $<span id="xdx_905_ecustom--RemiittedAmount_pn5n6_c20170726__20170728__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zca0eI95VRVc" title="Remiitted amount"><ix:nonFraction name="MSLP:RemiittedAmount" contextRef="From2017-07-262017-07-28_custom_SettlementAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.3</ix:nonFraction></span> million.</span></p>

<p style="font: 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>


<ix:exclude><!-- Field: Page; Sequence: 101; 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 -->25<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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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">During
the years ended December 31, 2021 and 2020, the Company recorded a charge of $<span id="xdx_901_eus-gaap--InterestExpenseDebt_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_z1qoNTqwMPEe" title="Interest expense charges"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2021-01-012021-12-31_custom_SettlementAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">75,000</ix:nonFraction></span> and $<span id="xdx_90B_eus-gaap--InterestExpenseDebt_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zyFssyjLfXXe" title="Interest expense charges"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2020-01-012020-12-31_custom_SettlementAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">75,000</ix:nonFraction></span>, respectively. This charge, representing
imputed interest, is included in &#8220;Interest expense&#8221; in the Company&#8217;s consolidated statements 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>&#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>Nutrablend
Matter</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">On
February 27, 2020, Nutrablend, a manufacturer of MusclePharm products, filed an action against the Company in the United States District
Court for the Eastern District of California, claiming approximately $<span id="xdx_90A_ecustom--AllegedlyUnpaidInvoices_pn5n6_c20200223__20200227_zqllovwzEgH2" title="Allegedly unpaid invoices"><ix:nonFraction name="MSLP:AllegedlyUnpaidInvoices" contextRef="From2020-02-232020-02-27" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.1</ix:nonFraction></span> million in allegedly unpaid invoices. These invoices relate
to the third and fourth quarter of 2019, and a liability has been recorded for the related periods.</span></p>

<p style="font: 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
September 25, 2020, the parties successfully mediated the case to a settlement (the &#8220;Nutrablend Agreement&#8221;) and <span id="xdx_908_eus-gaap--DebtInstrumentDescription_c20200924__20200925_zkMipKYxkNc6" title="Debt Instrument, Description"><ix:nonNumeric contextRef="From2020-09-242020-09-25" name="us-gaap:DebtInstrumentDescription">the Company
agreed to (i) pay approximately $<span id="xdx_902_eus-gaap--DebtInstrumentPeriodicPayment_pn5n6_c20200924__20200925_zn94Skm9VGBk" title="Debt Instrument, Periodic Payment"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2020-09-242020-09-25" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.1</ix:nonFraction></span> million (&#8220;Owed Amount&#8221;) in monthly payments (&#8220;Monthly Payments&#8221;) from September
1, 2020 through June 30, 2023 and (ii) issue monthly purchase orders (&#8220;Purchase Orders&#8221;) at minimum amounts accepted by Nutrablend</ix:nonNumeric></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
Company agreed to issue Purchase Orders in a combined total amount of at least (i) $<span id="xdx_906_ecustom--RemiittedAmount_pn5n6_c20200901__20201130_z6PAeTDzSuGi" title="Remiitted amount"><ix:nonFraction name="MSLP:RemiittedAmount" contextRef="From2020-09-012020-11-30" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.5</ix:nonFraction></span> million from September 1, 2020 through November
30, 2020; (ii) $<span id="xdx_908_ecustom--RemiittedAmount_pn5n6_c20201201__20210228_zWvaOPGZHxfg" title="Remiitted amount"><ix:nonFraction name="MSLP:RemiittedAmount" contextRef="From2020-12-012021-02-28" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.8</ix:nonFraction></span> million from December 1, 2020 through February 28, 2021; (iii) $<span id="xdx_900_ecustom--RemiittedAmount_pn5n6_c20210401__20210531_zHxamq7He5l3" title="Remiitted amount"><ix:nonFraction name="MSLP:RemiittedAmount" contextRef="From2021-04-012021-05-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.1</ix:nonFraction></span> million from March 31, 2021 through May 31, 2021;
(iv) $<span id="xdx_90B_ecustom--RemiittedAmount_pn5n6_c20210601__20210831_z2KqEo43xF2e" title="Remiitted amount"><ix:nonFraction name="MSLP:RemiittedAmount" contextRef="From2021-06-012021-08-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.1</ix:nonFraction></span> million from June 1, 2021 through August 31, 2021; and (v) $<span id="xdx_908_ecustom--RemiittedAmount_pn5n6_c20210903__20211030_ztv19bLZ8ZM6" title="Remiitted amount"><ix:nonFraction name="MSLP:RemiittedAmount" contextRef="From2021-09-032021-10-30" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.4</ix:nonFraction></span> million from September 1, 2021 through October 30, 2021. Beginning
on November 1, 2021, the Company will be required to issue monthly Purchase Orders to Nutrablend in a minimum amount of $<span id="xdx_904_ecustom--RemiittedAmount_pn5n6_c20211101__20211101__srt--RangeAxis__srt--MinimumMember_zSXwWB6Aw7j4" title="Remiitted amount"><ix:nonFraction name="MSLP:RemiittedAmount" contextRef="From2021-11-012021-11-01_srt_MinimumMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.7</ix:nonFraction></span> million
until the Owed Amount is paid in full to Nutrablend. In the event that the Company pays the Owed Amount in full before September 1, 2021,
it&#8217;s entitled to a rebate on all completed Purchase Orders. Further, once the monthly payments, and any additional payments that
the Company has made on the Owed Amount, reduce the outstanding balance of the Owed Amount to below $<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20200925_zBFCiQUqWVu5" title="Outstanding balance"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-09-25" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.0</ix:nonFraction></span> million, the Company is eligible
for an extension of a line of credit from Nutrablend in an amount of up to $<span id="xdx_907_eus-gaap--LineOfCredit_iI_pn5n6_c20200925__srt--RangeAxis__srt--MaximumMember_zHE0DWR48xEd" title="Long-term Line of Credit"><ix:nonFraction name="us-gaap:LineOfCredit" contextRef="AsOf2020-09-25_srt_MaximumMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.0</ix:nonFraction></span> million.</span></p>

<p style="font: 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
July 7, 2021, the Company commenced an action against Nutrablend in the Central District of California, seeking (i) a declaration that
the Nutrablend Agreement purchase order provisions have been terminated due to Nutrablend&#8217;s failure to provide the Company with
reasonable assurances of its ability to fulfill its purchase orders; (ii) a declaration that approximately $<span id="xdx_905_ecustom--PurchaseOrder_pn5n6_c20210701__20210707__us-gaap--TypeOfArrangementAxis__custom--NutrablendMatterMember_zI7dWqMGww54" title="Purchase order"><ix:nonFraction name="MSLP:PurchaseOrder" contextRef="From2021-07-012021-07-07_custom_NutrablendMatterMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.0</ix:nonFraction></span> million in purchase orders
that the Company placed in July and August 2020 were intended to and do count towards the minimums set forth in the Nutrablend Agreement;
and (iii) damages based on Nutrablend&#8217;s failure to fulfill purchase orders. The case is ongoing.</span></p>

<p style="font: 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 December 31, 2021, the Company determined that approximately $<span id="xdx_90B_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iI_pn3n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--NutrablendMatterMember_zNAlk3kqlok4" title="Accrued and other liability"><ix:nonFraction name="us-gaap:AccruedLiabilitiesAndOtherLiabilities" contextRef="AsOf2021-12-31_custom_NutrablendMatterMember" format="ixt:numdotdecimal" decimals="-3" scale="6" unitRef="USD">0.991</ix:nonFraction></span>
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million of the owed amount was due within
a year, and this amount was recorded in &#8220;Accrued and other liabilities&#8221; in the consolidated balance sheets. The present value
of the remaining Owed Amount that was due after a year was $<span id="xdx_900_eus-gaap--OtherLiabilitiesNoncurrent_iI_pn3n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--NutrablendMatterMember_zJZT5u3qVcl4"><ix:nonFraction name="us-gaap:OtherLiabilitiesNoncurrent" contextRef="AsOf2021-12-31_custom_NutrablendMatterMember" format="ixt:numdotdecimal" decimals="-3" scale="6" unitRef="USD">0.502</ix:nonFraction></span>
million</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
and the amount was recorded in &#8220;Other long-term liabilities&#8221; in the consolidated balance sheets. The Company made payments
of $<span id="xdx_903_eus-gaap--PaymentsForLegalSettlements_pn5n6_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--NutrablendMatterMember_zFCNS9Ur8JPd" title="Payment of legal settlement"><ix:nonFraction name="us-gaap:PaymentsForLegalSettlements" contextRef="From2021-01-012021-12-31_custom_NutrablendMatterMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.1</ix:nonFraction></span> million during the year ended December 31, 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
September 23, 2021, the Company entered into an Amendment to a Settlement Agreement that was originally entered into on September 25,
2020. Pursuant to the Amended Agreement, the Company is no longer obligated to issue Purchase Orders to Nutrablend as stated in the Settlement
Agreement, which, as stated in the Form 8-K dated September 25, 2020, consisted of at least (i) $<span id="xdx_905_ecustom--RemiittedAmount_pn5n6_c20200901__20201130__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zLeSIuVL6wCh" title="Remiitted amount"><ix:nonFraction name="MSLP:RemiittedAmount" contextRef="From2020-09-012020-11-30_custom_SettlementAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.5</ix:nonFraction></span> million from September 1, 2020 through
November 30, 2020; (ii) $<span id="xdx_90D_ecustom--RemiittedAmount_pn5n6_c20201201__20210228__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zY6o2pmICsB7" title="Remiitted amount"><ix:nonFraction name="MSLP:RemiittedAmount" contextRef="From2020-12-012021-02-28_custom_SettlementAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.8</ix:nonFraction></span> million from December 1, 2020 through February 28, 2021; (iii) $<span id="xdx_90D_ecustom--RemiittedAmount_pn5n6_c20210301__20210531__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zuz2PjhEdw96" title="Remiitted amount"><ix:nonFraction name="MSLP:RemiittedAmount" contextRef="From2021-03-012021-05-31_custom_SettlementAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.0</ix:nonFraction></span> million from March 1, 2021 through May
31, 2021; (iv) $<span id="xdx_90F_ecustom--RemiittedAmount_pn5n6_c20210601__20210831__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_z5809KBixuu3" title="Remiitted amount"><ix:nonFraction name="MSLP:RemiittedAmount" contextRef="From2021-06-012021-08-31_custom_SettlementAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.1</ix:nonFraction></span> million from June 1, 2021 through August 31, 2021; and (v) $<span id="xdx_90B_ecustom--RemiittedAmount_pn5n6_c20210901__20211030__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zxzVd4qmrhUi" title="Remiitted amount"><ix:nonFraction name="MSLP:RemiittedAmount" contextRef="From2021-09-012021-10-30_custom_SettlementAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.4</ix:nonFraction></span> million from September 1, 2021 through October 30,
2021. The Monthly Payments provision of the Settlement Agreement remains unchanged.</span></p>

<p style="font: 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>4Excelsior
Matter</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">On
March 18, 2019, Excelsior Nutrition, Inc. (&#8220;4Excelsior&#8221;), a manufacturer of MusclePharm products, filed an action against
the Company in the Superior Court of the State of California for the County of Los Angeles, claiming approximately $<span id="xdx_90C_eus-gaap--LossContingencyDamagesPaidValue_pn5n6_c20190317__20190318__dei--LegalEntityAxis__custom--FourExcelsiorMember_zrjzOa12fsD5" title="Loss Contingency, Damages Paid, Value"><ix:nonFraction name="us-gaap:LossContingencyDamagesPaidValue" contextRef="From2019-03-172019-03-18_custom_FourExcelsiorMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">6.2</ix:nonFraction></span> million in damages
relating to allegedly unpaid invoices, as well as approximately $<span id="xdx_909_eus-gaap--LossContingencyDamagesSoughtValue_pn5n6_c20190317__20190318__dei--LegalEntityAxis__custom--FourExcelsiorMember_zYhgL7QIIkm5" title="Loss Contingency, Damages Sought, Value"><ix:nonFraction name="us-gaap:LossContingencyDamagesSoughtValue" contextRef="From2019-03-172019-03-18_custom_FourExcelsiorMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">7.8</ix:nonFraction></span> million in consequential damages.</span></p>

<p style="font: 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>


<ix:exclude><!-- Field: Page; Sequence: 102; 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 -->26<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<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">On
December 16, 2020, the Company and 4Excelsior entered into a Settlement Agreement and Mutual Release (&#8220;the Agreement&#8221;), pursuant
to which the parties resolved and settled the civil action pending in the Superior Court of the State of California for the County of
Los Angeles (the &#8220;Litigation&#8221;). The parties agreed to a mutual general release of claims and to jointly file within 10 business
days of the effective date of the Agreement a stipulation and proposed order of dismissal, dismissing with prejudice all claims and counterclaims
asserted in the Litigation. The Company agreed to pay $<span id="xdx_901_eus-gaap--LossContingencyAccrualAtCarryingValue_iI_pn4n6_c20201216__dei--LegalEntityAxis__custom--FourExcelsiorMember_zhTKd6i4gjo5" title="Loss Contingency Accrual"><ix:nonFraction name="us-gaap:LossContingencyAccrualAtCarryingValue" contextRef="AsOf2020-12-16_custom_FourExcelsiorMember" format="ixt:numdotdecimal" decimals="-4" scale="6" unitRef="USD">4.75</ix:nonFraction></span> million (the &#8220;Settlement Amount&#8221;) in four monthly payments of
$<span id="xdx_90A_ecustom--SettlementPeriodicPaymentsAmount_iI_c20201216__dei--LegalEntityAxis__custom--FourExcelsiorMember_zZKAeUxz3Xeg" title="Charges against revenues"><ix:nonFraction name="MSLP:SettlementPeriodicPaymentsAmount" contextRef="AsOf2020-12-16_custom_FourExcelsiorMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">70,000</ix:nonFraction></span>, beginning January 5, 2021, and thereafter in monthly payments of $<span id="xdx_90E_ecustom--SettlementPeriodicPaymentsThereafter_iI_c20201216__dei--LegalEntityAxis__custom--FourExcelsiorMember_zlzvFAHy7MJ6" title="Settlement periodic payments thereafter"><ix:nonFraction name="MSLP:SettlementPeriodicPaymentsThereafter" contextRef="AsOf2020-12-16_custom_FourExcelsiorMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">100,000</ix:nonFraction></span> until the Settlement Amount is fully paid. The Company
may prepay all or any portion of the Settlement Amount at any time without penalty or premium. The Agreement provides that, in the event
of a Default (as defined in the Agreement) by the Company, the entire outstanding balance of the Settlement Amount will become immediately
due and payable, plus accrued interest at a rate of <span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20201216__dei--LegalEntityAxis__custom--FourExcelsiorMember_zX7fRowdReLd" title="Debt Instrument, Interest Rate, Stated Percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-12-16_custom_FourExcelsiorMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">18</ix:nonFraction></span>% per annum, commencing from the date of default.</span></p>

<p style="font: 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 determined that approximately $<span id="xdx_90F_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iI_pn5n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--FourExcelsiorMember_zeplEYtdxjJf"><ix:nonFraction name="us-gaap:AccruedLiabilitiesAndOtherLiabilities" contextRef="AsOf2021-12-31_custom_FourExcelsiorMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.1</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
of the Settlement Amount was due within a year, and this amount was recorded in &#8220;Accrued and other liabilities&#8221; in the consolidated
balance sheets. The present value of the remaining Settlement Amount that was due after a year was $<span id="xdx_903_eus-gaap--OtherLiabilitiesNoncurrent_iI_pn5n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--FourExcelsiorMember_z9hZm4HZF12b"><ix:nonFraction name="us-gaap:OtherLiabilitiesNoncurrent" contextRef="AsOf2021-12-31_custom_FourExcelsiorMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.8</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million, and the amount was recorded in &#8220;Other
long-term liabilities&#8221; in the consolidated balance sheets. The Company made payments of $<span id="xdx_901_eus-gaap--PaymentsForLegalSettlements_pn5n6_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--FourExcelsiorMember_zgpFomlmF5Ol"><ix:nonFraction name="us-gaap:PaymentsForLegalSettlements" contextRef="From2021-01-012021-12-31_custom_FourExcelsiorMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.1</ix:nonFraction></span> million during the year ended
December 31, 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>

<p style="font: 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>ThermoLife
International</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
January 2016, ThermoLife International LLC (&#8220;ThermoLife&#8221;), a supplier of nitrates to the Company, filed a complaint against
the Company in Arizona state court. ThermoLife alleged that the Company failed to meet minimum purchase requirements contained in the
parties&#8217; supply agreement. The court held a bench trial on the issue of damages in October 2019, and on December 4, 2019, the court
entered judgment in favor of ThermoLife and against the Company in the amount of $<span id="xdx_906_eus-gaap--LossContingencyDamagesSoughtValue_pn5n6_c20191203__20191204__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThermoLifeMember_zbrKgWoFvyS3" title="Loss Contingency, Damages Sought, Value"><ix:nonFraction name="us-gaap:LossContingencyDamagesSoughtValue" contextRef="From2019-12-032019-12-04_custom_ThermoLifeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.6</ix:nonFraction></span> million, comprised of $<span id="xdx_906_eus-gaap--LossContingencyDamagesPaidValue_pn5n6_c20191203__20191204__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThermoLifeMember_zc0K9xE8OyM8" title="Loss Contingency, Damages Paid, Value"><ix:nonFraction name="us-gaap:LossContingencyDamagesPaidValue" contextRef="From2019-12-032019-12-04_custom_ThermoLifeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.9</ix:nonFraction></span> million in damages,
interest in the amount of $<span id="xdx_906_eus-gaap--LitigationSettlementInterest_pn5n6_c20191203__20191204__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThermoLifeMember_zcix2D2u5s6h" title="Interest amount"><ix:nonFraction name="us-gaap:LitigationSettlementInterest" contextRef="From2019-12-032019-12-04_custom_ThermoLifeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.3</ix:nonFraction></span> million and attorneys&#8217; fees and costs in the amount of $<span id="xdx_90A_ecustom--AttorneysFeesAndCosts_pn5n6_c20191203__20191204__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThermoLifeMember_zqhAe8KthHQh" title="Fees and costs amount"><ix:nonFraction name="MSLP:AttorneysFeesAndCosts" contextRef="From2019-12-032019-12-04_custom_ThermoLifeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.4</ix:nonFraction></span> million. The Company recorded $<span id="xdx_905_eus-gaap--LossContingencyAccrualPayments_pn5n6_c20180101__20181231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThermoLifeMember_zk2hr1dcJQAe" title="Accrued expenses"><ix:nonFraction name="us-gaap:LossContingencyAccrualPayments" contextRef="From2018-01-012018-12-31_custom_ThermoLifeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.6</ix:nonFraction></span> million
in accrued expenses in 2018. The Company has filed an appeal and posted bonds in the total amount of $<span id="xdx_90E_ecustom--BondPostedValue_iI_pn5n6_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThermoLifeMember_zL4twrVMQ7M" title="Posted bonds total amount"><ix:nonFraction name="MSLP:BondPostedValue" contextRef="AsOf2021-12-31_custom_ThermoLifeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.6</ix:nonFraction></span> million in order to stay execution
on the judgment pending appeal. Of the $<span id="xdx_907_ecustom--BondPostedValue_iI_pn5n6_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThermoLifeMember_zfflP7e3XGT6" title="Fees paid"><ix:nonFraction name="MSLP:BondPostedValue" contextRef="AsOf2021-12-31_custom_ThermoLifeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.6</ix:nonFraction></span> million, $<span id="xdx_90A_eus-gaap--RepaymentsOfDebt_pn4n6_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThermoLifeMember_zPJZw8ApwTxk" title="Fees paid"><ix:nonFraction name="us-gaap:RepaymentsOfDebt" contextRef="From2021-01-012021-12-31_custom_ThermoLifeMember" format="ixt:numdotdecimal" decimals="-4" scale="6" unitRef="USD">0.25</ix:nonFraction></span> million (including fees) was paid by Mr. Drexler on behalf of the Company.
See &#8220;Note 8. Debt&#8221; for additional information. The balance of $<span id="xdx_90E_eus-gaap--GuarantyAssets_iI_pn4n6_c20211231__dei--LegalEntityAxis__custom--MrDrexlerMember_zMuXiV1SQNMi" title="Balance amount"><ix:nonFraction name="us-gaap:GuarantyAssets" contextRef="AsOf2021-12-31_custom_MrDrexlerMember" format="ixt:numdotdecimal" decimals="-4" scale="6" unitRef="USD">0.35</ix:nonFraction></span> million was secured by a personal guaranty from Mr. Drexler,
while the associated annual fee of $<span id="xdx_905_eus-gaap--LegalFees_c20210101__20211231__dei--LegalEntityAxis__custom--MrDrexlerMember_z40JdessRuDj" title="Annual fee"><ix:nonFraction name="us-gaap:LegalFees" contextRef="From2021-01-012021-12-31_custom_MrDrexlerMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,500</ix:nonFraction></span> has been paid by the Company. On April 27, 2021, the appellate court issued a decision largely
affirming the trial court judgement, except vacating the judgement&#8217;s $<span id="xdx_90E_eus-gaap--LitigationSettlementInterest_pn5n6_c20210426__20210427__dei--LegalEntityAxis__custom--ThermoLifeInternationalLLCMember_zma9lbIxeUzc" title="Prejudgment interest"><ix:nonFraction name="us-gaap:LitigationSettlementInterest" contextRef="From2021-04-262021-04-27_custom_ThermoLifeInternationalLLCMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.3</ix:nonFraction></span> million prejudgment interest award and remanding for
a recalculation of prejudgment interest. On May 18, 2021, ThermoLife filed a motion asking the trial court to increase the Company&#8217;s
appeal bond to the full amount of the judgment, or $<span id="xdx_90B_eus-gaap--LossContingencyDamagesSoughtValue_pn5n6_c20210517__20210518__dei--LegalEntityAxis__custom--ThermoLifeInternationalLLCMember_zDdh9Ac3dYGe" title="Increase of bond amount"><ix:nonFraction name="us-gaap:LossContingencyDamagesSoughtValue" contextRef="From2021-05-172021-05-18_custom_ThermoLifeInternationalLLCMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.9</ix:nonFraction></span> million, which the Court denied on June 2, 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>

<p style="font: 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 December 31, 2021, the total amount accrued, including interest, was $<span id="xdx_90D_eus-gaap--LossContingencyAccrualPayments_pn5n6_c20210101__20210930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThermoLifeMember_zvVatlXKdwV8" title="Total amount accrued"><ix:nonFraction name="us-gaap:LossContingencyAccrualPayments" contextRef="From2021-01-012021-09-30_custom_ThermoLifeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.9</ix:nonFraction></span> million. In the interim, the Company filed an appeal and
posted bonds in the total amount of $<span id="xdx_90E_ecustom--BondPostedValue_iI_pn5n6_c20210930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThermoLifeMember_zUA5swYUcdDk" title="Bond posted value"><ix:nonFraction name="MSLP:BondPostedValue" contextRef="AsOf2021-09-30_custom_ThermoLifeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.6</ix:nonFraction></span> million in order to stay execution on the judgment pending appeal. Of the $<span id="xdx_90D_ecustom--BondPostedValue_iI_pn5n6_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThermoLifeMember_zAe9lIKfRTD6" title="paid fee"><ix:nonFraction name="MSLP:BondPostedValue" contextRef="AsOf2021-12-31_custom_ThermoLifeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.6</ix:nonFraction></span> million, $<span id="xdx_908_eus-gaap--RepaymentsOfDebt_pn4n6_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThermoLifeMember_zTki79QtA0de" title="Paid fee"><ix:nonFraction name="us-gaap:RepaymentsOfDebt" contextRef="From2021-01-012021-12-31_custom_ThermoLifeMember" format="ixt:numdotdecimal" decimals="-4" scale="6" unitRef="USD">0.25</ix:nonFraction></span>
million (including fees) was paid by Mr. Drexler on behalf of the Company. See Note 8 to the accompanying consolidated financial statements
for additional information. The balance of $<span id="xdx_900_eus-gaap--GuarantyAssets_iI_pn4n6_c20211231__dei--LegalEntityAxis__custom--MrDrexlerMember_zmOnPVQtpEXk" title="Balance fee"><ix:nonFraction name="us-gaap:GuarantyAssets" contextRef="AsOf2021-12-31_custom_MrDrexlerMember" format="ixt:numdotdecimal" decimals="-4" scale="6" unitRef="USD">0.35</ix:nonFraction></span> million was secured by a personal guaranty from Mr. Drexler, while the associated fees
of $<span id="xdx_900_eus-gaap--LegalFees_c20210101__20211231__dei--LegalEntityAxis__custom--MrDrexlerMember_zUjg6ufJ3NO3" title="Associated fee"><ix:nonFraction name="us-gaap:LegalFees" contextRef="From2021-01-012021-12-31_custom_MrDrexlerMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,500</ix:nonFraction></span> were paid by the Company. The appeal has been fully briefed and is awaiting a decision.</span></p>

<p style="font: 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; color: #222222"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021 and 2020, interest expense recognized on the awarded damages was $<span id="xdx_900_eus-gaap--LitigationSettlementInterest_c20210101__20211231__dei--LegalEntityAxis__custom--MrDrexlerMember_z6sbiZ3U3Zd4" title="Interest expense recognized damages"><ix:nonFraction name="us-gaap:LitigationSettlementInterest" contextRef="From2021-01-012021-12-31_custom_MrDrexlerMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">96,815</ix:nonFraction></span> and $<span id="xdx_900_eus-gaap--LitigationSettlementInterest_c20200101__20201231__dei--LegalEntityAxis__custom--MrDrexlerMember_zompAwHXNFI8" title="Interest expense recognized damages"><ix:nonFraction name="us-gaap:LitigationSettlementInterest" contextRef="From2020-01-012020-12-31_custom_MrDrexlerMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">89,000</ix:nonFraction></span>, respectfully.
As of December 31, 2021, the Company owed $<span id="xdx_90F_eus-gaap--InterestPayableCurrentAndNoncurrent_iI_pn5n6_c20211231__dei--LegalEntityAxis__custom--MrDrexlerMember_zjBdRLzgTLO8" title="Accrued and other kiabilities"><ix:nonFraction name="us-gaap:InterestPayableCurrentAndNoncurrent" contextRef="AsOf2021-12-31_custom_MrDrexlerMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.4</ix:nonFraction></span> million related to this settlement that is reflected in accrued and other liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #500050"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 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 intends to continue to vigorously pursue its defenses on appeal with the Arizona Supreme Court.</span></p>

<p style="font: 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>White
Winston Select Asset Fund Series MP-18, LLC et al., v MusclePharm Corp., et al., (Nev. Dist. Ct.; Cal. Superior Court; Colorado Dist.
Ct.; Mass. Super. Ct.)</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">On
August 21, 2018, White Winston Select Asset Fund Series MP-18, LLC and White Winston Select Asset Fund, LLC (together &#8220;White Winston&#8221;)
initiated a derivative action against the Company and its directors (the &#8220;director defendants&#8221;). White Winston alleges that
the director defendants breached their fiduciary duties by improperly approving the refinancing of three promissory notes issued by the
Company to Mr. Drexler (the &#8220;Amended Note&#8221;) in exchange for $<span id="xdx_90E_eus-gaap--DebtConversionOriginalDebtAmount1_pn5n6_c20180820__20180821__us-gaap--DebtInstrumentAxis__custom--ThreePromissoryNotesMember_z749pWwup6p4" title="Loan exchange, value"><ix:nonFraction name="us-gaap:DebtConversionOriginalDebtAmount1" contextRef="From2018-08-202018-08-21_custom_ThreePromissoryNotesMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">18.0</ix:nonFraction></span> million in loans. White Winston alleges that this refinancing
improperly diluted their economic and voting power and constituted an improper distribution in violation of Nevada law. In its complaint,
White Winston sought the appointment of a receiver over the Company, a permanent injunction against the exercise of Mr. Drexler&#8217;s
conversion right under the Amended Note, and other unspecified monetary damages. On September 13, 2018, White Winston filed an amended
complaint, which added a former executive of the Company, as a plaintiff (together with White Winston, the &#8220;White Winston Plaintiffs&#8221;).
On December 9, 2019, the White Winston Plaintiffs filed a Second Amended Complaint, in which they added allegations relating to the resignation
of the Company&#8217;s auditor, Plante &amp; Moran PLLC (&#8220;Plante Moran&#8221;). the Company has moved to dismiss the Second Amended
Complaint. That motion has not yet been fully briefed.</span></p>

<p style="font: 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">Along
with its complaint, White Winston also filed a motion for a temporary restraining order (&#8220;TRO&#8221;) and preliminary injunction
enjoining the exercise of Mr. Drexler&#8217;s conversion right under the Amended Note. On August 23, 2018, the Nevada district court
issued an ex parte TRO. On September 14, 2018, the court let the TRO expire and denied White Winston&#8217;s request for a preliminary
injunction, finding, among other things, that White Winston did not show a likelihood of success on the merits of the underlying action
and failed to establish irreparable harm. Following the court&#8217;s decision, the Company filed a motion seeking to recoup the legal
fees and costs it incurred in responding to the preliminary injunction motion. On October 31, 2019, the court awarded the Company $<span id="xdx_905_ecustom--AttorneysFeesAndCosts_c20191030__20191031_zg8M5TEbBmpk" title="Fee and costs"><ix:nonFraction name="MSLP:AttorneysFeesAndCosts" contextRef="From2019-10-302019-10-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">56,000</ix:nonFraction></span>
in fees and costs.</span></p>

<p style="font: 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">Due
to the uncertainty associated with determining our liability, if any, and due to our inability to ascertain with any reasonable degree
of likelihood, as of the date of this report, the outcome of the trial, the Company has not recorded an estimate for its potential liability.</span></p>

<p style="font: 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 17, 2019, White Winston moved for the appointment of a temporary receiver over the Company, citing Plante Moran&#8217;s resignation.
The court granted White Winston&#8217;s request to hold an evidentiary hearing on the motion, but subsequently stayed the action pending
the parties&#8217; attempts to resolve their dispute. Although the parties have been unable to reach a resolution, the litigation has
not yet resumed. On July 30, 2019, White Winston filed an action in the Superior Court of the State of California in and for the County
of Los Angeles, seeking access to the Company&#8217;s books and records and requesting the appointment of an independent auditor for
the Company. On February 25, 2021, the court ordered the Company to produce certain documents, denied White Winston&#8217;s request for
an auditor, and ordered the Company to pay a $<span id="xdx_901_ecustom--PenaltyExpense_c20210224__20210225__dei--LegalEntityAxis__custom--MrDrexlerMember_zzBKIgy4x3w2" title="penalty paid"><ix:nonFraction name="MSLP:PenaltyExpense" contextRef="From2021-02-242021-02-25_custom_MrDrexlerMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,500</ix:nonFraction></span> penalty. On July 20, 2021 the California court awarded White Winston $<span id="xdx_90F_ecustom--AttorneysFeesAndCosts_c20210701__20210720_zodFzUUiIO31" title="Fee and costs penalty"><ix:nonFraction name="MSLP:AttorneysFeesAndCosts" contextRef="From2021-07-012021-07-20" format="ixt:numdotdecimal" decimals="0" unitRef="USD">93,000</ix:nonFraction></span> in attorneys&#8217;
fees and cost relating to the books-and-records action. The Company paid the amounts due on July 30, 2021, and on August 4, 2021 White
Winston submitted a filing acknowledging that the California court&#8217;s judgment has been fully satisfied.</span></p>

<p style="font: 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
April 6, 2016, the Internal Revenue Service (&#8220;IRS&#8221;) selected our 2014 Federal Income Tax Return for audit. As a result of
the audit, the IRS proposed certain adjustments with respect to the tax reporting of our former executives&#8217; 2014 restricted stock
grants. Due to the Company&#8217;s current and historical loss position, the proposed adjustments would have no material impact on the
Company&#8217;s Federal income tax. On October 5, 2016, the IRS commenced an audit of our employment and withholding tax liability for
2014. The IRS contended that the Company inaccurately reported the value of the restricted stock grants and improperly failed to provide
for employment taxes and Federal tax withholding on these grants. In addition, the IRS proposed certain penalties associated with the
Company&#8217;s filings. On April 4, 2017, the Company received a &#8220;30-day letter&#8221; from the IRS asserting back taxes and penalties
of approximately $<span id="xdx_90F_eus-gaap--IncomeTaxExaminationPenaltiesAndInterestExpense_pn5n6_c20170403__20170404_zUfMcQz0GmE5" title="Income Tax Examination, Penalties and Interest Expense"><ix:nonFraction name="us-gaap:IncomeTaxExaminationPenaltiesAndInterestExpense" contextRef="From2017-04-032017-04-04" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">5.3</ix:nonFraction></span> million, of which $<span id="xdx_907_ecustom--TaxWithholdings_pn5n6_c20170403__20170404_zyv2dX8izqFj" title="Tax withholdings"><ix:nonFraction name="MSLP:TaxWithholdings" contextRef="From2017-04-032017-04-04" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">4.4</ix:nonFraction></span> million related to withholding taxes, specifically, income withholding and Social Security
taxes, and $<span id="xdx_90D_eus-gaap--IncomeTaxExaminationPenaltiesExpense_pn5n6_c20170403__20170404_zCoeyb6NlX1f" title="Income Tax Examination, Penalties Expense"><ix:nonFraction name="us-gaap:IncomeTaxExaminationPenaltiesExpense" contextRef="From2017-04-032017-04-04" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.9</ix:nonFraction></span> million related to penalties. Additionally, the IRS asserted that the Company owes information reporting penalties of
approximately $<span id="xdx_90B_eus-gaap--IncomeTaxExaminationPenaltiesAccrued_iI_pn5n6_c20170404_zpBV6O2YTEjg" title="Reporting penalties"><ix:nonFraction name="us-gaap:IncomeTaxExaminationPenaltiesAccrued" contextRef="AsOf2017-04-04" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.0</ix:nonFraction></span> million.</span></p>

<p style="font: 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&#8217;s counsel submitted a formal protest to the IRS disputing on several grounds all of the proposed adjustments and penalties
on the Company&#8217;s behalf, and the Company pursued this matter vigorously through the IRS appeal process. An Appeals Conference was
held with the IRS in Denver, Colorado on July 31, 2019. At the conference, the Company made substantial arguments challenging the IRS&#8217;s
claims for employment taxes and penalties. On December 16, 2019, a further Appeals Conference was held with the IRS by telephone. At
the telephone conference, the Appeals Officer confirmed that he agreed with the Company&#8217;s argument that the failure to deposit
penalties should be conceded by the IRS. The failure to deposit penalties total about $<span id="xdx_90E_ecustom--FailureToDepositPenalties_iI_pn6n6_c20191216_zHlesSSu6NLb" title="Deposit penaties"><ix:nonFraction name="MSLP:FailureToDepositPenalties" contextRef="AsOf2019-12-16" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">2</ix:nonFraction></span> million. Thus, with this concession, the IRS&#8217;s
claims have been reduced from approximately $<span id="xdx_901_eus-gaap--LiabilityForClaimsAndClaimsAdjustmentExpense_iI_pn5n6_c20170404_zanFT49nQ862" title="Liability for Claims and Claims Adjustment Expense"><ix:nonFraction name="us-gaap:LiabilityForClaimsAndClaimsAdjustmentExpense" contextRef="AsOf2017-04-04" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">7.3</ix:nonFraction></span> million to about $<span id="xdx_90C_eus-gaap--LiabilityForClaimsAndClaimsAdjustmentExpense_iI_pn5n6_c20191216_zAbWrMeLQRh7" title="Liability for Claims and Claims Adjustment Expense"><ix:nonFraction name="us-gaap:LiabilityForClaimsAndClaimsAdjustmentExpense" contextRef="AsOf2019-12-16" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">5.3</ix:nonFraction></span> million.</span></p>

<p style="font: 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">The
remaining issue involved the fair market value of restricted stock units the Company granted to certain former officers (the &#8220;Former
Officers&#8221;) of the Company under Internal Revenue Code &#167; 83. The Company and the IRS disagreed as to the value of the restricted
stock on the date of the grants, i.e., October 1, 2014. The Company and the IRS exchanged expert valuation reports on the fair market
value of the stock and had extensive negotiations on this issue. The IRS also made parallel claims regarding the restricted stock units
against the Former Officers of the Company. The IRS asserted that the Former Officers received ordinary income from the stock grants,
and that they owe additional personal income taxes based on the fair market value of the stock. The Former Officers&#8217; cases, unlike
the Company&#8217;s case, are pending before the United States Tax Court. In the Tax Court litigation, the Former Officers are challenging
the IRS&#8217;s determinations regarding the fair market value of the restricted stock grants on October 1, 2014. The Former Officers
have separate counsel from the Company. The same IRS Appeals Officer and Revenue Agents assigned to the Company&#8217;s case are also
involved in the cases for the Former Officers. Throughout the proceedings, the Company has argued to the IRS that it is the Former Officers
who are directly and principally liable for the amount of any tax due, and not the Company.</span></p>

<p style="font: 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
Former Officers cases were scheduled for trial in Tax Court on March 9, 2020. The trial of the cases was continued by the Court on February
4, 2020. The basis for the continuance was that the IRS and the Former Officers had made progress toward a settlement of the valuation
issue involving the grants of the restricted stock. The Tax Court ordered the Former Officers to file status reports regarding progress
of their settlement negotiations with the IRS on or before February 28, 2021. The IRS and the Former Officers filed status reports with
the Tax Court on February 26, 2021. After receiving the status reports, the Tax Court issued an order directing the parties to file further
status reports on or before July 9, 2021. The Tax Court has not set a trial dates in the cases of the Former Officers.</span></p>

<p style="font: 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 29, 2021, an IRS Appeals Officer confirmed that the tax matter had exceeded the applicable statute of limitations and was deemed
closed from any further assessment by the IRS.</span></p>

<p style="font: 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 22, 2018, Richard Estalella filed an action against us and two other defendants in the Colorado District Court for the County
of Denver, seeking damages arising out of the IRS&#8217;s assertion of tax liability and penalties relating to the 2014 restricted stock
grants. We have answered Estalella&#8217;s complaint, asserted counterclaims against Estalella for his failure to ensure that all withholding
taxes were paid in connection with the 2014 restricted stock grants, and filed cross-claims against two valuation firms named in the
action (as well as their principals) for failing to properly value the 2014 restricted stock grants for tax purposes. The trial was
scheduled for February 7, 2022 but was ultimately settled in mediation. There are no amounts accrued related to this matter.</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">The
Company engaged in mediation with all parties to Estalella&#8217;s lawsuit on November 2, 2021. Following mediation, on November 3, 2021,
the Company approved a global settlement with the parties to Mr. Estalella&#8217;s lawsuit. The parties are currently in the process
of negotiating, finalizing, and executing the settlement agreement. This settlement agreement, upon finalization by the parties and dismissal
of the litigation by the Court, will constitute a full and final settlement of Mr. Estalella&#8217;s claims against all parties to the
litigation, including the Company, as well as of the Company&#8217;s claims against the two valuation firms.</span></p>

<p style="font: 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">This
matter is now closed.</span></p>

<p style="font: 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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:InterestIncomeAndInterestExpenseDisclosureTableTextBlock"><p id="xdx_89E_eus-gaap--InterestIncomeAndInterestExpenseDisclosureTableTextBlock_zslbF2ZDj8P7" style="font: 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 summarizes accrued expenses and interest expense incurred in 2021 and 2020 (in thousands):</span></p>

<p style="font: 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><span id="xdx_8BE_zvdLmh7xImwj" style="display: none">Schedule
of Accrued Expenses and Interest Expense</span> </p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4Excelsior Matter <sup id="xdx_F41_zudwRnuiUoMe"> (3)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eus-gaap--AccruedLiabilitiesCurrentAndNoncurrent_iI_c20211231__us-gaap--RelatedPartyTransactionAxis__custom--FourExcelsiorMatterMember_fKDIpKDMp_z6bZfH2gsHY6" title="Accrued expense" style="text-align: right"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrentAndNoncurrent" contextRef="AsOf2021-12-31_custom_FourExcelsiorMatterMember" id="Fact001187" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,938</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eus-gaap--AccruedLiabilitiesCurrentAndNoncurrent_iI_c20201231__us-gaap--RelatedPartyTransactionAxis__custom--FourExcelsiorMatterMember_fKDIpKDMp_zYoKyacZ4Xxk" title="Accrued expense" style="text-align: right"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrentAndNoncurrent" contextRef="AsOf2020-12-31_custom_FourExcelsiorMatterMember" id="Fact001189" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,597</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <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 id="xdx_985_eus-gaap--AccruedLiabilitiesCurrentAndNoncurrent_iI_c20201231__us-gaap--RelatedPartyTransactionAxis__custom--ThermoLifeInternationalMember_fKDIpKDQp_zZe9pmTfMyql" title="Accrued expense" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrentAndNoncurrent" contextRef="AsOf2020-12-31_custom_ThermoLifeInternationalMember" id="Fact001197" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,364</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Total</td><td>&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_ecustom--InterestIncomeExpense_pn3n3_c20200101__20201231_zNsyuQf5dDx3" title="Interest Expenses" style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="MSLP:InterestIncomeExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">246</ix:nonFraction></td><td style="text-align: left">)</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>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0A_zaDO6WuCuwRa">(1)</sup></span></td><td style="text-align: left"><span id="xdx_F10_zV9yo0lglkpk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001209" xml:lang="en-US">Accrued amount
on balance sheet is located in accounts payable.</ix:footnote></span></td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F03_zP7uQG5dMJOg">(2)</sup></span></td><td style="text-align: justify"><span id="xdx_F16_zTjlLBUYWIDg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001210" xml:lang="en-US">Accrued
                                            amount on balance sheet is located in accrued expenses.</ix:footnote></span></td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F05_zsS4UK5vwjn2">(3)</sup></span></td><td style="text-align: justify"><span id="xdx_F15_zWtwPs5C7RGc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001211" xml:lang="en-US">Accrued amount
on balance sheet takes into account short term and long term liability accounts.</ix:footnote></span></td>
</tr></table>

</ix:nonNumeric><p id="xdx_8A8_zjUJlBYC4Rgj" style="font: 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>


<ix:exclude><!-- Field: Page; Sequence: 105; 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 -->29<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>
<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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_80A_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zY2AUMhjrvT7" style="font: 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>Note
13. <span id="xdx_821_zmBLq2tI7VVe">Stockholders&#8217; Deficit</span></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>&#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>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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfStockholdersEquityTableTextBlock"><p id="xdx_89C_eus-gaap--ScheduleOfStockholdersEquityTableTextBlock_ziKbl2MGBHXk" style="font: 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 had the following issuances of common stock during the year ended December 31, 2021 (in thousands, except share and per share
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"><span id="xdx_8B9_zxD1cfEUYCe9" style="display: none">Schedule of Common Stock</span></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">Transaction Type</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Quantity (Shares)</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Valuation</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Range of Value<br />
 per Share</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left">Stock-based compensation for issuance and amortization of restricted stock awards to employees, executives, and directors</td><td style="width: 2%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; width: 11%; text-align: right"><span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited_pip0_c20210101__20211231__srt--TitleOfIndividualAxis__custom--DirectorsMember_zCOq7Cjpg4aj" title="Quantity shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited" contextRef="From2021-01-012021-12-31_custom_DirectorsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">280,916</ix:nonFraction></span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 11%; text-align: right"><span id="xdx_900_eus-gaap--StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures_pn3n3_c20210101__20211231__srt--TitleOfIndividualAxis__custom--DirectorsMember_zvH09Ztl1Mhb" title="Restricted stock forfeited, valuation"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures" contextRef="From2021-01-012021-12-31_custom_DirectorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">609</ix:nonFraction></span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt">Total</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_909_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pip0_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z9ZWOvPiKH46" title="Total, quantity"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">280,916</ix:nonFraction></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_901_eus-gaap--StockIssued1_pn3n3_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zVWqucwuNCrf" title="Total, valuation"><ix:nonFraction name="us-gaap:StockIssued1" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">609</ix:nonFraction></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_90F_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--RangeAxis__srt--MinimumMember_zrFu8kc9EWTa" title="Range of value per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-12-31_us-gaap_CommonStockMember_srt_MinimumMember" decimals="INF" unitRef="USDPShares">.40</ix:nonFraction></span> to $<span id="xdx_90A_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--RangeAxis__srt--MaximumMember_zqdvnKXuEtsf" title="Range of value per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-12-31_us-gaap_CommonStockMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.60</ix:nonFraction></span></span></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A1_z0PLIk0xVlF6" style="font: 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>Treasury
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">During
the years ended December 31, 2021 and 2020, the Company did not repurchase any shares of its common stock and held <span id="xdx_904_eus-gaap--TreasuryStockShares_iI_pp0p0_c20211231_zXR1tbWejnHh" title="Treasury stock, shares"><span id="xdx_90B_eus-gaap--TreasuryStockShares_iI_pp0p0_c20201231_zRiSuUao0JD8" title="Treasury stock, shares"><ix:nonFraction name="us-gaap:TreasuryStockShares" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Shares"><ix:nonFraction name="us-gaap:TreasuryStockShares" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Shares">875,621</ix:nonFraction></ix:nonFraction></span>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares in treasury as of December 31, 2021
and 2020.</span></p>

<p style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"><p id="xdx_803_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zsQaAF6MuuF" style="font: 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>Note
14. <span id="xdx_821_zzNQO8vcYjOa">Stock-Based Compensation</span></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">The
Company&#8217;s stock-based compensation for the years ended December 31, 2021 and 2020 consisted primarily of stock options and restricted
stock awards.</span></p>

<p style="font: 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"><b><i>Stock
Incentive Plans</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>&#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"><span style="text-decoration: underline">2021
Omnibus Equity Incentive Plan</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">On
December 22, 2021, the Board of Directors adopted the 2021 Omnibus Equity Incentive Plan (the &#8220;2021 Plan&#8221;) and the issuance
of an option to purchase <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward_pid_c20211222__20211222__us-gaap--PlanNameAxis__custom--TwoThousandTwentyOneAndOmnibusEquityIncentivePlanMember_zqnY94d1uLDi" title="Purchase of share based compensation"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward" contextRef="From2021-12-222021-12-22_custom_TwoThousandTwentyOneAndOmnibusEquityIncentivePlanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,811,000</ix:nonFraction></span> shares of common stock of the Company, exercisable at a price of $<span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20211222__us-gaap--PlanNameAxis__custom--TwoThousandTwentyOneAndOmnibusEquityIncentivePlanMember_zxbWyItwuuY5" title="Option to exercisable price per share"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" contextRef="AsOf2021-12-22_custom_TwoThousandTwentyOneAndOmnibusEquityIncentivePlanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.40</ix:nonFraction></span>, to Sabina Rizvi, the President
and Chief Financial Officer of the Company pursuant to the 2021 Plan. <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription_c20210101__20211231_zlbDGmtYvANd" title="Share based compensation description"><ix:nonNumeric contextRef="From2021-01-012021-12-31" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription">The option vested 50% upon issuance and the remaining (50%) in
five (5) equal monthly installments commencing on December 4, 2021 and becoming fully vested on April 4, 2022. Ms. Rizvi&#8217;s acceptance
of the option and the option granted thereunder waived any right to receive a two percent (2%) transaction bonus upon a sale of the Company
pursuant to that certain offer letter by and between the Company and Ms. Rizvi dated April 1, 2021.</ix:nonNumeric></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"><span style="text-decoration: underline">2015
Incentive Compensation Plan</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">In
2015, the Board adopted the MusclePharm Corporation 2015 Incentive Compensation Plan (the &#8220;2015 Plan&#8221;). The 2015 Plan provides
for the issuance of incentive stock options, non-qualified stock options, restricted stock, stock appreciation rights, restricted stock
units, dividend equivalent rights, and other cash- and stock-based awards to employees, consultants and directors of the Company or its
subsidiaries.</span></p>

<p style="font: 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
2015 Plan is administered by the Board, unless the Board elects to delegate administration responsibilities to a committee (either of
the foregoing, or their authorized delegates, the &#8220;plan administrator&#8221;), and will continue in effect until terminated. The
2015 Plan may be amended, modified or terminated, subject to stockholder approval to the extent necessary to comply with applicable law
or to the extent an amendment increases the number of shares available under the 2015 Plan or permits the extension of the exercise period
for an stock option or stock appreciation right beyond ten years from the date of grant, and, with respect to outstanding awards, subject
to the consent of the holder thereof if the amendment, modification or termination materially and adversely affects such holder. The
total number of shares that may be issued under the 2015 Plan cannot exceed <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized_pid_c20210101__20211231__us-gaap--PlanNameAxis__custom--TwoThousandFifteenIncentiveCompensationPlanMember_zp78BhrTwjff" title="Shares issued"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized" contextRef="From2021-01-012021-12-31_custom_TwoThousandFifteenIncentiveCompensationPlanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,000,000</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
subject to adjustment in the event of certain changes in the capital structure of the Company. As of December 31, 2021 and 2020, there
were <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_pid_c20211231__us-gaap--PlanNameAxis__custom--TwoThousandFifteenIncentiveCompensationPlanMember_zVQeSeqOpvYf" title="Granted shares"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" contextRef="AsOf2021-12-31_custom_TwoThousandFifteenIncentiveCompensationPlanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">576,494</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares and <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_c20211231__us-gaap--PlanNameAxis__custom--TwoThousandFifteenIncentiveCompensationPlanMember_zLSJQIxtZkba" title="Granted shares"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" contextRef="AsOf2021-12-31_custom_TwoThousandFifteenIncentiveCompensationPlanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">576,494</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">remaining shares available for issuance under
the 2015 Plan.</span></p>

<p style="font: 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>


<ix:exclude><!-- Field: Page; Sequence: 106; 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 -->30<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<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
plan administrator determines the individuals who are issued awards and the terms and conditions of the awards, including vesting terms
and conditions. The plan administrator also determines the methods by which the exercise price of stock options may be paid, which may
include a combination of cash or check, shares, a promissory note or other property, and the methods by which shares are delivered.</span></p>

<p style="font: 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 2015 Plan, in any calendar year, the maximum number of shares with respect to which awards may be granted to any one participant
during the year is <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfSharesPerEmployee_pid_c20210101__20211231__us-gaap--PlanNameAxis__custom--TwoThousandFifteenIncentiveCompensationPlanMember_zevpK93oYqU9" title="Maximum number of shares granted to employee"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfSharesPerEmployee" contextRef="From2021-01-012021-12-31_custom_TwoThousandFifteenIncentiveCompensationPlanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">350,000</ix:nonFraction></span> shares, subject to adjustment in the event of specified changes in the capital structure of the Company, and
the maximum amount that may be paid in cash during any calendar year with respect to any award is $<span id="xdx_905_ecustom--AdjustmentToCashPaid_iI_pn5n6_c20211231__us-gaap--PlanNameAxis__custom--TwoThousandFifteenIncentiveCompensationPlanMember_zfuQwEQeQQQf" title="Adjustment to cash paid"><ix:nonFraction name="MSLP:AdjustmentToCashPaid" contextRef="AsOf2021-12-31_custom_TwoThousandFifteenIncentiveCompensationPlanMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.5</ix:nonFraction></span> million.</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>Restricted
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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock"><p id="xdx_897_eus-gaap--ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock_zjw7v3AjvbMe" style="font: 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
restricted stock awards granted to employees, executives and board members during the years ended December 31, 2021 and 2020 were as
follows (in thousands):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B8_zK9Q0iUhtaY2">Schedule of Restricted Stock Awards Granted to Employees, Executives and Board Members</span></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>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Unvested Restricted Stock Awards</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of Shares</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted Average Grant Date Fair Value</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 68%">Unvested balance - December 31, 2019</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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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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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Unvested balance - December 31, 2020</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Vested</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>Forfeited</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Unvested balance - December 31, 2021</td><td>&#160;</td>
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    <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20210101__20211231_z5CSWbGH45vj" title="Weighted Average Grant Date Fair Value Unvested, ending balance"><span style="-sec-ix-hidden: xdx2ixbrl1291">-</span></span></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A3_zYWO2wH8eAe5" style="font: 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">There
were <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited_pip0_c20210101__20211231_zkk2ot4P0Ec3" title="Restricted stock award"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">50,000</ix:nonFraction></span> restricted stock awards granted and subsequently forfeited during the year ended December 31, 2021. There were <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited_pp0p0_do_c20200101__20201231_zqq109Rdfrn2" title="Restricted stock award"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited" contextRef="From2020-01-012020-12-31" format="ixt-sec:numwordsen" decimals="0" scale="0" unitRef="Shares">no</ix:nonFraction></span> restricted
stock awards granted for the year ended December 31, 2020.</span></p>

<p style="font: 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 December 31, 2021, there was <span id="xdx_909_eus-gaap--UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense_do_c20210101__20211231_zQf6UNro7Vj3" title="Unrecognized tax benefits"><ix:nonFraction name="us-gaap:UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense" contextRef="From2021-01-012021-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></span> unrecognized expense for unvested restricted stock awards.</span></p>

<p style="font: 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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock"><p id="xdx_89A_eus-gaap--ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock_zoO6Db5jHt94" style="font: 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
the year ended December 31, 2020, the Company had the following transactions related to its common stock including restricted stock awards
(in thousands, except share and per share data):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B6_z3uhHOBYVh3l">Schedule
of Restricted Stock Awards Activity</span></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">Transaction Type</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Quantity (Shares)</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Valuation</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Range of Value<br />
 per Share</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left">Stock issued for advertising services</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_983_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_pid_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z6yaSpTRRgI5" title="Stock issued for advertising services, shares" style="width: 11%; text-align: right"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">226,722</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zELkD22lJOx4" title="Stock issued  for advertising services, value" style="width: 11%; text-align: right"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueIssuedForServices" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">204</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><span id="xdx_903_eus-gaap--SharePrice_iI_pid_c20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z32ex03CU0re" title="Stock issued for advertising services, share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-12-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.90</ix:nonFraction></span></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Restricted stock forfeited by directors</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98D_ecustom--StockIssuedDuringPeriodSharesForgeitureOfUnvestedRestrictedStock_pid_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_ze49TG2ktls8" title="Restricted stock forfeited by directors, shares" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="MSLP:StockIssuedDuringPeriodSharesForgeitureOfUnvestedRestrictedStock" contextRef="From2021-01-012021-12-31_us-gaap_RestrictedStockMember" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="Shares">121,850</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_987_ecustom--StockIssuedDuringPeriodValueForgeitureOfUnvestedRestrictedStock_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zAxVH9zgag8d" title="Restricted Stock forfeited by directors, value" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="MSLP:StockIssuedDuringPeriodValueForgeitureOfUnvestedRestrictedStock" contextRef="From2021-01-012021-12-31_us-gaap_RestrictedStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">51</ix:nonFraction></td><td style="text-align: left">)</td><td>&#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"><span id="xdx_907_eus-gaap--SharePrice_iI_pid_c20211231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zR1c1lqHZYJ6" title="Restricted stock forfeited by directors, per share"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-12-31_us-gaap_RestrictedStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.42</ix:nonFraction></span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt">Total</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_983_ecustom--StockIssuedandRestrictedStockForfeitedShares_pid_c20210101__20211231_zM9Jq4dxCObh" title="Stock issued and restricted stock forfeited" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="MSLP:StockIssuedandRestrictedStockForfeitedShares" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">104,872</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98F_ecustom--StockIssuedandRestrictedStockForfeitedValues_c20210101__20211231_zolpgrqw4FL3" title="Stock issued and restricted stock forfeited value" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="MSLP:StockIssuedandRestrictedStockForfeitedValues" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">153</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ <span id="xdx_90B_eus-gaap--SharePrice_iI_pid_c20211231__srt--RangeAxis__srt--MinimumMember_zYxB8pz21PJb" title="Stock issued and restricted stock forfeited, per share"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-12-31_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.42</ix:nonFraction></span> to $<span id="xdx_907_eus-gaap--SharePrice_iI_pid_c20211231__srt--RangeAxis__srt--MaximumMember_zeRoyVwbec69" title="Stock issued and restricted stock forfeited, per share"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-12-31_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.90</ix:nonFraction></span></span></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A3_znAjHVp11bV6" style="font: 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>Stock
Options</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">The
Company may grant options to purchase shares of the Company&#8217;s common stock to certain employees and directors pursuant to the 2021
Omnibus Equity Incentive Plan or the 2015 Plan. Under both plans, all stock options are granted with an exercise price equal to or greater
than the fair market value of a share of the Company&#8217;s common stock on the date of grant. No stock option may be exercisable more
than ten years after the date it is granted.</span></p>

<p style="font: 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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    <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 -->31<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<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">On
May 12, 2021, the Company entered into an Agreement (the &#8220;Agreement&#8221;) with Joseph Cannata (&#8220;Cannata&#8221;), pursuant
to which the Company has engaged Cannata on a non-exclusive basis to assist with the growth of the Company&#8217;s energy beverage product
line. In connection with entry into the Agreement, the Company issued to Cannata an option to purchase <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_pid_c20210512__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CannataMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember_zRr1OZ1Rg51c"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2021-05-12_custom_CannataMember_custom_AgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,673,994</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company&#8217;s common stock at
a price per share of $<span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iI_pid_c20210512__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CannataMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember_zDkwzhDTt5Xa"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2021-05-12_custom_CannataMember_custom_AgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.12</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
These options will vest in two equal tranches upon the achievement of certain net revenue milestones related to the Company&#8217;s energy
beverage products. The estimated fair value of this grant is $<span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20210512__20210512__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CannataMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember_zIqm9bJ3Dsb7" title="Granted fair value"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" contextRef="From2021-05-122021-05-12_custom_CannataMember_custom_AgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.11</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and was determined by using the Black-Scholes
option pricing model with an average term of <span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20210512__20210512__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CannataMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember_zsoEheeJM9C1"><ix:nonNumeric contextRef="From2021-05-122021-05-12_custom_CannataMember_custom_AgreementMember" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">7.5</ix:nonNumeric>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">years; annual volatility rate of <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_c20210512__20210512__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CannataMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember_z4nbya1NP0L3"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2021-05-122021-05-12_custom_CannataMember_custom_AgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">205</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%;
discount rate of <span id="xdx_90D_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountRate_pid_dp_c20210512__20210512__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CannataMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember_zU8RrGTPf5D4"><ix:nonFraction name="MSLP:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountRate" contextRef="From2021-05-122021-05-12_custom_CannataMember_custom_AgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.34</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%;
and <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_c20210512__20210512__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CannataMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember_zMy495ruhc8l"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2021-05-122021-05-12_custom_CannataMember_custom_AgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
for dividend rate. The fair value of option is recognized over the requisite vesting period which is deemed to be equal to the term of
the security.</span></p>

<p style="font: 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
July 26, 2021, the Company entered into a Modification Agreement (the &#8220;Modification&#8221;) with Prestige Capital Finance, LLC
(&#8220;Prestige&#8221;), providing a second over-advance from the purchase and sale agreement dated January 2016. The over-advance provided
$2 million of funding to the Company, to be repaid within the earlier of six months from the date of the agreement, or when the Company
arranges additional funding. In connection with the Modification, the Company granted options to Prestige to purchase <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20210725__20210726_zGAuqaGtEK4c" title="Options Granted"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2021-07-252021-07-26" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">18,750</ix:nonFraction></span> shares of
the Company&#8217;s common stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #201F1E"><span style="font-family: Times New 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
August 12, 2021, the Company entered into an Agreement (the &#8220;Agreement&#8221;) with T.J. Dillashaw (&#8220;Dillashaw&#8221;), pursuant
to which the Company has engaged Dillashaw on a non-exclusive basis to promote the Company&#8217;s energy beverage product line. In connection
with entry into the Agreement, the Company issued to Dillashaw an option to purchase <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20210811__20210812_zGFKr7Z3fUOg" title="Options Granted"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2021-08-112021-08-12" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></span> shares of the Company&#8217;s common stock.
The estimated fair value of this grant is $<span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iI_pp0p0_c20210812__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DillashawMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember_zg8jEwZqCmH2" title="Granted Fair value"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" contextRef="AsOf2021-08-12_custom_DillashawMember_custom_AgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">78,000</ix:nonFraction></span> and was determined by using the Black-Scholes option pricing model with a <span id="xdx_90D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dxL_c20210811__20210812__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DillashawMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember_zu6UD3z0cym6" title="::XDX::P1Y"><span style="-sec-ix-hidden: xdx2ixbrl1334">one</span></span> year
term; annual volatility rate of <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_c20210811__20210812__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DillashawMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember_zIGT0l0UVNrd" title="Expected Volatility Rate"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2021-08-112021-08-12_custom_DillashawMember_custom_AgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">206</ix:nonFraction></span>%; discount rate of <span id="xdx_90F_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountRate_pid_dp_c20210811__20210812__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DillashawMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember_zKfyvTxJSEpe" title="Discount Rate"><ix:nonFraction name="MSLP:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountRate" contextRef="From2021-08-112021-08-12_custom_DillashawMember_custom_AgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.34</ix:nonFraction></span>%; and <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_c20210811__20210812__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DillashawMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember_z3eyGVDWdXk9" title="Expected Dividend Rate"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2021-08-112021-08-12_custom_DillashawMember_custom_AgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></span>% for dividend rate. The fair value of option is recognized over the
requisite vesting period which is deemed to be equal to the term of the security.</span></p>

<p style="font: 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 28, 2021, the Company entered into an Agreement (the &#8220;Agreement&#8221;) with Jason May (&#8220;May&#8221;), pursuant to
which the Company has engaged May on a non-exclusive basis to assist with the growth of the Company&#8217;s energy beverage product line.
In connection with entry into the Agreement, the Company issued May an option to purchase <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_pid_c20211028__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MayMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember_znWpvA1TI4V8" title="Option to purchase shares"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2021-10-28_custom_MayMember_custom_AgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,673,994</ix:nonFraction></span> shares of the Company&#8217;s common
stock at a price per share of $<span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iI_pid_c20211028__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MayMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember_z3NB5eiInsb1" title="Common stock price per share"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2021-10-28_custom_MayMember_custom_AgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.70</ix:nonFraction></span>. These options will vest in two equal tranches upon the achievement of certain net revenue milestones
related to the Company&#8217;s energy beverage products. The estimated fair value of this grant is $<span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iI_pn5n6_c20211028__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MayMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember_ztctDVphyn3e" title="Granted fair value"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" contextRef="AsOf2021-10-28_custom_MayMember_custom_AgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2</ix:nonFraction></span> million and was determined by using
the Black-Scholes option pricing model with an average term of <span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20211001__20211028__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MayMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember_zQBg3YpEopN4" title="Expected Term"><ix:nonNumeric contextRef="From2021-10-012021-10-28_custom_MayMember_custom_AgreementMember" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">7.5</ix:nonNumeric></span> years; annual volatility rate of <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_c20211001__20211028__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MayMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember_zGwBvN2qF4G9" title="Expected Volatility Rate"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2021-10-012021-10-28_custom_MayMember_custom_AgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">208</ix:nonFraction></span>%; discount rate of <span id="xdx_900_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountRate_pid_dp_c20211001__20211028__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MayMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember_zMURZsm4pqnc" title="Discount Rate"><ix:nonFraction name="MSLP:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountRate" contextRef="From2021-10-012021-10-28_custom_MayMember_custom_AgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.44</ix:nonFraction></span>%; and
<span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_c20211001__20211028__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MayMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember_zpVwKxHckPfh" title="Expected Dividend Rate"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2021-10-012021-10-28_custom_MayMember_custom_AgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></span>% for dividend rate. The fair value of option is recognized over the requisite vesting period which is deemed to be equal to the term
of the security.</span></p>

<p style="font: 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 21, 2021, as discussed above, the Company entered an agreement under the 2021 Plan with Sabina Rizvi, President and Chief Financial
Officer of the Company to issue an option to purchase <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_pid_c20211221__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SabinaRizviMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember_zHxjSbXc5qb4" title="Option to purchase shares"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2021-12-21_custom_SabinaRizviMember_custom_AgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,811,000</ix:nonFraction></span> shares of common stock of the Company, exercisable at a price of $<span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iI_pid_c20211221__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SabinaRizviMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember_zWuZ1SjjdHJ5" title="Exercise price per share"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2021-12-21_custom_SabinaRizviMember_custom_AgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.40</ix:nonFraction></span>.
The estimated fair value of this grant is $<span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iI_pp0p0_c20211221__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SabinaRizviMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember_znjPEeCTx3Q7" title="Granted fair value"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" contextRef="AsOf2021-12-21_custom_SabinaRizviMember_custom_AgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">721,000</ix:nonFraction></span> and was determined by using the Black-Scholes option pricing model with a term of
<span id="xdx_903_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20211201__20211221__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SabinaRizviMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember_zrI6xgLpiLQa" title="Expected Term"><ix:nonNumeric contextRef="From2021-12-012021-12-21_custom_SabinaRizviMember_custom_AgreementMember" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">7</ix:nonNumeric> </span>years; annual volatility rate of <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_c20211201__20211221__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SabinaRizviMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember_zuJasGum8kKe" title="Expected Volatility Rate"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2021-12-012021-12-21_custom_SabinaRizviMember_custom_AgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">208</ix:nonFraction></span>%; discount rate of <span id="xdx_908_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountRate_pid_dp_c20211201__20211221__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SabinaRizviMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember_zx36Ob9xJSei" title="Discount Rate"><ix:nonFraction name="MSLP:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountRate" contextRef="From2021-12-012021-12-21_custom_SabinaRizviMember_custom_AgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.39</ix:nonFraction></span>%; and <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_c20211201__20211221__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SabinaRizviMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember_zWo1N7BL3HKi" title="Expected Dividend Rate"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2021-12-012021-12-21_custom_SabinaRizviMember_custom_AgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></span>% for dividend rate. The fair value of option is recognized over
the requisite vesting period. Upon issuance of this option, the previous incentive compensation discussed above was terminated and all
related stock compensation expense recorded in 2021 was reversed.</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021 and 2020, the Company recorded approximately $<span id="xdx_90D_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CannataMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember_zfYGWjDF1gVg" title="Share-based Payment Arrangement, Expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31_custom_CannataMember_custom_AgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">653,000</ix:nonFraction></span> and $<span id="xdx_909_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20200101__20201231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CannataMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember_zLXCiit3h6gf" title="Share-based Payment Arrangement, Expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2020-01-012020-12-31_custom_CannataMember_custom_AgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">144,000</ix:nonFraction></span> of stock-based compensation expense
related to stock options.</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>


<ix:exclude><!-- Field: Page; Sequence: 108; 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 -->32<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<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"></p><p style="font: 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>Stock
Options Summary 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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock"><p id="xdx_898_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zCysOnw9HV4j" style="font: 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 describes the total options outstanding, granted, exercised, expired and forfeited as of and during the years ended December
31, 2021 and 2020, as well as the total options exercisable as of December 31, 2021.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B9_z5ViI9eBvlY2">Summary of Stock Options Outstanding, Granted, Exercised, Expired and Forfeited</span></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>&#160;</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Options Outstanding</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Weighted Average Exercise Price Per Share</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Weighted Average Fair Value of Options</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Weighted Average Remaining Contractual Life (Years)</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Aggregate Intrinsic Value</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%">Issued and outstanding as of December 31, 2019</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>Granted</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20200101__20201231_zlbaKh2MkIa7" title="Weighted Average Exercise Price Per Share, Granted" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1388">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Exercised</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_c20200101__20201231_zmaNIsc2r1V4" title="Options Exercised" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1392">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20200101__20201231_z9dMK4aKhNa4" title="Weighted Average Exercise Price Per Share, Exercised" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1394">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingExercisedInPeriodIntrinsicValue_c20200101__20201231_zaDKWjepHgok" title="Aggregate Intrinsic Value, Exercised" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1396">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Forfeited</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_pid_c20200101__20201231_zZT1vSr2iFq5" title="Options Forfeited" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1398">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_c20200101__20201231_zALAe3UuJNd1" title="Weighted Average Exercise Price Per Share, Forfeited" style="padding-bottom: 1.5pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1400">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td id="xdx_983_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingForfeitedInPeriodIntrinsicValue_c20200101__20201231_zk44rAY5yzzg" title="Aggregate Intrinsic Value, Forfeited" style="padding-bottom: 1.5pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1402">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Issued and outstanding as of December 31, 2020</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20210101__20211231_zOAMgHaM1jxc" title="Options Issued and outstanding, beginning balance" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">171,703</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20210101__20211231_zvgcAZiVxcQ4" title="Weighted Average Exercise Price Per Share Beginning Balance"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.89</ix:nonFraction></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_901_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsWeightedAverageGrantDateFairValue_iS_pid_c20210101__20211231_z50UmGnI2Ts7" title="Weighted Average Fair Value of Options Beginning Balance"><ix:nonFraction name="MSLP:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsWeightedAverageGrantDateFairValue" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.72</ix:nonFraction></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20210101__20211231_zCGG9evinIf8" title="Weighted Average Remaining Contractual Life (Years) Beginning Balance"><ix:nonNumeric contextRef="From2021-01-012021-12-31" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2">6.17</ix:nonNumeric></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>Granted</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20210101__20211231_zPkysJAwotBh" title="Options Granted" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,227,738</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20210101__20211231_zhu9Xwa6fQz3" title="Weighted Average Exercise Price Per Share, Granted"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.74</ix:nonFraction></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_909_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsWeightedAverageGrantedDateFairValue_pid_c20210101__20211231_zhseC8bVXvn4" title="Weighted Average Fair Value of Options, Granted"><ix:nonFraction name="MSLP:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsWeightedAverageGrantedDateFairValue" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.74</ix:nonFraction></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingGrantsInPeriodIntrinsicValue_c20210101__20211231_zXP3Uew4u13k" title="Aggregate Intrinsic Value, Granted" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1422">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Exercised</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_c20210101__20211231_zEvCC0w5ARB9" title="Options Exercised" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1424">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20210101__20211231_zsHdy3BuVyNi" title="Weighted Average Exercise Price Per Share, Exercised" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1426">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingExercisedInPeriodIntrinsicValue_c20210101__20211231_zISIFad6qdD9" title="Aggregate Intrinsic Value, Exercised" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1428">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Forfeited</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_pid_c20210101__20211231_zalLfz2dZvD7" title="Options Forfeited" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1430">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_c20210101__20211231_zV6mUpkZvyB8" title="Weighted Average Exercise Price Per Share, Forfeited" style="padding-bottom: 1.5pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1432">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td id="xdx_983_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingForfeitedInPeriodIntrinsicValue_c20210101__20211231_zAMT0xxjmv9k" title="Aggregate Intrinsic Value, Forfeited" style="padding-bottom: 1.5pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1434">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Issued and outstanding as of December 31, 2021</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20210101__20211231_zEzyZ27eVfQ1" title="Options Issued and outstanding, ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,399,441</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20210101__20211231_zKnvck3pukPd" title="Weighted Average Exercise Price Per Share Ending Balance"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.74</ix:nonFraction></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_903_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsWeightedAverageGrantDateFairValue_iE_pid_c20210101__20211231_zt5bfeuXvAsd" title="Weighted Average Fair Value of Options Ending Balance"><ix:nonFraction name="MSLP:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsWeightedAverageGrantDateFairValue" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.74</ix:nonFraction></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_902_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm_dtY_c20210101__20211231_z8DadhDrQOjl" title="Weighted Average Remaining Contractual Life (Years) Ending Balance"><ix:nonNumeric contextRef="From2021-01-012021-12-31" format="ixt-sec:duryear" name="MSLP:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm">4.19</ix:nonNumeric></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_c20210101__20211231_zAX6fWXDN9c5" title="Aggregate Intrinsic Value  Ending Balance" style="padding-bottom: 2.5pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1444">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Exercisable as of December 31, 2021</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_pid_c20210101__20211231_zjfOBYnLuFf9" title="Options Exercisable" style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1446">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8AE_zmVKCunJSxtc" style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:DefinedContributionPlanTextBlock"><p id="xdx_806_eus-gaap--DefinedContributionPlanTextBlock_z8z6sAS8Vylb" style="font: 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>Note
15. <span id="xdx_829_zU0B32fhQ3Gl">Defined Contribution Plan</span></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
Company established a 401(k) Plan (the &#8220;401(k) Plan&#8221;) for eligible employees of the Company. Generally, all employees of
the Company who are at least twenty-one years of age and who have completed six months of service are eligible to participate in the
401(k) Plan. The 401(k) Plan is a defined contribution plan that provides that participants may make voluntary salary deferral contributions,
on a pretax basis, in the form of voluntary payroll deductions. The Company may make discretionary matching contributions. For each of
the years ended December 31, 2021 and 2020, the Company&#8217;s matching contributions were approximately $<span id="xdx_90C_eus-gaap--DefinedContributionPlanEmployerDiscretionaryContributionAmount_pp0p0_c20210101__20211231_z4PhO1IW62v" title="Defined contribution plan, employer discretionary contribution amount"><ix:nonFraction name="us-gaap:DefinedContributionPlanEmployerDiscretionaryContributionAmount" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">55,000</ix:nonFraction></span> and $<span id="xdx_903_eus-gaap--DefinedContributionPlanEmployerDiscretionaryContributionAmount_c20200101__20201231_pp0p0" title="Defined contribution plan, employer discretionary contribution amount"><ix:nonFraction name="us-gaap:DefinedContributionPlanEmployerDiscretionaryContributionAmount" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">87,000</ix:nonFraction></span> respectively.</span></p>

<p style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:EarningsPerShareTextBlock"><p id="xdx_807_eus-gaap--EarningsPerShareTextBlock_zlblquKqV0i7" style="font: 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>Note
16. <span id="xdx_820_zrWS60rU6dX9">Net Income (Loss) per Share</span></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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock"><p id="xdx_89A_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zwngdCc10ix6" style="font: 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 computation of the Company&#8217;s basic and diluted net income (loss) per share for the years presented
(in thousands, except share and per share data):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B4_zc7ldudgQCb2">Schedule of Basic and Diluted Net Income (loss) Per Share</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_493_20210101__20211231_zHNbpxG7ox89" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_49B_20200101__20201231_zyJu2wjJY9y2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr id="xdx_406_eus-gaap--NetIncomeLoss_i_pn3n3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 56%; text-align: left">Net Income (loss)</td><td style="width: 2%">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 18%; text-align: right">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">12,866</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 18%; text-align: right"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,185</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_zwKJ6C1IV5H9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Weighted average common shares used in computing net income (loss) per share, basic</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">33,386,200</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">32,812,462</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_ecustom--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShare_pid_zjLdh9hulrS1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Potentially diluted securities</td><td>&#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"><span style="-sec-ix-hidden: xdx2ixbrl1470">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#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"><ix:nonFraction name="MSLP:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShare" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">8,359,999</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_ecustom--WeightedAverageCommonSharesUsedInComputingNetIncomeLossPerShareDiluted_pid_z9seS04TYpw2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Weighted average common shares used in computing net income (loss) per share, diluted</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="MSLP:WeightedAverageCommonSharesUsedInComputingNetIncomeLossPerShareDiluted" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">33,386,200</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="MSLP:WeightedAverageCommonSharesUsedInComputingNetIncomeLossPerShareDiluted" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">41,172,461</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--EarningsPerShareBasic_pid_zBn9aopxij7b" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net income (loss) per share, basic</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.39</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.10</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_ecustom--NetIncomeLossPerShareDiluted_pid_zR6pWg6H9i25" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net income (loss) per share, diluted</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="MSLP:NetIncomeLossPerShareDiluted" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.39</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="MSLP:NetIncomeLossPerShareDiluted" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.08</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A9_zVwqfl2DWy4l" style="font: 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">Basic
net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of shares of common
stock outstanding during each period.</span></p>

<p style="font: 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">Diluted
net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of shares of common
stock, common stock equivalents and potentially dilutive securities outstanding during each period. The Company uses the treasury stock
method to determine whether there is a dilutive effect of outstanding potentially dilutive securities, and the if-converted method to
assess the dilutive effect of the convertible notes.</span></p>

<p style="font: 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 reported a net income for the year ended December 31, 2020. For the year ended December 31, 2021, the Company incurred a net
loss, in which <span id="xdx_90D_eus-gaap--WeightedAverageNumberDilutedSharesOutstandingAdjustment_pid_c20210101__20211231_zim9I1e6Fv5a" title="Potentially diluted securities"><ix:nonFraction name="us-gaap:WeightedAverageNumberDilutedSharesOutstandingAdjustment" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">16,154,795</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potentially dilutive securities related to
Mr. Drexler&#8217;s convertible notes outstanding were excluded in the computation for the diluted net income per share for the year
ended December 31, 2021, but included in the computation for the year ended December 31, 2020.</span></p>

<p style="font: 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>


<ix:exclude><!-- Field: Page; Sequence: 109; Value: 1 -->
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    <!-- Field: /Page --></ix:exclude>

<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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock"><p id="xdx_89D_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zu0lyXHWUnJ6" style="font: 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 securities were excluded from the computations of the diluted net income (loss) per share, for the year ended December 31,
2021 and 2020 as the effect of the securities would be anti-dilutive:</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 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B6_zoTssW7CZtS5">Schedule of Outstanding Potentially Dilutive Securities</span></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>&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 68%; text-align: left">Stock options</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left"></td><td id="xdx_983_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pip0_c20210101__20211231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--StockOptionsMember_zwq8CFVCqIZ6" title="Total common stock equivalents" style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2021-01-012021-12-31_custom_StockOptionsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">5,399,441</ix:nonFraction></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 id="xdx_983_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pip0_c20200101__20201231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--StockOptionsMember_zS2xK5paZOo7" title="Total common stock equivalents" style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2020-01-012020-12-31_custom_StockOptionsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">171,703</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Warrants</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pip0_c20210101__20211231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--WarrantsMember_zBSu9KwrPzCd" title="Total common stock equivalents" style="text-align: right"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2021-01-012021-12-31_custom_WarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">17,355,700</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pip0_c20200101__20201231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--WarrantsMember_zbKEJdid3Jib" title="Total common stock equivalents" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1492">-</span></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">Convertible notes</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pip0_c20210101__20211231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--ConvertibleNotesMember_zTt7uROCpKeb" title="Total common stock equivalents" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2021-01-012021-12-31_custom_ConvertibleNotesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">16,154,795</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pip0_c20200101__20201231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--ConvertibleNotesMember_zBtwY5A6YlUk" title="Total common stock equivalents" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1496">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Total common stock equivalents</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"></td><td id="xdx_981_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pip0_c20210101__20211231_zMz7yCYOX7d7" title="Total common stock equivalents" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">38,909,936</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table>

</ix:nonNumeric><p id="xdx_8A1_z79YXw2uEvLl" style="font: 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">&#160;</span></p>

<p style="font: 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
average exercise price of the stock options and warrants as of December 31, 2021 is $<span id="xdx_90D_eus-gaap--StockOptionExercisePriceIncrease_pid_c20210101__20211231_zqQLAxBSYLhj" title="Stock option exercise price"><ix:nonFraction name="us-gaap:StockOptionExercisePriceIncrease" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.80</ix:nonFraction></span> and $<span id="xdx_90D_eus-gaap--WarrantExercisePriceIncrease_pid_c20210101__20211231_z006jkTAs8Gl" title="Warrant exercise price"><ix:nonFraction name="us-gaap:WarrantExercisePriceIncrease" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.78</ix:nonFraction></span>, respectively.</span></p>
<!-- Field: Split-Segment; Name: 001 -->
<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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_80A_eus-gaap--IncomeTaxDisclosureTextBlock_zpCyMtiMDQy4" style="font: 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>Note
17. <span id="xdx_824_zofkUBKk7AT6">Income Taxes</span></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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock"><p id="xdx_896_eus-gaap--ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_zpKDoblYux39" style="font: 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
components of income (loss) before provision for income taxes for the years ended December 31, 2021 and 2020 are as follows (in thousands):</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 id="xdx_8B8_zXwTT2ts5ao2" style="display: none">Schedule of Components of Income (Loss) Before Provision for Income Taxes</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_49C_20210101__20211231_zCAeQRO2ZuL8" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_49A_20200101__20201231_zqigRtVj1sE4" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Years Ended December 31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic_pn3n3_maILFCOziNr_zPcq216Zsrjh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%">Domestic</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">12,874</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,160</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign_pn3n3_maILFCOziNr_zKryeEXbwTO4" style="vertical-align: bottom; background-color: White">
    <td>Foreign</td><td>&#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"><span style="-sec-ix-hidden: xdx2ixbrl1513">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#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"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_pn3n3_mtILFCOziNr_zzw2tfG3w0a2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Income (loss) before provision for income taxes</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">12,874</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,166</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AA_zx7SoxY9MwE7" 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">Income
taxes are provided for the tax effects of transactions reported in the consolidated financial statements and consist of taxes currently
due. Deferred taxes relate to differences between the basis of assets and liabilities for financial and income tax reporting which will
be either taxable or deductible when the assets or liabilities are recovered or settled.</span></p>

<p style="font: 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; color: #222222"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has federal net operating loss carryforwards of $<span id="xdx_90E_eus-gaap--OperatingLossCarryforwards_iI_pn5n6_c20211231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--DomesticCountryMember_zicYetsh0jv8"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2021-12-31_us-gaap_DomesticCountryMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">49.2</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million and $<span id="xdx_903_eus-gaap--OperatingLossCarryforwards_iI_pn6n6_c20201231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--DomesticCountryMember_ztFnqrMnkLyl"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2020-12-31_us-gaap_DomesticCountryMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">42</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million as of December 31, 2021 and 2020, respectively,
of which $<span id="xdx_906_eus-gaap--OperatingLossCarryforwards_iI_pn5n6_c20211231__srt--StatementScenarioAxis__custom--ExpireBetweenTwoThousandThirtyOneAndTwoThousandThirtyEightMember__us-gaap--IncomeTaxAuthorityAxis__us-gaap--DomesticCountryMember_zKTCvtS5MJpa"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2021-12-31_custom_ExpireBetweenTwoThousandThirtyOneAndTwoThousandThirtyEightMember_us-gaap_DomesticCountryMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">14.2</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million will expire between 2031 and 2038
and $<span id="xdx_90D_eus-gaap--OperatingLossCarryforwards_iI_pn6n6_c20211231__srt--StatementScenarioAxis__custom--IndefinitelyMember__us-gaap--IncomeTaxAuthorityAxis__us-gaap--DomesticCountryMember_znf9ugdhlNe7"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2021-12-31_custom_IndefinitelyMember_us-gaap_DomesticCountryMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">35</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million can be carried forward indefinitely.
The Company has estimated state net operating loss carryforwards of $<span id="xdx_901_eus-gaap--OperatingLossCarryforwards_iI_pn6n6_c20211231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--StateAndLocalJurisdictionMember_zQVsKMqgAIP2"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2021-12-31_us-gaap_StateAndLocalJurisdictionMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">41</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million and $<span id="xdx_902_eus-gaap--OperatingLossCarryforwards_iI_pn6n6_c20201231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--StateAndLocalJurisdictionMember_zYz46r2sCHq5"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2020-12-31_us-gaap_StateAndLocalJurisdictionMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">32</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million as of December 31, 2021 and 2020, respectively,
most of which will expire between 2026 and 2040. Utilization of the Company&#8217;s federal and certain state net operating losses is
subject to limitation due to the ownership change limitations provided by the Internal Revenue Code Sec. 382 and similar state provisions.
Such an annual limitation results in the expiration of the net operating loss carryforwards before utilization. The Company believes
that utilization of its federal and certain state net operating losses is substantially limited as a result of the conversion of Mr.
Drexler&#8217;s convertible note in September 2019. Accordingly, for financial reporting purposes, the Company has recorded a significant
decrease in the federal and net operating loss carryforwards for the year ended December 31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #222222"><span style="font-family: Times New 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; color: #222222">The
valuation allowance as of December 31, 2021 and 2020 was $<span id="xdx_906_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_pn5n6_c20211231_zNHm50CqXG74"><ix:nonFraction name="us-gaap:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">16.3</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #222222">million and $<span id="xdx_907_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_pn5n6_c20201231_zsAhefUxjxO3"><ix:nonFraction name="us-gaap:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">13.6</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #222222">million,
respectively. The net change in valuation allowance for the year ended December 31, 2021 was a</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #44546A">n
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #222222">increase of $<span id="xdx_90E_eus-gaap--ValuationAllowanceDeferredTaxAssetChangeInAmount_pn5n6_c20210101__20211231_zsGMcxMhyhDl"><ix:nonFraction name="us-gaap:ValuationAllowanceDeferredTaxAssetChangeInAmount" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.8</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #222222">million and for the year
ended December 31, 2020 was a decrease of $<span id="xdx_907_eus-gaap--ValuationAllowanceDeferredTaxAssetChangeInAmount_pn5n6_c20200101__20201231_z1MLJMTDU0Kl"><ix:nonFraction name="us-gaap:ValuationAllowanceDeferredTaxAssetChangeInAmount" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">18.7</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #222222">million. In assessing the realizability
of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets
will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income
during the periods in which those temporary differences become deductible.</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">Management
considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in
making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the
realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of December 31, 2021
and 2020.</span></p>

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


<ix:exclude><!-- Field: Page; Sequence: 110; 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 -->34<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"><p id="xdx_897_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zhVwjypRrcne" style="font: 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
effects of temporary differences that gave rise to significant portions of deferred tax assets as of December 31, 2021 and 2020, are
as follows (in thousands):</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 id="xdx_8BE_zNe9AAbEjHW" style="display: none">Schedule of Portions of Deferred Tax Assets</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_49D_20211231_zD9tZHDmuf55" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_490_20201231_zqCxfmkY1mzg" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Deferred tax assets:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pn3n3_maDTAGz4Ax_zfczg3efbTf4" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; width: 68%; text-align: left">Net operating loss carryforwards</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:DeferredTaxAssetsOperatingLossCarryforwards" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">12,988</ix:nonFraction></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: 12%; text-align: right"><ix:nonFraction name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwards" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,656</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits_iI_pn3n3_maDTAGz4Ax_za4x6fnbrBhi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Stock compensation</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">433</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">290</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td style="padding-left: 10pt">Other</td><td>&#160;</td>
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  <tr id="xdx_404_eus-gaap--DeferredTaxAssetsGross_iTI_pn3n3_mtDTAGz4Ax_maDTANzSGx_zfLEMqA16vhf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_409_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pn3n3_di_msDTANzSGx_zhd8lGXVoWnl" 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">(<ix:nonFraction name="us-gaap:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">13,552</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsNet_iTI_pn3n3_mtDTANzSGx_zjJrK7bUZFbg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1546">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1547">-</span></td><td style="text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A2_zCGAsFphFxU5" 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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"><p id="xdx_89E_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zgNtyxc0PnGj" style="font: 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
income tax benefit for the years ended December 31, 2021 and 2020 included the following (in thousands):</span></p>

<p style="font: 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 id="xdx_8BE_zdNCstlGfARc" style="display: none">Schedule of Income Tax (Benefit) Provision</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" id="xdx_493_20200101__20201231_zEj5cVNrg9T" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</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">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</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">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Current income tax benefit:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--CurrentFederalTaxExpenseBenefit_pn3n3_maCITEBzmtO_zo7AzLTTG1h9" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt">Federal</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1551">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1552">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--CurrentStateAndLocalTaxExpenseBenefit_pn3n3_maCITEBzmtO_zllzEN4oxSE9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; width: 64%">State</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">(<ix:nonFraction name="us-gaap:CurrentStateAndLocalTaxExpenseBenefit" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">8</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">(<ix:nonFraction name="us-gaap:CurrentStateAndLocalTaxExpenseBenefit" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">19</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td></tr>
  <tr id="xdx_409_eus-gaap--CurrentForeignTaxExpenseBenefit_pn3n3_maCITEBzmtO_zmhU2ECPUcGb" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; padding-bottom: 1.5pt">Foreign</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"><span style="-sec-ix-hidden: xdx2ixbrl1557">&#8212;</span></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"><ix:nonFraction name="us-gaap:CurrentForeignTaxExpenseBenefit" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--CurrentIncomeTaxExpenseBenefit_iT_pn3n3_mtCITEBzmtO_maITEBzPmT_zkON1TePA2h9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Current income tax expense</span></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">(<ix:nonFraction name="us-gaap:CurrentIncomeTaxExpenseBenefit" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">8</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</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">(<ix:nonFraction name="us-gaap:CurrentIncomeTaxExpenseBenefit" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">9</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Deferred income tax benefit:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--DeferredFederalIncomeTaxExpenseBenefit_pn3n3_maDITEBzOPJ_zGOGK6dpurzg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt">Federal</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1563">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1564">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--DeferredStateAndLocalIncomeTaxExpenseBenefit_pn3n3_maDITEBzOPJ_zVZWhrEVu6oj" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt">State</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1566">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1567">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--DeferredForeignIncomeTaxExpenseBenefit_pn3n3_maDITEBzOPJ_zoGgInvkFRKf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; padding-bottom: 1.5pt">Foreign</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"><span style="-sec-ix-hidden: xdx2ixbrl1569">&#8212;</span></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"><span style="-sec-ix-hidden: xdx2ixbrl1570">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--DeferredIncomeTaxExpenseBenefit_iT_pn3n3_mtDITEBzOPJ_maITEBzPmT_z0IBJ6peYEcg" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred income tax provision</span></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"><span style="-sec-ix-hidden: xdx2ixbrl1572">&#8212;</span></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"><span style="-sec-ix-hidden: xdx2ixbrl1573">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_ecustom--BenefitForIncomeTaxesNet_iT_pn3n3_mtITEBzPmT_z3FYxF0FYT5k" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Benefit for income taxes, net</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="MSLP:BenefitForIncomeTaxesNet" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">8</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="MSLP:BenefitForIncomeTaxesNet" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">9</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A8_zp9qIsYQwPh7" style="font: 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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="MSLP:TaxExpenseDifferencesFromExpectedTaxExpensesTableTextBlock"><p id="xdx_89F_ecustom--TaxExpenseDifferencesFromExpectedTaxExpensesTableTextBlock_zepUQMMWoCjg" style="font: 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
income tax benefit differs from those computed using the statutory federal tax rate of 21% due to the following (in thousands):</span></p>

<p style="font: 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 id="xdx_8BB_zc42wJI66qB1" style="display: none">Schedule of Income Tax (Benefit) Provision Differs from Those Computed Using the Statutory Federal Tax Rate</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_497_20210101__20211231_zFN5A0Yl12Y2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_49C_20200101__20201231_zufRNrQ8Of31" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Years Ended December 31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_pn3n3_maITEBz2nu_zdk5LNvUyCz2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Expected provision at statutory federal rate</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,700</ix:nonFraction></td><td style="width: 1%; text-align: left"></td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">665</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_pn3n3_maITEBz2nu_zPIjaTxGR0r7" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">State tax &#8212; net of federal benefit</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncomeTaxReconciliationStateAndLocalIncomeTaxes" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">6</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationStateAndLocalIncomeTaxes" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">18</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--IncomeTaxReconciliationForeignIncomeTaxRateDifferential_pn3n3_maITEBz2nu_zdM3B8l1bYC7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Foreign income/losses taxed at different rates</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1586">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationForeignIncomeTaxRateDifferential" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">9</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--IncomeTaxReconciliationOtherAdjustments_pn3n3_maITEBz2nu_zWmb83L713I" style="vertical-align: bottom; background-color: White">
    <td>Other</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationOtherAdjustments" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">200</ix:nonFraction></td><td style="text-align: left"></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncomeTaxReconciliationOtherAdjustments" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">38</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_406_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_pn3n3_maITEBz2nu_zJpZywIhpNe3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Change in valuation allowance</td><td>&#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">(<ix:nonFraction name="us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">2,902</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">Income tax benefit</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="MSLP:IncomeTaxExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">8</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="MSLP:IncomeTaxExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">9</ix:nonFraction></td><td style="text-align: left">)</td></tr>
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</ix:nonNumeric><p id="xdx_8AD_zUT6uC9Cps57" style="font: 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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:SummaryOfIncomeTaxContingenciesTextBlock"><p id="xdx_895_eus-gaap--SummaryOfIncomeTaxContingenciesTextBlock_z7R6Jr4U6jTa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
reconciliation of the beginning and ending amount of unrecognized tax benefits (&#8220;UTB&#8217;s&#8221;) is as follows (in thousands):</span></p>

<p style="font: 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 id="xdx_8BC_zVtKKsSNC408" style="display: none">Schedule of Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_490_20210101__20211231_zCUk014rYAJ1" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_492_20200101__20201231_zvMwjCdJKdXb" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Years Ended December 31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr id="xdx_40C_eus-gaap--UnrecognizedTaxBenefits_iS_pn3n3_zT1yoMbNMinb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 68%; text-align: left">Gross UTB&#8217;s, beginning balance</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1600">&#8212;</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_405_ecustom--UnrecognizedTaxBenefitsIncreasesResultingReductionFromPriorPeriodTaxPositions_pn3n3_zmcER48Lnre5" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Reductions for tax positions taken in a prior year</td><td>&#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"><span style="-sec-ix-hidden: xdx2ixbrl1603">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_406_eus-gaap--UnrecognizedTaxBenefits_iE_pn3n3_zznusifPe4Pc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Gross UTB&#8217;s, ending balance</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1606">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1607">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A7_zemIngTN5pF" style="font: 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>


<ix:exclude><!-- Field: Page; Sequence: 111; Value: 1 -->
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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
Company&#8217;s policy is to recognize interest and penalties related to uncertain tax benefits in its provision for income taxes. As
of December 31, 2021 and 2020, the Company has not recorded a liability for potential interest or penalties. The Company also does not
expect its unrecognized tax benefits to change significantly over the next 12 months.</span></p>

<p style="font: 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 is subject to taxation in the U.S., as well as various state and foreign jurisdictions. As of December 31, 2021, the Company&#8217;s
statute is open from 2018, 2017 and 2016 forward for federal, state and foreign tax purposes, respectively. However, years prior to 2016
could still be considered open for adjustments to net operating loss carryforwards.</span></p>

<p style="font: 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
March 27, 2020, President Trump signed into law the CARES Act. Among the changes to the U.S. federal income tax, the CARES Act restored
net operating loss carryback rules that were eliminated by 2017 Tax Cuts and Jobs Act, modified the limit on the deduction for net interest
expense and accelerated the timeframe for refunds of AMT credits. Based on an analysis of the impact of the CARES Act, the Company has
not identified any overall material effect on the 2021 and 2020 tax liabilities.</span></p>

<p style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:SegmentReportingDisclosureTextBlock"><p id="xdx_805_eus-gaap--SegmentReportingDisclosureTextBlock_zLqKkyXcETd" style="font: 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>Note
18. <span id="xdx_820_zxgF1tYFQdV">Segment Information and Geographic Data</span></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">Historically,
the Company&#8217;s chief operating decision maker reviews financial information presented on a consolidated basis for purposes of allocating
resources and evaluating financial performance. As such, the Company has had a single reporting segment and operating unit structure.
During the third quarter of 2021, the Company introduced a functional energy beverages line under the MusclePharm and FitMiss brands,
at which time, the CODM commenced reviewing financial information on a disaggregated basis with the functional energy drink business
separate from base business of protein products. During 2021, revenues for the functional energy drink segment was not material, but
it is anticipated to become a more significant segment of the Company&#8217;s business going forward. (All amounts below are in thousands);</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock"><p id="xdx_891_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_zWt9iF3Qzz3h" style="font: 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 id="xdx_8B7_zFk8qkPytWr9" style="display: none">Schedule
of Significant Segment Business Going Forward</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Years Ended December 31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Revenue, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; width: 56%; text-align: left">Protein products</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20210101__20211231__us-gaap--ContractWithCustomerSalesChannelAxis__custom--ProteinProductsMember_zNejG0b81lnc" style="width: 18%; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-12-31_custom_ProteinProductsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">49,468</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20200101__20201231__us-gaap--ContractWithCustomerSalesChannelAxis__custom--ProteinProductsMember_zWkBScz7zJpb" style="width: 18%; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2020-01-012020-12-31_custom_ProteinProductsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">64,440</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Energy drinks</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20210101__20211231__us-gaap--ContractWithCustomerSalesChannelAxis__custom--EnergyDrinksMember_zed4psyKVx3j" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-12-31_custom_EnergyDrinksMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">574</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_c20200101__20201231__us-gaap--ContractWithCustomerSalesChannelAxis__custom--EnergyDrinksMember_zym89ocmdOV9" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1615">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left">Total revenue, net</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20210101__20211231_zaz0S8QcP39c" title="Revenue, net" style="text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">50,042</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_986_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20200101__20201231_zf2IzZiY4sBi" style="text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">64,440</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8AD_z24d5QiBXUwh" style="font: 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>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfSecuritiesFinancingTransactionsTextBlock"><p id="xdx_892_eus-gaap--ScheduleOfSecuritiesFinancingTransactionsTextBlock_zlMYo3pF3dVg" style="font: 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 id="xdx_8B7_ztKa0pRdnYa3" style="display: none">Schedule
of Business Revenue and Profits</span></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>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Year Ended December 31, 2021</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cost of Revenue</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Gross Profit</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 55%; text-align: left">Protein products</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--Revenues_pn3n3_c20210101__20211231__us-gaap--ContractWithCustomerSalesChannelAxis__custom--ProteinProductsMember_z9ETSh5G5pgl" style="width: 11%; text-align: right"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2021-01-012021-12-31_custom_ProteinProductsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">49,468</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--GrossProfit_c20210101__20211231__us-gaap--ContractWithCustomerSalesChannelAxis__custom--ProteinProductsMember_zodtcqmOsbCf" style="width: 11%; text-align: right"><ix:nonFraction name="us-gaap:GrossProfit" contextRef="From2021-01-012021-12-31_custom_ProteinProductsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,114</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8AA_zVNdvUJ6oMI2" style="font: 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
the Company&#8217;s products are made through contract manufacturers&#8217;, there were no capital expenditures related to either segment
during the years ended December 31, 2021 or 2020.</span></p>

<p style="font: 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 sold products through their distribution channels to over 20 countries during the years ended December 31, 2021 and 2020. All
of the Company&#8217;s assets are located in the United States.</span></p>

<p style="font: 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>Geographic
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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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</ix:nonNumeric><p id="xdx_8A4_zGXSTTkAlO26" style="font: 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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8A9_zyJLGDgVwHr2" style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_807_eus-gaap--SubsequentEventsTextBlock_zFcYOxT9LT42" style="font: 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>Note
19. <span id="xdx_828_zhSlZKJsCu81">Subsequent Events</span></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"><b>Related
Party Financing</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
March 8, 2022, the Company entered into an Unsecured Revolving Promissory Note (the &#8220;Note&#8221;) with the Chairman of the Board
and Chief Executive Officer of the Company (the &#8220;Lender&#8221;). The Company expects to initially borrow approximately $<span id="xdx_907_eus-gaap--LongTermNotesPayable_iI_pn6n6_c20220308__srt--StatementScenarioAxis__srt--ScenarioForecastMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zFOIsqJcBH2l" title="Initial borrow of notes"><ix:nonFraction name="us-gaap:LongTermNotesPayable" contextRef="AsOf2022-03-08_srt_ScenarioForecastMember_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">3</ix:nonFraction></span> million
under the Note. Under the terms of the Note, proceeds may be used solely to finance the production of orders from its largest customer
or any of its affiliates or subsidiaries. The Note does not contain a cap on borrowings thereunder. However, further advances under the
Note are at the discretion of the Lender. Outstanding balances under the Note accrue interest at the rate of <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220308__srt--StatementScenarioAxis__srt--ScenarioForecastMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_z9IddqA7ldXd" title="Accrued interest percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateEffectivePercentage" contextRef="AsOf2022-03-08_srt_ScenarioForecastMember_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">18</ix:nonFraction></span>% per annum. Prior to
maturity, the Company generally may pay down principal balances and re-borrow under the Note, subject to the discretion of the Lender
to advance funds under the Note. The Note contains customary events of default and acceleration provisions.</span></p>

<p style="font: 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
Note is subordinate to the <span><span id="xdx_90F_eus-gaap--WorkersCompensationDiscountPercent_pid_dp_uPure_c20220308__20220308__srt--StatementScenarioAxis__srt--ScenarioForecastMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zvFnezc98VWi" title="Issued discounts senior secured notes"><ix:nonFraction name="us-gaap:WorkersCompensationDiscountPercent" contextRef="From2022-03-082022-03-08_srt_ScenarioForecastMember_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">14</ix:nonFraction></span></span>% Original Issue Discount Senior Secured Notes previously issued by the Company. Under the terms of the
First Amendment to Intercreditor and Subordination Agreement, dated as of March 8, 2022, between the Company, Ryan Drexler and Empery
Tax Efficient, LP (the &#8220;Amendment&#8221;), principal but not interest due under the Note generally may be repaid out of payments
received by the Company in respect of accounts receivable financed pursuant to the 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bakery
Barn, LLC v. MusclePharm Corporation</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">On
January 24, 2022, Bakery Barn (&#8220;Bakery Barn&#8221;) filed suit against Company in Allegheny County, Pennsylvania court. Company
received the Complaint on February 16, 2022. Bakery Barn alleges that the Company owes Bakery Barn over $<span id="xdx_900_eus-gaap--ContractWithCustomerAssetPurchase_pn5n6_c20220401__20220401__srt--TitleOfIndividualAxis__custom--BakeryBamMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zhN23hNUtZz7" title="Contract with customer breach"><ix:nonFraction name="us-gaap:ContractWithCustomerAssetPurchase" contextRef="From2022-04-012022-04-01_custom_BakeryBamMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.9</ix:nonFraction></span> million dollars for breach
of contract. Parties operated on an open account basis with payment terms established by mutual verbal agreement, custom and usage. Beginning
in late 2020, Bakery Barn resumed production for Company and operated under a verbal agreement until August 2021. Bakery Barn contends
that Company is required to reimburse Bakery Barn for foil wraps ordered by Bakery Barn in the amount of $<span id="xdx_901_eus-gaap--OrderFlowFees_c20220401__20220401__srt--TitleOfIndividualAxis__custom--BakeryBamMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z8b6Mh1BRG7i" title="Order of services"><ix:nonFraction name="us-gaap:OrderFlowFees" contextRef="From2022-04-012022-04-01_custom_BakeryBamMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">77,800</ix:nonFraction></span>, specific ingredients
totaling $<span id="xdx_90E_eus-gaap--SuppliesAndPostageExpense_c20220401__20220401__srt--TitleOfIndividualAxis__custom--BakeryBamMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zXtDInLs2WW4" title="Specific ingredients"><ix:nonFraction name="us-gaap:SuppliesAndPostageExpense" contextRef="From2022-04-012022-04-01_custom_BakeryBamMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">42,400</ix:nonFraction></span>, and products manufactured under purchase order Invoice no. 59192 delivered to Company in the amount of $<span id="xdx_90F_eus-gaap--PaymentsToAcquireFinanceReceivables_c20220401__20220401__srt--TitleOfIndividualAxis__custom--BakeryBamMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zoBmgmKTWmal" title="Purchase agreements"><ix:nonFraction name="us-gaap:PaymentsToAcquireFinanceReceivables" contextRef="From2022-04-012022-04-01_custom_BakeryBamMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,816,017</ix:nonFraction></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>


<ix:exclude><!-- Field: Page; Sequence: 113; Value: 1 -->
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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">On
February 24, 2022, Flaherty Fardo Rogel &amp; Amick, LLC (&#8220;Company Counsel&#8221;) filed a Praecipe for Appearance on behalf of
the Company. On February 28, 2022, Company Counsel filed Preliminary Objections to Complaint and Brief In Support Thereof. Bakery Barn
filed an Amended Complaint in Civil Action on March 14, 2022. Company Counsel is in the process of filing Preliminary Objections to this
Amended Complaint. The Company intends to continue to vigorously litigate the matter.</span></p>

<p style="font: 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"><b>Bar
Bakers, LLC v. CFC/Flavor Producers, LLC. Vs MusclePharm</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">On
March 18, 2022, the Company retained Barnes &amp; Thornburg to represent it in connection with a Cross-Complaint filed Superior Court
of California, County of Orange, Case No. 30-2019-01073098-CU-BC-CJC in the matter Bar Bakers LLC v. Creative Flavor Concepts, Inc. et
al.. According to the pleadings, the matter arises from an agreement between the plaintiffs and defendants in which the plaintiff agreed
to manufacturer energy bars and sell them to the defendants. The defendants then sold the energy bars to various retailers, including
the Company. On May 29, 2019, the plaintiff sued the defendants alleging that the defendants were responsible for unpaid invoices &#8211;
nine for bars actually manufactured and delivered to the Company and one invoice for raw materials. According to the pleadings, the unpaid
invoices total $<span id="xdx_907_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_pp2d_c20220318__srt--TitleOfIndividualAxis__custom--BarnesAndThornburgMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_ztXsewyYee3f" title="Unpaid invoices"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2022-03-18_custom_BarnesAndThornburgMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="2" unitRef="USD">885,163.72</ix:nonFraction></span>. The invoice for the raw materials is allegedly $<span id="xdx_90D_eus-gaap--DueToOtherRelatedPartiesCurrentAndNoncurrent_iI_pp2d_c20220318__srt--TitleOfIndividualAxis__custom--BarnesAndThornburgMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zneTNsFXzEd4" title="Raw materials allegedly"><ix:nonFraction name="us-gaap:DueToOtherRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2022-03-18_custom_BarnesAndThornburgMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="2" unitRef="USD">4,658,593.02</ix:nonFraction></span>. On January 31, 2022, one of the defendants,
Flavor Producers LLC, filed and served a cross claim against the Company alleging that it was partially responsible for any damages that
may befall on it. Specifically, Flavor Producers is asking the Court to award it $<span id="xdx_908_eus-gaap--LossContingencyDamagesPaidValue_pp2d_c20220131__20220131__srt--TitleOfIndividualAxis__custom--FlavorProducersLLCMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z7Ynl11yFL6i" title="Compensatory damages"><ix:nonFraction name="us-gaap:LossContingencyDamagesPaidValue" contextRef="From2022-01-312022-01-31_custom_FlavorProducersLLCMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="2" unitRef="USD">389,989.60</ix:nonFraction></span> in compensatory damages. On March 25, 2022,
the Company filed an answer to that that cross claim denying the factual allegations and Flavor Producers&#8217; assertion that it is
entitled to any damages, including but not limited to, compensatory damages.</span></p>

<p style="font: 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>White
Winston Select Asset Fund Series MP-18, LLC et al., v MusclePharm Corp., et al., (Mass. Super. Ct.)</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
Company and its Chief Executive Officer have been named as defendants in a new lawsuit filed on February 8, 2022 by White Winston Select
Asset Funds, LLC and White Winston Select Asset Fund Series Fund MP-18, LLC (collectively, &#8220;White Winston&#8221;) in the Superior
Court of Suffolk County Massachusetts. White Winston is bringing claims alleging unfair trade practices, abuse of process, malicious
prosecution, breach of duty of loyalty and, in the alternative, for breach of the settlement agreement relating to the prior action filed
by White Winston in Nevada. The Company has not yet responded to complaint and at this time cannot reasonably estimate any loss that
may arise from this matter.</span></p>

<p style="font: 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>Senior
Notes Payable</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
April 12, 2022, the maturity date of the Senior Notes was extended to May 28, 2022 as no event of default has occurred and the Company&#8217;s
cash flows from operating and investing activities (but not cash flows from financing activities) was positive for March 2022 and no
event of default is reasonably expected to occur on or before April 30, 2022 and the sum of cash flows from operating and investing activities
(but not from financing activities) of the Company and its subsidiaries will be positive for April 2022.</span></p>

</ix:nonNumeric><p id="xdx_811_zOlmb5FPK8t9" 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"><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: 0; margin-bottom: 0"><b><span id="mus_003"></span>MusclePharm Corporation</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Consolidated Balance Sheets</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><i>(In thousands, except share and per share data)</i></p>

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

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    <td>&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr id="xdx_406_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_zZMjKqnP6tSj" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_401_eus-gaap--LiabilitiesCurrentAbstract_iB_zfEml9RUKSs6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_404_eus-gaap--SecuredDebtCurrent_i01I_maLCzXQP_z9u7Gx3Oj9l7" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_400_eus-gaap--LinesOfCreditCurrent_i02I_maLCzXQP_zPKN0GeOfL9l" style="display: none; 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></tr>
  <tr id="xdx_40D_eus-gaap--OperatingLeaseLiabilityCurrent_i01I_maLCzXQP_zeggtVzz3OSh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Operating lease liability</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr id="xdx_409_eus-gaap--NotesPayableCurrent_i01I_maLCzXQP_zgDo3OTyLnv" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40C_eus-gaap--ConvertibleDebtCurrent_i01I_maLCzXQP_z9BegrmRbtb2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40E_ecustom--RevolvingLinesOfCreditCurrent_i02I_pn3n3_maLCzXQP_zgB4UZfruU68" style="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">&#160;</td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1750">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--LiabilitiesCurrent_i01TI_mtLCzXQP_maLzE5p_ziyadmHghzf7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="display: none; vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b id="xdx_F02_zPqicKQLUIYd">(1)</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b id="xdx_F1D_zvDmPFCcaD29"><ix:footnote id="Footnote001799" xml:lang="en-US">The foregoing
financial statements have been revised with respect to the number of shares of common stock, shares of common stock held in treasury,
warrants, stock options and convertible notes outstanding as of March 31, 2021 and December 31, 2021, respectively from the registrant&#8217;s
Quarterly Report on Form 10-Q for the three months ended March 31, 2022 and Annual Report on Form 10-K for the fiscal year ended December
31, 2021. These revisions correct certain typographical errors.</ix:footnote></b></span></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">The
accompanying notes are an integral part of these Consolidated Financial Statements.</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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<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;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b><span id="mus_004"></span>MusclePharm Corporation</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Consolidated Statements of Operations</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><i>(In thousands, except share and per share data)<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></i></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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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.19</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</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">The
accompanying notes are an integral part of these Consolidated Financial Statements.</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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<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: 0; margin-bottom: 0"><b><span id="mus_005"></span>MusclePharm Corporation</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Consolidated Statements of Changes in Stockholders&#8217;
Deficit</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><i>(In thousands, except share and per share data)</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 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: 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">The
accompanying notes are an integral part of these Consolidated Financial Statements.</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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<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;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b><span id="mus_006"></span>MusclePharm Corporation</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Consolidated Statements of Cash Flows</b></p>

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

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  <tr id="xdx_406_eus-gaap--DepreciationDepletionAndAmortization_i02_maNCPBUzn59_zP97deZnmNx1" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Depreciation and amortization of property and equipment</td><td>&#160;</td>
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  <tr id="xdx_400_eus-gaap--AmortizationOfIntangibleAssets_i02_maNCPBUzn59_zk4n0mtjVXA3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Amortization of intangible assets</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">80</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--ProvisionForDoubtfulAccounts_i02_maNCPBUzn59_z5KYww9zRMl9" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Bad debt expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><p style="margin: 0">(<ix:nonFraction name="us-gaap:ProvisionForDoubtfulAccounts" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">355</ix:nonFraction></p></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_40E_eus-gaap--GainLossOnDispositionOfAssets_i02N_pn3n3_di_msNCPBUzn59_zJHZSKpOG9k4" style="display: none; vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Gain on disposal of property and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--GainsLossesOnExtinguishmentOfDebt_i02N_pn3n3_di_msNCPBUzn59_z6b5U7dMbjmj" style="display: none; vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Gain on settlement of payables</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--InventoryWriteDown_i02_maNCPBUzn59_zeLifXRE2vTi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Provision for inventory write down</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:InventoryWriteDown" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">86</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--ShareBasedCompensation_i02_maNCPBUzn59_z28guV8BnrVk" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Stock-based compensation</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1967">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_ecustom--StockIssuedToNonemployees_i02_pn3n3_maNCPBUzn59_zvbhvWGq1eL7" style="display: none; vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Stock issued to nonemployees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--OperatingLeaseImpairmentLoss_i02_pn3n3_maNCPBUzn59_zolmm0oF99oc" style="display: none; vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Impairment of operating lease right-of-use assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--AmortizationOfFinancingCosts_i02_maNCPBUzn59_zYymCVn2Zsb2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Amortization of debt issue cost</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AmortizationOfFinancingCosts" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">419</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1976">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_ecustom--OIDInterest_i02_maNCPBUzn59_zWclcciKJE4h" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">OID Interest</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="MSLP:OIDInterest" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">568</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1979">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--AmortizationOfDebtDiscountPremium_i02_maNCPBUzn59_z21vrBS3UvEj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Amortization of debt discount</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AmortizationOfDebtDiscountPremium" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,196</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1982">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_ecustom--IssuanceOfPaycheckProtectionProgramLoan_i02_pn3n3_maNCPBUzn59_zgrNLzgiLpLi" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Gain on extinguishment of Paycheck Protection Program Loan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i02B_zIAOpj96GEmg" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: bold; text-align: left">Changes in operating assets and liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--IncreaseDecreaseInAccountsReceivable_i03N_di_msNCPBUzn59_zgpdMAS21jz5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left">Accounts receivable, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,534</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,278</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--IncreaseDecreaseInInventories_i03N_di_msNCPBUzn59_zkItncvoNPab" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt">Inventory</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInInventories" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">855</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInInventories" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">406</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40D_eus-gaap--IncreaseDecreaseInPrepaidExpense_i03N_di_msNCPBUzn59_zjYaLYp6ZGkc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left">Prepaid expenses and other current assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidExpense" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidExpense" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">527</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_ecustom--IncreaseDecreaseInOperatingLeaseAssetsAndLiabilities_i03N_di_msNCPBUzn59_z59kv9MJlf96" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left">Operating lease assets and liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="MSLP:IncreaseDecreaseInOperatingLeaseAssetsAndLiabilities" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">41</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="MSLP:IncreaseDecreaseInOperatingLeaseAssetsAndLiabilities" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">87</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--IncreaseDecreaseInAccountsPayable_i03_maNCPBUzn59_zWqwxh5FGTNi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left">Accounts payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayable" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">897</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayable" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,641</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40C_eus-gaap--IncreaseDecreaseInOtherNoncurrentLiabilities_i03_maNCPBUzn59_ztyoDjUqQzBj" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left">Other long-term liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherNoncurrentLiabilities" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">465</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2006">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--IncreaseDecreaseInOtherAccruedLiabilities_i03_maNCPBUzn59_zuAVPfFzj6t8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Accrued and other liabilities</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"><ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherAccruedLiabilities" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">712</ix:nonFraction></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"><span style="-sec-ix-hidden: xdx2ixbrl2009">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--NetCashProvidedByUsedInOperatingActivities_i01T_mtNCPBUzn59_maCCERCzK3f_zyggPgfdK3u7" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net cash provided by/(used in) operating activities</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">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">3,582</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</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"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">98</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_zAkC6egGLDQc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">CASH FLOWS FROM INVESTING ACTIVITIES</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_i01N_di_msNCPBUz8gt_zXWTwpzjqldb" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Purchase of property and equipment</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"><span style="-sec-ix-hidden: xdx2ixbrl2017">&#8212;</span></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">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_40F_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01T_mtNCPBUz8gt_maCCERCzK3f_zB1xPaP0f3D3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Net cash provided by/(used in) investing activities</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"><span style="-sec-ix-hidden: xdx2ixbrl2020">&#8212;</span></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">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">4</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_400_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_zlTKhigJ05Xk" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">CASH FLOWS FROM FINANCING ACTIVITIES</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--ProceedsFromLinesOfCredit_i01_maNCPBUzkgN_zeb4mSLRSIg7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Proceeds from line of credit</td><td>&#160;</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">The
accompanying notes are an integral part of these Consolidated Financial Statements.</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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<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 id="ag_001"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="mus_007"></span>MusclePharm
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>Notes
to the Consolidated Financial Statements (1)</b></span></p>

<p id="xdx_046_c20220101__20220331_zu7Xma0zTuL" 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>(dollars
in thousands, unless otherwise indicated</i>)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></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>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:NatureOfOperations"><p id="xdx_80A_eus-gaap--NatureOfOperations_zeu0JwjKWlO5" style="font: 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>Note
1. <span id="xdx_821_zaEjtuWQmVlh">Description of Business</span></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>&#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>Description
of Business</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">MusclePharm
Corporation, together with its subsidiaries (the &#8220;Company&#8221; or &#8220;MusclePharm&#8221;) is a scientifically-driven, performance
lifestyle company that develops, markets and distributes branded sports nutrition products and nutritional supplements that are manufactured
by the Company&#8217;s contract manufacturers. The Company&#8217;s portfolio of recognized brands, including MusclePharm, FitMiss and
MP Combat Energy is marketed and sold globally. As of March 31, 2022, the Company had the following wholly-owned subsidiary which did
not have any operations or assets as of and for the three months ended March 31, 2022: MusclePharm Canada Enterprises Corp.</span></p>

<p style="font: 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
2021, the Company announced its entrance into the functional energy space in collaboration with former Rockstar Energy executives. The
Company launched three flavors of MP Combat Energy in September 2021 for domestic distribution and three additional flavors for international
distribution. The Company believes the launch of its new energy products, reductions in operating costs and continued focus on gross
profit and revenue growth will allow it to ultimately achieve sustained profitability. However, the Company can give no assurances that
this will occur, especially with the cost to launch new energy products along with the recent increase in the cost of protein, which
may have a material impact on the Company&#8217;s profitability. Additionally, the Company&#8217;s profitability may be materially impacted
by the ability of the Company&#8217;s contract manufacturers to meet customers&#8217; demands. Although, the Company believes entering
the functional energy space will help to increase sales and gross margin, and reduce exposure to commodity prices, the Company can give
no assurances that this will occur. To manage cash flow, the Company has entered into multiple financing arrangements. The entry into
the Energy Drink business has created a second segment, which is presented in detail in Note 12.</span></p>

<p style="font: 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>Information
About Our Segments</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>&#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">We
are engaged in global sales of products that fall into two operating segments: Protein Products and Energy Drinks. Information regarding
our operating segments and geographic and product information is contained in Note 12 to these consolidated financial statements.</span></p>

<p style="font: 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>Going
Concern</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">The
Company has historically incurred significant losses and experienced negative cash flows since inception. As of March 31, 2022, the Company
had cash of $<span id="xdx_904_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn5n6_c20220331_zgwrhw6okHM2"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.5</ix:nonFraction></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million,
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</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million and an accumulated deficit of $<span id="xdx_90A_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pn5n6_di_c20220331_zs7AcwL07e3d"><ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-5" scale="6" sign="-" unitRef="USD">211.8</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million resulting from recurring losses from
operations. As a result of a history of losses and financial condition, there is substantial doubt about the Company&#8217;s ability
to continue as a going concern.</span></p>

<p style="font: 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&#8217;s ability to continue as a going concern is dependent upon it generating profits in the future and/or obtaining the necessary
financing to meet its obligations and repay liabilities arising from normal business operations when they come due. The Company is evaluating
different strategies to obtain financing to fund its operations to cover expenses and focus on achieving a level of revenue adequate
to support its current cost structure. Financing strategies may include, but are not limited to, issuances of capital stock, debt
borrowings, partnerships and/or collaborations.</span></p>

<p style="font: 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 been focused on cost containment and improving gross margins by focusing on customers with higher margins, reducing product
discounts and promotional activity, along with reducing the number of SKU&#8217;s and negotiating improved pricing for raw materials.
In addition, the Company has worked to negotiate lower production costs with its contract manufacturers. Although these steps improved
gross margins through the first quarter of 2022, with the recent further increases in commodity prices, primarily protein,
the Company&#8217;s gross margins have been impacted and will continue to be impacted unless commodity prices return the same levels
that were seen in 2021. The Company expects overall margins to improve as we ramp up energy sales with stronger gross margins
in the energy drink segment.</span></p>

<p style="font: 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"><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>COVID-19</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>&#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">The
Company&#8217;s results of operations are affected by economic conditions, including macroeconomic conditions and levels of business
confidence. There continues to be significant volatility and economic uncertainty in many markets and the ongoing COVID-19 pandemic contributes
to that level of volatility and uncertainty and has created economic disruption. The Company is actively managing its business to respond
to the impact. There were no adjustments recorded in the financial statements that might result from the outcome of these uncertainties.</span></p>

<p style="font: 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
ultimate impact of the COVID-19 pandemic on the Company&#8217;s operations is unknown and will depend on future developments, which are
highly uncertain and cannot be predicted with confidence, including the duration of the COVID-19 outbreak, new information which may
emerge concerning the severity of the COVID-19 pandemic, and any additional preventative and protective actions that governments, or
the Company, may direct, which may result in an extended period of continued business disruption, reduced customer traffic and reduced
operations. Any resulting financial impact cannot be reasonably estimated at this time but may have a material impact on the Company&#8217;s
business, financial condition and results of operations. Management continues to monitor the business environment for any significant
changes that could impact the Company&#8217;s operations. The Company has taken proactive steps to manage costs and discretionary spending,
such as remote working and reducing facility related expense.</span></p>

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

<p style="font: 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
accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles
in the United States (&#8220;U.S. GAAP&#8221;) for interim financial information and with the instructions to Form 10-Q and Article 10
of Regulation S-X. Accordingly, these statements do not include all the information and notes required by U.S. GAAP for complete financial
statements. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant
intercompany balances and transactions have been eliminated in consolidation.</span></p>

<p style="font: 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&#8217;s management believes the unaudited interim consolidated financial statements include all adjustments of a normal recurring
nature necessary for the fair presentation of the Company&#8217;s financial position as of March 31, 2022, results of operations and
cash flows for the three months ended March 31, 2022 and 2021. The results of operations for the three ended March 31, 2022 are not necessarily
indicative of the results to be expected for the year ended December 31, 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">These
unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related
notes included in the Company&#8217;s Annual Report on Form 10-K as amended for the year ended December 31, 2021, filed with the SEC
on May 4, 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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 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
preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
affect the amounts reported and disclosed in the consolidated financial statements and accompanying notes. Such estimates include, but
are not limited to, allowance for doubtful accounts, revenue discounts and allowances, the valuation of inventory, the calculation of
the Company&#8217;s effective tax rate and deferred tax assets, valuation of stock based compensation, warrants, likelihood and range
of possible losses on contingencies and present value of lease liabilities. Actual results could differ from those estimates.</span></p>

<p style="font: 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: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</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><span id="xdx_8BC_zXikdsjauwmj" style="display: none">Schedule of Disaggregation of Revenue</span></b></span></p>

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</ix:nonNumeric><p id="xdx_8A6_zkutS1YFozva" style="font: 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><i>&#160;</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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and accounts receivable.
The Company minimizes its credit risk associated with cash by periodically evaluating the credit quality of its primary financial institution.
The cash balance at times may exceed federally insured limits. Management believes the financial risk associated with these balances
is minimal and has not experienced any losses to date. Significant customers and vendors are those that represent more than 10% of the
Company&#8217;s net revenue or accounts receivable for each period presented.</span></p>

<p style="font: 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 three months ended March 31, 2022, we had three customers who individually accounted for <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_uPure_c20220101__20220331__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zwWXIwicPmJg"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-03-31_custom_CustomerOneMember_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">59</ix:nonFraction>%</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
<span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_c20220101__20220331__srt--MajorCustomersAxis__custom--CustomerTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zzVOXXV9tGNc"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-03-31_custom_CustomerTwoMember_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">13</ix:nonFraction>%</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
and <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_c20220101__20220331__srt--MajorCustomersAxis__custom--CustomerThreeMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zBR5lABF9MHg"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-03-31_custom_CustomerThreeMember_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12</ix:nonFraction>%
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of our net revenue, and two customers that individually
accounted for <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_uPure_c20220101__20220331__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zyeL8hyZFtA2"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-03-31_custom_CustomerOneMember_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">59</ix:nonFraction>%
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_uPure_c20220101__20220331__srt--MajorCustomersAxis__custom--CustomerTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zwMABYZPRmF9"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-03-31_custom_CustomerTwoMember_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">17</ix:nonFraction>%
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of accounts receivable. During the three
months ended March 31, 2021, we had three customers who individually accounted for <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_uPure_c20210101__20210331__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zYsqK2vr7WQi"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-03-31_custom_CustomerOneMember_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">28</ix:nonFraction>%</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
<span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_uPure_c20210101__20210331__srt--MajorCustomersAxis__custom--CustomerTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zeamYwNVUnK5"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-03-31_custom_CustomerTwoMember_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">17</ix:nonFraction>%
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_uPure_c20210101__20210331__srt--MajorCustomersAxis__custom--CustomerThreeMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zOJTiJ6OjmCk"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-03-31_custom_CustomerThreeMember_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">14</ix:nonFraction>%
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of our net revenue, and two customers that individually
accounted for <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_uPure_c20210101__20210331__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zTM7arkTUMif"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-03-31_custom_CustomerOneMember_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">32</ix:nonFraction>%
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_uPure_c20210101__20210331__srt--MajorCustomersAxis__custom--CustomerTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zi8gPGrbPe2f"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-03-31_custom_CustomerTwoMember_us-gaap_AccountsReceivableMember_us-gaap_CustomerConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">21</ix:nonFraction>%
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of accounts receivable.</span></p>

<p style="font: 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">The
Company uses a limited number of non-affiliated suppliers for contract manufacturing its products. The Company has quality control and
manufacturing agreements in place with its primary manufacturers to ensure consistency in production and quality. The agreements ensure
products are manufactured to the Company&#8217;s specifications and the contract manufacturers will bear the costs of recalled products
due to defective manufacturing. During the three months ended March 31, 2022, the Company had four vendors who individually accounted
for <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_c20220101__20220331__srt--MajorCustomersAxis__custom--VendorOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsTotalMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_zahN0UWyKzs8" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-03-31_custom_VendorOneMember_us-gaap_CostOfGoodsTotalMember_us-gaap_SupplierConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">17</ix:nonFraction>%</span>, <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_c20220101__20220331__srt--MajorCustomersAxis__custom--VendorTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsTotalMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_zL2Mve7Iafpe" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-03-31_custom_VendorTwoMember_us-gaap_CostOfGoodsTotalMember_us-gaap_SupplierConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12</ix:nonFraction>%</span>, <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_c20220101__20220331__srt--MajorCustomersAxis__custom--VendorThreeMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsTotalMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_zQg8gYU8IPb6" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-03-31_custom_VendorThreeMember_us-gaap_CostOfGoodsTotalMember_us-gaap_SupplierConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12</ix:nonFraction>%</span>, and <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_uPure_c20220101__20220331__srt--MajorCustomersAxis__custom--VendorFourMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsTotalMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_zO0tkzU4osh3" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-03-31_custom_VendorFourMember_us-gaap_CostOfGoodsTotalMember_us-gaap_SupplierConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">11</ix:nonFraction>%</span> of net purchases, respectively. During the three months ended March 31, 2021, the Company had three vendors
who individually accounted for <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_c20210101__20210331__srt--MajorCustomersAxis__custom--VendorOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsTotalMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_z3h31EMiZCIb" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-03-31_custom_VendorOneMember_us-gaap_CostOfGoodsTotalMember_us-gaap_SupplierConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">32</ix:nonFraction>%</span>, <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_c20210101__20210331__srt--MajorCustomersAxis__custom--VendorTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsTotalMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_zKSowDNIClWk" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-03-31_custom_VendorTwoMember_us-gaap_CostOfGoodsTotalMember_us-gaap_SupplierConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">21</ix:nonFraction>%</span> and <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_c20210101__20210331__srt--MajorCustomersAxis__custom--VendorThreeMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsTotalMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_zVjHvemFCbr6" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-03-31_custom_VendorThreeMember_us-gaap_CostOfGoodsTotalMember_us-gaap_SupplierConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">21</ix:nonFraction>%</span> of net purchases.</span></p>

<p style="font: 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 a geographic concentration in the United States, with <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_uPure_c20220101__20220331__srt--StatementGeographicalAxis__country--US__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zzCfrm9d8A6d" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-03-31_country_US_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">94</ix:nonFraction>%</span> and <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_uPure_c20210101__20210331__srt--StatementGeographicalAxis__country--US__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_z94Jab5jogKh" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-03-31_country_US_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">71</ix:nonFraction>%</span> of revenue from domestic customers during the three months
ended March 31, 2022 and 2021, respectively. International customers, primarily in Canada and Asia, comprised <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_uPure_c20220101__20220331__srt--StatementGeographicalAxis__custom--CanadaAndAsiaMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zkm9zyupHrC9" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-03-31_custom_CanadaAndAsiaMember_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6</ix:nonFraction>%</span> and <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_uPure_c20210101__20210331__srt--StatementGeographicalAxis__custom--CanadaAndAsiaMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zbuzcwyKTPR6" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-03-31_custom_CanadaAndAsiaMember_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">29</ix:nonFraction>%</span> for the three
months ended March 31, 2022 and 2021, respectively.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:SegmentReportingPolicyPolicyTextBlock"><p id="xdx_848_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zm7zGUcG0mCk" style="font: 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><span id="xdx_864_zhlzBhHVAOkk">Segments</span></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>&#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">Historically,
the Company&#8217;s chief operating decision maker (&#8220;CODM&#8221;) reviews financial information presented on a consolidated basis
for purposes of allocating resources and evaluating financial performance. As such, the Company has had two reporting segments and operating
unit structures. During the fourth quarter of 2021, the Company introduced a functional energy beverages line under the MusclePharm and
FitMiss brands, so the CODM now reviews financial information and makes resource and opportunity decisions on a disaggregated basis with
the functional energy drink business separate from protein 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:LegalCostsPolicyTextBlock"><p id="xdx_84B_eus-gaap--LegalCostsPolicyTextBlock_zCEKr5xSY7oi" style="font: 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><span id="xdx_861_znu5ysPxobne">Litigation
Estimates and Accruals</span></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>&#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">In
the normal course of business or otherwise, the Company may become involved in legal proceedings. The Company will accrue a liability
for such matters when it is probable that a liability has been incurred and the amount can be reasonably estimated. When only a range
of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate
than any other amount within the range, the minimum amount in the range is accrued. The accrual for a litigation loss contingency might
include, for example, estimates of potential damages, outside legal fees and other directly related costs expected to be incurred. The
Company provides disclosures for material contingencies when there is a reasonable possibility that a loss or an additional loss may
be incurred. In assessing whether a loss is a reasonable possibility, the Company may consider the following factors, among others: the
nature of the litigation, claim or assessment, available information, opinions or views of legal counsel and other advisors, and the
experience gained from similar cases.</span></p>

<p style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_846_eus-gaap--IncomeTaxPolicyTextBlock_zwEGR0F3HcT4" style="font: 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><span id="xdx_863_zPdQsynbLBEg">Income
Taxes</span></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">Income
taxes are accounted for using the asset and liability method. Income tax expense includes the current tax liability from operations and
the change in deferred income taxes during the year. Interest income, interest expense and penalties associated with income taxes are
reflected in (Benefit) provision for income taxes on the consolidated statements of operations. Deferred tax assets and liabilities are
recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts
of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets
and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences
are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in
income in the period that includes the enactment date.</span></p>

<p style="font: 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">A
valuation allowance is required to be established unless management determines that it is more likely than not that the Company will
ultimately realize the tax benefit associated with a deferred tax asset. The Company recognizes the effect of income tax positions only
if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that
is greater than 50% likely to be realized. Changes in recognition or measurement are reflected in the period in which the change in judgment
occurs.</span></p>

<p style="font: 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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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_841_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zgmFJlAY1JPl" style="font: 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><span id="xdx_86B_zpYZ5RGB5oSj">Recent
Accounting Pronouncements</span></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
July 2016, the FASB issued ASU No. 2016-13, <i>Financial Instruments &#8211; Credit Losses (Topic 326): Measurement of Credit Losses
on Financial Instruments</i> (&#8220;ASU 2016-13&#8221;), which requires the measurement of all expected credit losses of financial assets
held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions
and other organizations will now use forward-looking information to better inform their credit loss estimates. In addition, the ASU amends
the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU
2016-13 is effective for periods beginning after December 15, 2022, and interim periods within those fiscal years. The Company is currently
evaluating the impact this ASU may have on its consolidated financial statements.</span></p>

<p style="font: 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
March 2020, the FASB issued ASU No. 2020-04, <i>Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform
on Financial Reporting</i> (&#8220;ASU 2020-04&#8221;). The amendments in this ASU apply only to contracts, hedging relationships, and
other transactions that reference LIBOR or another reference rate that is expected to be discontinued because of reference rate reform.
The amendments in this update provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other
transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments
do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging
relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through
the end of the hedging relationship. The amendments in this ASU are effective for all entities as of March 12, 2020, through December
31, 2022. The Company has not modified any material contracts due to reference rate reform. The Company will continue to evaluate the
impact this guidance will have on its consolidated financial statements for all future transactions affected by reference rate reform
during the time permitted.</span></p>

<p style="font: 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
August 2020, the FASB issued ASU No. 2020-06, <i>Debt - Debt with Conversion and Other Options (Subtopic 470-20)</i> and <i>Derivatives
and Hedging - Contracts in Entity&#8217;s Own Equity (Subtopic 815-40)</i>. The ASU eliminates the beneficial conversion and cash conversion
accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity&#8217;s own equity that
are currently accounted for as derivatives because of specific settlement provisions. In addition, the new guidance modifies how particular
convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS computation. This guidance
is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption
is permitted, but not earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years.
The FASB also specified that an entity should adopt the guidance as of the beginning of its annual fiscal year and is not permitted to
adopt the guidance in an interim period. The Company is currently evaluating the impact this ASU may have on its consolidated financial
statements.</span></p>

<p style="font: 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, the FASB issued ASU 2021-04, <i>Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock
Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity&#8217;s Own Equity (Subtopic 815-40)</i>. The ASU addresses
issuer&#8217;s accounting for certain modifications or exchanges of freestanding equity-classified written call options. This amendment
is effective for all entities, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years.
There has not been a significant impact from the adoption of this ASU on the consolidated financial statements.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:PriorPeriodReclassificationAdjustmentDescription"><p id="xdx_849_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zWViNEyelvBf" style="font: 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><span id="xdx_86D_z8YUPHc7qUZk">Reclassifications</span></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
prior period amounts have been reclassified to conform to the current period financial statement presentation, including classification
of certain operating expenses.</span></p>

</ix:nonNumeric><p id="xdx_85A_zGxfEupxTgIe" style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:InventoryDisclosureTextBlock"><p id="xdx_801_eus-gaap--InventoryDisclosureTextBlock_zU7zuzclPsS7" style="font: 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>Note
3. <span id="xdx_829_z1ly2SzESIwi">Inventory</span></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">Inventory
consists of finished goods and raw materials used to manufacture the Company&#8217;s products by one of our contract manufacturers for
the three months ended March 31, 2022 and 2021. The Company records charges for obsolete and slow-moving inventory based on the age of
the product as determined by the expiration date or otherwise determined to be obsolete. Products within one year of their expiration
dates are considered for write-off purposes. Inventory write-downs, once established, are not reversed as they establish a new cost basis
for the inventory. Historically, the Company has had minimal returns with established customers. The Company accounts for its inventory
on a First-in First-out 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>


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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>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfInventoryCurrentTableTextBlock"><p id="xdx_893_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_zlHJ4pPwALZg" style="font: 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
components of inventory as of March 31, 2022 and December 31, 2021 were as follows (in thousands):</span></p>

<p style="font: 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><span id="xdx_8BE_zd3FF8DuiQO4" style="display: none">Schedule of Inventory</span></b></span></p>

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</ix:nonNumeric><p id="xdx_8A4_zyBlrx1Mlr6e" style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock"><p id="xdx_80C_eus-gaap--AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock_zjPYzfyGtSIl" style="font: 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>Note
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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>

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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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B4_zN6Pq6QY9Nhe" style="display: none">Schedule of Accrued and Other Liabilities</span></span></p>

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</ix:nonNumeric><p id="xdx_8A2_zhJ7ksXvyVW4" style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:InterestIncomeAndInterestExpenseDisclosureTextBlock"><p id="xdx_805_eus-gaap--InterestIncomeAndInterestExpenseDisclosureTextBlock_zxRgMrHFuo3e" style="font: 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>Note
5. <span id="xdx_825_zxPulNXSn6r8">Interest Expense</span></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>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfOtherNonoperatingIncomeExpenseTableTextBlock"><p id="xdx_89C_eus-gaap--ScheduleOfOtherNonoperatingIncomeExpenseTableTextBlock_zVcBmMSEKWKd" style="font: 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
the three months ended March 31, 2022 and March 31, 2021, interest expense consisted of the following:</span></p>

<p style="font: 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 id="xdx_8B7_zh5N7JAV5ef3" style="display: none">Schedule of Interest Expenses</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" id="xdx_490_20210101__20210331_zqlZsGFVMbC8" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(<ix:nonFraction name="us-gaap:InterestExpenseRelatedParty" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">313</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_40C_ecustom--InterestExpenseOthers_i01_pn3n3_maIEzScO_zss7nFs6C1db" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Interest expense, other</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="MSLP:InterestExpenseOthers" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">254</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="MSLP:InterestExpenseOthers" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">227</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_405_eus-gaap--InterestExpenseBorrowings_i01N_pn3n3_di_maIEzScO_zbpKoiKWHBFl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Interest expense, secured borrowing arrangement</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:InterestExpenseBorrowings" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">71</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_404_ecustom--AmortizationOfDebtIssueCostInterest_i01_pn3n3_maIEzScO_zEholpRRvWge" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Amortization of debt issue cost associated with related warrants</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="MSLP:AmortizationOfDebtIssueCostInterest" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">2,615</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2215">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_ecustom--AmortizationOfDebtIssueCostOID_i01_pn3n3_maIEzScO_zhRhNr5uSld8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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">(<ix:nonFraction name="MSLP:AmortizationOfDebtIssueCostOID" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">568</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</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"><span style="-sec-ix-hidden: xdx2ixbrl2218">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--InterestExpense_i01NT_pn3n3_di_mtIEzScO_zrbJs27V5F42" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Total interest expense</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,821</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">510</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
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</ix:nonNumeric><p id="xdx_8A0_zrUNqC8gOcLi" style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:OtherLiabilitiesDisclosureTextBlock"><p id="xdx_800_eus-gaap--OtherLiabilitiesDisclosureTextBlock_zdDzwpG8rrs7" style="font: 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>Note
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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>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:OtherNoncurrentLiabilitiesTableTextBlock"><p id="xdx_89E_eus-gaap--OtherNoncurrentLiabilitiesTableTextBlock_zSJF3WnKTlkj" style="font: 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 March 31, 2022 and December 31, 2021 the Company&#8217;s other long-term liabilities consisted of the following (in thousands):</span></p>

<p style="font: 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><span id="xdx_8BF_zQZjht8A5VY6" style="display: none">Schedule of Other Long-Term Liabilities</span></b></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="font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" id="xdx_49D_20211231_zm5NPnZ95OYk" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--OtherLongTermDebt_iI_pn3n3_hus-gaap--LongtermDebtTypeAxis__custom--SettlementsLlongTermNutrablendAnd4ExcelsiorMember_z9VgLxESwhM8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left; padding-bottom: 1.5pt">Settlements &#8212; long term (Nutrablend and 4Excelsior)</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 16%; text-align: right"><ix:nonFraction name="us-gaap:OtherLongTermDebt" contextRef="AsOf2022-03-31_custom_SettlementsLlongTermNutrablendAnd4ExcelsiorMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,861</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left">Total other long term liabilities</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:OtherLongTermDebt" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,861</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:OtherLongTermDebt" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,326</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8AE_zCxiVj4vpA45" style="font: 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>


<ix:exclude><!-- Field: Page; Sequence: 123; 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 -->47<!-- Field: /Sequence --></td></tr></table></div>
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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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:DebtDisclosureTextBlock"><p id="xdx_806_eus-gaap--DebtDisclosureTextBlock_zviB2OjZwtu5" style="font: 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>Note
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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>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfDebtTableTextBlock"><p id="xdx_898_eus-gaap--ScheduleOfDebtTableTextBlock_zebzlNiLwZ0k" style="font: 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
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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><span id="xdx_8BE_zwO1VfVdHYN8" style="display: none">Schedule of Debt</span></b></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>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49D_20220331_zYgmbRyYDLZ7" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2022</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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  <tr id="xdx_407_eus-gaap--SeniorNotesCurrent_iI_pn3n3_maLTDCz6aB_maLTDz5wF_zyirWpjxY2N2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Senior notes payable</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><ix:nonFraction name="us-gaap:SeniorNotesCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,798</ix:nonFraction></p></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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    <td style="text-align: left">Refinanced convertible note, related party</td><td>&#160;</td>
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    <td style="text-align: left">Revolving line of credit, related party</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2247">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--SecuredDebtCurrent_iI_pn3n3_maLTDCz6aB_maLTDz5wF_zACaOj3CauA3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Obligations under secured borrowing arrangement</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"><ix:nonFraction name="us-gaap:SecuredDebtCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,592</ix:nonFraction></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"><ix:nonFraction name="us-gaap:SecuredDebtCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,446</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--LongTermDebt_iTI_pn3n3_mtLTDz5wF_zY63jwuQ1pq4" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Total current debt</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">22,407</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">16,331</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A3_zGx3p6YnYrh" style="font: 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"><b><i>Senior
Notes Payable</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>&#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">On
October 13, 2021, the Company entered into a Securities Purchase Agreement (the &#8220;Securities Purchase Agreement&#8221;) with certain
institutional investors as purchasers (the &#8220;Investors&#8221;). Pursuant to the Securities Purchase Agreement, the Company sold,
and the Investors purchased, $<span id="xdx_906_eus-gaap--DebtInstrumentFaceAmount_iI_c20211013__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zPqDzSBFOnz2"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-10-13_custom_SecuritiesPurchaseAgreementMember_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,197,674</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million (the &#8220;Purchase Price&#8221;)
in principal amount of senior notes (the &#8220;Senior Notes&#8221;) and warrants (the &#8220;Warrants&#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">The
Senior Notes were issued with an original issue discount of <span id="xdx_902_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_uPure_c20220331__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_z0kgalPTVJX4" title="Original issue discount"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateEffectivePercentage" contextRef="AsOf2022-03-31_custom_SecuritiesPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">14</ix:nonFraction>%</span>, bear no interest and mature after 6 months, on April 13, 2022. To secure
its obligations thereunder and under the Securities Purchase Agreement, the Company has granted a security interest over substantially
all of its assets to the collateral agent for the benefit of the Investors, pursuant to a pledge and security agreement.</span></p>

<p style="font: 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
maturity date of the Senior Notes was extended to May 28, 2022, on April 12, 2022. The maturity date of the Senior Notes also may be
extended under other circumstances specified therein. <span id="xdx_901_eus-gaap--DebtInstrumentInterestRateBasisForEffectiveRate_c20220101__20220331_z56DU2gVklu5"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="us-gaap:DebtInstrumentInterestRateBasisForEffectiveRate">Subsequent
to the extension, interest accrued from April 13, 2022 at 18% per annum until the Senior Notes are paid in full</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
The Company is undertaking various initiatives to improve gross margins to become cash flow positive prior to the maturity of the Senior
Notes. These initiatives include improving cost of goods sold on certain raw materials. There can be no assurance the Company
will be able to successfully implement such initiatives on a timely basis or at all or that it otherwise will meet the conditions required
to extend the Senior Notes. If the Company is unable to extend the Senior Notes or elects not to do so, the Company will be required
to repay the Senior Notes through equity issuances, additional borrowings, cash flows from operations and/or other sources of liquidity.</span></p>

<p style="font: 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>


<ix:exclude><!-- Field: Page; Sequence: 124; 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 -->48<!-- Field: /Sequence --></td></tr></table></div>
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<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">The
Warrants are exercisable for five (<span id="xdx_903_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20220101__20220331_zpYw3licDkXl"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">5</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)
years to purchase <span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightUnissued_iI_pid_c20220331__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zWjhgFJLaGIh"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightUnissued" contextRef="AsOf2022-03-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">17,355,700</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company&#8217;s common stock,
par value $<span id="xdx_90B_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20220331__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zmAY8mcmLyAk"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2022-03-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.001</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share, at an exercise price of $<span id="xdx_907_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20220331__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zGrRHfOmvIK2"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2022-03-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.78</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
subject to adjustment under certain circumstances described in the Warrants. The Warrants have a face value of $<span id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20220331__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z6XuSJ36MFN3"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-03-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">4.4</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million which is recorded in Additional Paid-In
Capital.</span></p>

<p style="font: 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
conjunction with the private placement of Senior Notes and Warrants, each of the directors and officers of the Company entered into lock-up
agreements, which prohibited sales of the Common Stock until after April 11, 2022, subject to certain exceptions.</span></p>

<p style="font: 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
issuance of the Senior Notes and Warrants was made in reliance on the exemption provided by Section 4(a)(2) of the Securities Act of
1933, as amended (the &#8220;Securities Act&#8221;), for the offer and sale of securities not involving a public offering, and Regulation
D promulgated under the Securities Act. In accordance with ASC 470-20-25-2, proceeds from the sale of a debt instrument with stock purchase
warrants (detachable call options) are allocated to the two elements based on the relative fair values of the debt instrument without
the warrants and of the warrants themselves at time of issuance. The portion of the proceeds so allocated to the warrants shall be accounted
for as additional paid-in capital. The remainder of the proceeds shall be allocated to the debt instrument portion of the 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"></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>November
2020 Convertible Note, Related Party</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 29, 2020, the Company entered into a refinancing agreement with Mr. Ryan Drexler, (the &#8220;November 2020 Refinancing&#8221;),
in which the Company issued to Mr. Drexler a convertible secured promissory note (the November 2020 &#8220;Convertible Note&#8221;) in
the original principal amount of $<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20201129__us-gaap--DebtInstrumentAxis__custom--TheTwoThousandTwentyRefinancedConvertibleNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RyanDrexlerMember_zUZQT0moWGf1" title="Debt instrument face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-11-29_custom_RyanDrexlerMember_custom_TheTwoThousandTwentyRefinancedConvertibleNoteMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.9</ix:nonFraction></span> million, which amended and restated a convertible secured promissory note dated as of August 21,
2020. The $<span id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20200821__us-gaap--DebtInstrumentAxis__custom--ConvertibleSecuredPromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RyanDrexlerMember_zTJ2ZZwXlIJc" title="Debt instrument face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-08-21_custom_RyanDrexlerMember_custom_ConvertibleSecuredPromissoryNoteMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.9</ix:nonFraction></span> million November 2020 Convertible Note bears interest at the rate of 12% per annum. Unless earlier converted or repaid,
all outstanding principal and any accrued but unpaid interest under the November 2020 Convertible Note shall be due and payable on July
1, 2021, however the Company and Mr. Drexler agreed to an extension on August 13, 2021 until July 14, 2022. Any interest not paid when
due shall be capitalized and added to the principal amount of the November 2020 Convertible Note and bear interest on the applicable
interest payment date along with all other unpaid principal, capitalized interest, and other capitalized obligations.</span></p>

<p style="font: 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">Mr.
Drexler may, at any time, and from time to time, upon written notice to the Company, convert the outstanding principal and accrued interest
into shares of Common Stock, at a conversion price of $<span id="xdx_90F_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20200821__us-gaap--DebtInstrumentAxis__custom--ConvertibleSecuredPromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RyanDrexlerMember_zcx4vOGoBkil" title="Debt instrument convertible conversion price"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2020-08-21_custom_RyanDrexlerMember_custom_ConvertibleSecuredPromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.23</ix:nonFraction></span> per share. At the election of the Company, one-sixth of the interest may
be paid in kind (&#8220;PIK Interest&#8221;) by adding such amount to the principal amount of the note, or through the issuance of shares
of the Company&#8217;s common stock to Mr. Drexler. The PIK Interest is convertible to common stock at the closing price per share on
the last business day of each calendar quarter. In no event will the conversion price of such PIK Interest be less than $<span id="xdx_90D_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20200821__us-gaap--DebtInstrumentAxis__custom--ConvertibleSecuredPromissoryNoteMember__us-gaap--LongtermDebtTypeAxis__us-gaap--PaymentInKindPIKNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RyanDrexlerMember_z3R8m9sU68t8" title="Debt instrument convertible conversion price"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2020-08-21_custom_RyanDrexlerMember_custom_ConvertibleSecuredPromissoryNoteMember_us-gaap_PaymentInKindPIKNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.10</ix:nonFraction></span>. The Company
may prepay the Note by giving Mr. Drexler between 15-days&#8217; and 60-days&#8217; notice depending upon the specific circumstances,
subject to Mr. Drexler&#8217;s conversion right.</span></p>

<p style="font: 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
November 2020 Convertible Note contains customary restrictions on the ability of the Company to, among other things, grant liens or incur
indebtedness other than certain obligations incurred in the ordinary course of business. The restrictions are also subject to certain
additional qualifications and carveouts, as set forth in the November 2020 Convertible Note. The November 2020 Convertible Note is subordinated
to certain other indebtedness of the Company held by Prestige Capital Corporation (&#8220;Prestige&#8221;) and the Senior Notes.</span></p>

<p style="font: 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>

<ix:exclude><!-- Field: Page; Sequence: 125; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 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">&#160;</span></p>

<p style="font: 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
the three months ended March 31, 2022 and 2021, interest expense related to the related party convertible secured promissory note was
$<span id="xdx_901_eus-gaap--InterestExpenseRelatedParty_pn3n6_c20220101__20220331__us-gaap--DebtInstrumentAxis__custom--ConvertibleNoteMember_zYXf6X5kphqh" title="Interest expense related party"><ix:nonFraction name="us-gaap:InterestExpenseRelatedParty" contextRef="From2022-01-012022-03-31_custom_ConvertibleNoteMember" format="ixt:numdotdecimal" decimals="-3" scale="6" unitRef="USD">0.085</ix:nonFraction></span> million and $<span id="xdx_90E_eus-gaap--InterestExpenseRelatedParty_pn3n6_c20210101__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertibleNoteMember_zitQtmgnOGH9" title="Interest expense related party"><ix:nonFraction name="us-gaap:InterestExpenseRelatedParty" contextRef="From2021-01-012021-03-31_custom_ConvertibleNoteMember" format="ixt:numdotdecimal" decimals="-3" scale="6" unitRef="USD">0.085</ix:nonFraction></span> million, respectively. During the three months ended March 31, 2022, no interest was paid in cash to Mr. Drexler;
during the three months ended March 31, 2021 $<span id="xdx_908_ecustom--PaymentForInterest_pn3n6_c20220101__20220331__us-gaap--DebtInstrumentAxis__custom--ConvertibleNoteMember_znClkT9I5W48" title="Interest paid in cash"><ix:nonFraction name="MSLP:PaymentForInterest" contextRef="From2022-01-012022-03-31_custom_ConvertibleNoteMember" format="ixt:numdotdecimal" decimals="-3" scale="6" unitRef="USD">0.085</ix:nonFraction></span> million of interest was paid in cash to Mr. Drexler.</span></p>

<p style="font: 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>August
2021 Convertible Note, Related Party</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 15, 2020, the Company entered into a secured revolving promissory note (the &#8220;Revolving Note&#8221;) with Mr. Ryan Drexler.
Under the terms of the Revolving Note, the Company can borrow up to $<span id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20201015__us-gaap--DebtInstrumentAxis__custom--RelatedPartySecuredRevolvingPromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RyanDrexlerMember_zxfxbEHOccU8" title="Debt instrument face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-10-15_custom_RyanDrexlerMember_custom_RelatedPartySecuredRevolvingPromissoryNoteMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.0</ix:nonFraction></span> million. The Revolving Note bears interest at the rate of <span id="xdx_902_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_uPure_c20201015__us-gaap--DebtInstrumentAxis__custom--RelatedPartySecuredRevolvingPromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RyanDrexlerMember_zhTh1I4lz1Bb" title="Debt instrument interest rate stated percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-10-15_custom_RyanDrexlerMember_custom_RelatedPartySecuredRevolvingPromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12</ix:nonFraction>%</span>
per annum. The funds were used for the purchase of whey protein and other general corporate purposes. Both the outstanding principal,
if any, and all accrued interest under the Revolving Note were due on March 31, 2021, which was not paid.</span></p>

<p style="font: 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 13, 2021, the Company issued to Ryan Drexler (the &#8220;Holder&#8221;) a convertible secured promissory note (the &#8220;August
2021 Convertible Note&#8221;) in the original principal amount of $<span id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20210813__srt--TitleOfIndividualAxis__custom--RyanDrexlerMember_zd3WAbgSC0I7" title="Debt instrument face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-08-13_custom_RyanDrexlerMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.5</ix:nonFraction></span> million, replacing the Revolving Note.</span></p>

<p style="font: 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
August 2021 Convertible Note bears interest at the rate of <span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_uPure_c20210831__srt--TitleOfIndividualAxis__custom--RyanDrexlerMember_zylBrNIGwOnk" title="Debt instrument interest rate stated percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-08-31_custom_RyanDrexlerMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12</ix:nonFraction>%</span> per annum. Interest payments are due on the last day of each calendar
quarter. At the Company&#8217;s option (as determined by its independent directors), the Company may repay up to one sixth of any interest
payment by either adding such amount to the principal amount of the August 2021 Convertible Note or by converting such interest amount
into an equivalent amount of the Company&#8217;s common stock, $<span id="xdx_90B_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20210831__srt--TitleOfIndividualAxis__custom--RyanDrexlerMember_zQg3MK6XVag8" title="Common stock par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-08-31_custom_RyanDrexlerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.001</ix:nonFraction></span> par value per share (the &#8220;Common Stock&#8221;). Any interest
not paid when due shall be capitalized and added to the principal amount of the August 2021 Convertible Note and bear interest on the
applicable interest payment date along with all other unpaid principal, capitalized interest, and other capitalized obligations. Both
the principal and any accrued but unpaid interest under the August 2021 Convertible Note will be due on July 14, 2022, unless converted
or repaid earlier.</span></p>

<p style="font: 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
Holder may, at any time, and from time to time, upon written notice to the Company, convert the outstanding principal and accrued interest
into shares of Common Stock, at a conversion price equal to the closing price of the common stock on October 15, 2021. The Company may
prepay the August 2021 Convertible Note by giving the Holder between <span id="xdx_902_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_dtD_uInteger_c20210801__20210831__srt--RangeAxis__srt--MinimumMember__srt--TitleOfIndividualAxis__custom--RyanDrexlerMember_zanqVsWFiAY7" title="Trading days"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdTradingDays" contextRef="From2021-08-012021-08-31_custom_RyanDrexlerMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Integer">15</ix:nonFraction></span> and <span id="xdx_901_eus-gaap--DebtInstrumentConvertibleThresholdTradingDays_dtD_uInteger_c20210801__20210831__srt--RangeAxis__srt--MaximumMember__srt--TitleOfIndividualAxis__custom--RyanDrexlerMember_znNBQ5M63Bwe" title="Trading days"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdTradingDays" contextRef="From2021-08-012021-08-31_custom_RyanDrexlerMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Integer">60</ix:nonFraction></span> days&#8217; notice depending upon the specific circumstances,
subject to the Holder&#8217;s conversion right.</span></p>

<p style="font: 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
August 2021 Convertible Note contains customary events of default, including, among others, the failure by the Company to make a payment
of principal or interest when due. Following an event of default, at the option of the Holder and upon written notice to the Company,
or automatically under certain circumstances, all outstanding principal and accrued interest will become due and payable. The August
2021 Convertible Note also contains customary restrictions on the ability of the Company to, among other things, grant liens or incur
indebtedness other than certain obligations incurred in the ordinary course of business. The restrictions are also subject to certain
additional qualifications and carveouts, as set forth in the August 2021 Convertible Note. The August 2021 Convertible Note is subordinated
to certain other indebtedness of the Company held by Prestige Corporation (&#8220;Prestige&#8221;) and the Senior Notes.</span></p>

<p style="font: 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">For
the three months ended March 31, 2022, interest expense related to the related party convertible secured promissory note was $<span id="xdx_905_eus-gaap--InterestExpenseRelatedParty_pn3n6_c20220101__20220331__us-gaap--DebtInstrumentAxis__custom--ConvertibleNoteOneMember_z19EvNDX3E9e"><ix:nonFraction name="us-gaap:InterestExpenseRelatedParty" contextRef="From2022-01-012022-03-31_custom_ConvertibleNoteOneMember" format="ixt:numdotdecimal" decimals="-3" scale="6" unitRef="USD">0.122</ix:nonFraction></span> million
and there was <span id="xdx_90B_eus-gaap--InterestExpenseRelatedParty_do_c20210101__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertibleNoteOneMember_ze9uoEW25klb" title="Interest expense"><ix:nonFraction name="us-gaap:InterestExpenseRelatedParty" contextRef="From2021-01-012021-03-31_custom_ConvertibleNoteOneMember" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></span> interest expense related to this note for the three months ended March 31, 2021. During the three months ended March
31, 2022 and 2021 <span id="xdx_90E_ecustom--PaymentForInterest_do_c20220101__20220331__us-gaap--DebtInstrumentAxis__custom--ConvertibleNoteOneMember__srt--TitleOfIndividualAxis__custom--MrDrexlerMember_zXnGEW123Qhd" title="Interest paid in cash"><span id="xdx_90F_ecustom--PaymentForInterest_do_c20210101__20210331__us-gaap--DebtInstrumentAxis__custom--ConvertibleNoteOneMember__srt--TitleOfIndividualAxis__custom--MrDrexlerMember_zrm7d1e2bLi1" title="Interest paid in cash"><ix:nonFraction name="MSLP:PaymentForInterest" contextRef="From2022-01-012022-03-31_custom_ConvertibleNoteOneMember_custom_MrDrexlerMember" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="MSLP:PaymentForInterest" contextRef="From2021-01-012021-03-31_custom_ConvertibleNoteOneMember_custom_MrDrexlerMember" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></span></span> interest was paid in cash to Mr. Drexler.</span></p>

<p style="font: 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>Revolving
Line of Credit, Related Party</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
March 8, 2022, the Company entered into an Unsecured Revolving Promissory Note (the &#8220;Note&#8221;) with the Mr. Ryan Drexler. Under
the terms of the Note, proceeds may be used solely to finance the production of orders from its largest customer or any of its affiliates
or subsidiaries. The Note does not contain a cap on borrowings thereunder. However, further advances under the Note are at the discretion
of the Lender. Outstanding balances under the Note accrue interest at the rate of <span id="xdx_902_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_uPure_c20220308__srt--TitleOfIndividualAxis__custom--MrDrexlerMember__us-gaap--DebtInstrumentAxis__custom--RelatedPartyUnSecuredRevolvingPromissoryNoteMember_zz9fllKyT6O1" title="Accrued interest percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateEffectivePercentage" contextRef="AsOf2022-03-08_custom_MrDrexlerMember_custom_RelatedPartyUnSecuredRevolvingPromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">18</ix:nonFraction>%</span> per annum. Prior to maturity, the Company generally
may pay down principal balances and re-borrow under the Note, subject to the discretion of the Lender to advance funds under the Note.
The Note contains customary events of default and acceleration provisions.</span></p>

<p style="font: 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
Note is subordinate to the <span id="xdx_90B_eus-gaap--WorkersCompensationDiscountPercent_pid_uPure_c20220306__20220308__srt--TitleOfIndividualAxis__custom--MrDrexlerMember__us-gaap--DebtInstrumentAxis__custom--RelatedPartyUnSecuredRevolvingPromissoryNoteMember_z5RyiGVVLLNg" title="Issued discounts senior secured notes"><ix:nonFraction name="us-gaap:WorkersCompensationDiscountPercent" contextRef="From2022-03-062022-03-08_custom_MrDrexlerMember_custom_RelatedPartyUnSecuredRevolvingPromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">14</ix:nonFraction>%</span> Original Issue Discount Senior Secured Notes previously issued by the Company. Under the terms of the
First Amendment to Intercreditor and Subordination Agreement, dated as of March 8, 2022, between the Company, Ryan Drexler and Empery
Tax Efficient, LP (the &#8220;Amendment&#8221;), principal but not interest due under the Note generally may be repaid out of payments
received by the Company in respect of accounts receivable financed pursuant to the Note.</span></p>

<p style="font: 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">The
related party revolving line of credit balance as of March 31, 2022 was $<span id="xdx_905_ecustom--RevolverBalance_iI_pn5n6_c20220331_zAqzMITz5gme" title="Revolver balance"><ix:nonFraction name="MSLP:RevolverBalance" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.7</ix:nonFraction></span> million and was <span id="xdx_90F_ecustom--RevolverBalance_iI_dc_c20210331_zfgLPFjyvlM" title="Revolver balance"><ix:nonFraction name="MSLP:RevolverBalance" contextRef="AsOf2021-03-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">zero</ix:nonFraction></span> on at March 31, 2021.</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the three months ended March 31, 2022 and 2021 total related party debt was $<span id="xdx_901_eus-gaap--InterestExpenseDebt_pn5n6_c20220101__20220331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RelatedPartyMember_zLmg3p8tAd2d" title="Interest expense charges"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2022-01-012022-03-31_custom_RelatedPartyMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">8.1</ix:nonFraction></span> million and $<span id="xdx_900_eus-gaap--InterestExpenseDebt_pn5n6_c20210101__20210331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RelatedPartyMember_z7ysef5ciKK7" title="Interest expense charges"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2021-01-012021-03-31_custom_RelatedPartyMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">4.6</ix:nonFraction></span> million, respectively.</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the three months ended March 31, 2022, interest expense related to the revolving line of credit, related party was $<span id="xdx_902_ecustom--InterestExpenseRelatedParties_pn3n6_c20220101__20220331__us-gaap--DebtInstrumentAxis__custom--ConvertibleNoteMember_zwI4gNx8Q498" title="Interest expense"><ix:nonFraction name="MSLP:InterestExpenseRelatedParties" contextRef="From2022-01-012022-03-31_custom_ConvertibleNoteMember" format="ixt:numdotdecimal" decimals="-3" scale="6" unitRef="USD">0.106</ix:nonFraction></span> million.</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"><b><i>Obligations
Under Secured Borrowing Arrangement</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
January 2016, the Company entered into a Purchase and Sale Agreement (the &#8220;Purchase and Sale Agreement&#8221;) with Prestige, pursuant
to which the Company agreed to sell and assign, and Prestige agreed to buy and accept, certain accounts receivable owed to the Company
(&#8220;Accounts&#8221;). Under the terms of the Purchase and Sale Agreement, upon the receipt and acceptance of each assignment of Accounts,
Prestige will pay the Company <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_uPure_c20160131__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember_zo4Mwd1C6Kzb" title="Debt instrument interest rate stated percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2016-01-31_custom_PurchaseAndSaleAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">80</ix:nonFraction>%</span> of the net face amount of the assigned Accounts, up to a maximum total borrowing of $<span id="xdx_906_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20160131__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember_zhry2ZT6z3r5" title="Debt instrument face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2016-01-31_custom_PurchaseAndSaleAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">12.5</ix:nonFraction></span> million subject
to sufficient amounts of accounts receivable to secure the loan. The remaining <span id="xdx_906_ecustom--DebtInstrumentRemainingInterestRate_iI_pid_uPure_c20160131__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember_zPCEuCKBEea9" title="Debt instrument remaining interest rate"><ix:nonFraction name="MSLP:DebtInstrumentRemainingInterestRate" contextRef="AsOf2016-01-31_custom_PurchaseAndSaleAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">20</ix:nonFraction>%</span> will be paid to the Company upon collection of the
assigned Accounts, less any chargebacks (including chargebacks for any customer amounts that remain outstanding for over 90 days), disputes,
or other amounts due to Prestige. Prestige&#8217;s purchase of the assigned Accounts from the Company will be at a discount fee which
varies from <span id="xdx_90F_ecustom--DisountFeeInterestRate_iI_pid_uPure_c20160131__srt--RangeAxis__srt--MinimumMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember_zYFiB78aHflk" title="Disount fee interest rate"><ix:nonFraction name="MSLP:DisountFeeInterestRate" contextRef="AsOf2016-01-31_custom_PurchaseAndSaleAgreementMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.7</ix:nonFraction>%</span> to <span id="xdx_903_ecustom--DisountFeeInterestRate_iI_pid_uPure_c20160131__srt--RangeAxis__srt--MaximumMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember_zHijPJvbc02e" title="Disount fee interest rate"><ix:nonFraction name="MSLP:DisountFeeInterestRate" contextRef="AsOf2016-01-31_custom_PurchaseAndSaleAgreementMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4</ix:nonFraction>%</span>, based on the number of days outstanding from the assignment of Accounts to collection of the assigned Accounts.
In addition, the Company granted Prestige a continuing security interest in and first priority lien upon all accounts receivable, inventory,
fixed assets, general intangibles, and other assets. Prestige will have no recourse against the Company if payments are not made due
to the insolvency of an account debtor within 90 days of invoice date, with the exception of international and certain domestic customers.
<span id="xdx_90A_eus-gaap--DebtInstrumentDescription_c20190409__20190410__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PrestigeMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndSaleAgreementMember_zrtt0D0QnYs2" title="Debt instrument description"><ix:nonNumeric contextRef="From2019-04-092019-04-10_custom_PrestigeMember_custom_PurchaseAndSaleAgreementMember" name="us-gaap:DebtInstrumentDescription">On April 10, 2019, the Company and Prestige amended the terms of the agreement. The agreement was extended until April 1, 2020 and automatically
renews for one (1) year periods unless either party receives written notice of cancellation from the other, at minimum, thirty (30) days
prior to the expiration date thereafter</ix:nonNumeric></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">On
June 14, 2021, Prestige advanced the Company $<span id="xdx_906_eus-gaap--ProceedsFromLoans_pn5n6_c20210613__20210614__dei--LegalEntityAxis__custom--PrestigeCapitalCorporationMember_zWlO46Yop0nh" title="Proceeds from loans"><ix:nonFraction name="us-gaap:ProceedsFromLoans" contextRef="From2021-06-132021-06-14_custom_PrestigeCapitalCorporationMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.0</ix:nonFraction></span> million with a <span id="xdx_902_eus-gaap--DebtInstrumentTerm_dxL_c20210613__20210614__dei--LegalEntityAxis__custom--PrestigeCapitalCorporationMember_zNwrKvtEKPf3" title="Debt instrument term::XDX::P6M"><span style="-sec-ix-hidden: xdx2ixbrl2327">six</span></span>-month term, <span id="xdx_908_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_uPure_c20210613__20210614__dei--LegalEntityAxis__custom--PrestigeCapitalCorporationMember_zIzxjXjrIqub" title="Debt instrument interest rate during period"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateDuringPeriod" contextRef="From2021-06-132021-06-14_custom_PrestigeCapitalCorporationMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">15</ix:nonFraction>%</span> interest rate and <span id="xdx_905_ecustom--AccommodationFeePercent_pid_uPure_c20210613__20210614__dei--LegalEntityAxis__custom--PrestigeCapitalCorporationMember_zS5OeGIchlTa" title="Accommodation fee percent"><ix:nonFraction name="MSLP:AccommodationFeePercent" contextRef="From2021-06-132021-06-14_custom_PrestigeCapitalCorporationMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2</ix:nonFraction>%</span> accommodation 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>

<p style="font: 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
July 26, 2021, Prestige advanced the Company $<span id="xdx_902_eus-gaap--ProceedsFromLoans_pn5n6_c20210725__20210726__dei--LegalEntityAxis__custom--PrestigeCapitalCorporationMember_z0qaNCMS8b88" title="Proceeds from loans"><ix:nonFraction name="us-gaap:ProceedsFromLoans" contextRef="From2021-07-252021-07-26_custom_PrestigeCapitalCorporationMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.0</ix:nonFraction></span> million with a <span id="xdx_908_eus-gaap--DebtInstrumentTerm_dxL_c20210725__20210726__dei--LegalEntityAxis__custom--PrestigeCapitalCorporationMember_zXoDvpKPbLIe" title="Debt instrument term::XDX::P6M"><span style="-sec-ix-hidden: xdx2ixbrl2335">six</span></span>-month term and a <span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_uPure_c20210725__20210726__dei--LegalEntityAxis__custom--PrestigeCapitalCorporationMember_zM5MkzeEr0Y8" title="Debt instrument interest rate during period"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateDuringPeriod" contextRef="From2021-07-252021-07-26_custom_PrestigeCapitalCorporationMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">15</ix:nonFraction>%</span> interest rate. In addition, there was an accommodation
fee equal to <span id="xdx_904_ecustom--AccommodationFeePercent_pid_uPure_c20210725__20210726__dei--LegalEntityAxis__custom--PrestigeCapitalCorporationMember_zaO2wsGdcUL4" title="Accommodation fee percent"><ix:nonFraction name="MSLP:AccommodationFeePercent" contextRef="From2021-07-252021-07-26_custom_PrestigeCapitalCorporationMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1</ix:nonFraction>%</span> of the amount advanced plus <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20210725__20210726__dei--LegalEntityAxis__custom--PrestigeCapitalCorporationMember_zRRFf09GzbB6" title="Options Granted"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2021-07-252021-07-26_custom_PrestigeCapitalCorporationMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">18,750</ix:nonFraction></span> stock options.</span></p>

<p style="font: 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 id="xdx_90E_eus-gaap--DebtInstrumentDescription_c20211011__20211012_zoeMkYZbERLi" title="Debt instrument description"><ix:nonNumeric contextRef="From2021-10-112021-10-12" name="us-gaap:DebtInstrumentDescription">On
October 12, 2021, the June 14, 2021 and July 26, 2021 the total Prestige advance $2.0 million was extended to the date of the termination
of the senior secured note offering, which is in April 2022, and was extended to May 28 2022</ix:nonNumeric></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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the three months ended March 31, 2022 and 2021, the Company assigned Prestige accounts with an aggregate face amount of approximately
$<span id="xdx_908_ecustom--AggregateFaceAmount_pn5n6_c20220101__20220331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PrestigeMember_zJSJ8muBaDVe"><ix:nonFraction name="MSLP:AggregateFaceAmount" contextRef="From2022-01-012022-03-31_custom_PrestigeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">6.3</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million and $<span id="xdx_90B_ecustom--AggregateFaceAmount_pn5n6_c20210101__20210331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PrestigeMember_z33fxVKjUbk1"><ix:nonFraction name="MSLP:AggregateFaceAmount" contextRef="From2021-01-012021-03-31_custom_PrestigeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">11.4</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million, respectively. For the three months
ended March 31, 2022 and 2021, the Company made payments to Prestige in the amounts of $<span id="xdx_907_eus-gaap--ProceedsFromRelatedPartyDebt_pn5n6_c20220101__20220331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PrestigeMember_ztRaDCVX3yz1"><ix:nonFraction name="us-gaap:ProceedsFromRelatedPartyDebt" contextRef="From2022-01-012022-03-31_custom_PrestigeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">6.1</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million and $<span id="xdx_901_eus-gaap--ProceedsFromRelatedPartyDebt_pn5n6_c20210101__20210331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PrestigeMember_zMxA8ZKSUSn"><ix:nonFraction name="us-gaap:ProceedsFromRelatedPartyDebt" contextRef="From2021-01-012021-03-31_custom_PrestigeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">13.8</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million, respectively, in cash. As of March
31, 2022 and December 31, 2021, we had outstanding borrowings of approximately $<span id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20220331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PrestigeMember_zlpLA6WNnUUa"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-03-31_custom_PrestigeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">6.6</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million and $<span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PrestigeMember_ztHQy6VLw2kf"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-12-31_custom_PrestigeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">6.4</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million, respectively.</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"><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>Paycheck
Protection Program Loan</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; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to economic uncertainty as a result of the ongoing pandemic (&#8220;COVID-19&#8221;), on May 14, 2020, the Company received an aggregate
principal amount of $<span id="xdx_900_eus-gaap--ProceedsFromIssuanceOfDebt_c20200513__20200514__us-gaap--DebtInstrumentAxis__custom--PaycheckProtectionPrograMember__us-gaap--LineOfCreditFacilityAxis__custom--HarvestSmallBusinessFinanceLLCMember_zSL3P32zmL97" title="Proceeds from issuance of debt"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfDebt" contextRef="From2020-05-132020-05-14_custom_HarvestSmallBusinessFinanceLLCMember_custom_PaycheckProtectionPrograMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">964,910</ix:nonFraction></span> pursuant to the borrowing arrangement (&#8220;Note&#8221;) with Harvest Small Business Finance, LLC (&#8220;HSBF&#8221;)
and agreed to pay the principal amount plus interest at a <span id="xdx_900_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_uPure_c20200514__us-gaap--DebtInstrumentAxis__custom--PaycheckProtectionPrograMember__us-gaap--LineOfCreditFacilityAxis__custom--HarvestSmallBusinessFinanceLLCMember_zjtj3F0GwIF9" title="Debt instrument interest rate stated percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-05-14_custom_HarvestSmallBusinessFinanceLLCMember_custom_PaycheckProtectionPrograMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1</ix:nonFraction>%</span> fixed interest rate per year, on the unpaid principal balance. The Note
includes forgiveness provisions in accordance with the requirements of the Paycheck Protection Program, Section 1106 of the CARES 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"><span id="xdx_901_eus-gaap--DebtInstrumentDescription_c20200513__20200514__us-gaap--DebtInstrumentAxis__custom--PaycheckProtectionPrograMember__us-gaap--LineOfCreditFacilityAxis__custom--HarvestSmallBusinessFinanceLLCMember_z5cjwHEfManb" title="Debt instrument description"><ix:nonNumeric contextRef="From2020-05-132020-05-14_custom_HarvestSmallBusinessFinanceLLCMember_custom_PaycheckProtectionPrograMember" name="us-gaap:DebtInstrumentDescription">The
Note was expected to mature on May 16, 2025. Payments were due by November 16, 2020 (the &#8220;Deferment Period&#8221;) and interest
was accrued during the Deferment Period</ix:nonNumeric></span>. However, the Flexibility Act, which was signed into law on June 5, 2020, extended the Deferment
Period to the date that the forgiven amount is remitted by the United States Small Business Administration (&#8220;SBA&#8221;) to HSBF.</span></p>

<p style="font: 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 25, 2021, the Company received a letter from HSBF indicating the Company&#8217;s SBA PPP loan has been forgiven in full by HSBF
and was recorded as a $<span id="xdx_90F_eus-gaap--ProceedsFromLoans_c20211024__20211025_zKnyEcsZkjxe" title="Proceeds from loans"><ix:nonFraction name="us-gaap:ProceedsFromLoans" contextRef="From2021-10-242021-10-25" format="ixt:numdotdecimal" decimals="0" unitRef="USD">964,910</ix:nonFraction></span> gain on forgiveness of debt located in other income-loan forgiveness.</span></p>

<p style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_808_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_z39X5VWiPJjg" style="font: 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>Note
8. <span id="xdx_825_zIT7FCENNbvc">Commitments and Contingencies</span></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>&#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>Contingencies</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>&#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">In
the normal course of business or otherwise, the Company may become involved in legal proceedings. The Company will accrue a liability
for such matters when it is probable that a liability has been incurred and the amount can be reasonably estimated. When only a range
of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate
than any other amount within the range, the minimum amount in the range is accrued. The accrual for a litigation loss contingency might
include, for example, estimates of potential damages, outside legal fees and other directly related costs expected to be incurred. The
Company provides disclosures for material contingencies when there is a reasonable possibility that a loss or an additional loss may
be incurred. In assessing whether a loss is a reasonable possibility, the Company may consider the following factors, among others: the
nature of the litigation, claim or assessment, available information, opinions or views of legal counsel and other advisors, and the
experience gained from similar cases. As of December 31, 2021, the Company was involved in the following material legal proceedings described
below:</span></p>

<p style="font: 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>White
Winston Select Asset Fund Series MP-18, LLC et al., v MusclePharm Corp., et al., (Nev. Dist. Ct.; Cal. Superior Court; Colorado Dist.
Ct.; Mass. Super. Ct.)</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">On
August 21, 2018, White Winston Select Asset Fund Series MP-18, LLC and White Winston Select Asset Fund, LLC (together &#8220;White Winston&#8221;)
initiated a derivative action against the Company and its directors (the &#8220;director defendants&#8221;). White Winston alleges that
the director defendants breached their fiduciary duties by improperly approving the refinancing of three promissory notes issued by the
Company to Mr. Drexler (the &#8220;Amended Note&#8221;) in exchange for $<span id="xdx_90F_eus-gaap--DebtConversionOriginalDebtAmount1_pn5n6_c20180820__20180821__us-gaap--DebtInstrumentAxis__custom--ThreePromissoryNotesMember_zKCoUW3tXpta" title="Loan exchange, value"><ix:nonFraction name="us-gaap:DebtConversionOriginalDebtAmount1" contextRef="From2018-08-202018-08-21_custom_ThreePromissoryNotesMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">18.0</ix:nonFraction></span> million in loans. White Winston alleges that this refinancing
improperly diluted their economic and voting power and constituted an improper distribution in violation of Nevada law. In its complaint,
White Winston sought the appointment of a receiver over the Company, a permanent injunction against the exercise of Mr. Drexler&#8217;s
conversion right under the Amended Note, and other unspecified monetary damages. On September 13, 2018, White Winston filed an amended
complaint, which added a former executive of the Company, as a plaintiff (together with White Winston, the &#8220;White Winston Plaintiffs&#8221;).
On December 9, 2019, the White Winston Plaintiffs filed a Second Amended Complaint, in which they added allegations relating to the resignation
of the Company&#8217;s auditor, Plante &amp; Moran PLLC (&#8220;Plante Moran&#8221;). the Company has moved to dismiss the Second Amended
Complaint. That motion has not yet been fully briefed.</span></p>

<p style="font: 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">Along
with its complaint, White Winston also filed a motion for a temporary restraining order (&#8220;TRO&#8221;) and preliminary injunction
enjoining the exercise of Mr. Drexler&#8217;s conversion right under the Amended Note. On August 23, 2018, the Nevada district court
issued an ex parte TRO. On September 14, 2018, the court let the TRO expire and denied White Winston&#8217;s request for a preliminary
injunction, finding, among other things, that White Winston did not show a likelihood of success on the merits of the underlying action
and failed to establish irreparable harm. Following the court&#8217;s decision, the Company filed a motion seeking to recoup the legal
fees and costs it incurred in responding to the preliminary injunction motion. On October 31, 2019, the court awarded the Company $<span id="xdx_90C_ecustom--AttorneysFeesAndCosts_c20191030__20191031_zL6zLIMWYf8b" title="Fee and costs penalty"><ix:nonFraction name="MSLP:AttorneysFeesAndCosts" contextRef="From2019-10-302019-10-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">56,000</ix:nonFraction></span>
in fees and costs.</span></p>

<p style="font: 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">Due
to the uncertainty associated with determining our liability, if any, and due to our inability to ascertain with any reasonable degree
of likelihood, as of the date of this report, the outcome of the trial, the Company has not recorded an estimate for its potential liability.</span></p>

<p style="font: 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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    <!-- Field: /Page --></ix:exclude>

<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">On
June 17, 2019, White Winston moved for the appointment of a temporary receiver over the Company, citing Plante Moran&#8217;s resignation.
The court granted White Winston&#8217;s request to hold an evidentiary hearing on the motion, but subsequently stayed the action pending
the parties&#8217; attempts to resolve their dispute. Although the parties have been unable to reach a resolution, the litigation has
not yet resumed. On July 30, 2019, White Winston filed an action in the Superior Court of the State of California in and for the County
of Los Angeles, seeking access to the Company&#8217;s books and records and requesting the appointment of an independent auditor for
the Company. On February 25, 2021, the court ordered the Company to produce certain documents, denied White Winston&#8217;s request for
an auditor, and ordered the Company to pay a $<span id="xdx_90A_ecustom--PenaltyExpense_c20210224__20210225__dei--LegalEntityAxis__custom--MrDrexlerMember_zeaYrFAG63y5" title="penalty paid"><ix:nonFraction name="MSLP:PenaltyExpense" contextRef="From2021-02-242021-02-25_custom_MrDrexlerMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,500</ix:nonFraction></span> penalty. On July 20, 2021 the California court awarded White Winston $<span id="xdx_90A_ecustom--AttorneysFeesAndCosts_c20210717__20210720_zN5IPzLflfj6" title="Fee and costs penalty"><ix:nonFraction name="MSLP:AttorneysFeesAndCosts" contextRef="From2021-07-172021-07-20" format="ixt:numdotdecimal" decimals="0" unitRef="USD">93,000</ix:nonFraction></span> in attorneys&#8217;
fees and cost relating to the books-and-records action. The Company paid the amounts due on July 30, 2021, and on August 4, 2021 White
Winston submitted a filing acknowledging that the California court&#8217;s judgment has been fully satisfied.</span></p>

<p style="font: 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 and its Chief Executive Officer have been named as defendants in a new lawsuit filed on February 8, 2022 by White Winston Select
Asset Funds, LLC and White Winston Select Asset Fund Series Fund MP-18, LLC (collectively, &#8220;White Winston&#8221;) in the Superior
Court of Suffolk County Massachusetts. White Winston is bringing claims alleging unfair trade practices, abuse of process, malicious
prosecution, breach of duty of loyalty and, in the alternative, for breach of the settlement agreement relating to the prior action filed
by White Winston in Nevada. The Company has not yet responded to complaint and at this time cannot reasonably estimate any loss that
may arise from this matter.</span></p>

<p style="font: 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>Bakery
Barn, LLC v. MusclePharm Corporation</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">On
January 24, 2022, Bakery Barn (&#8220;Bakery Barn&#8221;) filed suit against Company in Allegheny County, Pennsylvania court. Company
received the Complaint on February 16, 2022. Bakery Barn alleges that the Company owes Bakery Barn over $<span id="xdx_904_eus-gaap--ContractWithCustomerAssetPurchase_pn5n6_c20220123__20220124__srt--TitleOfIndividualAxis__custom--BakeryBamMember_zO6BXJO0shJ7" title="Contract with customer breach"><ix:nonFraction name="us-gaap:ContractWithCustomerAssetPurchase" contextRef="From2022-01-232022-01-24_custom_BakeryBamMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.9</ix:nonFraction></span> million dollars for breach
of contract. Parties operated on an open account basis with payment terms established by mutual verbal agreement, custom and usage. Beginning
in late 2020, Bakery Barn resumed production for Company and operated under a verbal agreement until August 2021. Bakery Barn contends
that Company is required to reimburse Bakery Barn for foil wraps ordered by Bakery Barn in the amount of $<span id="xdx_903_eus-gaap--OrderFlowFees_c20220123__20220124__srt--TitleOfIndividualAxis__custom--BakeryBamMember_z4nxos8q5N8h" title="Order of services"><ix:nonFraction name="us-gaap:OrderFlowFees" contextRef="From2022-01-232022-01-24_custom_BakeryBamMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">77,800</ix:nonFraction></span>, specific ingredients
totaling $<span id="xdx_909_eus-gaap--SuppliesAndPostageExpense_c20220123__20220124__srt--TitleOfIndividualAxis__custom--BakeryBamMember_z3zScMpttTM2" title="Specific ingredients"><ix:nonFraction name="us-gaap:SuppliesAndPostageExpense" contextRef="From2022-01-232022-01-24_custom_BakeryBamMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">42,400</ix:nonFraction></span>, and products manufactured under purchase order Invoice no. 59192 delivered to Company in the amount of $<span id="xdx_905_eus-gaap--PaymentsToAcquireFinanceReceivables_c20220123__20220124__srt--TitleOfIndividualAxis__custom--BakeryBamMember_zYVZdz4Y1tCa" title="Purchase agreements"><ix:nonFraction name="us-gaap:PaymentsToAcquireFinanceReceivables" contextRef="From2022-01-232022-01-24_custom_BakeryBamMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,816,017</ix:nonFraction></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>

<p style="font: 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 24, 2022, Flaherty Fardo Rogel &amp; Amick, LLC (&#8220;Company Counsel&#8221;) filed a Praecipe for Appearance on behalf of
the Company. On February 28, 2022, Company Counsel filed Preliminary Objections to Complaint and Brief In Support Thereof. Bakery Barn
filed an Amended Complaint in Civil Action on March 14, 2022. Company Counsel is in the process of filing Preliminary Objections to this
Amended Complaint. The Company intends to continue to vigorously litigate the matter.</span></p>

<p style="font: 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"><b>Bar
Bakers, LLC v. CFC/Flavor Producers, LLC. Vs MusclePharm</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">On
March 18, 2022, the Company retained Barnes &amp; Thornburg to represent it in connection with a Cross-Complaint filed in the
Superior Court of California, County of Orange, Case No. 30-2019-01073098-CU-BC-CJC in the matter Bar Bakers LLC v. Creative Flavor Concepts,
Inc. et al.. According to the pleadings, the matter arises from an agreement between the plaintiffs and defendants in which the plaintiff
agreed to manufacturer energy bars and sell them to the defendants. The defendants then sold the energy bars to various retailers, including
the Company. On May 29, 2019, the plaintiff sued the defendants alleging that the defendants were responsible for unpaid invoices &#8211;
nine for bars  manufactured and delivered to the Company and one invoice for raw materials. According to the pleadings, the unpaid
invoices total $<span id="xdx_90C_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_pp2d_c20220318__srt--TitleOfIndividualAxis__custom--BarnesAndThornburgMember_z9CAYzrZLYK"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2022-03-18_custom_BarnesAndThornburgMember" format="ixt:numdotdecimal" decimals="2" unitRef="USD">885,163.72</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
The invoice for the raw materials is allegedly $<span id="xdx_90F_eus-gaap--DueToOtherRelatedPartiesCurrentAndNoncurrent_iI_pp2d_c20220318__srt--TitleOfIndividualAxis__custom--BarnesAndThornburgMember_zPG3P1duroB3"><ix:nonFraction name="us-gaap:DueToOtherRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2022-03-18_custom_BarnesAndThornburgMember" format="ixt:numdotdecimal" decimals="2" unitRef="USD">4,658,593.02</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
On January 31, 2022, one of the defendants, Flavor Producers LLC, filed and served a cross claim against the Company alleging that it
was partially responsible for any damages that may befall on it. Specifically, Flavor Producers is asking the Court to award it $<span id="xdx_90D_eus-gaap--LossContingencyDamagesPaidValue_pp2d_c20220129__20220131__srt--TitleOfIndividualAxis__custom--FlavorProducersLLCMember_zrmE8qEXwHGd"><ix:nonFraction name="us-gaap:LossContingencyDamagesPaidValue" contextRef="From2022-01-292022-01-31_custom_FlavorProducersLLCMember" format="ixt:numdotdecimal" decimals="2" unitRef="USD">389,989.60</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in compensatory damages. On March 25, 2022, the
Company filed an answer to that  cross claim denying the factual allegations and Flavor Producers&#8217; assertion that it is entitled
to any damages, including but not limited to, compensatory damages.</span></p>

<p style="font: 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>ThermoLife
International</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
January 2016, ThermoLife International LLC (&#8220;ThermoLife&#8221;), a supplier of nitrates to the Company, filed a complaint against
the Company in Arizona state court. ThermoLife alleged that the Company failed to meet minimum purchase requirements contained in the
parties&#8217; supply agreement. The court held a bench trial on the issue of damages in October 2019, and on December 4, 2019, the court
entered judgment in favor of ThermoLife and against the Company in the amount of $<span id="xdx_907_eus-gaap--LossContingencyDamagesSoughtValue_pn5n6_c20191203__20191204__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThermoLifeMember_zqMmA8AT3SKb" title="Increase of bond amount"><ix:nonFraction name="us-gaap:LossContingencyDamagesSoughtValue" contextRef="From2019-12-032019-12-04_custom_ThermoLifeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.6</ix:nonFraction></span> million, comprised of $<span id="xdx_908_eus-gaap--LossContingencyDamagesPaidValue_pn5n6_c20191203__20191204__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThermoLifeMember_z7O0IBLCrXlg" title="Loss Contingency, Damages Paid, Value"><ix:nonFraction name="us-gaap:LossContingencyDamagesPaidValue" contextRef="From2019-12-032019-12-04_custom_ThermoLifeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.9</ix:nonFraction></span> million in damages,
interest in the amount of $<span id="xdx_90E_eus-gaap--LitigationSettlementInterest_pn5n6_c20191203__20191204__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThermoLifeMember_z3aKefKz36T6" title="Interest expense recognized damages"><ix:nonFraction name="us-gaap:LitigationSettlementInterest" contextRef="From2019-12-032019-12-04_custom_ThermoLifeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.3</ix:nonFraction></span> million and attorneys&#8217; fees and costs in the amount of $<span id="xdx_908_ecustom--AttorneysFeesAndCosts_pn5n6_c20191203__20191204__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThermoLifeMember_za3ZKAVn8HWb" title="Fee and costs penalty"><ix:nonFraction name="MSLP:AttorneysFeesAndCosts" contextRef="From2019-12-032019-12-04_custom_ThermoLifeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.4</ix:nonFraction></span> million. The Company recorded $<span id="xdx_900_eus-gaap--LossContingencyAccrualPayments_pn5n6_c20180101__20181231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThermoLifeMember_zBBLlIXwQAc5" title="Total amount accrued"><ix:nonFraction name="us-gaap:LossContingencyAccrualPayments" contextRef="From2018-01-012018-12-31_custom_ThermoLifeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.6</ix:nonFraction></span> million
in accrued expenses in 2018. The Company has filed an appeal and posted bonds in the total amount of $0.6 million in order to stay execution
on the judgment pending appeal. Of the $<span id="xdx_902_ecustom--BondPostedValue_iI_pn5n6_c20220331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThermoLifeMember_zc2GWTrQYpg5" title="paid fee"><ix:nonFraction name="MSLP:BondPostedValue" contextRef="AsOf2022-03-31_custom_ThermoLifeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.6</ix:nonFraction></span> million, $<span id="xdx_909_eus-gaap--RepaymentsOfDebt_pn4n6_c20220101__20220331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThermoLifeMember_zisLOAS2iKRb" title="Paid fee"><ix:nonFraction name="us-gaap:RepaymentsOfDebt" contextRef="From2022-01-012022-03-31_custom_ThermoLifeMember" format="ixt:numdotdecimal" decimals="-4" scale="6" unitRef="USD">0.25</ix:nonFraction></span> million (including fees) was paid by Mr. Drexler on behalf of the Company.
See &#8220;Note 7. Debt&#8221; for additional information. The balance of $<span id="xdx_90C_eus-gaap--GuarantyAssets_iI_pn4n6_c20220331__dei--LegalEntityAxis__custom--MrDrexlerMember_zQQqW2xIHy3b" title="Balance fee"><ix:nonFraction name="us-gaap:GuarantyAssets" contextRef="AsOf2022-03-31_custom_MrDrexlerMember" format="ixt:numdotdecimal" decimals="-4" scale="6" unitRef="USD">0.35</ix:nonFraction></span> million was secured by a personal guaranty from Mr. Drexler,
the associated fees of $<span id="xdx_900_eus-gaap--LegalFees_c20220101__20220331__dei--LegalEntityAxis__custom--MrDrexlerMember_znKI7vGpQgP2" title="Associated fee"><ix:nonFraction name="us-gaap:LegalFees" contextRef="From2022-01-012022-03-31_custom_MrDrexlerMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,500</ix:nonFraction></span> and $<span id="xdx_906_eus-gaap--LegalFees_c20220101__20220331_zxSuldPhQOh4" title="Associated fee"><ix:nonFraction name="us-gaap:LegalFees" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,500</ix:nonFraction></span> have been paid by the Company. On April 27, 2021, the appellate court issued a decision largely
affirming the trial court judgement, except vacating the judgement&#8217;s $<span id="xdx_90A_eus-gaap--LitigationSettlementInterest_pn5n6_c20210426__20210427__dei--LegalEntityAxis__custom--ThermoLifeInternationalLLCMember_z5VGdkCYR3Sh" title="Interest expense recognized damages"><ix:nonFraction name="us-gaap:LitigationSettlementInterest" contextRef="From2021-04-262021-04-27_custom_ThermoLifeInternationalLLCMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.3</ix:nonFraction></span> million prejudgment interest award and remanding for
a recalculation of prejudgment interest. On May 18, 2021, ThermoLife filed a motion asking the trial court to increase the Company&#8217;s
appeal bond to the full amount of the judgment, or $<span id="xdx_909_eus-gaap--LossContingencyDamagesSoughtValue_pn5n6_c20210517__20210518__dei--LegalEntityAxis__custom--ThermoLifeInternationalLLCMember_zhIlaqanAfi5" title="Increase of bond amount"><ix:nonFraction name="us-gaap:LossContingencyDamagesSoughtValue" contextRef="From2021-05-172021-05-18_custom_ThermoLifeInternationalLLCMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.9</ix:nonFraction></span> million, which the Court denied on June 2, 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 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 March 31, 2022, the total amount accrued, including interest, was $<span id="xdx_909_eus-gaap--LossContingencyAccrualPayments_pn5n6_c20220101__20220331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThermoLifeMember_zjjWVAHy92Je" title="Total amount accrued"><ix:nonFraction name="us-gaap:LossContingencyAccrualPayments" contextRef="From2022-01-012022-03-31_custom_ThermoLifeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.9</ix:nonFraction></span> million. For the three months ended March 31, 2022 and 2021,
interest expense recognized on the awarded damages was $<span id="xdx_90C_eus-gaap--LitigationSettlementInterest_pn3n6_c20220101__20220331__dei--LegalEntityAxis__custom--MrDrexlerMember_znUJH16hcy47" title="Interest expense recognized damages"><ix:nonFraction name="us-gaap:LitigationSettlementInterest" contextRef="From2022-01-012022-03-31_custom_MrDrexlerMember" format="ixt:numdotdecimal" decimals="-3" scale="6" unitRef="USD">0.022</ix:nonFraction></span> million and $<span id="xdx_90D_eus-gaap--LitigationSettlementInterest_pn3n6_c20210101__20210331__dei--LegalEntityAxis__custom--MrDrexlerMember_zljqLIrtRsng" title="Interest expense recognized damages"><ix:nonFraction name="us-gaap:LitigationSettlementInterest" contextRef="From2021-01-012021-03-31_custom_MrDrexlerMember" format="ixt:numdotdecimal" decimals="-3" scale="6" unitRef="USD">0.022</ix:nonFraction></span> million, respectfully.</span></p>

<p style="font: 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 4, 2022, the Arizona Supreme Court denied the Company&#8217;s petition for review of the decision of the appellate court and granted
ThermoLife&#8217;s request for attorney&#8217;s fees.</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"></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"><b>SK
Laboratories</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">On
February 3, 2022, MusclePharm sued SK Laboratories in Washoe County (Nevada) District Court. According to the complaint, MusclePharm
alleges SK Laboratories (1) breach its contract, (1) breach an implied covenant of good faith and fair dealing, and (3) unjustly enriched
itself by artificially inflating its costs and passing those costs onto MusclePharm in breach of its agreement, as well as failing to
provide product that complied with Japanese import regulations. There has not been substantial activity in this case given its early
stage.</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">On
May 3, 2022, SK Laboratories sued MusclePharm and Ryan Drexler in Los Angeles County Superior Court. In its lawsuit, it is alleging (1)
breach of contract, (2) breach of personal guaranty, (3) fraud, (4) unfair business practices, (5) intentional interference with prospective
economic advantage, (6) negligent interference with prospective economic advantage, and (7) common count on book account claim. According
to the Complaint, SK Laboratories was a contract manufacturer for MusclePharm for approximately nine years manufacturing &#8220;a variety
of nutritional supplement products.&#8221; Further, according to the complaint, SK Laboratories alleges that MusclePharm has defaulted
on payments due on purchase orders totaling approximately $<span id="xdx_900_ecustom--DefaultPayments_iI_pp2d_c20220503_zo7B1LiP4PUj" title="Default payments due"><ix:nonFraction name="MSLP:DefaultPayments" contextRef="AsOf2022-05-03" format="ixt:numdotdecimal" decimals="2" unitRef="USD">4,608,980.12</ix:nonFraction></span>, and a breach of personal guaranty of approximately $<span id="xdx_903_ecustom--PersonalGuarantyAmount_c20220501__20220503_zyiaNjzjGmG4" title="Guaranty amount"><ix:nonFraction name="MSLP:PersonalGuarantyAmount" contextRef="From2022-05-012022-05-03" format="ixt:numdotdecimal" decimals="0" unitRef="USD">500,000</ix:nonFraction></span>
against Ryan Drexler for purchases of whey protein SK made on MusclePharm&#8217;s behalf. There has not been substantial activity in
this case given its early stage. MusclePharm&#8217;s answer is due on approximately June 21, 2022.</span><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 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>Settlements</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"><b>Manchester
City Football Group</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
Company was engaged in a dispute with City Football Group Limited (&#8220;CFG&#8221;), the owner of Manchester City Football Group, concerning
amounts allegedly owed by the Company under a sponsorship agreement with CFG (the &#8220;Sponsorship Agreement&#8221;). <span id="xdx_901_eus-gaap--LossContingencyTrialOrAlternativeDisputeResolution_c20220101__20220331__us-gaap--TypeOfArrangementAxis__custom--SponsorshipAgreementMember__dei--LegalEntityAxis__custom--CityFootballGroupLimitedMember_zdzEEYBzMpka" title="Loss contingency, trial or alternative dispute resolution"><ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_SponsorshipAgreementMember_custom_CityFootballGroupLimitedMember" name="us-gaap:LossContingencyTrialOrAlternativeDisputeResolution">In August 2016,
CFG commenced arbitration in the United Kingdom against the Company, seeking approximately $<span id="xdx_90D_ecustom--LossContingencyDisputeResolutionAmount_pn5n6_c20220101__20220331__us-gaap--TypeOfArrangementAxis__custom--SponsorshipAgreementMember__dei--LegalEntityAxis__custom--CityFootballGroupLimitedMember_zqNuWl7S789g" title="Loss contingency dispute resolution amount"><ix:nonFraction name="MSLP:LossContingencyDisputeResolutionAmount" contextRef="From2022-01-012022-03-31_custom_SponsorshipAgreementMember_custom_CityFootballGroupLimitedMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">8.3</ix:nonFraction></span> million for the Company&#8217;s purported
breach of the Sponsorship Agreement</ix:nonNumeric></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">On
July 28, 2017, the Company approved a Settlement Agreement (the &#8220;CFG Settlement Agreement&#8221;) with CFG effective July 7, 2017.
The CFG Settlement Agreement represents a full and final settlement of all litigation between the parties. Under the terms of the agreement,
the Company agreed to pay CFG a sum of $<span id="xdx_90E_eus-gaap--LossContingencyAccrualPayments_pn6n6_c20170726__20170728__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_z88r7UMOADc6" title="Total amount accrued"><ix:nonFraction name="us-gaap:LossContingencyAccrualPayments" contextRef="From2017-07-262017-07-28_custom_SettlementAgreementMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">3</ix:nonFraction></span> million, which was recorded as accrued expenses in 2017. The settlement consists of a $<span id="xdx_900_eus-gaap--RepaymentsOfRelatedPartyDebt_pn5n6_c20170706__20170707__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zIIqDbt9wCib" title="Advance payment"><ix:nonFraction name="us-gaap:RepaymentsOfRelatedPartyDebt" contextRef="From2017-07-062017-07-07_custom_SettlementAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.0</ix:nonFraction></span>
million payment that was advanced by a related party on July 7, 2017, a $<span id="xdx_900_eus-gaap--DebtInstrumentPeriodicPayment_pn5n6_c20180706__20180707__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zUTUxJcKmRH4" title="Periodic payment"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2018-07-062018-07-07_custom_SettlementAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.0</ix:nonFraction></span> million installment paid on July 7, 2018 and a subsequent
$<span id="xdx_909_eus-gaap--DebtInstrumentPeriodicPayment_pn5n6_c20190706__20190707__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_z5Z3uichKcZf" title="Periodic payment"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2019-07-062019-07-07_custom_SettlementAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.0</ix:nonFraction></span> million installment payment to paid by July 7, 2019. Of this amount, the Company has remitted $<span id="xdx_902_ecustom--RemiittedAmount_pn5n6_c20170726__20170728__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zYxOeW1eWOcc" title="Remiitted amount"><ix:nonFraction name="MSLP:RemiittedAmount" contextRef="From2017-07-262017-07-28_custom_SettlementAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.3</ix:nonFraction></span> million.</span></p>

<p style="font: 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 three months ended March 31, 2022 and 2021, the Company recorded a charge of $0.018 million and $0.018 million, respectively. This
charge, representing imputed interest, is included in &#8220;Interest expense&#8221; in the Company&#8217;s consolidated statements 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>&#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>Nutrablend
Matter</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">On
February 27, 2020, Nutrablend, a manufacturer of MusclePharm products, filed an action against the Company in the United States District
Court for the Eastern District of California, claiming approximately $<span id="xdx_904_ecustom--AllegedlyUnpaidInvoices_pn5n6_c20200223__20200227_zb7YSF36Oekd" title="Allegedly unpaid invoices"><ix:nonFraction name="MSLP:AllegedlyUnpaidInvoices" contextRef="From2020-02-232020-02-27" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.1</ix:nonFraction></span> million in allegedly unpaid invoices. These invoices relate
to the third and fourth quarter of 2019, and a liability has been recorded for the related periods.</span></p>

<p style="font: 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
September 25, 2020, the parties successfully mediated the case to a settlement (the &#8220;Nutrablend Agreement&#8221;) and <span id="xdx_90A_eus-gaap--DebtInstrumentDescription_c20200924__20200925_z8DeJCxL32gj" title="Debt Instrument, Description"><ix:nonNumeric contextRef="From2020-09-242020-09-25" name="us-gaap:DebtInstrumentDescription">the Company
agreed to (i) pay approximately $<span id="xdx_90B_eus-gaap--DebtInstrumentPeriodicPayment_pn5n6_c20200924__20200925_zM6Sv8qctAyf" title="Debt Instrument, Periodic Payment"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2020-09-242020-09-25" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.1</ix:nonFraction></span> million (&#8220;Owed Amount&#8221;) in monthly payments (&#8220;Monthly Payments&#8221;) from September
1, 2020 through June 30, 2023 and (ii) issue monthly purchase orders (&#8220;Purchase Orders&#8221;) at minimum amounts accepted by Nutrablend</ix:nonNumeric></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
Company agreed to issue Purchase Orders in a combined total amount of at least (i) $<span id="xdx_90B_ecustom--RemiittedAmount_pn5n6_c20200901__20201130__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_ztcmyoeK68Ga" title="Remiitted amount"><ix:nonFraction name="MSLP:RemiittedAmount" contextRef="From2020-09-012020-11-30_custom_SettlementAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.5</ix:nonFraction></span> million from September 1, 2020 through November
30, 2020; (ii) $<span id="xdx_907_ecustom--RemiittedAmount_pn5n6_c20201201__20210228__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zaNGgN2ApOJ6" title="Remiitted amount"><ix:nonFraction name="MSLP:RemiittedAmount" contextRef="From2020-12-012021-02-28_custom_SettlementAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.8</ix:nonFraction></span> million from December 1, 2020 through February 28, 2021; (iii) $<span id="xdx_901_ecustom--RemiittedAmount_pn5n6_c20210330__20210531__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zK9fNCnH1iQe" title="Remiitted amount"><ix:nonFraction name="MSLP:RemiittedAmount" contextRef="From2021-03-302021-05-31_custom_SettlementAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.1</ix:nonFraction></span> million from March 31, 2021 through May 31, 2021;
(iv) $<span id="xdx_908_ecustom--RemiittedAmount_pn5n6_c20210601__20210831__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zpZ1OTI6wERj" title="Remiitted amount"><ix:nonFraction name="MSLP:RemiittedAmount" contextRef="From2021-06-012021-08-31_custom_SettlementAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.1</ix:nonFraction></span> million from June 1, 2021 through August 31, 2021; and (v) $<span id="xdx_902_ecustom--RemiittedAmount_pn5n6_c20210901__20211030__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zZs6TQDEaIhb" title="Remiitted amount"><ix:nonFraction name="MSLP:RemiittedAmount" contextRef="From2021-09-012021-10-30_custom_SettlementAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.4</ix:nonFraction></span> million from September 1, 2021 through October 30, 2021. Beginning
on November 1, 2021, the Company will be required to issue monthly Purchase Orders to Nutrablend in a minimum amount of $<span id="xdx_901_ecustom--RemiittedAmount_pn5n6_c20211029__20211101__srt--RangeAxis__srt--MinimumMember_zpcl58CDYtzi" title="Remiitted amount"><ix:nonFraction name="MSLP:RemiittedAmount" contextRef="From2021-10-292021-11-01_srt_MinimumMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.7</ix:nonFraction></span> million
until the Owed Amount is paid in full to Nutrablend. In the event that the Company pays the Owed Amount in full before September 1, 2021,
it&#8217;s entitled to a rebate on all completed Purchase Orders. Further, once the monthly payments, and any additional payments that
the Company has made on the Owed Amount, reduce the outstanding balance of the Owed Amount to below $<span id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20220331_zXElKuzPDXi1" title="Outstanding balance"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.0</ix:nonFraction></span> million, the Company is eligible
for an extension of a line of credit from Nutrablend in an amount of up to $<span id="xdx_908_eus-gaap--LineOfCredit_iI_pn5n6_c20220331__srt--RangeAxis__srt--MinimumMember_zrUvyiYCW2Ka" title="Long-term Line of Credit"><ix:nonFraction name="us-gaap:LineOfCredit" contextRef="AsOf2022-03-31_srt_MinimumMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.0</ix:nonFraction></span> million.</span></p>

<p style="font: 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
July 7, 2021, the Company commenced an action against Nutrablend in the Central District of California, seeking (i) a declaration that
the Nutrablend Agreement purchase order provisions have been terminated due to Nutrablend&#8217;s failure to provide the Company with
reasonable assurances of its ability to fulfill its purchase orders; (ii) a declaration that approximately $<span id="xdx_909_ecustom--PurchaseOrder_pn5n6_c20210701__20210707__us-gaap--TypeOfArrangementAxis__custom--NutrablendMatterMember_zkZoLloymNra" title="Purchase order"><ix:nonFraction name="MSLP:PurchaseOrder" contextRef="From2021-07-012021-07-07_custom_NutrablendMatterMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.0</ix:nonFraction></span> million in purchase orders
that the Company placed in July and August 2020 were intended to and do count towards the minimums set forth in the Nutrablend Agreement;
and (iii) damages based on Nutrablend&#8217;s failure to fulfill purchase orders. The case is ongoing.</span></p>

<p style="font: 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 March 31, 2022, the Company determined that approximately $<span id="xdx_902_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iI_pn3n6_c20220331__us-gaap--TypeOfArrangementAxis__custom--NutrablendMatterMember_zz2FlRCE2a44" title="Accrued and other liability"><ix:nonFraction name="us-gaap:AccruedLiabilitiesAndOtherLiabilities" contextRef="AsOf2022-03-31_custom_NutrablendMatterMember" format="ixt:numdotdecimal" decimals="-3" scale="6" unitRef="USD">0.998</ix:nonFraction></span> million of the owed amount was due within a year, and this amount
was recorded in &#8220;Accrued and other liabilities&#8221; in the consolidated balance sheets. The present value of the remaining Owed
Amount that was due after a year was $<span id="xdx_90A_eus-gaap--OtherLiabilitiesNoncurrent_iI_pn3n6_c20220331__us-gaap--TypeOfArrangementAxis__custom--NutrablendMatterMember_zlmCUrprnCCh" title="Other Liabilities, Noncurrent"><ix:nonFraction name="us-gaap:OtherLiabilitiesNoncurrent" contextRef="AsOf2022-03-31_custom_NutrablendMatterMember" format="ixt:numdotdecimal" decimals="-3" scale="6" unitRef="USD">0.250</ix:nonFraction></span> million, and the amount was recorded in &#8220;Other long-term liabilities&#8221; in the
consolidated balance sheets. The Company made payments of $<span id="xdx_906_eus-gaap--PaymentsForLegalSettlements_pn3n6_c20220101__20220331__us-gaap--TypeOfArrangementAxis__custom--NutrablendMatterMember_zma5zFBFfRb3" title="Payment of legal settlement"><ix:nonFraction name="us-gaap:PaymentsForLegalSettlements" contextRef="From2022-01-012022-03-31_custom_NutrablendMatterMember" format="ixt:numdotdecimal" decimals="-3" scale="6" unitRef="USD">0.303</ix:nonFraction></span> million and $<span id="xdx_90C_eus-gaap--PaymentsForLegalSettlements_pn3n6_c20210101__20210331__us-gaap--TypeOfArrangementAxis__custom--NutrablendMatterMember_zc2QVUrqAIGl" title="Payment of legal settlement"><ix:nonFraction name="us-gaap:PaymentsForLegalSettlements" contextRef="From2021-01-012021-03-31_custom_NutrablendMatterMember" format="ixt:numdotdecimal" decimals="-3" scale="6" unitRef="USD">0.189</ix:nonFraction></span> million during the three months ended March 31, 2022
and 2021, respectively.</span></p>

<p style="font: 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>


<ix:exclude><!-- Field: Page; Sequence: 130; 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 -->54<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<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">On
September 23, 2021, the Company entered into an Amendment to a Settlement Agreement that was originally entered into on September 25,
2020. Pursuant to the Amended Agreement, the Company is no longer obligated to issue Purchase Orders to Nutrablend as stated in the Settlement
Agreement, which, as stated in the Form 8-K dated September 25, 2020, consisted of at least (i) $<span id="xdx_907_ecustom--RemiittedAmount_pn5n6_c20200901__20201130__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zOjwerW7JbB7" title="Remiitted amount"><ix:nonFraction name="MSLP:RemiittedAmount" contextRef="From2020-09-012020-11-30_custom_SettlementAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.5</ix:nonFraction></span> million from September 1, 2020 through
November 30, 2020; (ii) $<span id="xdx_906_ecustom--RemiittedAmount_pn5n6_c20201201__20210228__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zpo5VrdLXnQc" title="Remiitted amount"><ix:nonFraction name="MSLP:RemiittedAmount" contextRef="From2020-12-012021-02-28_custom_SettlementAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.8</ix:nonFraction></span> million from December 1, 2020 through February 28, 2021; (iii) $<span id="xdx_90F_ecustom--RemiittedAmount_pn5n6_c20210301__20210531__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zItLvU0PU3d6" title="Remiitted amount"><ix:nonFraction name="MSLP:RemiittedAmount" contextRef="From2021-03-012021-05-31_custom_SettlementAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.0</ix:nonFraction></span> million from March 1, 2021 through May
31, 2021; (iv) $<span id="xdx_901_ecustom--RemiittedAmount_pn5n6_c20210601__20210831__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zc1IJUqLF5S2" title="Remiitted amount"><ix:nonFraction name="MSLP:RemiittedAmount" contextRef="From2021-06-012021-08-31_custom_SettlementAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.1</ix:nonFraction></span> million from June 1, 2021 through August 31, 2021; and (v) $<span id="xdx_902_ecustom--RemiittedAmount_pn5n6_c20210901__20211030__us-gaap--TypeOfArrangementAxis__custom--SettlementAgreementMember_zA7OkC4MFy4g" title="Remiitted amount"><ix:nonFraction name="MSLP:RemiittedAmount" contextRef="From2021-09-012021-10-30_custom_SettlementAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.4</ix:nonFraction></span> million from September 1, 2021 through October 30,
2021. The Monthly Payments provision of the Settlement Agreement remains unchanged.</span></p>

<p style="font: 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>4Excelsior
Matter</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">On
March 18, 2019, Excelsior Nutrition, Inc. (&#8220;4Excelsior&#8221;), a manufacturer of MusclePharm products, filed an action against
the Company in the Superior Court of the State of California for the County of Los Angeles, claiming approximately $<span id="xdx_90D_eus-gaap--LossContingencyDamagesPaidValue_pn5n6_c20190317__20190318__dei--LegalEntityAxis__custom--FourExcelsiorMember_zxZT6htsnOjb" title="Loss Contingency, Damages Paid, Value"><ix:nonFraction name="us-gaap:LossContingencyDamagesPaidValue" contextRef="From2019-03-172019-03-18_custom_FourExcelsiorMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">6.2</ix:nonFraction></span> million in damages
relating to allegedly unpaid invoices, as well as approximately $<span id="xdx_908_eus-gaap--LossContingencyDamagesSoughtValue_pn5n6_c20190317__20190318__dei--LegalEntityAxis__custom--FourExcelsiorMember_zmKl74yUMsl5" title="Increase of bond amount"><ix:nonFraction name="us-gaap:LossContingencyDamagesSoughtValue" contextRef="From2019-03-172019-03-18_custom_FourExcelsiorMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">7.8</ix:nonFraction></span> million in consequential damages.</span></p>

<p style="font: 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">On
December 16, 2020, the Company and 4Excelsior entered into a Settlement Agreement and Mutual Release (&#8220;the Agreement&#8221;), pursuant
to which the parties resolved and settled the civil action pending in the Superior Court of the State of California for the County of
Los Angeles (the &#8220;Litigation&#8221;). The parties agreed to a mutual general release of claims and to jointly file within 10 business
days of the effective date of the Agreement a stipulation and proposed order of dismissal, dismissing with prejudice all claims and counterclaims
asserted in the Litigation. The Company agreed to pay $<span id="xdx_907_eus-gaap--LossContingencyAccrualAtCarryingValue_iI_pn4n6_c20201216__dei--LegalEntityAxis__custom--FourExcelsiorMember_zCs0NCt6ypsc" title="Loss Contingency Accrual"><ix:nonFraction name="us-gaap:LossContingencyAccrualAtCarryingValue" contextRef="AsOf2020-12-16_custom_FourExcelsiorMember" format="ixt:numdotdecimal" decimals="-4" scale="6" unitRef="USD">4.75</ix:nonFraction></span> million (the &#8220;Settlement Amount&#8221;) in four monthly payments of
$<span id="xdx_902_ecustom--SettlementPeriodicPaymentsAmount_iI_c20201216__dei--LegalEntityAxis__custom--FourExcelsiorMember_z95z4Fw9Okja" title="Charges against revenues"><ix:nonFraction name="MSLP:SettlementPeriodicPaymentsAmount" contextRef="AsOf2020-12-16_custom_FourExcelsiorMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">70,000</ix:nonFraction></span>, beginning January 5, 2021, and thereafter in monthly payments of $<span id="xdx_907_ecustom--SettlementPeriodicPaymentsThereafter_iI_c20201216__dei--LegalEntityAxis__custom--FourExcelsiorMember_zXmN1yUjghye" title="Settlement periodic payments thereafter"><ix:nonFraction name="MSLP:SettlementPeriodicPaymentsThereafter" contextRef="AsOf2020-12-16_custom_FourExcelsiorMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">100,000</ix:nonFraction></span> until the Settlement Amount is fully paid. The Company
may prepay all or any portion of the Settlement Amount at any time without penalty or premium. The Agreement provides that, in the event
of a Default (as defined in the Agreement) by the Company, the entire outstanding balance of the Settlement Amount will become immediately
due and payable, plus accrued interest at a rate of <span id="xdx_908_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_uPure_c20201216__dei--LegalEntityAxis__custom--FourExcelsiorMember_zmqWc2lp0rA2" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-12-16_custom_FourExcelsiorMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">18</ix:nonFraction>%</span> per annum, commencing from the date of default.</span></p>

<p style="font: 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 determined that approximately $<span id="xdx_90C_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iI_pn5n6_c20220331__us-gaap--TypeOfArrangementAxis__custom--FourExcelsiorMember_zi7Cq9ESqA96" title="Accrued and other liability"><ix:nonFraction name="us-gaap:AccruedLiabilitiesAndOtherLiabilities" contextRef="AsOf2022-03-31_custom_FourExcelsiorMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.1</ix:nonFraction></span> million of the Settlement Amount was due within a year, and this amount was recorded in &#8220;Accrued
and other liabilities&#8221; in the consolidated balance sheets. The present value of the remaining Settlement Amount that was due after
a year was $<span id="xdx_903_eus-gaap--OtherLiabilitiesNoncurrent_iI_pn5n6_c20220331__us-gaap--TypeOfArrangementAxis__custom--FourExcelsiorMember_zKYWQkFmbOQd" title="Other Liabilities, Noncurrent"><ix:nonFraction name="us-gaap:OtherLiabilitiesNoncurrent" contextRef="AsOf2022-03-31_custom_FourExcelsiorMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.6</ix:nonFraction></span> million, and the amount was recorded in &#8220;Other long-term liabilities&#8221; in the consolidated balance sheets.
The Company made payments of $<span id="xdx_902_eus-gaap--PaymentsForLegalSettlements_pn5n6_c20220101__20220331__us-gaap--TypeOfArrangementAxis__custom--FourExcelsiorMember_zFuYNik24GG5" title="Payment of legal settlement"><ix:nonFraction name="us-gaap:PaymentsForLegalSettlements" contextRef="From2022-01-012022-03-31_custom_FourExcelsiorMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.3</ix:nonFraction></span> million and $<span id="xdx_900_eus-gaap--PaymentsForLegalSettlements_pn5n6_c20210101__20210331__us-gaap--TypeOfArrangementAxis__custom--FourExcelsiorMember_zISbQqnW9Izj" title="Payment of legal settlement"><ix:nonFraction name="us-gaap:PaymentsForLegalSettlements" contextRef="From2021-01-012021-03-31_custom_FourExcelsiorMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.2</ix:nonFraction></span> million during the three months ended March 31, 2022 and 2021, respectively.</span></p>

<p style="font: 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>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:InterestIncomeAndInterestExpenseDisclosureTableTextBlock"><p id="xdx_89B_eus-gaap--InterestIncomeAndInterestExpenseDisclosureTableTextBlock_z5UGjsRbWMUf" style="font: 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 summarizes accrued expenses and interest expense incurred in for the three months ended March 31, 2022 and 2021 (in thousands):</span></p>

<p style="font: 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><span id="xdx_8BB_zywdq3Cffdd1" style="display: none">Schedule of Accrued Expenses and Interest Expense</span></b></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">Cases</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"><p style="margin-top: 0; margin-bottom: 0">Accrued Amount as of</p>
                                                                                                    <p style="margin-top: 0; margin-bottom: 0">March 31, 2022</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</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"><p style="margin-top: 0; margin-bottom: 0">Accrued Amount as of</p>
                                                                                                    <p style="margin-top: 0; margin-bottom: 0">December 31, 2021</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</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"><p style="margin-top: 0; margin-bottom: 0">Interest Expense for Period Ending</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">March 31, 2022</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</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"><p style="margin-top: 0; margin-bottom: 0">Interest Expense for Period Ending</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">March 31, 2021</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <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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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>4Excelsior Matter</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--AccruedLiabilitiesCurrentAndNoncurrent_iI_pn3n3_c20211231_zJbarbt1Tmq2" title="Accrued Expenses" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrentAndNoncurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,525</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_ecustom--InterestIncomeExpense_pn3n3_c20220101__20220331_z9bnC4HnWsyh" title="Interest Expenses" style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="MSLP:InterestIncomeExpense" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">172</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_ecustom--InterestIncomeExpense_pn3n3_c20210101__20210331_zFVlezpFPSi4" title="Interest Expenses" style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="MSLP:InterestIncomeExpense" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">202</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
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</ix:nonNumeric><p id="xdx_8A2_zEFcyVGrj8e6" style="font: 10pt Times New Roman, Times, Serif; text-indent: 20pt; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"><p id="xdx_805_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zCmL59zZmJJ" style="font: 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>Note
9. <span id="xdx_822_zBAyMEEaslW6">Stock-Based Compensation</span></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">The
Company&#8217;s stock-based compensation for the three months ended March 31, 2022 and 2021 consisted primarily of stock option awards,
and there was no activity other than vesting for the three months ended March 31, 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
the three months ended March 31, 2022, the Company recorded approximately $<span id="xdx_90E_eus-gaap--AllocatedShareBasedCompensationExpense_pn5n6_c20220101__20220331_zmhqBLBoJXpi" title="Share-based payment arrangement, expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.4</ix:nonFraction></span> million of stock-based compensation expense related to
stock options. The Company did not record stock-based compensation expense for the three months ended March 31, 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>


<ix:exclude><!-- Field: Page; Sequence: 131; 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 -->55<!-- Field: /Sequence --></td></tr></table></div>
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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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:EarningsPerShareTextBlock"><p id="xdx_802_eus-gaap--EarningsPerShareTextBlock_zwW4TF9Rl7Jk" style="font: 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>Note
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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>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock"><p id="xdx_89E_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zHZJk6xuAXTb" style="font: 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 computation of the Company&#8217;s basic and diluted net income (loss) per share for the years presented
(in thousands, except share and per share 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"><b><span id="xdx_8BD_zWZqcvmpoZMe" style="display: none">Schedule of Basic and Diluted Net Income (loss) Per Share</span></b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&#160;</td>
    <td id="xdx_499_20220101__20220331_zCVCcyiVEkq4" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&#160;</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; text-align: center">&#160;</td>
    <td id="xdx_498_20210101__20210331_z6XrCZO0GO1" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Three Months Ended March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--NetIncomeLoss_pn3n3_zxzSaX95ldrc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left; padding-bottom: 2.5pt">Net Income (loss)</td><td style="width: 2%; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 16%; text-align: right">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">6,301</ix:nonFraction></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">)</td><td style="width: 2%; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 16%; text-align: right"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">94</ix:nonFraction></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_zZV3j8VuHx4a" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Weighted average common shares used in computing net income (loss) per share, basic</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">33,386,200</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">33,119,549</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_ecustom--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShare_pid_zvRh03ORCbxk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Potentially diluted securities</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"><span style="-sec-ix-hidden: xdx2ixbrl2546">&#8212;</span></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"><ix:nonFraction name="MSLP:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShare" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">12,373,071</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_408_ecustom--WeightedAverageCommonSharesUsedInComputingNetIncomeLossPerShareDiluted_pid_zXdsntGsoKOa" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Weighted average common shares used in computing net income (loss) per share, diluted</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A2_zL8ri5vqZzsj" style="font: 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">Basic
net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of shares of common
stock outstanding during each period.</span></p>

<p style="font: 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">Diluted
net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of shares of common
stock, common stock equivalents and potentially dilutive securities outstanding during each period. The Company uses the treasury stock
method to determine whether there is a dilutive effect of outstanding potentially dilutive securities, and the if-converted method to
assess the dilutive effect of the convertible notes.</span></p>

<p style="font: 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="margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As of March 31, 2022, there were fully
vested stock options of <span id="xdx_906_ecustom--VestedStockOptionsDilutive_c20220101__20220331_zmDEZrO8tEs6" title="Vested stock option dilutive"><ix:nonFraction name="MSLP:VestedStockOptionsDilutive" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,651,884</ix:nonFraction></span>
that would have been dilutive had the Company had net income.</span></p>
<p style="font: 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>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock"><p id="xdx_897_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zBF9GPpQho3l" 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
following securities were excluded from the computations of the diluted net income (loss) per share, for the three months ended March
31, 2022 and 2021 as the effect of the securities would be anti-dilutive:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_8B1_zg5bKOgXEPZk" style="display: none">Schedule of Outstanding Potentially Dilutive Securities</span></b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49F_20220101__20220331_zv5xHMUCNAK1" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&#160;</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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<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--StockOptionsMember_zO9qYqaVGkVl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Stock options</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_407_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--WarrantsMember_zdSNMXvGQ0qc" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_406_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_zzHuVgCVUOx5" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Total common stock equivalents</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">38,909,936</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  </table>

</ix:nonNumeric><p id="xdx_8A1_zueGGwbKgYql" style="font: 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">The
average exercise price of the stock options and warrants as of March 31, 2022 is $<span id="xdx_904_ecustom--AverageExercisePriceStockOptionsAndWarrants_iI_pid_c20220331_zHKcrVWjvFB6" title="Average exercise price of the stock options and warrants"><ix:nonFraction name="MSLP:AverageExercisePriceStockOptionsAndWarrants" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.78</ix:nonFraction></span></span><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">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_80C_eus-gaap--IncomeTaxDisclosureTextBlock_zq1p3un5jfJe" style="font: 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>Note
11. <span><span id="xdx_82B_z92F7zDIxY6f">Income Taxes</span></span></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
Company&#8217;s tax expense for the three months ended March 31, 2022 and 2021 was zero.</span></p>

<p style="font: 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">Income
taxes are provided for the tax effects of transactions reported in the consolidated financial statements and consist of taxes currently
due. Deferred taxes relate to differences between the basis of assets and liabilities for financial and income tax reporting which will
be either taxable or deductible when the assets or liabilities are recovered or settled. In assessing the realizability of deferred tax
assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be
realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the
periods in which those temporary differences become deductible.</span></p>

<p style="font: 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">Management
considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in
making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the
realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of March 31, 2022.</span></p>
<!-- Field: Split-Segment; Name: 001 -->
<p style="font: 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>


<ix:exclude><!-- Field: Page; Sequence: 132; Value: 1 -->
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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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:SegmentReportingDisclosureTextBlock"><p id="xdx_80D_eus-gaap--SegmentReportingDisclosureTextBlock_z2btkoCgfLK5" style="font: 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>Note
12. <span id="xdx_820_zjyyyuDCTM84">Segment Information and Geographic Data</span></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">Historically,
the Company&#8217;s chief operating decision maker reviews financial information presented on a consolidated basis for purposes of allocating
resources and evaluating financial performance. As such, the Company has had a single reporting segment and operating unit structure.
During the third quarter of 2021, the Company introduced a functional energy beverages line under the MusclePharm and FitMiss brands,
at which time, the CODM commenced reviewing financial information on a disaggregated basis with the functional energy drink business
separate from base business of protein products. During 2021, revenues for the functional energy drink segment were not material, but
it is anticipated to become a more significant segment of the Company&#8217;s business going forward. (All amounts below are in thousands):</span></p>

<p style="font: 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>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock"><p id="xdx_895_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_zD83b9YBLr22" style="font: 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><span id="xdx_8B2_zlgOvchkTOyj" style="display: none">Schedule
of Significant Segment Business Going Forward</span></b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</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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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--ContractWithCustomerSalesChannelAxis__custom--ProteinProductsMember_z2UWWxjoZPv1" style="vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8A0_zQ4w0Ik5AHnj" style="font: 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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</ix:nonNumeric><p id="xdx_8AE_zA21WeShoSTd" style="font: 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">As
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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">All of the Company&#8217;s assets are located
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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>

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Information:</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>
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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><span id="xdx_8B2_zm8ex77YpIJf" style="display: none">Schedule
of Revenue, Major Geographical Areas</span></b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A4_zxc5wYXlAMnh" style="font: 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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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8A9_z8ewBGDfyr37" style="font: 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>

</ix:nonNumeric><p id="xdx_81A_zvD3zoKPTZX2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; display: none; 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"><p style="margin: 0pt">&#160;</p></div>
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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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_004.jpg" alt="" style="height: 112px; width: 195px" /></span></p>

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

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

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 25%"><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-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PROSPECTUS</b></span></p>

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

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 25%"><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-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Roth
Capital Partners</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><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-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span 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; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART
II- INFORMATION NOT REQUIRED IN PROSPECTUS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 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 payable by the Company in connection with the issuance and distribution of the securities
being registered hereunder. All amounts are estimates except the SEC registration fee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; background-color: rgb(204,238,255)">
    <td style="width: 80%; text-align: left">SEC registration fees</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Printing expenses</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></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">Accounting fees and expenses</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Legal fees and expenses</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Miscellaneous</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span 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; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
78.7502(1) of the Nevada Revised Statutes provides that a corporation may indemnify any person who was or is a party, or is threatened
to be made a party, to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative
(except in an action brought by or on behalf of the corporation) if that person is or was a director, officer, employee or agent of the
corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation
or enterprise, against expenses, including attorneys&#8217; fees, judgments, fines and amounts paid in settlement actually and reasonably
incurred by that person in connection with such action, suit or proceeding, if that person acted in good faith and in a manner which
that person reasonably believed to be in, or not opposed to, the best interests of the corporation, and, with respect to any criminal
action or proceedings, had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit or proceeding
by judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent, alone, does not create a presumption
that the person did not act in good faith and in a manner which the person reasonably believed to be in, or not opposed to, the best
interests of the corporation, and that, with respect to any criminal action or proceeding, the person had reasonable cause to believe
his action was unlawful.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
78.7502(2) of the Nevada Revised Statutes provides that a corporation may indemnify any person who was or is a party or is threatened
to be made a party to any threatened, pending or completed action or suit brought by or on behalf of the corporation to procure a judgment
in its favor because the person acted in any of the capacities set forth above, against expenses, including amounts paid in settlement
and attorneys&#8217; fees, actually and reasonably incurred by that person in connection with the defense or settlement of such action
or suit, if the person acted in accordance with the standard set forth above, except that no indemnification may be made in respect of
any claim, issue or matter as to which such person shall have been adjudged by a court of competent jurisdiction after exhaustion of
all appeals therefrom to be liable to the corporation or for amounts paid in settlement to the corporation unless and only to the extent
that the court in which such action or suit was brought or other court of competent jurisdiction determines that, in view of all the
circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses as the court deems proper.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
78.7502(3) of the Nevada Revised Statutes further provides that, to the extent a director or officer of a corporation has been successful
on the merits or otherwise in the defense of any action, suit or proceeding referred to in subsections 1 and 2 thereof, or in the defense
of any claim, issue or matter therein, that person shall be indemnified by the corporation against expenses (including attorneys&#8217;
fees) actually and reasonably incurred by that person in connection therewith.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
78.751 of the Nevada Revised Statutes provides that unless indemnification is ordered by a court, the determination to provide indemnification
must be made by the stockholders, by a majority vote of a quorum of the board of directors who were not parties to the action, suit or
proceeding, or in specified circumstances by independent legal counsel in a written opinion. In addition, the articles of incorporation,
bylaws or an agreement made by the corporation may provide for the payment of the expenses of a director or officer of the expenses of
defending an action as incurred upon receipt of an undertaking to repay the amount if it is ultimately determined by a court of competent
jurisdiction that the person is not entitled to indemnification. Section 78.751 of the Nevada Revised Statutes further provides that
the indemnification provided for therein shall not be deemed exclusive of any other rights to which the indemnified party may be entitled
and that the scope of indemnification shall continue as to directors, officers, employees or agents who have ceased to hold such positions,
and to their heirs, executors and administrators.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
78.752 of the Nevada Revised Statutes provides that a corporation may purchase and maintain insurance on behalf of a director, officer,
employee or agent of the corporation against any liability asserted against him or incurred by him in any such capacity or arising out
of his status as such whether or not the corporation would have the authority to indemnify him against such liabilities and expenses.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Articles of Incorporation provide that the Company shall, to the fullest extent permitted by the provisions of Section 78.751 of the
Nevada Revised Statutes, indemnify any and all persons whom it shall have the power to indemnify under such section.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 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 may be permitted to directors, officers and controlling persons of
the Company 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 such Act and is, therefore, unenforceable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Set
forth below is information regarding all unregistered securities sold by us since January 1, 2019. Unless otherwise stated, the issuances
of the above securities were deemed to be exempt from registration under the Securities Act in reliance upon Section 4(a)(2) or 3(a)(9)
of the Securities Act or Regulation D promulgated thereunder, or Rule 701 promulgated under Section 3(b) of the Securities Act as transactions
by an issuer not involving any public offering or pursuant to benefit plans and contracts relating to compensation as provided under
Rule 701.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2019, the Company issued 16,216,216 shares of common stock to Ryan Drexler, the Company&#8217;s chief executive
officer, upon the conversion of an outstanding convertible promissory note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2019, the Company issued 22,222 shares of common stock for consulting services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2019, the Company issued 150,000 shares of common stock in relation to the Biozone settlement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2019, the Company issued an aggregate of 595,238 shares of restricted stock to directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2019, the Company issued 702,069 shares of common stock for advertising services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 4, 2019, the Company entered into a secured revolving promissory note (the &#8220;Revolving Note&#8221;) with Mr. Drexler. Under
the terms of the Revolving Note, the Company can borrow up to $3.0 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 21, 2020, the Company entered into a refinancing agreement with Mr. Ryan Drexler, with an effective date of July 1, 2020. As part
of the 2020 Refinancing, the Company issued to Mr. Drexler an amended and restated convertible secured promissory note (the 2020 &#8220;Refinanced
Convertible Note&#8221;) in the original principal amount of $2,735,199, which amended and restated (i) a convertible secured promissory
note dated as of November 8, 2017, $1,134,483 of which was outstanding as of July 1, 2020 (ii) a collateral receipt and security agreement
with Mr. Drexler dated as of December 27, 2019, $252,500 of which was outstanding as of July 1, 2020, and (iii) a secured revolving promissory
note dated as of October 4, 2019, $1,348,216 of which was outstanding as of July 1, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 15, 2020, the Company entered into a secured revolving promissory note with Ryan Drexler, pursuant to which the Company could
borrow up to $3,000,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 29, 2020, the Company entered into a refinancing agreement with Mr. Ryan Drexler (the &#8220;November 2020 Refinancing&#8221;),
in which the Company issued to Mr. Drexler a convertible secured promissory note (the November 2020 &#8220;Convertible Note&#8221;) in
the original principal amount of $2,871,967, which amended and restated a convertible secured promissory note dated as of August 21,
2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to economic uncertainty as a result of the ongoing pandemic (COVID-19), on May 14, 2020, the Company received an aggregate principal
amount of $964,910 pursuant to the borrowing arrangement (&#8220;Note&#8221;) with Harvest Small Business Finance, LLC and agreed to
pay the principal amount plus interest at a 1% fixed interest rate per year, on the unpaid principal balance. The Note includes forgiveness
provisions in accordance with the requirements of the Paycheck Protection Program, Section 1106 of the CARES Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 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 226,722 shares of common stock for advertising services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 5, 2021, with the appointment of the Company&#8217;s President and Chief Financial Officer, the Company granted an award where
upon the occurrence of a sale of the Company, the President and Chief Financial Officer will receive 2% of the fully diluted equity of
the Company. The grant will vest upon the one-year anniversary and if a sale transaction has not occurred by the two-year anniversary,
then the President and Chief Financial Officer shall have the option to convert the transaction equity bonus into common shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 12, 2021, the Company issued an option to purchase 1,673,994 shares of the Company&#8217;s common stock at a price per share of $1.12
for consulting services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
July 26, 2021, the Company entered into a Modification Agreement (the &#8220;Modification&#8221;) with Prestige Capital Finance, LLC
(&#8220;Prestige&#8221;), providing a second over-advance from the purchase and sale agreement dated January 2016. In connection with
the Modification, the Company granted options to Prestige to purchase </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,750
<span style="background-color: white">shares of the Company&#8217;s common stock.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 12, 2021, the Company issued an option to purchase 50,000 shares of the Company&#8217;s common stock for consulting services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 13, 2021, the Company issued to Ryan Drexler a convertible secured promissory note (the &#8220;August 2021 Convertible Note&#8221;)
in the original principal amount of $2,457,549.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 1, 2021, the Company issued an option to purchase 25,000 shares of the Company&#8217;s common stock to an employee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
October 13, 2021, the Company entered into a Securities Purchase Agreement (with certain institutional investors as purchasers (the &#8220;Investors&#8221;).
Pursuant to the Securities Purchase Agreement, the Company sold, and the Investors purchased, $7,050,000 (in principal amount of senior
notes and warrants to purchase 17,355,700 shares of common stock.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Senior Notes were issued with an original issue discount of 14%, bear no interest and mature after 6 months, on April 13, 2022. To secure
its obligations thereunder and under the Securities Purchase Agreement, the Company has granted a security interest over substantially
all of its assets to the collateral agent for the benefit of the Investors, pursuant to a pledge and security agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
maturity date of the Senior Notes may be extended to May 28, 2022 if no event of default has occurred and is continuing and cash flows
from operating and investing activities (but not cash flows from financing activities) of the Company and its subsidiaries was positive
for March 2022 and no event of default is reasonably expected to occur on or before April 30, 2022 and the sum of cash flows from operating
and investing activities (but not from financing activities) of the Company and its subsidiaries will be positive for April 2022. The
maturity date of the Senior Notes also may be extended under other circumstances specified therein. If the maturity date is extended,
interest will accrue on and from April 13, 2022 at 18% per annum until the Senior Notes are paid in full. The Company is undertaking
various initiatives to improve gross margins to become cash flow positive prior to the maturity of the Senior Notes. These initiatives
include improving cost of goods on certain raw materials., there can be no assurance the Company will be able to successfully implement
such initiatives on a timely basis or at all or that it otherwise will meet the conditions required to extend the Senior Notes. If the
Company is unable to extend the Senior Notes or elects not to do so, the Company will be required to repay the Senior Notes through equity
issuances, additional borrowings, cash flows from operations and/or other sources of liquidity. For additional information, please refer
to &#8220;Note 19 &#8211; Subsequent Events.&#8221; The Warrants are exercisable for five (5) years to purchase 17,355,700 shares
of the Company&#8217;s common stock, par value $0.001 per share, at an exercise price of $0.78, subject to adjustment under certain circumstances
described in the Warrants. The Warrants have a face value of $4.4 million which is recorded in Additional Paid-In Capital.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
conjunction with the private placement of Senior Notes and Warrants, each of the directors and officers of the Company entered into lock-up
agreements, which prohibit sales of the Common Stock until after April 11, 2022, subject to certain exceptions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 28, 2021, the Company issued an option to purchase 1,673,994 shares of the Company&#8217;s common stock for consulting services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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">On December 22, 2021,
the Company issued <span style="background-color: white">an option to purchase 1,811,000 shares of common stock of the Company, exercisable
at a price of $0.40, to Sabina Rizvi, the President and Chief Financial Officer of the Company pursuant to the 2021 Omnibus Equity Incentive
Plan.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
issuance of the Senior Notes and Warrants was made in reliance on the exemption provided by Section 4(a)(2) of the Securities Act of
1933, as amended (the &#8220;Securities Act&#8221;), for the offer and sale of securities not involving a public offering, and Regulation
D promulgated under the Securities Act. In accordance with ASC 470-20-25-2, proceeds from the sale of a debt instrument with stock purchase
warrants (detachable call options) are allocated to the two elements based on the relative fair values of the debt instrument without
the warrants and of the warrants themselves at time of issuance. The portion of the proceeds so allocated to the warrants shall be accounted
for as additional paid-in capital. The remainder of the proceeds shall be allocated to the debt instrument portion of the transaction.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
previously disclosed by MusclePharm Corporation (the &#8220;Company&#8221;) on a Current Report on Form 8-K filed with the U.S. Securities
and Exchange Commission (the &#8220;SEC&#8221;) on June 9, 2022 (the &#8220;June 8-K&#8221;), as of June 3, 2022, the Company entered
into an Amended and Restated Securities Purchase Agreement (the &#8220;Amended and Restated Securities Purchase Agreement&#8221;) with
certain accredited and institutional investors, including certain investors from the Company&#8217;s October 2021 private offering of
securities (the &#8220;October Offering&#8221;), which amends and restates the October 2021 Securities Purchase Agreement to, among other
things, allow for the issuance of additional senior secured notes and warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Amended and Restated Securities Agreement, on June 10, 2022, the Company sold an aggregate of $3,081,875 in principal amount 20%
Original Issue Discount Senior Secured Notes (the &#8220;June Notes&#8221;), resulting in gross proceeds to the Company of $2,465,500,
exclusive of placement agent commission and fees and other offering expenses, and warrants (the &#8220;June Warrants&#8221;) to purchase
up to 22,013,393 shares (the &#8220;Warrant Shares&#8221;) of the Company&#8217;s common stock (the &#8220;June Offering&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to certain exceptions, the June Notes accrue no interest, mature six months after issuance, or December 10, 2022, and are secured by
the same collateral that secured the notes issued in the October Offering (the &#8220;October Notes&#8221; and together with the June
Notes, the &#8220;Notes&#8221;). The June Warrants are exercisable for five years from the date of issuance at an exercise price of $0.231
per share, subject to adjustment. If at any time following the six-month anniversary of the date of issuance of the June Warrants, a
registration statement covering the resale of the Warrant Shares is not effective, the holders may exercise the June Warrants by means
of a cashless exercise. The Company is prohibited from effecting an exercise of the June Warrants to the extent that, as a result of
such exercise, the holder together with the holder&#8217;s affiliates, would beneficially own more than 4.99% of the number of shares
of the Company&#8217;s common stock outstanding immediately after giving effect to the issuance of the Warrant Shares upon exercise of
the June Warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
previously disclosed in the June 8-K, in connection with the closing of the June Offering, the Company:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; 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; width: 0.25in; 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; width: 0.25in; 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">amended
    (i) the convertible secured promissory note issued to Ryan Drexler, the Company&#8217;s Chief Executive Officer and Chair of the
    Board of Directors, on November 29, 2020 (as amended on August 13, 2021) in the principal amount of $2,871,967 (the &#8220;Drexler
    November Note&#8221;) and (ii) the convertible secured promissory note issued to Ryan Drexler on August 13, 2021 in the principal
    amount of $2,457,549 (the &#8220;Drexler August Note&#8221; and together with the Drexler November Note, the &#8220;Drexler Notes&#8221;)
    to extend the maturity date of the Drexler Notes to June 10, 2025;</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">entered
    into an amendment to Ryan Drexler&#8217;s Amended and Restated Employment Agreement dated February 1, 2018 (the &#8220;Drexler Employment
    Agreement&#8221;) pursuant to which Mr. Drexler&#8217;s cash compensation, including base salary and bonus, was decreased to $250,000
    annually while any Notes remain outstanding; 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">&#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">appointed
    Sabina Rizvi, the Company&#8217;s President and Chief Financial Officer, as a member of the board of directors of the Company.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
<i>Exhibits. </i>The following exhibits are included herein or incorporated herein by reference:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit
    No. </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; white-space: nowrap; width: 0.1in"><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: center"><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">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Underwriting Agreement. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><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; white-space: nowrap; vertical-align: top"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1415684/000141568407000001/ex31articles.txt" style="-sec-extract: exhibit">Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Registration Statement on Form SB-2 (File No. 333-147111) of the Company filed November 2, 2007 by the Company with the SEC).</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; text-align: justify"><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; white-space: nowrap; vertical-align: top"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1415684/000141568407000001/ex33amendart.txt" style="-sec-extract: exhibit">Amendment to Articles of Incorporation (incorporated by reference to Exhibit 3.3 to the Registration Statement on Form SB-2 (File No. 333-147111) of the Company filed November 2, 2007 by the Company with the SEC).</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; text-align: justify"><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; white-space: nowrap; vertical-align: top"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1415684/000139390510000067/toneit_ex3-3.htm" style="-sec-extract: exhibit">Amendment to Articles of Incorporation (incorporated by reference to Exhibit 3.3 to the Current Report on Form 8-K of the Company filed February 24, 2010 by the Company with the SEC).</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; text-align: justify"><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; white-space: nowrap; vertical-align: top"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1415684/000114420411031909/v223800_ex3-1.htm" style="-sec-extract: exhibit">Amendment to Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Quarterly Report on Form 10-Q of the Company filed May 23, 2011 by the Company with the SEC).</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1415684/000114420411066787/v241407_ex3-1.htm" style="-sec-extract: exhibit">Amendment to Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of the Company filed November 23, 2011 by the Company with the SEC).</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1415684/000114420412004499/v300646_ex3-1.htm" style="-sec-extract: exhibit">Amendment to Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of the Company filed January 27, 2012 by the Company with the SEC).</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1415684/000114420412018187/v307764_ex3-1.htm" style="-sec-extract: exhibit">Amendment to Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of the Company filed March 30, 2012 by the Company with the SEC).</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.8</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1415684/000114420412065134/v329344_ex3-1.htm" style="-sec-extract: exhibit">Certificate of Change (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of the Company filed November 28, 2012 by the Company with the SEC).</a> </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.9</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; 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; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1415684/000114420412065134/v329344_ex3-2.htm" style="-sec-extract: exhibit">Amendment to Articles of Incorporation (incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K of the Company filed November 28, 2012 by the Company with the SEC).</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.10</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><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: justify"><a href="https://www.sec.gov/Archives/edgar/data/1415684/000114420412069409/v330777_ex3-15.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Correction (incorporated by reference to Exhibit 3.15 to the Registration Statement on Form S-1/A (File No. 333-184625) of the Company filed December 28, 2012 by the Company with the SEC).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.11</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1415684/000141568416000010/mpex31.htm" style="-sec-extract: exhibit">Second Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of the Company filed September 27, 2016 by the Company with the SEC).</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; text-align: justify"><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; white-space: nowrap; vertical-align: top"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1415684/000114420412070095/v331056_ex4-4.htm" style="-sec-extract: exhibit">Specimen of certificate for MusclePharm Corp. common stock (incorporated by reference to Exhibit 4.4 to the Registration Statement on Form S-1/A (File No. 333-184625) of the Company filed December 28, 2012 by the Company with the SEC).</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1415684/000141568416000018/mslpq316ex41.htm" style="-sec-extract: exhibit">Warrant, dated November 7, 2016 by and between the Company and INI Buyer, Inc. (incorporated by reference to Exhibit 4.1 to the Quarterly Report on Form 10-Q of the Company filed November 9, 2016 by the Company with the SEC).</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><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: justify"><a href="https://www.sec.gov/Archives/edgar/data/1415684/000149315221025730/ex4-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Warrant for October 2021 Financing (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of the Company filed October 18, 2021 by the Company with the SEC).</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; text-align: justify"><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; white-space: nowrap"><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">Opinion
    of Sheppard, Mullin, Richter &amp; Hampton, LLP</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">10.1</span></td>
    <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>
    <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/1415684/000139390510000067/toneit_ex10-2.htm" style="-sec-extract: exhibit">Purchasing Agreement with General Nutrition Corporation dated December 16, 2009 (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of the Company filed February 24, 2010 by the Company with the SEC)</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; text-align: justify"><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; white-space: nowrap"><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/1415684/000114420412040296/v319087_ex10-1.htm" style="-sec-extract: exhibit">Form of Registration Rights Agreement, dated July 13, 2012, between MusclePharm Corporation and TCA Global Credit Master Fund LP (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company filed July 20, 2012 by the Company with the SEC)</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; text-align: justify"><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; white-space: nowrap"><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/1415684/000114420412048170/v322503_ex10-1.htm" style="-sec-extract: exhibit">Form of Indemnification Agreement (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company filed August 27, 2012 by the Company with the SEC)</a></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; white-space: nowrap"><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/1415684/000119312516650292/d212198dex414.htm" style="-sec-extract: exhibit">MusclePharm Corporation 2015 Incentive Compensation Plan (incorporated by reference to Exhibit 4.14 to the Registration Statement on Form S-8 (File No. 333-212576) of the Company filed July 18, 2016 by the Company with the SEC).</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; text-align: justify"><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; white-space: nowrap"><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/1415684/000119312515284945/d937352dex106.htm" style="-sec-extract: exhibit">Confidentiality and Non-Disclosure Agreement, dated June 23, 2015, between MusclePharm Corporation and Consac, LLC, an affiliate of Ryan Drexler (incorporated by reference to Exhibit 10.6 to the Current Report on Form 8-K of the Company filed August 10, 2015 by the Company with the SEC).</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; text-align: justify"><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; 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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    <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>
    <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/1415684/000149315220022890/ex10-2.htm" style="-sec-extract: exhibit">Sixth Amended and Restated Security Agreement, dated November 29, 2020, by and between MusclePharm Corporation and Ryan Drexler (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of the Company filed December 3, 2020 by the Company with the SEC).</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.9</span></td>
    <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>
    <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/1415684/000141568416000018/mslpq316ex103.htm" style="-sec-extract: exhibit">Settlement Agreement, dated November 7, 2016, by and among MusclePharm Corporation and F.H.G. Corporation d/b/a Capstone Nutrition, INI Parent, Inc., INI Buyer, Inc. and Medley Capital Corporation (incorporated by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q of the Company filed November 9, 2016 by the Company with the SEC).</a></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.10</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1415684/000141568417000012/mslp2016kex1014.htm" style="-sec-extract: exhibit">Convertible Secured Promissory Note, dated December 7, 2015, by and between MusclePharm Corporation and Ryan Drexler (incorporated by reference to Exhibit 10.14 to the Annual Report on Form 10-K of the Company filed March 15, 2017 by the Company with the SEC).</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.11</span></td>
    <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>
    <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/1415684/000141568417000012/mslp2016kex1015.htm" style="-sec-extract: exhibit">First Amendment to Convertible Secured Promissory Note, dated December 7, 2015, by and between MusclePharm Corporation and Ryan Drexler (incorporated by reference to Exhibit 10.15 to the Annual Report on Form 10-K of the Company filed March 15, 2017 by the Company with the SEC).</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.12&#8224;</span></td>
    <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>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1415684/000165495418002015/mslp_ex101.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Executive Employment Agreement, between MusclePharm Corporation and Ryan Drexler (incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K of the Company filed March 1, 2018 by the Company with the SEC).</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.13</span></td>
    <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>
    <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/1415684/000149315221007088/ex10-15.htm" style="-sec-extract: exhibit">Small Business Administration Loan Agreement between MusclePharm Corporation and Harvest Small Business Finance, LLC (incorporated by reference to Exhibit 10.15 to the Annual Report on Form 10-K of the Company filed March 29, 2021 by the Company with the SEC).</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.14</span></td>
    <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>
    <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/1415684/000165495420009569/mslp_ex101.htm" style="-sec-extract: exhibit">Amended and Restated Convertible Secured Promissory Note, dated August 21, 2020 by and between MusclePharm Corporation and Ryan Drexler (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company filed August 20, 2020 by the Company with the SEC).</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.15</span></td>
    <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>
    <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/1415684/000165495420009569/mslp_ex102.htm" style="-sec-extract: exhibit">Fourth Amended and Restated Security Agreement, dated August 21, 2020, between MusclePharm Corporation and Ryan Drexler (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of the Company filed August 20, 2020 by the Company with the SEC).</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.16</span></td>
    <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>
    <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/1415684/000149315220022349/ex10-3.htm" style="-sec-extract: exhibit">Settlement Agreement, dated September 25, by and between MusclePharm Corporation and NBF Holdings Canada Inc. (Nutrablend) (incorporated by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q of the Company filed November 24, 2020 by the Company with the SEC).</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.17</span></td>
    <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>
    <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/1415684/000165495420011306/mslp_ex101.htm" style="-sec-extract: exhibit">Secured Revolving Promissory Note, dated October 15, 2020 by and between MusclePharm Corporation and Ryan Drexler (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company filed October 21, 2020 by the Company with the SEC).</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.18</span></td>
    <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>
    <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/1415684/000165495420011306/mslp_ex102.htm" style="-sec-extract: exhibit">Fifth Amended and Restated Security Agreement, dated October 15, 2020 by and between MusclePharm Corporation and Ryan Drexler (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of the Company filed October 21, 2020 by the Company with the SEC).</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.18</span></td>
    <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>
    <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/1415684/000149315220022890/ex10-1.htm" style="-sec-extract: exhibit">Convertible Secured Promissory Note, dated December 16, 2020 by and between MusclePharm Corporation and Ryan Drexler (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company filed December 3, 2020 by the Company with the SEC).</a></span></td></tr>
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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">10.19</span></td>
    <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>
    <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/1415684/000149315220022890/ex10-2.htm" style="-sec-extract: exhibit">Sixth Amended and Restated Security Agreement, dated November 29, 2020 by and between MusclePharm Corporation and Ryan Drexler (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of the Company filed December 3, 2020 by the Company with the SEC).</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.20</span></td>
    <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>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1415684/000149315221007088/ex10-23.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Agreement, dated November 7, 2020 by and between MusclePharm Corporation and Excelsior Nutrition, Inc. (4Excelsior) (incorporated by reference to Exhibit 10.23 to the Annual Report on Form 10-K of the Company filed March 29, 2021 by the Company with the SEC).</span></a></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.21</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; 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; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1415684/000149315221020219/ex10-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Letter Agreement, dated May 12, 2021 between the Company and Joseph Cannata (incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q of the Company filed November 16, 2021 by the Company with the SEC).</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.22</span></td>
    <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>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1415684/000149315221025730/ex4-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Note issued in the October 2021 Financing (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K of the Company filed October 18, 2021 by the Company with the SEC).</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.23</span></td>
    <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>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1415684/000149315221025730/ex10-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Purchase Agreement, dated October 13, 2021 by and between MusclePharm Corp. and the parties thereto (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company filed October 18, 2021 by the Company with the SEC).</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.24</span></td>
    <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>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1415684/000149315221025730/ex10-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pledge and Security Agreement, dated October 13, 2021 by and between MusclePharm Corp. and the parties thereto (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of the Company filed October 18, 2021 by the Company with the SEC).</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.25</span></td>
    <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>
    <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/1415684/000149315221029042/ex10-1.htm" style="-sec-extract: exhibit">Amendment to Settlement Agreement, dated September 23, 2021 between the Company and NDF Holdings Canada Inc. (incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q of the Company filed November 17, 2021 by the Company with the SEC).</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; text-align: justify">10.26</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1415684/000149315222016288/ex10-1.htm" style="-sec-extract: exhibit">Amended
    and Restated Securities Purchase Agreement dated June 3, 2022, by and between the Company and the Subsequent Investors parties thereto
    (Incorporated by reference to Exhibit 10.1 to the Company&#8217;s Current Report on Form 8-K filed on June 9, 2022)</a></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">10.27</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1415684/000149315222016288/ex10-2.htm" style="-sec-extract: exhibit">Form
    of June Warrant (Incorporated by reference to Exhibit 10.2 to the Company&#8217;s Current Report on Form 8-K filed on June 9, 2022)</a></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">10.28</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1415684/000149315222016288/ex10-3.htm" style="-sec-extract: exhibit">Form
    of June Note (Incorporated by reference to Exhibit 10.3 to the Company&#8217;s Current Report on Form 8-K filed on June 9, 2022)</a></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">10.29</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1415684/000149315222016288/ex10-4.htm" style="-sec-extract: exhibit">Form
    of Waiver and Amendment (Incorporated by reference to Exhibit 10.4 to the Company&#8217;s Current Report on Form 8-K filed on June
    9, 2022)</a></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">10.30</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1415684/000149315222016731/ex10-5.htm" style="-sec-extract: exhibit">Drexler November Note, as amended <span style="font-family: Times New Roman, Times, Serif">(Incorporated by reference to Exhibit 10.5 to the Company&#8217;s Current Report on Form 8-K filed on June 14, 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; text-align: justify">10.31</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1415684/000149315222016731/ex10-6.htm" style="-sec-extract: exhibit">Drexler August Note, as amended <span style="font-family: Times New Roman, Times, Serif">(Incorporated by reference to Exhibit 10.6 to the Company&#8217;s Current Report on Form 8-K filed on June 14, 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; text-align: justify">10.32</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; white-space: nowrap">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1415684/000149315222016731/ex10-7.htm" style="-sec-extract: exhibit">Amendment to Ryan Drexler&#8217;s Amended and Restated Employment Agreement dated June 10, 2022 (Incorporated by reference to Exhibit 10.7 to the Company&#8217;s Current Report on Form 8-K filed on June 14, 2022)</a></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">23.1*</span></td>
    <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>
    <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="ex23-1.htm">Consent of SingerLewak 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; text-align: justify"><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; white-space: nowrap"><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="ex23-2.htm">Consent of Moss Adams 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.3**</span></td>
    <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>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
    of Sheppard, Mullin, Richter &amp; Hampton, LLP (included in Exhibit 5.1). </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">24.1</span></td>
    <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>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#poa_01"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney (included on the signature page)</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; text-align: justify">107</td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex107.htm">Filing Fee Table</a></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24pt; text-align: justify; text-indent: -24pt"><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">*</span></td>
    <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"><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"><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">Schedules
    and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. Paltalk, Inc. hereby undertakes to furnish supplementally
    copies of any of the omitted schedules and exhibits upon request by the Securities and Exchange Commission.</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">&#8224;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
    contract or compensatory plan arrangement.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24pt; text-align: justify; text-indent: -24pt"><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; margin-left: 0"><span 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; margin-left: 0"><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; margin-left: 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
The undersigned registrant hereby undertakes:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 0pt; text-align: justify; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
to include any prospectus required by Section 10(a)(3) of the Securities Act;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 67.5pt"><span 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; margin-left: 0pt; text-align: justify; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(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 a 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; and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 67.5pt"><span 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; margin-left: 0; text-align: justify; text-indent: 67.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(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;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial <i>bona fide</i> offering thereof.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 33.75pt"><span 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; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span 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; margin-left: 0; text-align: justify; text-indent: 33.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)
that, for the purpose of determining liability under the Securities Act 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid
by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question
whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of
such issue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><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-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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, 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 Las Vegas, State of Nevada, on the 16th
day of June, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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">
    <td 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>MUSCLEPHARM
    CORPORATION</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <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: 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: 47%"><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">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/
    Ryan Drexler</i></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 style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ryan
    Drexler</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 style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="poa_01"></span>POWER
OF ATTORNEY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of the undersigned officers and directors of Musclepharm Corporation. hereby constitutes and appoints Ryan Drexler and Sabina Rizvi,
and each of them any of whom may act without joinder of the other, the individual&#8217;s true and lawful attorneys-in-fact and agents,
each with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities,
to sign this registration statement of Musclepharm Corporation on Form S-1, and any other registration statement relating to the same
offering (including any registration statement, or amendment thereto, that is to become effective upon filing pursuant to Rule 462(b)
under the Securities Act of 1933, as amended), and any and all amendments thereto (including post-effective amendments to the registration
statement), and to file the same, with all exhibits thereto, and all other 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 connection therewith, 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, or their substitute
or substitutes, may lawfully do or cause to be done by virtue hereof.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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 held and on the dates indicated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><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"><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">(Principal
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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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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[{"type": "S-1", "sequence": "1", "filename": "forms-1.htm", "secsgml_size_bytes": 2738288}]
{"company-data": {"conformed-name": "MusclePharm Corp", "cik": "0001415684", "assigned-sic": "2834", "irs-number": "770664193", "state-of-incorporation": "NV", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-265663", "film-number": "221022254"}, "business-address": {"street1": "4721 IRONTON STREET", "city": "DENVER", "state": "CO", "zip": "80239", "phone": "(800) 210-7369"}, "mail-address": {"street1": "4721 IRONTON STREET", "city": "DENVER", "state": "CO", "zip": "80239"}, "former-company": {"former-conformed-name": "Tone in Twenty", "date-changed": "20071018"}}
As
filed with the Securities and Exchange Commission on June 16, 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
MusclePharm
Corporation
(Exact
name of Registrant as specified in its charter)
Nevada
2834
77-0664193
(State
    or other jurisdiction of
incorporation or organization)
(Primary
    Standard Industrial
Classification Code Number)
(I.R.S.
    Employer
Identification Number)
6728
W. Sunset Rd.
,
Suite 130
Las
Vegas
,
NV
89119
(800)
859-3010
(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)
Ryan
Drexler
Chief
Executive Officer
6728
W. Sunset Rd.
,
Suite 130
Las
Vegas
,
NV
89119
(800)
859-3010
(Name,
address, including zip code, and telephone number, including area code, of agent for service)
Copies
to:
Richard
    A. Friedman, Esq.
Stephen
    A. Cohen, Esq.
Sheppard,
    Mullin, Richter & Hampton LLP
30 Rockefeller Plaza
New York, NY 10112
Telephone: (212) 653-8700
M.
    Ali Panjwani, Esq.
Pryor
    Cashman LLP
7
    Times Square. 40
th
Floor
New
    York, NY 10036
Telephone:
    (212) 326-0820
Approximate
date of commencement of proposed sale to the public:
As
soon as practicable after the effective date of this registration statement.
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, please 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, 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 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 the registration statement shall become effective
on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.
The
information in this prospectus is not complete and may be changed. These securities may not be sold until the registration statement
filed with the Securities and Exchange Commission is declared effective. This prospectus is not an offer to sell nor does it seek an
offer to buy these securities in any state where the offer or sale is not permitted
PRELIMINARY
  PROSPECTUS
SUBJECT
  TO COMPLETION
DATED
  JUNE 16, 2022
MusclePharm
Corporation
Shares
of Common Stock
We
are offering               shares of our common stock on a firm commitment basis.
Our
common stock is quoted on the Pink Open Market maintained by OTC Markets Group, or the OTC Pink, under the symbol "MSLP."
On May      , 2022, the last reported sale price of our common stock as reported on the OTC Pink was $      per share,
which
giving effect to a one for      reverse stock split of our common stock to be effected prior to or upon the effective date of our registration
statement, equates to $      . As a result, we assumed a public offering price per share of $      .
The assumed public offering price used
throughout this prospectus has been included for illustration purposes only. The actual offering price may differ materially from the
assumed price used in the prospectus and will be determined by negotiations between us and the representatives of the underwriters and
may not be indicative of prices that will prevail in the trading market.
We
have applied to list our common stock on The Nasdaq Capital Market under the symbol "MSLP," which listing is a condition
to this offering. No assurance can be given that our application will be approved.
The
share and per share information in this prospectus reflects, other than in our Financial Statements and the Notes thereto, a proposed
reverse stock split of the authorized and outstanding common stock at an anticipated ratio of 1-for- to occur immediately following the
effective date but prior to the closing of the offering.
Investing
in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described under the
heading
"Risk Factors"
beginning on page 7 of this prospectus before making a decision to purchase our
securities.
NEITHER
THE SECURITIES AND EXCHANGE COMMISSION ("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.
Per
    Share
Total
Initial
    public offering price
$
$
Underwriting
    discounts and commissions
(1)
$
$
Proceeds,
    before expenses, to us
$
$
(1)
We
    have agreed to reimburse the underwriters for certain expenses and the underwriters will receive compensation in addition to underwriting
    discounts and commissions. See the section titled "Underwriting" beginning on page 64 of this prospectus for additional
    disclosure regarding underwriter compensation and offering expenses.
We
have granted the underwriters an option for a period of      days to purchase up to              additional shares of our Common Stock at the public offering
price, less underwriting discounts and commissions.
The
underwriters expect to deliver the Company's securities to the purchasers on or about        , 2022.
Roth
Capital Partners
The
date of this prospectus is_________, 2022.
i
TABLE
OF CONTENTS
Page
PROSPECTUS SUMMARY
1
RISK FACTORS
7
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
17
USE OF PROCEEDS
18
CAPITALIZATION
19
MARKET FOR OUR COMMON STOCK AND RELATED STOCKHOLDER MATTERS
21
DILUTION
22
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULT OF OPERATIONS
24
BUSINESS
37
MANAGEMENT
49
EXECUTIVE COMPENSATION
53
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
57
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
59
DESCRIPTION OF SECURITIES
62
UNDERWRITING
64
LEGAL MATTERS
71
EXPERTS
72
WHERE YOU CAN FIND MORE INFORMATION
73
FINANCIAL STATEMENTS
F-1
You
should rely only on information contained in this prospectus or in any free writing prospectus we may authorize to be delivered or made
available to you. We have not, and the underwriters have not, authorized anyone to provide you with additional information or information
different from that contained in this prospectus or in any free writing prospectus. Neither the delivery of this prospectus nor the sale
of our securities means that the information contained in this prospectus or any free writing prospectus is correct after the date of
this prospectus or such free writing prospectus. This prospectus is not an offer to sell or the solicitation of an offer to buy our securities
in any circumstances under which the offer or solicitation is unlawful or in any state or other jurisdiction where the offer is not permitted.
No
person is authorized in connection with this prospectus to give any information or to make any representations about us, the securities
offered hereby or any matter discussed in this prospectus, other than the information and representations contained in this prospectus.
If any other information or representation is given or made, such information or representation may not be relied upon as having been
authorized by us.
Neither
we nor any of the underwriters have done anything that would permit this offering or possession or distribution of this prospectus in
any jurisdiction where action for that purpose is required, other than the United States. You are required to inform yourself about,
and to observe any restrictions relating to, this offering and the distribution of this prospectus.
We
also use certain trademarks, trade names, and logos that have not been registered. We claim common law rights to these unregistered trademarks,
trade names and logos.
ii
PROSPECTUS
SUMMARY
The
following summary highlights selected information contained elsewhere in this prospectus and is qualified in its entirety by the more
detailed information and financial statements included elsewhere in this prospectus. It does not contain all the information that may
be important to you and your investment decision. You should carefully read this entire prospectus, including the matters set forth under
"Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations,"
and our financial statements and related notes included elsewhere in this prospectus. In this prospectus, unless context requires otherwise,
references to "we," "us," "our," "MusclePharm" or "the Company" refer to
MusclePharm Corporation
Overview
MusclePharm
is a scientifically-driven, performance lifestyle company that develops, manufactures, markets and distributes branded sports nutrition
products and functional energy beverages. Since our incorporation in 2006, we have developed a comprehensive product portfolio, which
has fueled the widespread recognition of our brands, MusclePharm and FitMiss. Today, these brands are sold in more than 100 countries
globally, supported by our diversified and industry-leading distribution partners. We believe our strong international presence has allowed
us to attract a larger and more engaged social audience than our competitive peers, Our global reach to a large and engaged customer
base enables us to achieve The MusclePharm Promise of helping professional athletes and everyday active individuals reach their maximum
potential with the most scientifically advanced, safe and nutritious sports supplementation products possible.
"The
MusclePharm Promise" guides our endeavors to support the health of individuals and is comprised of three key pillars:
●
Leading
    by Example
.
We place considerable emphasis on transparency, high-quality ingredients, innovation and science. Our products
    undergo rigorous, independent third-party testing to ensure safe, quality ingredients to support all levels of athletic ability.
    Tests performed on products include banned substance testing and protein verification, among others.
●
Supporting
    Active Lifestyles
.
Our product portfolio is designed for athletes of all levels and anyone who pursues an active, healthy
    lifestyle
.
We offer a broad range of performance powders, capsules, tablets, bars and functional energy beverages that
    satisfy the needs of enthusiasts and professionals alike.
●
Enhancing
    Public Health
.
Through our Specialty, International, Food, Drug, and Mass ("FDM"), and newly introduced Grocery
    and Convenience distribution channels, we are able to reach athletes and active individuals of all types and demographics. We believe
    in the importance of our consumers having access to our products where and when they need them.
Our
Products
Our
product portfolio consists of two categories, sports nutrition and functional energy beverages, and targets a variety of fitness enthusiasts
and professionals, as well as individuals who lead an active lifestyle.
1
Sports
Nutrition
●
Sport
    Series
. In order to cover the needs of athletes, we introduced our scientifically-advanced, performance-driven Sport Series category.
    These award-winning , independently-tested products help fuel athletes safely by increasing strength, energy, endurance, recovery
    and overall athletic performance. It features our Combat Protein Powder, a top selling five-protein blend on the market, currently
    available in 4 flavors.
●
Essentials
    Series.
To meet the day-in and day-out demands of fitness and sport, the Essentials Series (formerly known as the Core Series)
    line of supplements exists for athletes to take daily. These products include daily staples for a healthy body, such as BCAA, creatine,
    glutamine, carnitine, CLA, fish oil, a multi-vitamin and more
.
●
FitMiss.
Designed and formulated specifically for the female body, FitMiss sports nutrition products are complementary to any active female's
    diet. In seeking a stronger, more balanced foundation, FitMiss ingredients support women in areas of weight management, lean muscle
    mass, body composition, and general health and wellness. Currently, FitMiss protein powder is available in 2 flavors.
●
On-the-Go
.
    As more and more consumers are seeking healthier and convenient snacking options, retailers across multiple channels are capitalizing
    on this emerging trend by aggressively expanding their better-for-you assortments. Our On-the-Go portfolio of ready to eat products
    includes our award-winning Combat Crunch Protein Bars, currently available in 4 flavors.
Functional
Energy Beverages
●
Combat
    Energy.
In order to tap into the ever-growing functional beverage market, we recently launched our Combat Energy drink line.
    Unlike traditional energy drinks, Combat Energy has zero sugar and zero calories and features the functional benefits of 300mg of
    caffeine and 600mg of BCAA aminos. Our Combat Energy line is available in the three flavors: Green Apple, Grapefruit Lime and Black
    Cherry.
●
FitMiss
    Energy.
Based on the feedback we received from female consumers, we developed and meticulously formulated FitMiss Energy. This
    recently launched product features 200 milligrams of caffeine per can, zero calories, zero sugar, MusclePharm's proprietary
    BCAA blend, Biotin and no artificial colors or flavors. Currently, we sell this functional energy beverage in the following
    three flavors: Pineapple Coconut, Mango Sunshine and Watermelon Waterfall.
Industry
Global
Sports Nutrition
According
to a 2021 analysis by Grand View Research, the global sports nutrition market is expected to experience double digit growth, growing
at a compound annual growth rate ("CAGR") of 10.9% from 2021 to 2028. A rise in demand is expected to stem from consumers'
increased focus on self-care, preventive medication and fitness. This heightened focus is particularly due to the rapidly growing number
of individuals with diabetes and obesity that are at risk of serious illness from COVID-19. Given that our products are designed to enhance
one's health and fitness ability, we expect to benefit and capitalize on these attractive industry tailwinds.
Global
Functional Beverages
According
to a 2021 report by Fior Markets, the functional beverage market is expected to grow at a CAGR of 7.1% from 2021 to 2028. This growth
is expected to stem from an increased demand for ready-to-drink beverages by consumers who seek to maintain their health despite their
hectic, busy lifestyles. We believe this growth will be compounded even more by millennials' strong preference for foods that are
convenient and have diverse nutritional profiles. For these reasons, we anticipate that our newly introduced Combat Energy and FitMiss
Women's Complete Energy will experience increased demand, along with our On-The-Go product line.
2
Our
Strengths
Consumer
Awareness of Our Brands
According
to Nutritionix.com, our Combat Protein Powder is the fourth best protein brand in the world, and Grand Review Research names MusclePharm
as one of the top players in the North American sports nutrition market. For these reasons, we believe consumers have a strong appetite
for our brand and products, which is exemplified by our large and engaged social media following. Widespread brand recognition as one
of the safest, most trusted and reliable performance lifestyle companies is a strength we seek to maintain, as it allows for organic
growth and fosters the adoption of new product innovations.
Strong
Intellectual Property
We
believe that protecting our intellectual property is crucial to the continued successful implementation of our business strategy and
marketing our products. Therefore, our policy is to rigorously pursue registrations for all trademarks associated with our products.
We have over 39 trademark applications in the United States, 29 of which are currently registered with the United States Patent and Trademark
Office. Our registered trademarks include registrations of our house marks, as well as marks associated with our core product lines.
We
also have filed for protection of various marks throughout the world and are committed to a significant long-term strategy to build and
protect the MusclePharm and FitMiss brands globally. The "MusclePharm" and "FitMiss" marks have been granted
final trademark registration effective in 10 countries, including the United States.
Asset
Light Business Model
Through
our asset light model, we achieve low capital expenditures, which we believe is critical to the generation of high free cash flows, gross
margin, and lower commodity pricing. Currently, we outsource all manufacturing, testing and bottling to third-parties, and despite challenges
in 2020 due to COVID-19, we believe our asset light model will enable us to achieve strong results and profitability in future quarters.
For these reasons, we believe our business is uniquely positioned for profitability, without sacrificing the support of our growth initiatives.
Growth
Strategy
Product
Innovation
We
believe continued innovation in delivery techniques and ingredients, new product lines, and new products in existing lines is important
to sustaining and creating new market opportunities, meeting consumer demand, and strengthening customer relationships. Over the last
several years, we have launched several new products to meet changing consumer needs and to accelerate our growth. In 2021, we rolled
out our functional energy beverages lines under the MusclePharm and FitMiss brands. With continued market expansion of functional beverages,
coupled with consumers' increased focus on ready-to-drink healthy alternatives, we expect our zero sugar and zero calorie energy
drinks to benefit from these better-for-you industry tailwinds. Similarly, in 2019, we expanded our On-The-Go assortments with the introduction
of gluten free and non-GMO protein products, along with new flavors of our award-winning Combat Crunch Protein Bars. These On-The-Go
product assortments target a wide and growing audience, as consumers increasingly demand convenient and ready-to-eat snacks with healthy,
diverse nutritional profiles. We continuously monitor market opportunities and consumer trends in order to strategically plan and execute
future product innovations. We continue to drive innovation in our already popular protein powder line and in 2021 we launched a new
and improved formula, delivering better taste and mixability in our two top selling products, Combat 100% Whey and Combat Protein powder.to
To maintain strong demand for our functional energy beverages, we will closely monitor and evaluate customer feedback for future product
innovations to sustain our leadership position in the beverage market.
3
Expand
Sales in Current and New Channels
We
currently distribute our products across all major global retail channels – Specialty, International and FDM. This, paired with
our large e-commerce customers, allows us to reach every relevant market in the world. Due to the high competition within these channels,
and the ever-changing customer trends, we have undertaken a number of initiatives to expand into new distribution channels, increase
product trial, and amplify brand messaging.
As
we continue to scale our functional energy beverages, we expect to increase our distribution points through Grocery and Convenience channels
and expect product trial to increase, providing us with the opportunity to convert trial customers into loyal, repeat purchasers, and
ultimately, consumers of our broader product categories. While these initiatives are targeted towards acquiring new, loyal customers,
we plan to grow with existing customers through our established, industry-leading distribution partners in the Specialty, International,
and FDM. Through increased store penetration and shelf-space, we believe we can grow sales of our functional energy beverages with existing
customers by providing widespread accessibility. Given the importance we place on widespread accessibility, we also plan on advancing
our e-commerce presence through strategic partnerships, which we believe will not only enhance sales among new and existing customers
but also further the global reach of our brand and products.
Leverage
Existing Brand Awareness for New Products
As
we continue to execute our growth strategy and focus on core and new product innovations, we plan on leveraging our existing brand awareness
to successfully penetrate domestic and international markets. We believe our established brand recognition, recurring customer base,
and far reach will further advance the adoption of our products and growth. In the past, our passionate and loyal following has demonstrated
a keen appetite for new MusclePharm products and we believe this will continue to play a vital role in the success of future product
rollouts.
Recent
Developments
Private
Placement
As
previously disclosed by MusclePharm Corporation (the "Company") on a Current Report on Form 8-K filed with the U.S. Securities
and Exchange Commission (the "SEC") on June 9, 2022 (the "June 8-K"), as of June 3, 2022,
the Company entered into an Amended and Restated Securities Purchase Agreement (the "Amended and Restated Securities
Purchase Agreement") with certain accredited and institutional investors,
including certain investors
from the Company's October 2021 private offering of securities (the "October Offering"), which amends and restates
the October 2021 Securities Purchase Agreement to, among other things, allow for the issuance of additional senior secured notes and
warrants.
Pursuant
to the Amended and Restated Securities Agreement, on June 10, 2022,
the Company sold an aggregate of $3,081,875 in principal amount 20% Original Issue Discount Senior Secured Notes
(the "June Notes"), resulting in gross proceeds to the Company of $2,465,500, exclusive of placement agent commission
and fees and other offering expenses, and warrants (the "June Warrants") to purchase up to 22,013,393 shares
(the "Warrant Shares") of the Company's common stock (the
"June Offering").
Subject
to certain exceptions, the June Notes accrue no interest, mature six months after issuance, or December 10, 2022, and are secured by
the same collateral that secured the notes issued in the October Offering (the "October Notes" and together with the June
Notes, the "Notes"). The June Warrants are exercisable for five years from the date of issuance at an exercise price of $0.231
per share, subject to adjustment. If at any time following the six-month anniversary of the date of issuance of the June Warrants, a
registration statement covering the resale of the Warrant Shares is not effective, the holders may exercise the June Warrants by means
of a cashless exercise. The Company is prohibited from effecting an exercise of the June Warrants to the extent that, as a result of
such exercise, the holder together with the holder's affiliates, would beneficially own more than 4.99% of the number of shares
of the Company's common stock outstanding immediately after giving effect to the issuance of the Warrant Shares upon exercise of
the June Warrants.
As
previously disclosed in the June 8-K, in connection with the closing of the June Offering, the Company:
●
amended
    (i) the convertible secured promissory note issued to Ryan Drexler, the Company's Chief Executive Officer and Chair of the
    Board of Directors, on November 29, 2020 (as amended on August 13, 2021) in the principal amount of $2,871,967 (the "Drexler
    November Note") and (ii) the convertible secured promissory note issued to Ryan Drexler on August 13, 2021 in the principal
    amount of $2,457,549 (the "Drexler August Note" and together with the Drexler November Note, the "Drexler Notes")
    to extend the maturity date of the Drexler Notes to June 10, 2025;
●
entered
    into an amendment to Ryan Drexler's Amended and Restated Employment Agreement dated February 1, 2018 (the "Drexler Employment
    Agreement") pursuant to which Mr. Drexler's cash compensation, including base salary and bonus, was decreased to $250,000
    annually while any Notes remain outstanding; and
●
appointed
    Sabina Rizvi, the Company's President and Chief Financial Officer, as a member of the board of directors of the Company.
4
Risks
Associated with Our Business
Our
business is subject to a number of risks of which you should be aware before making a decision to invest in our common shares. These
risks are discussed more fully in the "Risk Factors" section of this prospectus. These risks include the following:
●
We
                                            rely on a limited number of customers for a substantial portion of our sales, and the loss
                                            of or material reduction in purchase volume by any of these customers would adversely affect
                                            our sales and operating results.
●
Our
                                            failure to respond appropriately to competitive challenges, changing consumer preferences
                                            and demand for new products could significantly harm our customer relationships and product
                                            sales..
●
Our
                                            industry is highly competitive, and our failure to compete effectively could adversely affect
                                            our market share, financial condition, and future growth.
●
We
                                            have a history of losses from operations, there is uncertainty as to when we may become consistently
                                            profitable, and our current indebtedness may limit our operating flexibility, which raise
                                            substantial doubt about the Company's ability to continue as a going concern.
●
Our
                                            multiple financing arrangements contain covenants that limit our ability to incur
                                            additional debt and grant liens on assets.
●
Mr.
                                            Drexler's stock ownership gives him the ability to substantially influence the strategic
                                            direction of the Company and to direct the outcome of matters requiring stockholder approval.
●
Our
                                            common stock is subject to the "penny stock" rules of the SEC and the trading
                                            market in the securities is limited, which makes transactions in the stock cumbersome and
                                            may reduce the value of an investment in the stock.
●
We
                                            have ongoing material weaknesses and may in the future fail to maintain effective systems
                                            of internal control over financial reporting and disclosure controls and procedures, any
                                            of which could, among other things, result in significant additional costs being incurred,
                                            cause a loss of confidence in our financial reporting, and adversely affect the trading price
                                            of our common stock.
●
Even
                                            if we meet the initial listing requirements of the Nasdaq Capital Market, there can be no
                                            assurance that we will be able to comply with the continued listing standards of the Nasdaq
                                            Capital Market. Our failure to meet the continued listing requirements of the Nasdaq Capital
                                            Market could result in a de-listing of our Common Stock.
Proposed
Changes to Our Capital Structure
We
plan to effect a 1-for-     reverse split of our outstanding shares of common stock prior to effectiveness of the registration statement
of which this prospectus forms a part. No fractional shares will be issued in connection with the reverse stock split and all such fractional
interests will be rounded up to the nearest whole number of shares of common stock. The conversion and/or exercise prices of our issued
and outstanding convertible securities, including shares issuable upon exercise of outstanding stock options and warrants, and conversion
of our outstanding convertible notes will be adjusted accordingly. All information presented in this prospectus assumes a 1-for- reverse
split of our outstanding shares of common stock, and unless otherwise indicated, all such amounts and corresponding conversion price
and/or exercise price data set forth in this prospectus have been adjusted to give effect to the assumed reverse stock split.
Corporate
Information
Our
principal executive offices are located at 6728 W. Sunset Rd., Suite 130, Las Vegas, NV. We were incorporated in the State of Nevada
on August 4, 2006. Our Internet addresses are
www.musclepharm.com
and
www.musclepharmcorp.com
. The information contained
on our websites is not incorporated by reference herein. prospectus, and you should not consider any information contained on, or that
can be accessed through, our website as part of this prospectus or in deciding whether to purchase our common shares.
5
THE
OFFERING
Common
    stock offered by us:
shares
    of common stock
Common
    Stock outstanding prior to this Offering
Shares
Common
    Stock to be outstanding immediately after this Offering
Shares
    (      shares if the underwriters exercise their option to purchase up to an additional shares to
    cover over-allotments, if any)
Over-Allotment
    Option
We
    have granted the underwriters an option for a period of      days from the date of this prospectus to purchase up to an additional           shares of Common Stock at the public offering price, less the underwriting discount.
Use
    of proceeds:
We
    estimate that the net proceeds from this offering will be approximately $        or approximately $         if
    the underwriters exercise their over-allotment option in full, at an assumed public offering price of $  per share, after
    deducting the underwriting discounts and commissions and estimated offering expenses payable by us. We intend to use the net proceeds
    from this offering for working capital and other general corporate purposes. See "Use of Proceeds" for a more complete
    description of the intended use of proceeds from this offering.
Risk
    factors:
An
    investment in our securities involves a high degree of risk and could result in a loss of your entire investment. Prior to making
    an investment decision, you should carefully consider all of the information in this prospectus and, in particular, you should evaluate
    the risk factors set forth under the caption "Risk Factors" beginning on page 7.
OTCPink
    trading symbol:
Our
    common stock is currently quoted on the OTCPink under the trading symbol "MSLP".
Proposed
    Nasdaq trading symbol:
We
    have applied to list our common stock on the Nasdaq Capital Market under the symbol "MSLP." No assurance can be given
    that our application will be approved.
The
number of shares of common stock to be outstanding immediately after this offering is based on 34,348,891 shares of common stock
outstanding as of May 10, 2022 and excludes:
●
17,355,700
shares of common stock issuable upon exercise
    of warrants issued in the October 2021 private placement at exercise price of $0.78 per share;
●
5,399,441
shares of common stock issuable upon exercise
    of outstanding options to purchase shares of common stock;
●
16,154,795
shares of common stock issuable upon conversion
    of outstanding convertible notes; and
●
171,703
    shares of common stock issuable upon the exercise of outstanding options to purchase shares of common stock under our 2015 Incentive
    Compensation Plan at a weighted average exercise price of $1.89.
●
1,811,000
    shares of common stock issuable upon the exercise of outstanding options to purchase shares of common stock under our 2021 Omnibus
    Equity Incentive Plan at a weighted average exercise price of $0.40.
Except
as otherwise indicated herein, all information in this prospectus reflects or assumes:
●
a
    one-for-        reverse stock split of our common stock effected on          ,
    2022;
●
no
    exercise of the underwriters' option to purchase up to an additional  shares of common stock to cover over-allotments,
    if any.
6
RISK
FACTORS
Any
investment in our common stock involves a high degree of risk. Before deciding whether to purchase our common stock, investors should
carefully consider the risks described below together with the "Risk Factors" described in our most recent Annual Report
on Form 10-K, which are incorporated herein by reference, as may be amended, supplemented or superseded from time to time by other reports
we file with the SEC. Our business, financial condition, operating results and prospects are subject to the following material risks
as well as those material risks incorporated by reference. Additional risks and uncertainties not presently foreseeable to us may also
impair our business operations. If any of the following risks actually occurs, our business, financial condition or operating results
could be materially adversely affected. In such case, the trading price of our common stock could decline, and our stockholders may lose
all or part of their investment in the shares of our common stock.
Risks
Related to Our Financial Position and Need for Capital
We
will likely be required to raise additional financing to fund our operations.
We
will likely be faced with the need to raise additional funds in the future. There can be no assurance that we will be able to obtain
debt or equity financing on acceptable terms, or at all.
Our
senior notes payable agreement contains covenants that limit our ability to incur additional debt and grant liens on assets.
Our
senior notes payable contains restrictive covenants that limit our ability to, among other things, incur additional debt and grant liens
on assets. If we fail to comply with the restrictions in this debt instrument, a default may allow the debtor to accelerate the debt
and to exercise remedies under the agreement, which includes the right to declare the principal amount of that debt, together with accrued
and unpaid interest and other related amounts, immediately due and payable, and to exercise any remedies he may have to foreclose on
assets that are subject to liens securing that debt.
If
the Company is unable to extend the Senior Notes or elects not to do so, the Company will be required to repay the Senior Notes through
equity issuances, additional borrowings, cash flows from operations and/or other sources of liquidity.
Our
convertible promissory note agreement that we have entered into with Mr. Drexler may limit our ability to, among other things, incur
additional debt. If we fail to comply with the restrictions in this debt instruments, a default may allow the debtor to accelerate the
related debt and to exercise his remedies under the agreement, which includes the right to declare the principal amount of that debt,
together with accrued and unpaid interest and other related amounts, immediately due and payable, and to exercise any remedies he may
have to foreclose on assets that are subject to liens securing that debt.
For
additional details regarding our indebtedness, see Note 10 to the accompanying consolidated financial statements.
Risks
Related to Our Business and Industry
Our
industry is highly competitive, and our failure to compete effectively could adversely affect our market share, financial condition,
and future growth.
The
sports nutrition market is highly competitive with respect to:
●
price;
●
shelf
    space and store placement;
●
brand
    and product recognition;
●
new
    product introductions; and
●
raw
    materials.
Many
of our competitors are larger, more established companies and possess greater financial strength and other resources than we have. We
face competition in the supplement market from a number of large nationally known manufacturers, private label brands and many smaller
manufacturers.
7
Our
industry is highly regulated. We may in the future incur increased compliance costs and/or incur substantial judgments, fines, legal
fees, and other costs.
The
manufacturing, packaging, labeling, advertising, distribution, storage and sale of our products are regulated by various federal, state,
and local agencies as well as those of each foreign country to which we distribute. Our compliance costs may increase in the future,
and those increases could be material. In addition, governmental authorities may commence regulatory or legal proceedings, which could
restrict the permissible scope of our product claims or the ability to manufacture and sell our products in the future. For example,
the FDA regulates our products to ensure that the products are not adulterated or misbranded. Failure to comply with FDA requirements
may result in, among other things, warning or untitled letters, injunctions, product withdrawals, recalls, product seizures, fines, and
criminal proceedings.
Our
advertising is subject to regulation by the FTC under the Federal Trade Commission Act. In recent years, the FTC has initiated numerous
investigations of dietary supplement and weight loss products and companies. Additionally, some states also permit advertising and labeling
laws to be enforced by private attorney generals, who may seek relief for consumers, seek class action certifications, seek class wide
damages, and product recalls. Any of these types of actions could have a material adverse effect on our business, financial condition,
and results of operations.
We
have a history of losses from operations, there is uncertainty as to when we may become consistently profitable, and our current indebtedness
may limit our operating flexibility, which raise substantial doubt about the Company's ability to continue as a going concern.
We
have historically incurred significant losses and experienced negative cash flows since inception. As of March 31, 2022, we had cash
of $0.5 million, a working capital deficit of $36.3 million, a stockholders' deficit of $38.1 million and an accumulated deficit
of $211.8 million resulting from recurring losses from operations. As a result of a history of losses and financial condition, there
is substantial doubt about our ability to continue as a going concern.
As
a result of our history of losses and financial condition, there is doubt about our ability to continue as a going concern. The ability
to continue as a going concern is dependent upon us maintaining profitable operations in the future and/or obtaining the necessary financing
to meet our obligations and repay our liabilities when they come due. On an ongoing basis, management evaluates strategies to obtain
financing required to fund our expenses and achieve a level of revenue adequate to support our current cost structure. There is no assurance
that we will be able to obtain additional financing on acceptable terms or at all, or to generate an adequate level of revenues.
Our
indebtedness, and history of losses, could have important consequences to us. For example, it could:
●
make
    us more vulnerable to general adverse economic and industry conditions, including effects of the ongoing COVID-19 pandemic;
●
limit
    our ability to obtain additional financing for working capital, capital expenditures, acquisitions and other general corporate requirements;
    and
●
limit
    our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate.
8
In
addition, our ability to pay or refinance our debt depends on our successful financial and operating performance, cash flows and capital
resources, which in turn depend upon prevailing economic conditions and certain financial, business and other factors, many of which
are beyond our control. These factors include, among others:
●
economic
    and demand factors affecting our industry;
●
pricing
    pressures;
●
increased
    operating costs;
●
competitive
    conditions; and
●
other
    operating difficulties.
If
our cash flows and capital resources are insufficient to fund our debt service obligations, we may be forced to reduce or delay operating
or capital expenditures, sell material assets or operations, seek to obtain additional capital, or restructure our debt.
We
may incur additional indebtedness in the future. Our incurrence of additional indebtedness would intensify the risks described above.
Our
operating results may fluctuate, which makes them difficult to predict and they may fall short of expectations.
Our
operating results may fluctuate due to a number of factors, many of which are outside of our control. As a result, comparing our operating
results on a period-to-period basis may not be meaningful, and you should not rely on our past results as an indication of our future
performance. Our quarterly, year-to-date, and annual expenses as a percentage of our revenues may differ significantly from our historical
or projected rates. Our operating results in future quarters may not meet expectations.
Each
of the following factors, as well as others, may affect our operating results:
●
our
    loss of one or more significant customers;
●
the
    introduction of successful new products by our competitors;
●
the
    effects of the ongoing COVID-19 pandemic; and
●
adverse
    media reports on the use or efficacy of nutritional supplements.
●
increases
    in the price of raw materials
Because
our business is changing and evolving, our historical operating results may not be useful to you in predicting our future operating results.
If
we are unable to retain key management personnel or hire qualified personnel, our ability to manage our business effectively and grow
could be negatively impacted.
Over
the last few years, the Company has had significant employee turnover. Our future success depends in part on our ability to identify,
hire, develop, motivate and retain key skilled management personnel and employees for all areas of our organization, particularly sales
and marketing. Competition in our industry for qualified employees has been intense. The loss or limitation of the services of any of
our key management employees, including as a result of illness, or our inability to hire qualified employees could have a material adverse
effect on our business, financial condition and results of operations.
If
we fail to effectively manage our growth, our business and operating results could be harmed.
Growth
in our business will place significant demands on our management, and our operational and financial infrastructure. To effectively manage
growth, we expect that we will need to continue to improve our operational, financial and management controls and our reporting systems
and procedures. To accomplish these objectives, we may need to hire additional employees, make certain enhancements to our technology
systems, make capital expenditures, and utilize management resources. Failure to implement these measures could have a material adverse
effect on our business, financial condition and results of operations.
9
Risks
Related to our Products, Manufacturing, the Markets in Which We Operated and Other External Risks
We
rely on a limited number of customers for a substantial portion of our sales, and the loss of or material reduction in purchase volume
by any of these customers would adversely affect our sales and operating results.
During
the three months ended March 31, 2022, we had three customers who individually accounted for 59%, 13%, and 12% of our net revenue, and
two customers that individually accounted for 59% and 17% of accounts receivable. During the three months ended March 31, 2021, we had
three customers who individually accounted for 28%, 17% and 14% of our net revenue, and two customers that individually accounted for
32% and 21% of accounts receivable.
The
Company's retail customers have been and may continue to be affected by outbreaks of disease, such as epidemics or pandemics, including
the ongoing COVID-19 pandemic
.
The
Company's retail customers have been and continue to be affected by the ongoing global COVID-19 pandemic and the resulting volatility
and uncertainty it has caused in the U.S. and international markets. Store closures and social distancing have adversely impacted the
Company's sales to retailers. The COVID-19 pandemic also has the potential to significantly impact our supply chain if the facilities
of our third- party manufacturers, the distribution centers where our inventory is managed or the operations of our logistics and other
service providers are disrupted, temporarily closed or experience worker shortages. We may also see disruptions or delays in shipments
of certain materials or products.
As
a result of the ongoing COVID-19 outbreak, the Company has transitioned most of its workforce to a remote working model, which may result
in the Company experiencing lower work efficiency and productivity, which in turn may adversely affect the Company's business.
As Company employees work from home and access the Company's system remotely, the Company may be subject to heightened security
risks, including the risks of cyberattacks. Additionally, if any of the Company's key management or other employees are unable
to perform his or her duties for a period of time, including as the result of illness, the Company's results of operations or financial
condition could be adversely affected.
The
Company cannot reasonably estimate the length or severity of the COVID-19 pandemic or the related responses, or the extent to which the
disruption may materially impact the Company's business, consolidated financial position, consolidated results of operations or
consolidated cash flows.
Our
failure to respond appropriately to competitive challenges, changing consumer preferences and demand for new products could significantly
harm our customer relationships and product sales.
The
sports nutrition market is very competitive, and the range of products is diverse and subject to rapid and frequent changes in consumer
demand. Our failure to accurately predict product trends could negatively impact our results and cause our revenues to decline. Our success
with any product offering (whether new or existing) depends upon a number of factors, including our ability to:
●
deliver
    quality products in a timely manner in sufficient volumes;
●
accurately
    anticipate customer needs and forecast accurately to our manufacturers;
●
differentiate
    our product offerings from those of our competitors;
●
competitively
    price our products; and
●
develop
    new products.
Furthermore,
products often have to be promoted heavily in stores or in the media to obtain visibility and consumer acceptance. Acquiring distribution
for products is difficult and often expensive due to slotting and other promotional charges mandated by retailers. Products can take
substantial periods of time to develop consumer awareness, consumer acceptance and sales volume. Accordingly, some products may fail
to gain or maintain sufficient sales volume and as a result may have to be discontinued. In a highly competitive marketplace, it may
be difficult to have retailer's open SKU's for new products.
10
Adverse
publicity or consumer perception of our products and any similar products distributed by others could harm our reputation and adversely
affect our sales.
We
are highly dependent upon positive consumer perceptions of the safety and quality of our products as well as similar products distributed
by other sports nutrition supplement companies. Consumer perception of sports nutrition supplements and our products in particular can
be substantially influenced by scientific research or findings, national media attention and other publicity about product use.
Adverse
publicity from these sources regarding the safety, quality, or efficacy of our products or nutritional supplements could seriously harm
our reputation and results of operations. The mere publication of news articles or reports asserting that such products may be harmful
or questioning their efficacy could have a material adverse effect on our business, financial condition, and results of operations, regardless
of whether such news articles or reports are scientifically supported or whether the claimed harmful effects would be present at the
dosages recommended for such products.
We
may be exposed to material product liability claims, which could increase our costs and adversely affect our reputation and business.
As
a marketer and distributor of products designed for human consumption, we could be subject to product liability claims if the use of
our products is alleged to have resulted in injury or undesired results. Our products consist of vitamins, minerals, herbs, and other
ingredients that are classified as dietary supplements and in most cases are not subject to pre-market regulatory approval in the United
States or internationally. Previously unknown adverse reactions resulting from human consumption of these ingredients could occur.
We
have not had any significant product liability claims filed against us but, in the future, we may be subject to various product liability
claims, including due to tampering by unauthorized third parties, product contamination, and claims that our products had inadequate
instructions for use, or inadequate warnings concerning possible side effects and interactions with other substances. The cost of defense
can be substantially higher than the cost of settlement even when claims are without merit. The high cost to defend or settle product
liability claims could have a material adverse effect on our business, financial condition and results of operations, and our insurance,
if any, may not be adequate.
In
addition, the perception of our products resulting from a product liability claim also could have a material adverse effect on our business,
financial condition and results of operations.
Our
insurance coverage or third-party indemnification rights may not be sufficient to cover our legal claims or other losses that we may
incur in the future.
We
maintain insurance at what we believe are adequate levels for property, general product liability, product recall, director's and
officer's liability, and workers' compensation to protect ourselves against potential loss exposures. In the future, insurance
coverage may not be available at adequate levels or on adequate terms to cover potential losses, including on terms that meet our customer's
or manufacturer's requirements. If insurance coverage is inadequate or unavailable, we may face claims that exceed coverage limits
or that are not covered, which could increase our costs and adversely affect our operating results.
Changes
in the economies of the markets in which we do business may affect consumer demand for our products.
Consumer
spending habits, including spending for our products, are affected by, among other things, prevailing economic conditions, levels of
employment, fuel prices, changes in exchange rates, salaries and wages, the availability of consumer credit, consumer confidence and
consumer perception of economic conditions. Economic slowdowns in the markets in which we do business and an uncertain economic outlook
may adversely affect consumer spending habits, which may result in lower sales of our products in future periods.
In
April 2020, we experienced a slowdown in sales to our retail customers, including our largest customer. While this decline was primarily
offset by growth in our largest online customer, there can be no assurances that such growth will continue, or that we will have the
financial resources to produce the additional quantities required by this customer. A prolonged global or regional economic downturn
could have a material negative impact on our business, financial condition, results of operations and cash flows.
11
Product
returns could negatively impact our operating results and profitability.
We
permit the return of damaged or defective products and accept limited amounts of product returns in certain instances. While such returns
from established customers have historically been nominal and within management's expectations and the provisions established,
future return rates may differ from those experienced in the past. Any significant increase in damaged or defective products or accepted
returns could have a material adverse effect on our operating results for the period or periods in which such returns materialize.
We
rely on third-party manufacturers for the production of our products.
We
rely on third-party manufacturers to produce products required to meet our quality and market needs, and plan to continue to do so. If
our contract manufacturers fail to maintain high manufacturing standards and processes, it could harm our business. In the event of a
natural disaster or business failure, including due to bankruptcy of a contract manufacturer, we may not be able to secure a replacement
of our products on a timely or cost-effective basis, which could result in delays, additional costs and reduced revenues. Additionally,
our third-party manufacturers have been and may continue to be negatively affected by the ongoing COVID-19 pandemic.
A
shortage in the supply of key raw materials or price increases could increase our costs or adversely affect our sales.
All
of our raw materials for our products are obtained from third-party suppliers. Since all of the ingredients in our products are commonly
used, we have not experienced shortages or delays in obtaining raw materials. If circumstances change, shortages could result in materially
higher raw material prices or adversely affect our ability to have a product manufactured. Prices for our raw materials can and do fluctuate.
Price increases from a supplier would directly affect our profitability if we are not able to pass price increases on to customers. Our
inability to obtain adequate supplies of raw materials in a timely manner or a material increase in the price of our raw materials could
have a material adverse effect on our business, financial condition and results of operations. Additionally, our third-party suppliers
have been and may continue to be negatively affected by the ongoing COVID-19 pandemic.
Risks
Related to our Intellectual Property
Our
intellectual property rights are valuable, and any inability to protect them could reduce the value of our products and brand.
We
have invested significant resources to protect our brands and trademarks. However, we may be unable or unwilling to strictly enforce
our intellectual property rights, including our brands and trademarks, from infringement. Our failure to enforce our intellectual property
rights could diminish the value of our brands and product offerings and harm our business and future growth prospects.
We
may be subject to intellectual property rights claims, which are costly to defend, could require us to pay damages and could limit our
ability to sell some of our products.
Our
industry is characterized by vigorous pursuit and protection of intellectual property rights, which has resulted in protracted and expensive
litigation for several companies. Third parties may assert claims of misappropriation of trade secrets or infringement of intellectual
property rights against us or against our end customers or partners for which we may be liable. Intellectual property lawsuits are subject
to inherent uncertainties due to the complexity of the technical issues involved, and we cannot be certain that we would be successful
in defending ourselves against intellectual property claims.
Further,
many potential litigants have the capability to dedicate substantially greater resources than we can to enforce their intellectual property
rights and to defend claims that may be brought against them. Furthermore, a successful claimant could secure a judgment that requires
us to pay substantial damages or prevents us from distributing products or performing certain services.
12
Risks
Related to Our Capital Stock
Mr.
Drexler's stock ownership gives him the ability to substantially influence the strategic direction of the Company and to direct
the outcome of matters requiring stockholder approval.
Mr.
Ryan Drexler, our Chairman of the Board and Chief Executive Officer, owns approximately 49.2% of our outstanding shares of common
stock. As a result, Mr. Drexler is able to substantially influence the strategic direction of the Company and the outcome of matters
requiring approval by our stockholders. Mr. Drexler's interests may not be, at all times, the same as those of our other stockholders,
and his control may delay, deter or prevent acts that may be favored by our other stockholders.
We
may, in the future, issue additional shares of common stock and/or preferred stock, which would reduce investors' percent of ownership
and may dilute our share value.
Our articles of incorporation, as amended, authorize
the issuance of 100,000,000 shares of common stock and 10,000,000 shares of preferred stock. As of May 10, 2022, 34,348,891
shares of our common stock were outstanding, and we did not have any outstanding shares of preferred stock. As of May 10,
2022, 34,348,891 shares of our common stock were outstanding. The future issuance of common stock and preferred stock may result
in substantial dilution in the percentage of our common stock held by our then existing stockholders. The issuance of common stock for
future services or acquisitions or other corporate actions may have the effect of diluting the value of the shares held by our investors
and might have an adverse effect on any trading market for our common stock.
We
may issue shares of preferred stock in the future that may adversely impact your rights as holders of our common stock.
Our
Board has the authority to fix and determine the relative rights and preferences of our authorized but undesignated preferred stock,
as well as the authority to issue shares of such preferred stock, without further stockholder approval. As a result, our Board could
authorize the issuance of a series of preferred stock that would grant to holders preferred rights to our assets upon liquidation, the
right to receive dividends before dividends are declared to holders of our common stock, and the right to the redemption of such preferred
stock, together with a premium, prior to the redemption of the common stock.
To
the extent that we do issue such additional shares of preferred stock, your rights as holders of common stock could be impaired thereby,
including, without limitation, dilution of your ownership interests in us. In addition, shares of preferred stock could be issued with
terms calculated to delay or prevent a change in control or make removal of management more difficult, which may not be in your interest
as a holder of common stock.
Our
common stock is quoted on the OTC Markets, which may have an unfavorable impact on our stock price and liquidity.
Our
common stock is quoted on the OTC Pink Tier, an automated quotation service operated by OTC Markets Group, Inc under the symbol "MSLP."
The quotation of our shares on the OTC may result in a less liquid market available for existing and potential stockholders to trade
shares of our common stock, in part because of the inability or unwillingness of certain investors to acquire shares of common stock
not traded on a national securities exchange and could depress the trading price of our common stock and have a long-term adverse impact
on our ability to raise capital in the future.
Our
share price has been and may continue to be volatile.
The
market price of our common shares is subject to significant fluctuations in response to a multitude of factors, including variations
in our quarterly operating results and financial condition. Factors other than our financial results that may affect our share price
include, but are not limited to, market expectations of our performance, market perception of our industry, the activities of our managers,
customers, and investors, and the level of perceived growth in the industry in which we participate, general trends in the markets for
our products, general economic business and political conditions in the countries and regions in which we conduct our business, and changes
in government regulation affecting our business, many of which are not within our control. In addition, like many companies of our size
with low trading volume, our stock price may fluctuate significantly for reasons unrelated to our business.
13
Market
and economic conditions may negatively impact our business, financial condition and share price.
Concerns
over inflation, energy costs, geopolitical issues, the U.S. mortgage market and a declining real estate market, unstable global credit
markets and financial conditions, and volatile oil prices have led to periods of significant economic instability, diminished liquidity
and credit availability, declines in consumer confidence and discretionary spending, diminished expectations for the global economy and
expectations of slower global economic growth going forward, increased unemployment rates, and increased credit defaults in recent years.
Our general business strategy may be adversely affected by any such economic downturns, volatile business environments and continued
unstable or unpredictable economic and market conditions. If these conditions continue to deteriorate or do not improve, it may make
any necessary debt or equity financing more difficult to complete, more costly, and more dilutive. Failure to secure any necessary financing
in a timely manner and on favorable terms could have a material adverse effect on our growth strategy, financial performance, and share
price and could require us to delay or abandon development or commercialization plans.
Future
sales and issuances of our securities could result in additional dilution of the percentage ownership of our stockholders and could cause
our share price to fall.
We
expect that significant additional capital will be needed in the future to continue our planned operations, including research and development,
increased marketing, hiring new personnel, commercializing our products, and continuing activities as an operating public company. To
the extent we raise additional capital by issuing equity securities, our stockholders may experience substantial dilution. We may sell
common stock, convertible securities or other equity securities in one or more transactions at prices and in a manner we determine from
time to time. If we sell common stock, convertible securities or other equity securities in more than one transaction, investors may
be materially diluted by subsequent sales. Such sales may also result in material dilution to our existing stockholders, and new investors
could gain rights superior to our existing stockholders.
We
may be at risk of securities class action litigation.
We
may be at risk of securities class action litigation. In the past, biotechnology and pharmaceutical companies have experienced significant
stock price volatility, particularly when associated with binary events such as clinical trials and product approvals. If we face such
litigation, it could result in substantial costs and a diversion of management's attention and resources, which could harm our
business and results in a decline in the market price of our common stock.
Financial
reporting obligations of being a public company in the United States are expensive and time-consuming, and our management will be required
to devote substantial time to compliance matters.
As
a publicly traded company we incur significant legal, accounting and other expenses. The obligations of being a public company in the
United States require significant expenditures and places significant demands on our management and other personnel, including costs
resulting from public company reporting obligations under the Exchange Act and the rules and regulations regarding corporate governance
practices, including those under the Sarbanes-Oxley Act of 2002, as amended ("Sarbanes-Oxley") and the Dodd-Frank Wall Street
Reform and Consumer Protection Act. These rules require the establishment and maintenance of effective disclosure and financial controls
and procedures, internal control over financial reporting and changes in corporate governance practices, among many other complex rules
that are often difficult to implement, monitor and maintain compliance with. Our management and other personnel will need to devote a
substantial amount of time to ensure that we comply with all of these requirements and to keep pace with new regulations, otherwise we
may fall out of compliance and risk becoming subject to litigation among other potential problems.
14
We
have ongoing material weaknesses and may in the future fail to maintain effective systems of internal control over financial reporting
and disclosure controls and procedures, any of which could, among other things, result in significant additional costs being incurred,
cause a loss of confidence in our financial reporting, and adversely affect the trading price of our common stock.
We
have concluded that our internal controls over financial reporting were not effective as of March 31, 2022, due to the existence of material
weaknesses in such controls, and we have also concluded that our disclosure controls and procedures were not effective as of March 31,
2022 all as described in Item 4, "Controls and Procedures," of our Quarterly Report on Form 10-Q. Remediation efforts to
address the identified weaknesses are just beginning . Continuing costs to remedy these material weaknesses and to address inquiries
from regulators may be significant and may require significant time from our management and other personnel, and we cannot assure you
that we will be able to remedy the material weaknesses.
The
incurrence of significant additional expense, or the requirement that management and other personnel devote significant time to these
matters could reduce the time available to execute on our business strategies and could have a material adverse effect on our business,
financial condition and results of operations. We also cannot assure you that additional material weaknesses in our internal control
over financial reporting will not arise or be identified in the future. If our remediation measures are insufficient to address the identified
deficiencies, or if additional deficiencies in our internal control over financial reporting are discovered or occur in the future, our
consolidated financial statements may contain material misstatements and we could be required to restate our financial results and may
be unable to make our filings with the SEC on a timely basis. Moreover, because of the inherent limitations of any control system, material
misstatements due to error or fraud may not be prevented or detected on a timely basis, or at all.
If
we are unable to provide reliable and timely financial reports in the future, our business and reputation may be further harmed. Failures
in internal controls may negatively affect investor confidence in our management and the accuracy of our financial statements and disclosures
or result in adverse publicity and concerns from investors and commercial customers, any of which could have a negative effect on the
price of our shares, subject us to regulatory investigations and penalties and/or shareholder litigation, and materially adversely impact
our business and financial condition.
Nevada
corporation laws limit the personal liability of corporate directors and officers and require indemnification under certain circumstances.
Section
78.138(7) of the Nevada Revised Statutes provides that, subject to certain very limited statutory exceptions or unless the articles of
incorporation provide for greater individual liability, a director or officer of a Nevada corporation is not individually liable to the
corporation or its stockholders for any damages as a result of any act or failure to act in his or her capacity as a director or officer,
unless it is proven that the act or failure to act constituted a breach of his or her fiduciary duties as a director or officer and such
breach involved intentional misconduct, fraud or a knowing violation of law. We have not included in our articles of incorporation any
provision intended to provide for greater liability as contemplated by this statutory provision.
In
addition, Section 78.7502(3) of the Nevada Revised Statutes provides that to the extent a director or officer of a Nevada corporation
has been successful on the merits or otherwise in the defense of certain actions, suits or proceedings (which may include certain stockholder
derivative actions), the corporation shall indemnify such director or officer against expenses (including attorneys' fees) actually
and reasonably incurred by such director or officer in connection therewith.
Risks
Related to this Offering
Even
if we meet the initial listing requirements of the Nasdaq Capital Market, there can be no assurance that we will be able to comply with
the continued listing standards of the Nasdaq Capital Market. Our failure to meet the continued listing requirements of the Nasdaq Capital
Market could result in a de-listing of our Common Stock
.
Even
if we meet the initial listing requirements of the Nasdaq Capital Market, we cannot assure you that we will be able to comply with the
other standards that we are required to meet in order to maintain a listing of our Common Stock on the Nasdaq Capital Market. If after
listing we fail to satisfy the continued listing requirements of the Nasdaq Capital Market, such as the corporate governance requirements
or the minimum stockholder's equity requirement, the Nasdaq Capital Market may take steps to de-list our Common Stock. Such a de-listing
would likely have a negative effect on the price of our Common Stock and would impair our stockholders' ability to sell or purchase
our Common Stock when they wish to do so. In the event of a de-listing, we would take actions to restore our compliance with the Nasdaq
Capital Market's listing requirements, but we can provide no assurance that any action taken by us would result in our Common Stock
becoming listed again, or that any such action would stabilize the market price or improve the liquidity of our Common Stock.
15
If
you purchase shares of our Common Stock in this offering you will experience immediate and substantial dilution in the book value per
share of the Common Stock you purchase.
The public offering price per share of our Common Stock will be substantially
higher than the net tangible book value per share of our Common Stock immediately prior to the offering. After giving effect to the sale
of shares of our Common Stock at an assumed public offering price of $         per share and after deducting the estimated underwriting discount
and estimated offering expenses payable by us, purchasers of our Common Stock in this offering will incur immediate dilution of $         per
share in the net tangible book value of the Common Stock they acquire. For a further description of the dilution that investors in this
offering will experience, see "Dilution."
In
addition, to the extent that outstanding stock options have been or may be exercised or other shares issued, you may experience further
dilution.
Sales
of a substantial number of shares of our Common Stock in the public market by our existing stockholders could cause our share price to
fall.
Sales
of a substantial number of shares of our Common Stock in the public market, or the perception that these sales might occur, could depress
the market price of our Common Stock and could impair our ability to raise capital through the sale of additional equity securities.
We are unable to predict the effect that sales may have on the prevailing market price of our Common Stock.
If
securities or industry analysts do not publish or cease publishing research or reports about us, our business or our market, or if they
adversely change their recommendations or publish negative reports regarding our business or our Common Stock, our stock price and trading
volume could decline.
The
trading market for our Common Stock will be influenced by the research and reports that industry or securities analysts may publish about
us, our business, our market or our competitors. We do not have any control over these analysts and we cannot provide any assurance that
analysts will cover us or provide favorable coverage. If any of the analysts who may cover us adversely change their recommendation regarding
our shares, or provide more favorable relative recommendations about our competitors, our stock price would likely decline. If any analysts
who may cover us were to cease coverage of the Company or fail to regularly publish reports on us, we could lose visibility in the financial
markets, which in turn could cause our stock price or trading volume to decline.
Shares
of our Common Stock are an illiquid investment as there is presently a limited market for our Common Stock. We do not know whether a
market for our Common Stock will be sustained or what the trading price of our Common Stock will be and as a result it may be difficult
for you to sell your shares of Common Stock
.
There
is presently a limited market for our Common Stock. Although we intend to list our Common Stock on the Nasdaq Stock Market, an active
trading market for our Common Stock may not develop or be sustained. It may be difficult for you to sell your shares of Common Stock
without depressing the market price for our Common Stock or at all. As a result of these and other factors, you may not be able to sell
your shares of Common Stock at or above the offering price or at all. Further, an inactive market may also impair our ability to raise
capital by selling our Common Stock and may impair our ability to enter into strategic partnerships or acquire companies, products, or
services by using our equity securities as consideration.
Management
will have broad discretion as to the use of the proceeds from this offering.
Our
management will have broad discretion in the allocation of the net proceeds and could use them for purposes other than those contemplated
at the time of this offering and as described in the section titled "Use of Proceeds." You will be relying on the judgment
of our management with regard to the use of these net proceeds, and you will not have the opportunity, as part of your investment decision,
to assess whether the net proceeds are being used appropriately. The failure by our management to apply these funds effectively could
result in financial losses that could have a material adverse effect on our business, cause the price of our securities to decline and
delay the development of our product candidates. Pending the application of these funds, we may invest the net proceeds from this offering
in a manner that does not produce income or that loses value.
Because
we do not intend to declare cash dividends on our shares of common stock in the foreseeable future, shareholders must rely on appreciation
of the value of our common stock for any return on their investment.
We
have never declared or paid cash dividends on our common stock. We currently anticipate that we will retain future earnings, if any,
for the development, operation and expansion of our business and do not anticipate declaring or paying any cash dividends in the foreseeable
future. In addition, the terms of any existing or future debt agreements may preclude us from paying dividends. As a result, we expect
that only appreciation of the price of our common stock, if any, will provide a return to investors in this offering for the foreseeable
future.
16
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
prospectus contains forward-looking statements that involve risks and uncertainties. You should not place undue reliance on these forward-looking
statements. All statements other than statements of historical facts contained in this prospectus are forward-looking statements. The
forward-looking statements in this prospectus are only predictions. We have based these forward-looking statements largely on our current
expectations and projections about future events and financial trends that we believe may affect our business, financial condition and
results of operations. In some cases, you can identify these forward-looking statements by terms such as "anticipate," "believe,"
"continue," "could," "depends," "estimate," "expects," "intend,"
"may," "ongoing," "plan," "potential," "predict," "project,"
"should," "will," "would" or the negative of those terms or other similar expressions, although not
all forward-looking statements contain those words. We have based these forward-looking statements on our current expectations and projections
about future events and trends that we believe may affect our financial condition, results of operations, strategy, short-term and long-term
business operations and objectives and financial needs.
These
forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in "Risk
Factors." Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is
not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which
any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements
we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this prospectus
may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.
You
should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected
in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events
and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, except as required by law, neither
we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. We undertake no obligation
to update publicly any forward-looking statements for any reason after the date of this prospectus to conform these statements to actual
results or to changes in our expectations.
You
should read this prospectus and the documents that we reference in this prospectus and have filed with the SEC as exhibits to the registration
statement of which this prospectus is a part with the understanding that our actual future results, levels of activity, performance and
events and circumstances may be materially different from what we expect.
17
USE
OF PROCEEDS
We
estimate that the net proceeds from our issuance and sale of            shares of our common stock in this offering will be approximately $        (or
approximately $         if the underwriter will exercise its over-allotment option in full), based upon an assumed public offering price of $        per share, which is based upon the last reported sale price of our common stock on the OTC Pink on             , 2022, and after deducting underwriting
discounts and commissions and offering expenses payable by us.
A
$1.00 increase or decrease in the assumed public offering price of $       per share would increase or decrease the net proceeds from this
offering by approximately $       million, assuming that the number of shares of common stock offered by us, as set forth on the cover page
of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions and estimated offering
expenses payable by us. An increase or decrease of in the number of shares of common stock offered by us would increase or decrease our
net proceeds by approximately $       million, assuming the assumed public offering price remains the same, and after deducting estimated underwriting
discounts and commissions and estimated offering expenses payable by us.
We
currently expect to use the net proceeds from this offering for working capital, general corporate purposes and marketing and advertising
our new energy line.
Changing
circumstances may cause us to consume capital significantly faster than we currently anticipate. The amounts and timing of our actual
expenditures will depend upon numerous factors, including the progress of our global marketing and sales efforts, with development efforts,
economic and political effects of COVID-19 and government responses to it, and the overall economic environment. Therefore, our management
will retain broad discretion over the use of the proceeds from this offering. We may ultimately use the proceeds for different purposes
than what we currently intend. Pending any ultimate use of any portion of the proceeds from this offering, if the anticipated proceeds
will not be sufficient to fund all the proposed purposes, our management will determine the order of priority for using the proceeds,
as well as the amount and sources of other funds needed.
Pending
our use of the net proceeds from this offering, we may invest the net proceeds in a variety of capital preservation investments, including
short-term, investment grade, interest bearing instruments and U.S. government securities.
18
CAPITALIZATION
The
following table sets forth our summary historical consolidated financial data for the periods presented below. The summary consolidated
financial data as of March 31, 2022, has been derived from our unaudited consolidated financial statements included herein.
Our
historical results are not necessarily indicative of the results of operations for future periods. You should read the following summary
consolidated financial data in conjunction with our consolidated financial statements and related notes and "Management's
Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this prospectus, as well as our
latest Quarterly Report on Form 10-Q for the three months ended March 31, 2022. See "Where You Can Find More Information."
(Unaudited)
Actual
As Adjusted
Pro Forma As Adjusted
(1)
Cash
$
534
$
Accounts payable
$
18,877
$
Accrued and other liabilities
6,654
Obligation under secured borrowing arrangement
6,592
Operating lease liability
233
Senior notes payable
7,738
Convertible notes with a related party
5,330
Revolving line of credit, related party
2,747
Total Current Liabilities
48,171
Other long term liabilities
1,861
Total Liabilities
50,032
Stockholders' deficit:
Common stock, par value of $0.001 per share; 100,000,000 shares authorized, 33,386,200 and 33,386,200 shares issued as of
    March 31, 2022 and December 31, 2021, respectively; and 33,386,200 and 33,386,200 shares outstanding as of March 31, 2022 and
    December 31, 2021, respectively
32
Additional paid-in capital
183,792
Treasury Stock at Cost, 875,621 shares
(10,039
)
Accumulated deficit
(211,840
)
Total Stockholders' Deficit
(38,055
)
Total Liabilities and Stockholders' Deficit
$
11,977
$
(1)
The
    pro forma information above is illustrative only and will be further adjusted based on the actual public offering price and other
    terms of this offering determined at pricing.
19
Each
$      increase or decrease in the assumed public offering price of $     per share would
increase or decrease, as applicable, our cash, additional paid-in capital, total stockholders' equity and total capitalization
by approximately $         , assuming that the number of shares offered by us remains the
same, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. Each increase
or decrease of           shares to the shares offered by us in the offering would increase
or decrease the amount of our cash and total stockholders' equity by approximately $       , assuming
a public offering price of $       per share, after deducting estimated underwriting discounts and commissions
and estimated offering expenses payable by us.
The
number of shares of common stock to be outstanding immediately after this offering is based on 34,348,891 shares of common stock outstanding
as of May 10, 2022 and excludes:
●
17,355,700
shares of common stock issuable upon exercise
    of warrants issued in the October 2021 private placement at exercise price of $0.78 per share;
●
5,399,441
shares of common stock issuable upon exercise
    of outstanding options to purchase shares of common stock;
●
16,154,795
shares of common stock issuable upon conversion
    of outstanding convertible notes; and
●
171,703
    shares of common stock issuable upon the exercise of outstanding options to purchase shares of common stock under our 2015 Incentive
    Compensation Plan at a weighted average exercise price of $1.89.
●
1,811,000
    shares of common stock issuable upon the exercise of outstanding options to purchase shares of common stock under our 2021 Omnibus
    Equity Incentive Plan at a weighted average exercise price of $0.40.
Immediately
following the effectiveness of the registration statement of which this prospectus forms a part, we expect to effect the Reverse Stock
Split. No fractional shares of the Company's common stock will be issued as a result of the Reverse Stock Split. Any fractional
shares resulting from the Reverse Stock Split will be rounded up to the nearest whole share.
Unless
otherwise stated, all information in this prospectus assumes:
●
no
    exercise of the underwriters' over-allotment option to purchase additional shares;
●
no
    exercise of the warrants to be issued to the representative of the underwriters in connection with this offering as described in
    the "Underwriting — Representative's Warrants" section of this prospectus; and
●
the
    completion of the Reverse Stock Split, that is expected to occur immediately following the effectiveness of the registration statement
    of which this prospectus forms a part. Unless otherwise noted and other than in our financial statements and the notes thereto, the
    share and per share information in this prospectus reflects a proposed reverse stock split of the outstanding common stock and preferred
    stock at an assumed 1-for-  ratio to occur immediately following the effectiveness of the registration statement of which this
    prospectus forms a part.
20
MARKET
FOR OUR COMMON STOCK AND RELATED STOCKHOLDER MATTERS
Market
and Other Information
This
prospectus contains estimates and other statistical data made by independent parties and by us relating to market size and growth and
other data about our industry. We obtained the industry and market data in this prospectus from our own research as well as from industry
and general publications, surveys and studies conducted by third parties. This data involves a number of assumptions and limitations
and contains projections and estimates of the future performance of the industries in which we operate that are subject to a high degree
of uncertainty, including those discussed in "Risk Factors." We caution you not to give undue weight to such projections,
assumptions and estimates. Further, industry and general publications, studies and surveys generally state that they have been obtained
from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. While we believe
that these publications, studies and surveys are reliable, we have not independently verified the data contained in them. In addition,
while we believe that the results and estimates from our internal research are reliable, such results and estimates have not been verified
by any independent source.
Listing
Our
common stock is quoted on the OTC Pink Tier, an automated quotation service operated by OTC Markets Group, Inc. under the symbol "MSLP."
Our transfer agent is EQ Shareowner Services, which is located at 1110 Center Point Curve, Suite 101, Mendota Heights, MN 55120.
We
have applied to list our common stock on the Nasdaq Capital Market under the symbol "MSLP".
Immediately
following the offering, we expect to have one class of common stock outstanding. As of March 31, 2022, there were approximately 334
registered holders of record of our common stock, and the last reported sale price of our common stock on the OTCPink was $       per
share on                  , 2022 ($       giving
effect to an assumed Reverse Stock Split of 1-for-    , which is expected to occur immediately following the effectiveness
of the registration statement of which this prospectus forms a part). OTCPink does not constitute an established public trading market.
Over-the-counter market quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily
represent actual transactions.
21
DILUTION
If
you invest in our common stock, your ownership interest will be diluted to the extent of the difference between the initial public offering
price per share of our common stock and the as adjusted net tangible book value per share of our common stock immediately after this
offering.
As
of March 31, 2022, we had a historical net tangible book (deficit) of $         , or $         per
share of common stock, based on 33,386,200 shares of common stock outstanding at March 31, 2022. Our historical net tangible book
value per share is the amount of our total tangible assets less our total liabilities at March 31, 2022, divided by the number of shares
of common stock outstanding at March 31, 2022.
After
giving effect to the issuance in         of         , our pro forma net tangible book value (deficit) as of March 31, 2022 was $         , or $         per share of
common stock.
After
giving further effect to the sale of             shares of common
stock in this offering at an assumed public offering price of $         per share,
which is based upon the last reported sale price of our Common Stock on the OTC Pink
on                , 2022, and after deducting
underwriting discounts and commissions and estimated offering expenses payable by us, our pro forma as adjusted net tangible book
value per share as of March 31, 2022 was $         , or
$         per share of common stock. This represents an immediate increase in pro forma
as adjusted net tangible book value of $         per share to existing stockholders and
immediate dilution of $         per share to new investors purchasing shares of common
stock in this offering.
The
following table illustrates this dilution on a per share basis:
Assumed
    public offering price per share
$
Historical
    net tangible book value per share as of March 31, 2022
$
Pro
    forma increase in net tangible book value per share attributable to new investors
Pro
    forma as adjusted net tangible book value per share immediately after this offering
$
Dilution
    per share to new investors in this offering
$
The
information discussed above is illustrative only, and the dilution information following this offering will be adjusted based on the
actual public offering price and other terms of this offering determined at pricing. A $          increase (decrease) in the assumed initial public
offering price of $          per share, which is the midpoint of the price range set forth on the cover page of this prospectus, would increase
(decrease) our pro forma as adjusted net tangible book value after this offering to $          per share and the dilution to new investors purchasing
common stock in this offering to $          per share, assuming that the number of shares offered by us, as set forth on the cover page of this
prospectus, remains the same and after deducting underwriting discounts and commissions and estimated offering expenses payable by us.
An increase of            shares in the number of shares offered by us, as set forth on the cover page of this prospectus, would increase our pro
forma as adjusted net tangible book value after this offering to $          per share and decrease the dilution to new investors purchasing common
stock in this offering to $          per share, assuming no change in the assumed initial public offering price per share and after deducting
underwriting discounts and commissions and estimated offering expenses payable by us. A decrease of              shares in the number of shares offered
by us would decrease the pro forma as adjusted net tangible book value after this offering to $          per share and increase the dilution to
new investors purchasing common stock in this offering to $          per share, assuming no change in the assumed initial public offering price
per share and after deducting underwriting discounts and commissions and estimated offering expenses payable by us.
If
the underwriters exercise their option to purchase additional shares in full, the pro forma as adjusted net tangible book value per share
after giving effect to the offering would be $          per share. This represents an increase in pro forma as adjusted net tangible book value
of $          per share to existing stockholders and dilution in pro forma as adjusted net tangible book value of $          per share to new investors.
22
The
number of shares of common stock to be outstanding immediately after this offering is based on 34,348,891 shares of common stock outstanding
as of May 10, 2022 and excludes:
●
17,355,700
shares of common stock issuable upon exercise
    of warrants issued in the October 2021 private placement at exercise price of $0.78 per share;
●
5,399,441
shares of common stock issuable upon exercise
    of outstanding options to purchase shares of common stock;
●
16,154,795
    shares
of common stock issuable upon conversion
    of outstanding convertible notes; and
●
171,703
    shares of common stock issuable upon the exercise of outstanding options to purchase shares of common stock under our 2015 Incentive
    Compensation Plan at a weighted average exercise price of $1.89.
●
1,811,000
    shares of common stock issuable upon the exercise of outstanding options to purchase shares of common stock under our 2021 Omnibus
    Equity Incentive Plan at a weighted average exercise price of $0.40.
The
table above assumes no exercise of the underwriters' over-allotment option in this offering. If the underwriters' over-allotment
option is exercised in full, the number of common shares held by new investors purchasing common stock in this offering would be increased
to % of the total number of shares of common stock outstanding after this offering, and the number of shares held by existing stockholders
would be reduced to        % of the total number of shares of common stock outstanding after this offering.
To
the extent that stock options or warrants are exercised, we issue new stock options under our equity incentive plan, or we issue additional
common stock in the future, there will be further dilution to investors participating in this offering. In addition, if we raise additional
capital through the sale of equity or convertible debt securities, the issuance of these securities could result in further dilution
to our stockholders.
23
MANAGEMENT'S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULT OF OPERATIONS
You
should read the following discussion of our financial condition and results of operations in conjunction with financial statements and
notes thereto, as well as the "Risk Factors" and "Description of Business" sections included elsewhere in this
prospectus. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results
could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences
include those discussed below and elsewhere in this prospectus, particularly in "Risk Factors".
Overview
MusclePharm
is a scientifically-driven, performance lifestyle company that develops, manufactures, markets and distributes branded sports nutrition
products and nutritional supplements. We offer a broad range of performance powders, capsules, tablets, gels and on-the-go ready to eat
snacks that satisfy the needs of enthusiasts and professionals alike. Our portfolio of recognized brands, MusclePharm and FitMiss, is
marketed and sold to over 100 countries globally.
Our
offerings are clinically developed through a six-stage research process, and all of our manufactured products are rigorously vetted for
banned substances by the leading quality assurance program, Informed-Choice. While we initially drove growth in the Specialty retail
channel, in recent years we have expanded our focus to drive sales and retailer growth across leading e-commerce, Food Drug & Mass
("FDM"), Specialty and International channels.
For
    the Months Ended March 31,
2022
%
    of Total
2021
%
    of Total
Distribution
    Channel
Specialty
$
3,383
26
%
$
6,795
52
%
International
$
733
6
%
3,847
29
%
FDM
$
8,985
68
%
$
2,479
19
%
Total
$
13,101
100
%
$
13,121
100
%
Our
consolidated financial statements are prepared using the accrual method of accounting in accordance with generally accepted accounting
principles in the United States ("GAAP") and have been prepared on a going concern basis, which contemplates the realization
of assets and the settlement of liabilities in the normal course of business.
Our
results of operations are affected by economic conditions, including macroeconomic conditions and levels of business confidence. There
continues to be significant volatility and economic uncertainty in many markets and the ongoing COVID-19 pandemic has increased that
level of volatility and uncertainty and has created economic disruption. We are actively managing our business to respond to the impact.
There were no adjustments recorded in the financial statements that might result from the outcome of these uncertainties.
COVID-19
The
worldwide spread of COVID-19, including the emergence of variants, has resulted, and may continue to result in a global slowdown of economic
activity, which may decrease demand for a broad variety of goods and services, while also disrupting supply channels, sales channels
and advertising and marketing activities for an unknown period of time until the COVID-19 pandemic is contained, or economic activity
normalizes. With the current uncertainty in economic activity, the impact on our revenue and results of operations is likely to continue
and the size and duration of the impact we are currently unable to accurately predict. The extent of the impact of the COVID-19 pandemic
on our operational and financial performance will depend on a variety of factors, including the duration and spread of COVID-19 and its
variants, and its impact on our customers, contract manufacturers, vendors, industry and employees, all of which are uncertain at this
time and cannot be accurately predicted. See "
Item 1.A Risk Factors
" for further discussion of the adverse impacts
of the COVID-19 pandemic on our business.
24
Factors
Affecting Our Performance
As
we continue to execute our growth strategy and focus on our core products, we believe that we can, over time, continue to improve our
operating margins and expense structure. In addition, we have implemented plans focused on cost containment, customer profitability,
product and pricing controls that we believe will improve our gross margin and reduce our losses.
We
expect that our advertising and promotion expense will continue to decrease as we focus on reducing our expenses and shifting our promotional
costs, in part, from general branding and product awareness to acquiring customers and driving sales from existing customers. We expect
that our discounts and allowances will continue to decrease, both overall and as a percentage of revenue, as we further reduce certain
discretionary promotional activity that does not result in a commensurate increase in revenues.
Results
of Operations
Comparison
of the Three Months Ended March 31, 2022 to the Three Months Ended March 31, 2021:
The
following table sets forth certain financial information from our consolidated statements of operations along with a percentage of net
revenue and should be read in conjunction with the consolidated financial statements and related notes (in thousands).
For
    the Months Ended March 31,
2022
2021
Amount
%
    of Revenue
Amount
%
    of Revenue
Revenue,
    net
$
13,101
100
%
$
13,121
100
%
Cost
    of revenue
11,592
88
%
9,432
72
%
Gross
    profit
1,509
12
%
3,689
28
%
Operating
    expenses:
Selling
    and promotion
1,160
9
%
1,149
9
%
General
    and administration
2,829
22
%
2,268
17
%
Total
    operating expenses
3,989
30
%
3,417
26
%
Income
    (loss) from operations
(2,480
)
-19
%
272
2
%
Other
    (expense) income:
Gain
    on settlements
12
0
%
200
2
%
Interest
    expense
(3,821
)
-29
%
(510
)
-4
%
Other
    (expense) income, net
(12
)
0
%
132
1
%
Income
    (loss) before provision for income taxes
(6,301
)
-48
%
94
1
%
Net
    income (loss)
$
(6,301
)
-48
%
$
94
1
%
25
Revenue,
net
We
derive our revenue through the sales of our various branded sports nutrition products, nutritional supplements and energy drinks. Revenue
is recognized when control of a promised good is transferred to a customer in an amount that reflects the consideration the Company expects
to be entitled to in exchange for the good. This usually occurs when finished goods are delivered to the Company's customers or
when finished goods are picked up by a customer's carrier.
Net
revenue reflects the transaction prices for contracts, which includes goods shipped at selling list prices reduced by discounts and sales
allowances. We record discounts and sales allowances as a direct reduction of revenue for various discounts provided to our customers,
consisting primarily of promotional related credits. Sales discounts are a significant part of our marketing plan to our customers as
they help drive increased sales and brand awareness with end users through promotions that we support through our distributors and re-sellers.
For
the three months ended March 31, 2022, our net revenues were approximately $13.1 million compared to $13.1 million for the three months
ended March 31, 2021, a decline of approximately $20,000 or 0%. Net revenue for the energy segment was up $1 million, primarily driven
by volume, while net revenue for the protein products segment was down $1 million. During the three months ended March 31, 2022, the
Company had three customers who individually accounted for 59%, 13% and 12% of our net revenue. During the three months ended March 31,
2021, the Company had three customers who individually accounted for 28%, 17% and 14% of our net revenue. During the 1
st
Quarter
of 2022 the Company instituted a price increase with select customers, contributing to 7.4 % of revenue for the three months ended March
31, 2022.
Discounts
and sales allowances declined to approximately 11% of gross revenue, or $1.6 million, for the three months ended March 31, 2022, compared
to approximately 15% of gross revenue, or $2.4 million, for the three months ended March 31, 2021. Discounts and sales allowances fluctuate
based on customer mix and changes in discretionary promotional activity. We continue to monitor our discounts and allowances, reducing
where practical to continue to meet our gross margin expectation.
Cost
of Revenue and Gross Profit
Cost
of revenue for our products is related to the production, manufacturing, and freight-in of the related products purchased from third-party
manufacturers. We primarily use contract manufacturers to drop ship products directly to our customers.
We
experienced cost increases for raw materials during the three months ended March 31, 2022 primarily due to industry shortages in supply
and consistent with market demand. Compared to the prior year, commodity protein costs have increased 90% negatively affecting our gross
margin. We are taking steps to manage the increase and shortages by entering into agreements with additional protein brokers to diversify
our protein sources, along with working with new vendors to source other component such as tubs, trays and bags.
We
have focused on cost containment and improving gross margins by concentrating on customers with higher margins, reducing product discounts
and promotional activity, along with reducing the number of SKU's and negotiating improved pricing for raw materials. With recent
increases in commodity prices, our gross margins have eroded and will continue to be impacted.
We
are focusing on growing the energy segment which contributed to two points of margin in the three months ended March 31, 2022.
26
Selling
and promotion
Our
selling and promotion expense consists primarily of expenses related to freight-out, print and online advertising, club demonstrations,
and stock-based compensation. Historically, advertising and promotions were a large part of both our growth strategy and brand awareness,
in particular strategic partnerships with sports athletes and fitness enthusiasts and endorsements, licensing, and co-branding agreements.
Additionally, we co-developed products with sports athletes and teams. In connection with our restructuring plan, we terminated most
of these contracts in a strategic shift away from such costly arrangements and moved toward digital advertising, ambassador programs
and sampling promotional materials.
For
the three months ended March 31, 2022, our selling and promotion expenses were approximately $1.2 million compared to $1.1 million for
the three months ended March 31, 2021, an increase of $11,000 or 1%. The increase was primarily related to an increase in freight-out
and stock-based compensation related to our Energy business and offset by decreases in Club Demonstrations. Freight out is up $77,000
or 11% and Stock based compensation is up $142,000 or 100%. Club demonstrations were down $222,000 or 75%. All other selling and promotion
expenses represent an increase of $14,000.
General
and Administrative
Our
general and administrative expenses consist primarily of salaries and benefits, professional fees, depreciation and amortization, research
and development, information technology equipment and network costs, facilities related expenses, directors' fees, legal fees,
accounting and audit fees, consulting fees, stock-based compensation, investor relations costs, insurance, bad debt and other corporate
expenses.
For
the three months ended March 31, 2022, our general and administrative expenses were approximately $2.8 million compared $2.3 million
for the three months ended March 31, 2021, or an increase of approximately $561,000 or 25%. This was due to an increase in professional
fees associated with accounting fees, an increase in salaries and benefits associated with stock-based compensation and an increase in
bad debt expense, offset by a reduction in office and IT expenses. Professional fees are up $213,000 or 41%, salaries and benefits are
up $176,000 or 17%, and bad debt expense is up $344,000 or 3100% and office/IT expenses are down $96,000 or 39%. All other general and
administrative expenses represent a decrease of $76,000.
Gain
on Settlements
For
the three months ended March 31, 2022 and 2021, gain on settlements was $12,000 and $200,000 respectively.
Interest
Expense
For
the three months ended March 31, 2022, interest expense was approximately $3.8 million compared to $0.5 million for the three months
ended March 31, 2021, or an increase of $3.3 million or 645%.
Interest
expense increased primarily due to the $3.2 million amortization of stock warrants associated with the issuance of the Senior Secured
debt offering during the year ended December 31, 2021.
Other
(Expense) Income, Net
For
the three months ended March 31, 2022 and 2021, other expense was $12,000, compared to other income of $132,000 respectively.
Provision
for Income Taxes
For
the three months ended March 31, 2022 and 2021, tax expense was zero. Our provision for income taxes consists primarily of federal and
state income taxes in the U.S. and income taxes in foreign jurisdictions in which we conduct business. Due to uncertainty, as to the
realization of benefits from our deferred tax assets, including net operating loss carryforwards, research and development and other
tax credits, we have a full valuation allowance reserved against such assets. We expect to maintain this full valuation allowance at
least in the near term.
27
Liquidity
and Capital Resources
We
have incurred significant losses and experienced negative cash flows since inception. As of March 31, 2022, we had cash of $0.5 million,
a decline of $0.7 million from the December 31, 2021 balance of $1.2 million. As of March 31, 2022, we had a working capital deficit
of $36.3 million, a stockholders' deficit of $38.1 million and an accumulated deficit of $211.8 million resulting from recurring
losses from operations. As a result of our history of losses and financial condition, there is substantial doubt about our ability to
continue as a going concern.
Our
ability to continue as a going concern is dependent upon us generating profitable operations in the future and/or obtaining the necessary
financing to meet our obligations and repay our liabilities arising from normal business operations when they come due. We are evaluating
different strategies to obtain financing to fund our expenses and achieve a level of revenue adequate to support our current cost structure.
Financing strategies may include, but are not limited to, issuances of capital stock, debt borrowings, partnerships and/or collaborations.
We
have funded our operations from proceeds from the sale of equity and debt securities. We will require significant additional capital
to make the investments we need to execute our longer-term business plan. Our ability to successfully raise sufficient funds through
the sale of debt or equity securities when needed is subject to many risks and uncertainties and, even if it were successful, future
equity issuances would result in dilution to our existing shareholders and future debt securities may contain covenants that limit our
operations or ability to enter into certain transactions.
We
will need to raise additional funding through strategic relationships, public or private equity or debt financings, grants or other arrangements
to develop and seek regulatory approvals for our existing and new product candidates. If such funding is not available, or not available
on terms acceptable to us, our current development plan and plans for expansion of our general and administrative infrastructure may
be curtailed.
Cash
Flows
A
summary of our cash flows is as follows (in thousands):
For
    the Months Ended March 31,
2022
2021
Consolidated
    Statements of Cash Flows Data:
Net
    cash (used in) provided by operating activities
$
(3,582
)
$
98
Net
    cash used in investing activities
-
(4
)
Net
    cash provided by (used in) financing activities
2,893
(1,505
)
Net
    change in cash
$
(689
)
$
(1,411
)
Net
Cash Operating Activities
Our
net cash used in operating activities was $3.6 million for the three months ended March 31, 2022, compared to net cash provided by operating
activities of $0.1 million for the three months ended March 31, 2021. The primary drivers include a $6.1 million net loss, and an increase
in accounts receivable, net of $2.5 million.
Net
Cash Investing Activities
Our
net cash used in investing activities for the three months ended March 31, 2022, was zero compared to net cash used in investing activities
of $0.004 million for the three months ended March 31, 2021.
28
Net
Cash Financing Activities
Our
net cash provided by financing activities for the three months ended March 31, 2022, was $2.9 million compared to net cash used by financing
activities of $1.5 million for the three months ended March 31, 2021.
Non-GAAP
Adjusted EBITDA
In
addition to disclosing financial results calculated in accordance with GAAP, this prospectus discloses Adjusted EBITDA, which is net
loss adjusted for stock-based compensation, (gain) on settlement of accounts payable, interest expense, depreciation of property and
equipment, amortization of intangible assets, and (gain) or loss on foreign currency.
Management
uses Adjusted EBITDA as a supplement to GAAP measures to further evaluate period-to-period operating performance, as well as the Company's
ability to meet future working capital requirements. Management believes this non-GAAP measures will provide investors with important
additional perspectives in evaluating the Company's ongoing business performance.
The
GAAP measure most directly comparable to Adjusted EBITDA is net income (loss). The non-GAAP financial measure of Adjusted EBITDA should
not be considered as an alternative to net income (loss). Adjusted EBITDA is not a presentation made in accordance with GAAP and has
important limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results
as reported under GAAP. Because Adjusted EBITDA excludes some, but not all, items that affect net income (loss) and is defined differently
by different companies, our definition of Adjusted EBITDA may not be comparable to similarly titled measures of other companies.
Set
forth below are reconciliations of our reported GAAP net income (loss) to Adjusted EBITDA (in thousands):
For
    the Three Months Ended March 31,
2022
2021
Net
    income (loss) (GAAP)
$
(6,301
)
$
94
Non-GAAP
    adjustments:
Gain
    on settlements
(12
)
(200
)
Stock
    compensation expense
437
-
Interest
    expense
3,821
512
Depreciation
    of Property and Equipment
1
3
Amortization
    of Intangible Assets
35
80
(Gain)
    loss from foreign currency
12
(11
)
Adjusted
    EBITDA (non-GAAP)
$
(2,007
)
$
47
8
29
Results
of Operations for the Year Ended December 31, 2021 Compared with the Year Ended December 31, 2020
The
following table sets forth certain financial information from our consolidated statements of operations along with a percentage of net
revenue and should be read in conjunction with the consolidated financial statements and related notes (in thousands).
For
    the Years Ended December 31
2021
2020
Amount
%
    of Revenue
Amount
%
    of Revenue
Revenue,
    net
$
50,042
100
%
$
64,440
100
%
Cost
    of revenue
44,671
89
%
44,831
70
%
Gross
    profit
5,371
11
%
19,609
30
%
Operating
    expenses:
General
    and administration
9,891
20
%
12,952
20
%
Selling
    and promotion
4,393
9
%
3,888
6
%
Impairment
    of intangible assets
-
-
167
-
Total
    operating expenses
14,284
29
%
17,007
26
%
Income
    (loss) from operations
(8,913
)
-18
%
2,602
4
%
Other
    (expense) income:
Interest
    expense
(5,460
)
-11
%
(1,493
)
-2
%
Loss
    on settlement of obligations
(2
)
-
(95
)
-
Other
    income, net
1,501
3
%
465
1
%
Gain
    on settlement of payables
-
-
1,687
3
%
Income
    (loss) before provision for income taxes
(12,874
)
-26
%
3,166
5
%
Benefit
    for income taxes
(8
)
-0
%
(19
)
-0
%
Net
    income (loss)
$
(12,866
)
-26
%
$
3,185
5
%
Revenue,
net
We
derive our revenue through the sales of our various branded sports nutrition products and nutritional supplements. Revenue is recognized
when control of a promised good is transferred to a customer in an amount that reflects the consideration the Company expects to be entitled
to in exchange for the good. This usually occurs when finished goods are delivered to the Company's customers or when finished
goods are picked up by a customer or a customer's carrier.
Net
revenue reflects the transaction prices for contracts, which includes goods shipped at selling list prices reduced by variable consideration.
We record sales incentives as a direct reduction of revenue for various discounts provided to our customers, consisting primarily of
promotional related credits. Sales discounts are a significant part of our marketing plan to our customers as they help drive increased
sales and brand awareness with end users through promotions that we support through our distributors and re-sellers.
For
the year ended December 31, 2021, our net revenues were approximately $50.0 million compared to $64.4 million for the year ended December
31, 2020, a decline of approximately $14.4 million or 22%. During the year ended December 31, 2021, the Company had three customers who
individually accounted for 38%, 14% and 13% of our net revenue. During the year ended December 31, 2020, the Company had three customers
who individually accounted for 41%, 17% and 12% of our net revenue.
30
Discounts
and sales allowances declined to approximately 16% of gross revenue, or $9.3 million, for the year ended December 31, 2021, compared
to approximately 22% of gross revenue, or $17.7 million, for the year ended December 31, 2020. Discounts and sales allowances fluctuate
based on customer mix and changes in discretionary promotional activity. We continue to monitor our discounts and allowances, reducing
where practical to continue to meet our gross margin expectations.
Net
revenue decreased primarily due to industry wide supply shortages on protein and components, which delayed production of our products.
During the fourth quarter of 2021, the Company instituted price increases of approximately 7.4% with select customers, contributing an
additional $0.2 million net revenue.
Cost
of Revenue and Gross Profit
Cost
of revenue for our products is related to the production, manufacturing, and freight-in of the related products purchased from third-party
manufacturers. We primarily use contract manufacturers to drop ship products directly to our customers.
We
experienced cost increases for raw materials during the year ended December 31, 2021 primarily due to industry shortages in supply and
consistent with market demand. Compared to the prior year, commodity protein costs have increased 133% negatively affecting our gross
margin. We are taking steps to manage the increase and shortages by entering into agreements with additional protein brokers to diversify
our protein sources, along with working with new vendors to source other component such as tubs, trays and bags.
We
have focused on cost containment and improving gross margins by concentrating on customers with higher margins, reducing product discounts
and promotional activity, along with reducing the number of SKU's and negotiating improved pricing for raw materials. With recent
increases in commodity prices, our gross margins have eroded and will continue to be impacted.
General
and Administration
Our
general and administrative expenses consist primarily of salaries and benefits, professional fees, depreciation and amortization, research
and development, information technology equipment and network costs, facilities related expenses, directors' fees, legal fees,
accounting and audit fees, consulting fees, stock-based compensation, investor relations costs, insurance and other corporate expenses.
For
the year ended December 31, 2021, our general and administration expenses were approximately $9.9 million compared to $13.0 million for
the year ended December 31, 2020, or a decline of approximately $3.1 million or 24% due to a decrease in salaries and benefits associated
with a reduction in headcount, reducing operating costs and board member compensation, as well as a reduction in office expenses associated
with closure of headquarters and warehouses. Salaries and benefits are down $1.6 million or 25%; Office and IT expenses are down $0.8
million or 46%.
As
a percentage of net revenues, general and administration expenses were approximately 20% for the year ended December 31, 2021, compared
to 20% for the year ended December 31, 2020.
Selling
and Promotion
Our
selling and promotion expense consists primarily of expenses related to freight-out, print and online advertising, club demonstrations,
and stock-based compensation. Historically, advertising and promotions were a large part of both our growth strategy and brand awareness,
in particular strategic partnerships with sports athletes and fitness enthusiasts and endorsements, licensing, and co-branding agreements.
Additionally, we co-developed products with sports athletes and teams. In connection with our restructuring plan, we terminated most
of these contracts in a strategic shift away from such costly arrangements and moved toward digital advertising, ambassador programs
and sampling promotional materials.
31
For
the year ended December 31, 2021, our selling and promotion expenses were approximately $4.4 million compared to $3.9 million for the
year ended December 31, 2020; an increase of $0.5 million or 13%. The increase was primarily related to an increase in freight-out and
other increases in Club Demonstrations and stock-based compensation related to our Energy business.
As
a percentage of net revenues, selling and promotion expenses were approximately 9% for the year ended December 31, 2021, compared to
6% for the year ended December 31, 2020. The increase for 2021 expenses was primarily driven by a 23% increase in freight-out.
Impairment
of Intangible Assets
For
the year ended December 31, 2020, we incurred approximately $0.2 million of impairment of intangible assets. For the year ended December
31, 2021 we had no impairment.
Loss
of Settlement of Obligation
For
the year ended December 31, 2021, our loss on settlement of obligation was approximately $2,000 compared to $95,000 for the year ended
December 31, 2020. During the year ended December 31, 2020, the Company settled with two contract manufactures, Nutrablend and Excelsior
Nutrition and recorded a loss of $95,000 for the year related to these obligations.
Gain
on Settlement of Payables
For
the year ended December 31, 2020, we recorded amounts aggregating approximately $1.7 million as a gain on the settlement of liabilities,
the result of the imputation of interest due to the long-term nature of the payouts as follows:
●
On
    September 25, 2020, we entered into a settlement agreement with Nutrablend, a manufacturer of our products, pursuant to which we
    agreed to pay approximately $3.1 million in monthly payments from September 1, 2020 through June 30, 2023.
●
On
    December 16, 2020, we entered into a settlement agreement with Excelsior Nutrition, a manufacturer of our products, pursuant to which
    we agreed to pay approximately $4.8 million in monthly payments beginning January 5, 2020 and thereafter until the settlement amount
    is paid in full.
For
the year ended December 31, 2021, we recorded no gain on settlement of payables. The remaining amounts owed related to these settlements
is reflected in accrued and other liabilities.
Interest
Expense
For
the year ended December 31, 2021, interest expense was approximately $5.4 million compared to $1.5 million for the year ended December
31, 2020, or an increase of $3.9 million or 260%.
Interest
expense increased as a result of a higher debt balance due the issuance of the Senior Secured debt offering during the year ended December
31, 2021.
Other
Income, Net
The
Company's other income increased from $0.5 million for the year ended December 31, 2020 to $1.5 million for the year ended December
31, 2021. During 2021, the Company recognized a gain of $1.0 million related to the forgiveness of the Company's Paycheck Protection
Program loan and sublease income $0.4 million, partially offset by the Company's foreign currency translation gain/loss, primarily
related to trade with Canadian customers.
32
Provision
for Income Taxes
For
the year ended December 31, 2021, we recognized a tax benefit of approximately $8,000 compared to a tax benefit of approximately $19,000
for the year ended December 31, 2020. Our provision for income taxes consists primarily of federal and state income taxes in the U.S.
and income taxes in foreign jurisdictions in which we conduct business. Due to uncertainty, as to the realization of benefits from our
deferred tax assets, including net operating loss carryforwards, research and development and other tax credits, we have a full valuation
allowance reserved against such assets. We expect to maintain this full valuation allowance at least in the near term.
Liquidity
and Capital Resources
We
have incurred significant losses and experienced negative cash flows since inception. As of December 31, 2021, the Company had cash of
approximately $1.2 million, a decline of $780 from the December 31, 2020 balance of $2.0 million. As of December 31, 2021, we had a working
capital deficit of $30.1 million, a stockholders' deficit of $32.2 million and an accumulated deficit of $205.5 million resulting
from recurring losses from operations. As a result of our history of losses and financial condition, there is substantial doubt about
our ability to continue as a going concern.
Our
ability to continue as a going concern is dependent upon us generating profitable operations in the future and/or obtaining the necessary
financing to meet our obligations and repay our liabilities arising from normal business operations when they come due. We are evaluating
different strategies to obtain financing to fund our expenses and achieve a level of revenue adequate to support our current cost structure.
Financing strategies may include, but are not limited to, private placements of capital stock, debt borrowings, partnerships and/or collaborations.
We
have funded our operations from proceeds from the sale of equity and debt securities. We will require significant additional capital
to make the investments we need to execute our longer-term business plan. Our ability to successfully raise sufficient funds through
the sale of debt or equity securities when needed is subject to many risks and uncertainties and, even if it were successful, future
equity issuances would result in dilution to our existing shareholders and future debt securities may contain covenants that limit our
operations or ability to enter into certain transactions.
We
will need to raise additional funding through strategic relationships, public or private equity or debt financings, grants or other arrangements
to develop and seek regulatory approvals for our existing and new product candidates. If such funding is not available, or not available
on terms acceptable to us, our current development plan and plans for expansion of our general and administrative infrastructure may
be curtailed.
Cash
Flows
A
summary of our cash flows is as follows (in thousands):
For
    the Years Ended December 31,
2021
2020
Consolidated
    Statements of Cash Flows Data:
Net
    cash used in operating activities
$
(8,042
)
$
(868
)
Net
    cash (used in) provided by investing activities
(2
)
218
Net
    cash provided by financing activities
7,264
1,121
Net
    change in cash
$
(780
)
$
471
33
Net
Cash Operating Activities
Our
net cash used in operating activities was $8.0 million for the year ended December 31, 2021 compared to net cash used in operating activities
of $0.9 million for the year ended December 31, 2020.
Net
Cash Investing Activities
Our
net cash used in investing activities for the year ended December 31, 2021, was $0.002 million compared to net cash provided by investing
activities of $0.2 million for the year ended December 31, 2020.
Net
Cash Financing Activities
Our
net cash provided by financing activities for the year ended December 31, 2021, was $7.3 million compared to $1.1 million for the year
ended December 31, 2020.
Non-GAAP
Adjusted EBITDA
In
addition to disclosing financial results calculated in accordance with GAAP, this Amendment No. 1 to Form 10-K discloses Adjusted EBITDA,
which is net loss adjusted for stock-based compensation, gain on settlement of accounts payable, (gain) loss on disposal of property
and equipment, interest expense, depreciation of property and equipment, amortization of intangible assets, and (benefit) provision for
income taxes.
Management
uses Adjusted EBITDA as a supplement to GAAP measures to further evaluate period-to-period operating performance, as well as the Company's
ability to meet future working capital requirements. Management believes this non-GAAP measures will provide investors with important
additional perspectives in evaluating the Company's ongoing business performance.
The
GAAP measure most directly comparable to Adjusted EBITDA is net income (loss). The non-GAAP financial measure of Adjusted EBITDA should
not be considered as an alternative to net income (loss). Adjusted EBITDA is not a presentation made in accordance with GAAP and has
important limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results
as reported under GAAP. Because Adjusted EBITDA excludes some, but not all, items that affect net income (loss) and is defined differently
by different companies, our definition of Adjusted EBITDA may not be comparable to similarly titled measures of other companies.
Set
forth below are reconciliations of our reported GAAP net income (loss) to Adjusted EBITDA (in thousands):
Year
                                            ended
December
                                            31, 2021
Year
                                            ended
December
                                            31, 2020
Net
    income (loss) (GAAP)
$
(12,866
)
$
3,185
Non-GAAP
    adjustments:
Gain
    on disposal of property and equipment
-
(160
)
Loss
    on settlements
(143
)
(1,687
)
Impairment
    of operating lease right of use asset
-
167
Stock
    compensation expense
653
144
Interest
    and other expense, net
5,039
1,188
Depreciation
    of Property and Equipment
10
145
Amortization
    of Intangible Assets
321
320
PPP
    Loan Forgiveness
(965
)
-
Benefit
    for income taxes
(8
)
(19
)
Loss
    foreign currency
28
-
Adjusted
    EBITDA (non-GAAP)
$
(7,931
)
$
3,283
34
Critical
Accounting Policies and Estimates
Our
consolidated financial statements have been prepared in accordance with GAAP and form the basis for the following discussion and analysis
on critical accounting policies and estimates. The preparation of the consolidated financial statements requires us to make estimates
and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent
assets and liabilities. We evaluate our estimates and assumptions on a regular basis. We base our estimates on historical experience
and on 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 apparent from other sources. Actual results
could differ from these estimates and those differences could have a material effect on our business, financial condition and results
of operations.
The
preparation of our Financial Statements and the related disclosures in conformity with GAAP, requires our management to make judgments,
assumptions, and estimates that affect the amounts of revenue, expenses, income, assets, and liabilities, reported in our Financial Statements
and accompanying notes. Understanding our accounting policies and the extent to which our management uses judgment, assumptions, and
estimates in applying these policies is integral to understanding our Financial Statements.
We
describe our most significant accounting policies in "Note 2, Significant Accounting Policies" of our consolidated notes
to our Financial Statements and found elsewhere in this Quarterly Report. These policies are considered critical because they may result
in fluctuations in our reported results from period to period due to the significant judgments, estimates, and assumptions about highly
complex and inherently uncertain matters. In addition, the use of different judgments, assumptions, or estimates could have a material
impact on our financial condition or results of operations. We evaluate our critical accounting estimates and judgments required by our
policies on an ongoing basis and update them as appropriate based on changing conditions.
Revenue
Recognition
Our
revenue represents sales of finished goods inventory and is recognized when control of the promised goods is transferred to our customers
in an amount that reflects the consideration we expect to be entitled to in exchange for those goods. The reserves for trade promotions
and product discounts, including sales incentives, are established based on our best estimate of the amounts necessary to settle existing
credits for products sold as of the balance sheet date.
All
such costs are netted against sales. These costs include end-aisle or other in-store displays, contractual advertising fees and product
discounts, and other customer specific promotional activity. We provide reimbursement to our customers for such amounts as credits against
amounts owed. To determine the appropriate timing of recognition of consideration payable to a customer, all consideration that is payable
to our customers is reflected in the transaction price at inception and reassessed routinely.
Accounts
Receivable and Allowance for Doubtful Accounts
Accounts
receivable represents trade obligations from customers that are subject to normal trade collection terms and are recorded at the invoiced
amount, net of any sales discounts and allowance for doubtful accounts, and do not typically bear interest. We assess the collectability
of the accounts by taking into consideration the aging of accounts receivable, changes in customer credit worthiness, general market
and economic conditions, and historical experience. Bad debt expenses are recorded as part of "General and administrative"
expenses in the consolidated statements of operations. We reserve the receivable balance against the allowance when management determines
a balance is uncollectible. We also review our customer discounts, and an accrual is made for discounts earned but not yet utilized at
each period end.
Litigation
Estimates and Accruals
In
the normal course of business or otherwise, we may become involved in legal proceedings. We will accrue a liability for such matters
when it is probable that a liability has been incurred and the amount can be reasonably estimated. When only a range of possible loss
can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other
amount within the range, the minimum amount in the range is accrued. The accrual for a litigation loss contingency might include, for
example, estimates of potential damages, outside legal fees and other directly related costs expected to be incurred. We provide disclosures
for material contingencies when there is a reasonable possibility that a loss or an additional loss may be incurred. In assessing whether
a loss is a reasonable possibility, we may consider the following factors, among others: the nature of the litigation, claim or assessment,
available information, opinions or views of legal counsel and other advisors, and the experience gained from similar cases.
35
Share-Based
Payments and Stock-Based Compensation
Share-based
compensation awards, including stock options and restricted stock awards, are recorded at estimated fair value on the applicable awards'
grant date, based on the estimated number of awards that are expected to vest. The grant date fair value is amortized on a straight-line
basis over the time in which the awards are expected to vest, or immediately if no vesting is required. Share-based compensation awards
issued to non-employees for services are also recorded at fair value on the grant date. The fair value of restricted stock awards is
based on the fair value of the stock underlying the awards on the grant date as there is no exercise price.
The
fair value of stock options is estimated using the Black-Scholes option-pricing model. The determination of the fair value of each stock
award using this option-pricing model is affected by our assumptions regarding a number of complex and subjective variables. These variables
include, but are not limited to, the expected stock price volatility over the term of the awards and the expected term of the awards
based on an analysis of the actual and projected employee stock option exercise behaviors and the contractual term of the awards. Due
to our limited experience with the expected term of options, the simplified method was utilized in determining the expected option term
as prescribed in ASC 718 Compensation – Stock Compensation.
We
recognize our stock-based compensation expense over the requisite service period, which is generally consistent with the vesting of the
awards, based on the estimated fair value of all stock-based payments issued to employees and directors that are expected to vest.
There
have been no material changes to our critical accounting policies during the period covered by this report.
Warrants
In
conjunction with the Securities Purchase Agreement ("SPA"), we issued 17,355,700 warrants to the senior note holders.
The warrants entitle the holder to purchase one share of our common stock at an exercise price equal to $.78 per share at any
time on or after October 13, 2021 (the "Initial Exercise Date") and on or prior to the close of business on October 13, 2026
the "Termination Date"). We determined that these warrants are free standing financial instruments that are legally detachable
and separately exercisable from the debt instruments. Management also determined that the warrants are puttable for cash upon a fundamental
transaction at the option of the holder and as such required classification as equity pursuant to ASC 470. In accordance with the accounting
guidance, the outstanding warrants are recognized as equity on the balance sheet. The proceeds from the sale of a debt instrument with
stock purchase warrants (detachable call options) shall be allocated to the two elements based on the relative fair values of the debt
instrument without the warrants, and of the warrants themselves at time of issuance. The allocation of the portion of the value resulted
in a discount of the debt instrument. The fair value of the warrants were measured using the Black Scholes option pricing model.
36
BUSINESS
Overview
MusclePharm
is a scientifically-driven, performance lifestyle company that develops, manufactures, markets and distributes branded sports nutrition
products and functional energy beverages. Since our incorporation in 2006, we have developed a comprehensive product portfolio, which
has fueled the widespread recognition of our brands, MusclePharm and FitMiss. Today, these brands are sold in more than 100 countries
globally, supported by our diversified and industry-leading distribution partners. We believe our strong international presence has allowed
us to attract a larger and more engaged social audience than our competitive peers, Our global reach to a large and engaged customer
base enables us to achieve The MusclePharm Promise of helping professional athletes and everyday active individuals reach their maximum
potential with the most scientifically advanced, safe and nutritious sports supplementation products possible.
"The
MusclePharm Promise" guides our endeavors to support the health of individuals and is comprised of three key pillars:
●
Leading
    by Example
.
We place considerable emphasis on transparency, high-quality ingredients, innovation and science. Our products
    undergo rigorous, independent third-party testing to ensure safe, quality ingredients to support all levels of athletic ability.
    Tests performed on products include banned substance testing and protein verification, among others.
●
Supporting
    Active Lifestyles
.
Our product portfolio is designed for athletes of all levels and anyone who pursues an active, healthy
    lifestyle
.
We offer a broad range of performance powders, capsules, tablets, bars and functional energy beverages that
    satisfy the needs of enthusiasts and professionals alike.
●
Enhancing
    Public Health
.
Through our Specialty, International, Food, Drug, and Mass ("FDM"), and newly introduced Grocery
    and Convenience distribution channels, we are able to reach athletes and active individuals of all types and demographics. We believe
    in the importance of our consumers having access to our products where and when they need them.
Our
Products
Our
product portfolio consists of two categories, sports nutrition and functional energy beverages, and targets a variety of fitness enthusiasts
and professionals, as well as individuals who lead an active lifestyle.
37
Sports
Nutrition
Our
product portfolio consists of two categories, sports nutrition and functional energy beverages, and targets a variety of fitness enthusiasts
and professionals, as well as individuals who lead an active lifestyle.
●
Sport
    Series
. In order to cover the needs of athletes, we introduced our scientifically-advanced, performance-driven Sport Series category.
    These award-winning , independently-tested products help fuel athletes safely by increasing strength, energy, endurance, recovery
    and overall athletic performance. It features our Combat Protein Powder, a top selling five-protein blend on the market, currently
    available in 4 flavors.
●
Essentials
    Series.
To meet the day-in and day-out demands of fitness and sport, the Essentials Series (formerly known as the Core Series)
    line of supplements exists for athletes to take daily. These products include daily staples for a healthy body, such as BCAA, creatine,
    glutamine, carnitine, CLA, fish oil, a multi-vitamin and more
.
●
FitMiss.
Designed and formulated specifically for the female body, FitMiss sports nutrition products are complementary to any active female's
    diet. In seeking a stronger, more balanced foundation, FitMiss ingredients support women in areas of weight management, lean muscle
    mass, body composition, and general health and wellness. Currently, FitMiss protein powder is available in 2 flavors.
●
On-the-Go
.
    As more and more consumers are seeking healthier and convenient snacking options, retailers across multiple channels are capitalizing
    on this emerging trend by aggressively expanding their better-for-you assortments. Our On-the-Go portfolio of ready to eat products
    includes our award-winning Combat Crunch Protein Bars, currently available in 4 flavors.
Functional
Energy Beverages
●
Combat
    Energy.
In order to tap into the ever-growing functional beverage market, we recently launched our Combat Energy drink line.
    Unlike traditional energy drinks, Combat Energy has zero sugar and zero calories and features the functional benefits of 300mg of
    caffeine and 600mg of BCAA aminos. Our Combat Energy line is available in the three flavors: Green Apple, Grapefruit Lime and Black
    Cherry.
●
FitMiss
    Energy.
Based on the feedback we received from female consumers, we developed and meticulously formulated FitMiss Energy. This
    recently launched product features 200 milligrams of caffeine per can, zero calories, zero sugar, MusclePharm's proprietary
    BCAA blend, Biotin and no artificial colors or flavors. Currently, we sell this functional energy beverage in the following
    three flavors: Pineapple Coconut, Mango Sunshine and Watermelon Waterfall.
38
Industry
Global
Sports Nutrition
According
to a 2021 analysis by Grand View Research, the global sports nutrition market is expected to experience double digit growth, growing
at a compound annual growth rate ("CAGR") of 10.9% from 2021 to 2028. A rise in demand is expected to stem from consumers'
increased focus on self-care, preventive medication and fitness. This heightened focus is particularly due to the rapidly growing number
of individuals with diabetes and obesity that are at risk of serious illness from COVID-19. Given that our products are designed to enhance
one's health and fitness ability, we expect to benefit and capitalize on these attractive industry tailwinds.
Global
Functional Beverages
According
to a 2021 report by Fior Markets, the functional beverage market is expected to grow at a CAGR of 7.1% from 2021 to 2028. This growth
is expected to stem from an increased demand for ready-to-drink beverages by consumers who seek to maintain their health despite their
hectic, busy lifestyles. We believe this growth will be compounded even more by millennials' strong preference for foods that are
convenient and have diverse nutritional profiles. For these reasons, we anticipate that our newly introduced Combat Energy and FitMiss
Women's Complete Energy will experience increased demand, along with our On-The-Go product line.
Our
Strengths
Consumer
Awareness of Our Brands
According
to Nutritionix.com, our Combat Protein Powder is the fourth best protein brand in the world, and Grand Review Research names MusclePharm
as one of the top players in the North American sports nutrition market. For these reasons, we believe consumers have a strong appetite
for our brand and products, which is exemplified by our large and engaged social media following. Widespread brand recognition as one
of the safest, most trusted and reliable performance lifestyle companies is a strength we seek to maintain, as it allows for organic
growth and fosters the adoption of new product innovations.
Strong
Intellectual Property
We
believe that protecting our intellectual property is crucial to the continued successful implementation of our business strategy and
marketing our products. Therefore, our policy is to rigorously pursue registrations for all trademarks associated with our products.
We have over 39 trademark applications in the United States, 29 of which are currently registered with the United States Patent and Trademark
Office. Our registered trademarks include registrations of our house marks, as well as marks associated with our core product lines.
We
also have filed for protection of various marks throughout the world and are committed to a significant long-term strategy to build and
protect the MusclePharm and FitMiss brands globally. The "MusclePharm" and "FitMiss" marks have been granted
final trademark registration effective in 10 countries, including the United States.
Asset
Light Business Model
Through
our asset light model, we achieve low capital expenditures, which we believe is critical to the generation of high free cash flows, gross
margin, and lower commodity pricing. Currently, we outsource all manufacturing, testing and bottling to third-parties, and despite challenges
in 2020 due to COVID-19, we believe our asset light model will enable us to achieve strong results and profitability in future quarters.
For these reasons, we believe our business is uniquely positioned for profitability, without sacrificing the support of our growth initiatives.
39
Growth
Strategy
Product
Innovation
We
believe continued innovation in delivery techniques and ingredients, new product lines, and new products in existing lines is important
to sustaining and creating new market opportunities, meeting consumer demand, and strengthening customer relationships. Over the last
several years, we have launched several new products to meet changing consumer needs and to accelerate our growth. In 2021, we rolled
out our functional energy beverages lines under the MusclePharm and FitMiss brands. With continued market expansion of functional beverages,
coupled with consumers' increased focus on ready-to-drink healthy alternatives, we expect our zero sugar and zero calorie energy
drinks to benefit from these better-for-you industry tailwinds. Similarly, in 2019, we expanded our On-The-Go assortments with the introduction
of gluten free and non-GMO protein products, along with new flavors of our award-winning Combat Crunch Protein Bars. These On-The-Go
product assortments target a wide and growing audience, as consumers increasingly demand convenient and ready-to-eat snacks with healthy,
diverse nutritional profiles. We continuously monitor market opportunities and consumer trends in order to strategically plan and execute
future product innovations. We continue to drive innovation in our already popular protein powder line and in 2021 we launched a new
and improved formula, delivering better taste and mixability in our two top selling products, Combat 100% Whey and Combat Protein powder.to
To maintain strong demand for our functional energy beverages, we will closely monitor and evaluate customer feedback for future product
innovations to sustain our leadership position in the beverage market.
Expand
Sales in Current and New Channels
We
currently distribute our products across all major global retail channels – Specialty, International and FDM. This, paired with
our large e-commerce customers, allows us to reach every relevant market in the world. Due to the high competition within these channels,
and the ever-changing customer trends, we have undertaken a number of initiatives to expand into new distribution channels, increase
product trial, and amplify brand messaging.
As
we continue to scale our functional energy beverages, we expect to increase our distribution points through Grocery and Convenience channels
and expect product trial to increase, providing us with the opportunity to convert trial customers into loyal, repeat purchasers, and
ultimately, consumers of our broader product categories. While these initiatives are targeted towards acquiring new, loyal customers,
we plan to grow with existing customers through our established, industry-leading distribution partners in the Specialty, International,
and FDM. Through increased store penetration and shelf-space, we believe we can grow sales of our functional energy beverages with existing
customers by providing widespread accessibility. Given the importance we place on widespread accessibility, we also plan on advancing
our e-commerce presence through strategic partnerships, which we believe will not only enhance sales among new and existing customers
but also further the global reach of our brand and products.
Leverage
Existing Brand Awareness for New Products
As
we continue to execute our growth strategy and focus on core and new product innovations, we plan on leveraging our existing brand awareness
to successfully penetrate domestic and international markets. We believe our established brand recognition, recurring customer base,
and far reach will further advance the adoption of our products and growth. In the past, our passionate and loyal following has demonstrated
a keen appetite for new MusclePharm products and we believe this will continue to play a vital role in the success of future product
rollouts.
Sales
and Marketing
Our
goal is to position MusclePharm as the "must have" brand for elite athletes and fitness enthusiasts, alike, who are on a
journey to holistically better themselves and achieve their maximum potential. Our marketing is focused on our most prominent products
and includes brand partnerships, focusing on grass-roots marketing and advertising efforts with retail outlets close to our core audience.
Our marketing includes digital marketing, print and media advertising, in store product demonstrations, promotional giveaways, and trade
show events. New product innovation is also a key component of driving incremental sales.
40
Distribution
Channels
MusclePharm
brands are marketed across major global retail distribution channels – Specialty, International and FDM.
Specialty:
This channel is composed of brick-and-mortar sales and e-commerce. Due to high competition within this market, we continually
seek to respond to customer trends and shifts by adjusting the mix of existing product offerings, developing new innovative products
and influencing preferences through our marketing.
International:
Our international reach touches every relevant market in the world. We seek to further grow our international sales by continuing
to offer new products in key markets as well as opening new distribution channels in select regions of the world. We also are evaluating
the benefits of developing expanded contract manufacturing relationships outside of North America to take advantage of local opportunities.
FDM:
This channel is primarily served by our direct sales force, as well as our network of brokers. We believe direct relationships
with retail partners provide us an opportunity to expand our distribution into additional discount warehouses and national retailers.
Below
is a table of net revenue by our major distribution channel (in thousands):
For the Months Ended March 31,
2022
%
    of Total
2021
%
    of Total
Distribution
    Channel
Specialty
$
3,383
26
%
$
6,795
52
%
International
$
733
6
%
3,847
29
%
FDM
$
8,985
68
%
$
2,479
19
%
Total
$
13,101
100
%
$
13,121
100
%
Product
Research, Development and Quality Control
Customers'
belief in the safety and efficacy of our products is critical. Continued innovation in delivery techniques and ingredients, new product
line extensions, and new product offerings are important in order to sustain existing and create new market opportunities, meet consumer
demand, and strengthen consumer relationships. To support our research and development efforts, we invest in formulation, processing
and packaging development, perform product quality and stability studies, and conduct consumer market research to sample consumer opinions
on product concepts, design, packaging, advertising, and marketing campaigns.
We
are committed to science and sport being equal in our product development. We believe real-world applications are essential. Our product
lines have been developed through a stringent protocol to ensure that all formulations promote quality and safety for our customers.
Our quality control team follows detailed supplier selection and certification processes, validation of raw material verification processes,
analytical testing, process audits, and other quality control procedures. Our products are also subject to extensive shelf-life stability
testing. We also engage third-party laboratories to routinely evaluate and validate our internal testing processes on every MusclePharm
product.
We
qualify ingredients, suppliers, and facilities by performing site assessments and conducting on-going performance and process reviews.
Dedicated quality teams regularly audit and assess manufacturing facilities for compliance with Good Manufacturing Practices ("GMPs"),
as regulated by the United States Food and Drug Administration ("FDA"), to ensure our compliance with all MusclePharm, regulatory,
and certification standards and requirements. To ensure overall consistency, our quality assurance team adheres to strict written procedures.
From the raw ingredient stage to the finished product stage, we monitor and perform quality control checks. Before distributing our products,
we place our products under quarantine to test for environmental contaminants and verify that the finished product meets label claims.
Once a product has successfully passed quality assurance testing and conforms to specifications for identity, purity, strength, and composition,
we then conduct testing with third-party laboratories for added label claim verification.
41
Multi-level
practices are part of our product development process to ensure athletes and our consumers receive what we believe to be the most scientifically
innovative and safest products on the market. Post-distribution, we have standard operating procedures in place for investigating and
documenting any adverse events or product quality complaints. We are committed to the process of having all of our products certified
to be banned-substance-free before they are available to consumers. Informed Choice, a globally recognized leader in sports testing,
conducts all of our third-party banned substance testing, ensuring that all MusclePharm products are free of banned substances.
Manufacturing
and Distribution
We
have relationships with multiple third-party manufacturers. Certain of our vendors supply in excess of 10% of our products. Once a product
is manufactured, it is shipped directly to the customer or through a third-party distribution center. All of the third-party manufacturing
facilities and distribution facilities we utilize are designed and operated to meet current GMP standards as promulgated by the FDA.
The
manufacturing process performed by our third-party manufacturers generally consists of the following operations: (I) qualifying ingredients
for products; (ii) testing of all raw ingredients; (iii) measuring ingredients for inclusion in production; (iv) granulating, blending
and grinding ingredients into a mixture with a homogeneous consistency; (v) encapsulating or filling the blended mixture into the appropriate
dosage form using either automatic or semiautomatic equipment; and (vi) testing finished products prior to distribution.
We
maintain and operate a system that integrates distribution, warehousing, and quality control. This provides real-time lot and quality
tracking of raw materials, work in progress and finished goods. We employ a supply chain staff that works with sales, marketing, product
development, and quality control personnel to ensure that only products that meet all specifications are produced and released to customers.
Our
Competitors
The
sports nutrition market is very competitive, and the range of products is diverse and subject to rapid and frequent changes in consumer
demand. Competitors use price, shelf space and store placement, as well as brand and product recognition, new product introductions,
and raw materials to capture market share. We believe that retailers look to partner with suppliers who demonstrate brand development,
market intelligence, customer service, and produce high quality products with proven science. We believe we are competitive in all these
areas.
Our
competitors include numerous nutritional companies that are highly fragmented in terms of geographic market coverage, distribution channels,
and product categories. In addition, we compete with large pharmaceutical companies and packaged food and beverage companies. Many of
these competitors have greater financial and distribution resources available to them than us and some compete through vertical integration.
In addition, private label entities have gained a foothold in many nutrition categories and also are direct competitors. Our principal
competitors are: Glanbia Performance Nutrition (Optimum Nutrition), Nutrabolt, (Cellucor C4), Dymatize Enterprises LLC, Celsius and Iovate
Health Sciences International Inc. As many of our competitors are either privately held or divisions within larger organizations, it
is difficult to fully gauge their size and relative ranking.
Government
Regulation
The
formulation, manufacturing, packaging, labeling, advertising, distribution, storage, and sale of each of our product groups are subject
to regulation by one or more governmental agencies. The most active of these is the FDA, which regulates our products under the Federal
Food, Drug and Cosmetic Act ("FDCA") and the regulations promulgated thereunder. FDA regulations relating specifically to
foods and dietary supplements for human use are set forth in Title 21 of the Code of Federal Regulations.
42
Dietary
Supplement Regulation
The
FDA has primary jurisdiction for the regulation of dietary supplements. The FDA regulates dietary supplements under the FDCA as a separate
regulatory category of "foods." The FDCA has been amended several times with respect to dietary supplements, including by
the Nutrition Labeling and Education Act of 1990 (the "NLEA") and the Dietary Supplement Health and Education Act of 1994.
A "dietary supplement" is defined under the FDCA as "a product (other than tobacco) intended to supplement the diet
that bears or contains one or more of the following dietary ingredients: vitamins, minerals, amino acids, herbs or other botanicals;
a concentrate, metabolite, constituent, extract or combination of the ingredients listed above." Dietary supplements are intended
to enhance the diet, and may not be represented as a conventional food or as the sole item of a meal or diet.
Dietary
supplements do not require approval from the FDA before they are marketed. Except in the case of a "new dietary ingredient,"
where pre-market review for safety data and other information is required by law, a company is not required to provide the FDA with the
evidence it relies on to substantiate safety or effectiveness before marketing a supplement product. A manufacturer or distributor must
notify the FDA if it intends to market a dietary supplement in the U.S. that contains a "new dietary ingredient." A new dietary
ingredient is an ingredient marketed after October 15, 1994. The manufacturer must demonstrate to the FDA that the new ingredient is
reasonably expected to be safe for use in a dietary supplement. There is no authoritative list of dietary ingredients that were marketed
before October 15, 1994. Therefore, manufacturers are responsible for determining if a dietary ingredient is "new."
Manufacturers
of dietary supplements must register with the FDA pursuant to the Bioterrorism Preparedness and Response Act of 2002 ("Bioterrorism
Act") before producing supplements. Manufacturers of dietary supplements also must follow current good manufacturing practice (cGMP)
regulations for the preparation, packaging and storage of our food and dietary supplements. Entities that manufacture, package, label
or hold dietary supplement products must follow applicable cGMP regulations. These regulations focus on practices that ensure the identity,
purity, quality, strength and composition of dietary supplements. We engage with third-party manufacturers to manufacture our dietary
supplements.
Our
business practices and products are also regulated by the Federal Trade Commission ("FTC"), the Consumer Product Safety Commission,
the United States Department of Agriculture ("USDA") and the Environmental Protection Agency. The USDA governs certain product
labeling, such as organic and non-GMO claims. The FTC has the primary responsibility of regulating the advertising of foods, including
dietary supplements. Under the FTC Act, all advertising claims, both express and implied, must be truthful, non-misleading, and substantiated.
In practice, the FDA and FTC share jurisdiction over promotional practices and monitor the promotion and advertising of dietary supplements
in multiple media forms, including TV, radio, social media (e.g., Facebook, Twitter), and the internet. We are responsible for determining
that the dietary supplements we manufacture or distribute are safe, and that any representations or claims made about them are substantiated
by adequate evidence to show that the claims are not false or misleading.
Our
activities, including our direct selling distribution activities, are also regulated by various agencies of the states, localities and
foreign countries in which our products are sold. In foreign markets, prior to commencing operations and initiating or permitting sales
of our products in the market, we may be required to obtain an approval, license or certification from the country's ministry of
health or comparable agency. Prior to entering a new market in which a formal approval, license or certificate is required, we work extensively
with local consultants and authorities in order to obtain the requisite approvals.
We
must also comply with product labeling and packaging regulations that vary from country to country. Our failure to comply with these
regulations can result in a product being removed from sale in a particular market, either temporarily or permanently. In the U.S., foods
and dietary supplements are subject to the Nutrition, Labeling and Education Act ("NLEA"), which governs health claims, ingredient
labeling, and nutrient content claims characterizing the level of a nutrient in a product. Dietary supplements may be intended to affect
the structure or function of the human body. If the label of a dietary supplement contains such structure/function claims, the label
must bear the disclaimer: "This statement has not been evaluated by the FDA. This product is not intended to diagnose, treat, cure,
or prevent any disease."
All
serious adverse events occurring within the United States involving dietary supplements must be reported to the FDA. FDA laws also govern
the recalls of foods and dietary supplements.
We
may be required to obtain an approval, license or certification from a foreign country's ministry of health or comparable agency
prior to commencing operations and initiating or permitting sales of our regulated products in foreign markets. Prior to entering a new
market in which a formal approval, license or certificate is required, we work with local consultants and authorities in order to obtain
the requisite approvals. We also must comply with product labeling and packaging regulations that vary from country to country. Our failure
to comply with these regulations can result in a product being removed from sale in a particular market, either temporarily or permanently.
43
Intellectual
Property
We
regard our trademarks and other proprietary rights as valuable assets and believe that protecting our intellectual property is crucial
to the continued successful implementation of our business strategy. Since we regard our intellectual property as a crucial element of
our business with significant value in the marketing of our products, our policy is to rigorously pursue registrations for all trademarks
associated with our products.
We
have over 39 trademark applications in the United States, 29 of which are currently registered with the United States Patent and Trademark
Office. Our registered trademarks include registrations of our house marks , as well as marks associated with our core product lines.
We
also have filed for protection of various marks throughout the world and are committed to a significant long-term strategy to build and
protect the MusclePharm brand globally. The "MusclePharm" and "FitMiss" marks have been granted final trademark
registration effective in 10 countries, including the United States.
Seasonality
Our
business does not typically experience seasonal variations, but revenue may fluctuate based upon promotions.
Employees
As
of March 31, 2022 we had 21 total employees, most of whom were full time. None of the employees are represented by a union. Management
considers its relations with our employees to be good and to have been maintained in a normal and customary manner.
Legal
Proceedings
From
time to time, we may be subject to litigation and claims arising in the ordinary course of business. For information regarding legal
proceedings, see part II Item 1, as well as Note 8 to the Notes to Consolidated Financial Statements (unaudited) contained in our Quarterly
Report for the three months ended March 31, 2022.
White
Winston Select Asset Fund Series MP-18, LLC et al., v MusclePharm Corp., et al., (Nev. Dist. Ct.; Cal. Superior Court; Colorado Dist.
Ct.; Mass. Super. Ct.)
On
August 21, 2018, White Winston Select Asset Fund Series MP-18, LLC and White Winston Select Asset Fund, LLC (together "White Winston")
initiated a derivative action against the Company and its directors (the "director defendants"). White Winston alleges that
the director defendants breached their fiduciary duties by improperly approving the refinancing of three promissory notes issued by the
Company to Mr. Drexler (the "Amended Note") in exchange for $18.0 million in loans. White Winston alleges that this refinancing
improperly diluted their economic and voting power and constituted an improper distribution in violation of Nevada law. In its complaint,
White Winston sought the appointment of a receiver over the Company, a permanent injunction against the exercise of Mr. Drexler's
conversion right under the Amended Note, and other unspecified monetary damages. On September 13, 2018, White Winston filed an amended
complaint, which added a former executive of the Company, as a plaintiff (together with White Winston, the "White Winston Plaintiffs").
On December 9, 2019, the White Winston Plaintiffs filed a Second Amended Complaint, in which they added allegations relating to the resignation
of the Company's auditor, Plante & Moran PLLC ("Plante Moran"). the Company has moved to dismiss the Second Amended
Complaint. That motion has not yet been fully briefed.
Along
with its complaint, White Winston also filed a motion for a temporary restraining order ("TRO") and preliminary injunction
enjoining the exercise of Mr. Drexler's conversion right under the Amended Note. On August 23, 2018, the Nevada district court
issued an ex parte TRO. On September 14, 2018, the court let the TRO expire and denied White Winston's request for a preliminary
injunction, finding, among other things, that White Winston did not show a likelihood of success on the merits of the underlying action
and failed to establish irreparable harm. Following the court's decision, the Company filed a motion seeking to recoup the legal
fees and costs it incurred in responding to the preliminary injunction motion. On October 31, 2019, the court awarded the Company $56,000
in fees and costs.
Due
to the uncertainty associated with determining our liability, if any, and due to our inability to ascertain with any reasonable degree
of likelihood, as of the date of this report, the outcome of the trial, the Company has not recorded an estimate for its potential liability.
44
On
June 17, 2019, White Winston moved for the appointment of a temporary receiver over the Company, citing Plante Moran's resignation.
The court granted White Winston's request to hold an evidentiary hearing on the motion, but subsequently stayed the action pending
the parties' attempts to resolve their dispute. Although the parties have been unable to reach a resolution, the litigation has
not yet resumed. On July 30, 2019, White Winston filed an action in the Superior Court of the State of California in and for the County
of Los Angeles, seeking access to the Company's books and records and requesting the appointment of an independent auditor for
the Company. On February 25, 2021, the court ordered the Company to produce certain documents, denied White Winston's request for
an auditor, and ordered the Company to pay a $1,500 penalty. On July 20, 2021 the California court awarded White Winston $93,000 in attorneys'
fees and cost relating to the books-and-records action. The Company paid the amounts due on July 30, 2021, and on August 4, 2021 White
Winston submitted a filing acknowledging that the California court's judgment has been fully satisfied.
The
Company and its Chief Executive Officer have been named as defendants in a new lawsuit filed on February 8, 2022 by White Winston Select
Asset Funds, LLC and White Winston Select Asset Fund Series Fund MP-18, LLC (collectively, "White Winston") in the Superior
Court of Suffolk County Massachusetts. White Winston is bringing claims alleging unfair trade practices, abuse of process, malicious
prosecution, breach of duty of loyalty and, in the alternative, for breach of the settlement agreement relating to the prior action filed
by White Winston in Nevada. The Company has not yet responded to complaint and at this time cannot reasonably estimate any loss that
may arise from this matter.
Bakery
Barn, LLC v. MusclePharm Corporation
On
January 24, 2022, Bakery Barn ("Bakery Barn") filed suit against Company in Allegheny County, Pennsylvania court. Company
received the Complaint on February 16, 2022. Bakery Barn alleges that the Company owes Bakery Barn over $1.9 million dollars for breach
of contract. Parties operated on an open account basis with payment terms established by mutual verbal agreement, custom and usage. Beginning
in late 2020, Bakery Barn resumed production for Company and operated under a verbal agreement until August 2021. Bakery Barn contends
that Company is required to reimburse Bakery Barn for foil wraps ordered by Bakery Barn in the amount of $77,800, specific ingredients
totaling $42,400, and products manufactured under purchase order Invoice no. 59192 delivered to Company in the amount of $1,816,017.
On
February 24, 2022, Flaherty Fardo Rogel & Amick, LLC ("Company Counsel") filed a Praecipe for Appearance on behalf of
the Company. On February 28, 2022, Company Counsel filed Preliminary Objections to Complaint and Brief In Support Thereof. Bakery Barn
filed an Amended Complaint in Civil Action on March 14, 2022. Company Counsel is in the process of filing Preliminary Objections to this
Amended Complaint. The Company intends to continue to vigorously litigate the matter.
Bar
Bakers, LLC v. CFC/Flavor Producers, LLC. Vs MusclePharm
On
March 18, 2022, the Company retained Barnes & Thornburg to represent it in connection with a Cross-Complaint filed in the Superior
Court of California, County of Orange, Case No. 30-2019-01073098-CU-BC-CJC in the matter Bar Bakers LLC v. Creative Flavor Concepts,
Inc. et al.. According to the pleadings, the matter arises from an agreement between the plaintiffs and defendants in which the plaintiff
agreed to manufacturer energy bars and sell them to the defendants. The defendants then sold the energy bars to various retailers, including
the Company. On May 29, 2019, the plaintiff sued the defendants alleging that the defendants were responsible for unpaid invoices –
nine for bars manufactured and delivered to the Company and one invoice for raw materials. According to the pleadings, the unpaid invoices
total $885,163.72. The invoice for the raw materials is allegedly $4,658,593.02. On January 31, 2022, one of the defendants, Flavor Producers
LLC, filed and served a cross claim against the Company alleging that it was partially responsible for any damages that may befall on
it. Specifically, Flavor Producers is asking the Court to award it $389,989.60 in compensatory damages. On March 25, 2022, the Company
filed an answer to that cross claim denying the factual allegations and Flavor Producers' assertion that it is entitled to any
damages, including but not limited to, compensatory damages.
45
ThermoLife
International
In
January 2016, ThermoLife International LLC ("ThermoLife"), a supplier of nitrates to the Company, filed a complaint against
the Company in Arizona state court. ThermoLife alleged that the Company failed to meet minimum purchase requirements contained in the
parties' supply agreement. The court held a bench trial on the issue of damages in October 2019, and on December 4, 2019, the court
entered judgment in favor of ThermoLife and against the Company in the amount of $1.6 million, comprised of $0.9 million in damages,
interest in the amount of $0.3 million and attorneys' fees and costs in the amount of $0.4 million. The Company recorded $1.6 million
in accrued expenses in 2018. The Company has filed an appeal and posted bonds in the total amount of $0.6 million in order to stay execution
on the judgment pending appeal. Of the $0.6 million, $0.25 million (including fees) was paid by Mr. Drexler on behalf of the Company.
See "Note 7. Debt" for additional information. The balance of $0.35 million was secured by a personal guaranty from Mr. Drexler,
the associated fees of $12,500 and $2,500 have been paid by the Company. On April 27, 2021, the appellate court issued a decision largely
affirming the trial court judgement, except vacating the judgement's $0.3 million prejudgment interest award and remanding for
a recalculation of prejudgment interest. On May 18, 2021, ThermoLife filed a motion asking the trial court to increase the Company's
appeal bond to the full amount of the judgment, or $1.9 million, which the Court denied on June 2, 2021.
As
of March 31, 2022, the total amount accrued, including interest, was $1.9 million. For the three months ended March 31, 2022 and 2021,
interest expense recognized on the awarded damages was $0.022 million and $0.022 million, respectfully.
On
May 4, 2022, the Arizona Supreme Court denied the Company's petition for review of the decision of the appellate court and granted
ThermoLife's request for attorney's fees.
SK
Laboratories
On
February 3, 2022, MusclePharm sued SK Laboratories in Washoe County (Nevada) District Court. According to the complaint, MusclePharm
alleges SK Laboratories (1) breach its contract, (1) breach an implied covenant of good faith and fair dealing, and (3) unjustly enriched
itself by artificially inflating its costs and passing those costs onto MusclePharm in breach of its agreement, as well as failing to
provide product that complied with Japanese import regulations. There has not been substantial activity in this case given its early
stage.
On
May 3, 2022, SK Laboratories sued MusclePharm and Ryan Drexler in Los Angeles County Superior Court. In its lawsuit, it is alleging (1)
breach of contract, (2) breach of personal guaranty, (3) fraud, (4) unfair business practices, (5) intentional interference with prospective
economic advantage, (6) negligent interference with prospective economic advantage, and (7) common count on book account claim. According
to the Complaint, SK Laboratories was a contract manufacturer for MusclePharm for approximately nine years manufacturing "a variety
of nutritional supplement products." Further, according to the complaint, SK Laboratories alleges that MusclePharm has defaulted
on payments due on purchase orders totaling approximately $4,608,980.12, and a breach of personal guaranty of approximately $500,000
against Ryan Drexler for purchases of whey protein SK made on MusclePharm's behalf. There has not been substantial activity in
this case given its early stage. MusclePharm's answer is due on approximately June 21, 2022.
Settlements
Manchester
City Football Group
The
Company was engaged in a dispute with City Football Group Limited ("CFG"), the owner of Manchester City Football Group, concerning
amounts allegedly owed by the Company under a sponsorship agreement with CFG (the "Sponsorship Agreement"). In August 2016,
CFG commenced arbitration in the United Kingdom against the Company, seeking approximately $8.3 million for the Company's purported
breach of the Sponsorship Agreement.
On
July 28, 2017, the Company approved a Settlement Agreement (the "CFG Settlement Agreement") with CFG effective July 7, 2017.
The CFG Settlement Agreement represents a full and final settlement of all litigation between the parties. Under the terms of the agreement,
the Company agreed to pay CFG a sum of $3 million, which was recorded as accrued expenses in 2017. The settlement consists of a $1.0
million payment that was advanced by a related party on July 7, 2017, a $1.0 million installment paid on July 7, 2018 and a subsequent
$1.0 million installment payment to paid by July 7, 2019. Of this amount, the Company has remitted $0.3 million.
During
the three months ended March 31, 2022 and 2021, the Company recorded a charge of $0.018 million and $0.018 million, respectively. This
charge, representing imputed interest, is included in "Interest expense" in the Company's consolidated statements of
operations.
46
Nutrablend
Matter
On
February 27, 2020, Nutrablend, a manufacturer of MusclePharm products, filed an action against the Company in the United States District
Court for the Eastern District of California, claiming approximately $3.1 million in allegedly unpaid invoices. These invoices relate
to the third and fourth quarter of 2019, and a liability has been recorded for the related periods.
On
September 25, 2020, the parties successfully mediated the case to a settlement (the "Nutrablend Agreement") and the Company
agreed to (i) pay approximately $3.1 million ("Owed Amount") in monthly payments ("Monthly Payments") from September
1, 2020 through June 30, 2023 and (ii) issue monthly purchase orders ("Purchase Orders") at minimum amounts accepted by Nutrablend.
The
Company agreed to issue Purchase Orders in a combined total amount of at least (i) $1.5 million from September 1, 2020 through November
30, 2020; (ii) $1.8 million from December 1, 2020 through February 28, 2021; (iii) $2.1 million from March 31, 2021 through May 31, 2021;
(iv) $2.1 million from June 1, 2021 through August 31, 2021; and (v) $1.4 million from September 1, 2021 through October 30, 2021. Beginning
on November 1, 2021, the Company will be required to issue monthly Purchase Orders to Nutrablend in a minimum amount of $0.7 million
until the Owed Amount is paid in full to Nutrablend. In the event that the Company pays the Owed Amount in full before September 1, 2021,
it's entitled to a rebate on all completed Purchase Orders. Further, once the monthly payments, and any additional payments that
the Company has made on the Owed Amount, reduce the outstanding balance of the Owed Amount to below $2.0 million, the Company is eligible
for an extension of a line of credit from Nutrablend in an amount of up to $3.0 million.
On
July 7, 2021, the Company commenced an action against Nutrablend in the Central District of California, seeking (i) a declaration that
the Nutrablend Agreement purchase order provisions have been terminated due to Nutrablend's failure to provide the Company with
reasonable assurances of its ability to fulfill its purchase orders; (ii) a declaration that approximately $2.0 million in purchase orders
that the Company placed in July and August 2020 were intended to and do count towards the minimums set forth in the Nutrablend Agreement;
and (iii) damages based on Nutrablend's failure to fulfill purchase orders. The case is ongoing.
As
of March 31, 2022, the Company determined that approximately $0.998 million of the owed amount was due within a year, and this amount
was recorded in "Accrued and other liabilities" in the consolidated balance sheets. The present value of the remaining Owed
Amount that was due after a year was $0.250 million, and the amount was recorded in "Other long-term liabilities" in the
consolidated balance sheets. The Company made payments of $0.303 million and $0.189 million during the three months ended March 31, 2022
and 2021, respectively.
On
September 23, 2021, the Company entered into an Amendment to a Settlement Agreement that was originally entered into on September 25,
2020. Pursuant to the Amended Agreement, the Company is no longer obligated to issue Purchase Orders to Nutrablend as stated in the Settlement
Agreement, which, as stated in the Form 8-K dated September 25, 2020, consisted of at least (i) $1.5 million from September 1, 2020 through
November 30, 2020; (ii) $1.8 million from December 1, 2020 through February 28, 2021; (iii) $2.0 million from March 1, 2021 through May
31, 2021; (iv) $2.1 million from June 1, 2021 through August 31, 2021; and (v) $1.4 million from September 1, 2021 through October 30,
2021. The Monthly Payments provision of the Settlement Agreement remains unchanged.
47
4Excelsior
Matter
On
March 18, 2019, Excelsior Nutrition, Inc. ("4Excelsior"), a manufacturer of MusclePharm products, filed an action against
the Company in the Superior Court of the State of California for the County of Los Angeles, claiming approximately $6.2 million in damages
relating to allegedly unpaid invoices, as well as approximately $7.8 million in consequential damages.
On
December 16, 2020, the Company and 4Excelsior entered into a Settlement Agreement and Mutual Release ("the Agreement"), pursuant
to which the parties resolved and settled the civil action pending in the Superior Court of the State of California for the County of
Los Angeles (the "Litigation"). The parties agreed to a mutual general release of claims and to jointly file within 10 business
days of the effective date of the Agreement a stipulation and proposed order of dismissal, dismissing with prejudice all claims and counterclaims
asserted in the Litigation. The Company agreed to pay $4.75 million (the "Settlement Amount") in four monthly payments of
$70,000, beginning January 5, 2021, and thereafter in monthly payments of $100,000 until the Settlement Amount is fully paid. The Company
may prepay all or any portion of the Settlement Amount at any time without penalty or premium. The Agreement provides that, in the event
of a Default (as defined in the Agreement) by the Company, the entire outstanding balance of the Settlement Amount will become immediately
due and payable, plus accrued interest at a rate of 18% per annum, commencing from the date of default.
The
Company determined that approximately $1.1 million of the Settlement Amount was due within a year, and this amount was recorded in "Accrued
and other liabilities" in the consolidated balance sheets. The present value of the remaining Settlement Amount that was due after
a year was $1.6 million, and the amount was recorded in "Other long-term liabilities" in the consolidated balance sheets.
The Company made payments of $0.3 million and $0.2 million during the three months ended March 31, 2022 and 2021, respectively.
The
table below summarizes accrued expenses and interest expense incurred in for the three months ended March 31, 2022 and 2021 (in thousands):
Cases
Accrued
                                            Amount as of
March
                                            31, 2022
Accrued
                                            Amount as of
December
                                            31, 2021
Interest
                                            Expense for Period Ending
March
                                            31, 2022
Interest
                                            Expense for Period Ending
March
                                            31, 2021
Manchester
    City Football Group
$
730
$
730
$
(18
)
$
(18
)
Nutrablend
    Matter
1,248
2,318
(55
)
(64
)
4Excelsior
    Matter
2,715
3,597
(77
)
(98
)
ThermoLife
    International
1,364
1,364
(22
)
(22
)
Total
$
6,057
$
8,009
$
(172
)
$
(202
)
Corporate
Information
Our
principal executive offices are located at 6728 W. Sunset Rd., Suite 130, Las Vegas, NV. We were incorporated in the State of Nevada
on August 4, 2006. Our Internet addresses are
www.musclepharm.com
and
www.musclepharmcorp.com.
The information contained
on our websites is not incorporated by reference herein.
Available
Information
We
post the following filings on our website as soon as reasonably practicable after they are electronically filed with or furnished to
the SEC: our Annual Report on Form 10-K, our quarterly reports on Form 10-Q, our current reports on Form 8-K and any amendments to those
reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as amended. All such filings are available free of
charge on the Investor Relations section of our website, or from the SEC's website at www.sec.gov. Information on our website does
not constitute part of this report. Also available on the Investor Relations section of our website are the charters of the committees
of our Board, as well as our corporate governance guidelines and code of ethics.
48
MANAGEMENT
T
he
following table sets forth the names, positions
and ages of our directors and executive officers as of the date of this report.
Name
Age
Position
Ryan
    Drexler
51
Chief
    Executive Officer and Chair of the Board of Directors
Sabina
    Rizvi
54
President
    Chief Financial Officer and Director
Michael
    Heller
47
Director
Paul
    Karr
66
Director
Biographical
information concerning the directors and executive officers listed above is set forth below:
Ryan
Drexler
Ryan
Drexler was appointed to serve as our Chief Executive Officer and President on November 18, 2016. Prior to that, Mr. Drexler served as
our Interim Chief Executive Officer, President and Chairman of the Board of Directors since March 15, 2016. Mr. Drexler has served as
Chairman of our Board of Directors since August 26, 2015. Mr. Drexler is currently the Chief Executive Officer of Consac, LLC ("Consac"),
a privately held firm that invests in the securities of publicly-traded and venture-stage companies. Previously, Mr. Drexler served as
President of Country Life Vitamins, a family-owned nutritional supplements and natural products company that he joined in 1993. In addition
to developing strategic objectives and overseeing acquisitions for Country Life, Mr. Drexler created new brands that include the BioChem
family of sports and fitness nutrition products. Mr. Drexler negotiated and led the process which resulted in the sale of Country Life
in 2007 to the Japanese conglomerate Kikkoman Corp. Mr. Drexler graduated from Northeastern University, where he earned a B.A. in political
science. Because of his experience in running and developing nutritional supplement companies, we believe that Mr. Drexler is well qualified
to serve on our Board of Directors.
Sabina
Rizvi
Sabina
Rizvi was appointed to serve as our President and Chief Financial Officer on April 5, 2021. Subsequently, she was appointed as a member
of the Board of Directors on June 9, 2022. Previously, Ms. Rizvi held multiple C-suite roles at Yum! Brands, with increasing responsibility
including CFO of the Canadian and Thailand business units and President and General Manager of Pizza Hut Thailand, where she oversaw
significant growth of the brand. Most recently, she was Chief Operating Officer, Yum! Digital and Technology, playing an instrumental
role in leveraging technology to transform the customer experience. Ms. Rizvi graduated from University of Windsor, Canada with a Master
of Business Administration and completed her Honors Bachelor of Mathematics from University of Waterloo, Canada.
Michael
Heller
Michael
Heller joined our Board of Directors as an independent director in January 2021 and is chair of the Compensation Committee, a member
of the Audit Committee and Chair of the Nominating & Corporate Governance Committee. Mr. Heller is Principal of Talent Resources
Holdings since January 2020, a global digital marketing agency recognized as a leader in developing and producing influencer based social
media campaigns, providing holistic marketing solutions to brands and full service, social platform management to talent and businesses.
Mr. Heller was the founder and has been Chief Executive Officer of Talent Resources since January 2005. Mr. Heller holds a Bachelor of
Arts degree from the Gallatin School of Individualized Study at New York University, and a Juris Doctor from Cardozo School of Law. Because
of his significant marketing perspective and experience with expanding brand awareness, we believe that Mr. Heller is well qualified
to serve on our Board of Directors.
Paul
Karr
Paul
Karr joined our Board of Directors as an independent director on June 1, 2021. Mr. Karr serves as Chairman of the Audit Committee and
is a member of the Compensation and Nominating and Governance Committees. Mr. Karr is a Certified Public Accountant and consults with
middle market firms as a Director with CFO Consulting Partners, a position he has held since August 2018. Prior to that, he served at
AIG as Deputy Corporate Controller from September 2014 to July 2016 and North America Controller, Property Casualty from November 2012
to September 2014. His experience includes senior leadership roles in finance and controllership, addressing financial reporting, issue
resolution and internal controls also includes American Express, General Electric, and Bristol-Myers Squibb. He has served on the Board
of Directors of LG Nortel, a $500 million joint venture in Korea, and has worked with numerous audit committees and boards. Mr. Karr
began his career at Deloitte & Touche where he was an audit partner in the Chicago and National offices. He has degrees in Accountancy
– BS (High Honors) and Master of Accounting Science – from the University of Illinois at Urbana-Champaign. Based on his experience
in accounting, financial reporting and auditing matters, we believe Mr. Karr is well qualified to serve on our Board of Directors
49
Family
Relationships
There
are no family relationships among any of our executive officers or directors.
Arrangements
between Officers and Directors
Except
as set forth herein, to our knowledge, there is no arrangement or understanding between any of our officers or directors and any other
person pursuant to which the officer or director was selected to serve as an officer or director.
Involvement
in Certain Legal Proceedings
We
are not aware of any of our directors or officers being involved in any legal proceedings in the past ten years relating to any matters
in bankruptcy, insolvency, criminal proceedings (other than traffic and other minor offenses), or being subject to any of the items set
forth under Item 401(f) of Regulation S-K.
Code
Of Business Ethics
Our
Board of Directors established a Code of Business Ethics applicable to our officers and employees. The Code of Business Ethics is accessible
on our website at www.musclepharmcorp.com. If we make any substantive amendments to the Code of Conduct or grant any waiver, including
any implicit waiver, from a provision of the Code of Conduct to our officers, we will disclose the nature of such amendment or waiver
on our website or in a current report on Form 8-K.
Corporate
Governance Overview
Our
business, assets and operations are managed under the direction of our Board of Directors. Members of our Board of Directors are kept
informed of our business through discussions with our Chief Executive Officer, our external counsel, members of management and other
Company employees as well as our independent auditors, and by reviewing materials provided to them and participating in meetings of the
Board of Directors and its committees.
Our
corporate governance program features the following:
●
a
    Board of Directors that is nominated for election annually;
●
Charters
    for each of the Boards committees, which clearly establish the roles and responsibilities of each such committee;
●
regular
    executive sessions among our non-employee and independent directors;
●
a
    Board of Directors that enjoys unrestricted access to our management, employees and professional advisers;
●
a
    Code of Conduct, Insider Trading Policy, Corporate Communications Policy and Corporate Governance Guidelines; and
●
no
    board member is serving on an excessive number of public company boards.
50
Board
Committees
Our
Board of Directors has established an Audit Committee, a Compensation Committee, Nominating & Corporate Governance Committee and,
each of which have the composition and responsibilities described below. Members serve on these committees until their resignations or
until otherwise determined by our Board of Directors. The Board of Directors has further determined that Messrs. Karr and Heller, chair
and member, respectively, of the Audit Committee of the Board of Directors, are each an "Audit Committee Financial Expert,"
as such term is defined in Item 407(d)(5) of Regulation S-K promulgated by the SEC, by virtue of their relevant experience listed in
their respective biographical summaries provided above in the section entitled "Executive Officers and Directors." Each of
our committees have a written charter. Current copies of the Charters of the Audit Committee, Compensation Committee, and Nominating
& Corporate Governance Committee are available on our website at www.musclepharmcorp.com/MSLP/corporate_governance. As necessary,
the Board of Directors may establish special committees to address issues not directly under the governance of the established committees.
Audit
Committee
The
Audit Committee reviews the work of our internal accounting and audit processes and the Independent Registered Public Accounting Firm.
The Audit Committee has sole authority for the appointment, and oversight of our Independent Registered Public Accounting Firm and to
approve any significant non-audit relationship with the Independent Registered Public Accounting Firm. The Audit Committee is also responsible
for preparing the report required by the rules of the SEC to be included in our annual proxy statement. The Audit Committee is currently
comprised of Mr. Heller and Mr. Karr. The Company's Board of Directors has determined that Mr. Karr is an "Audit Committee
financial expert" within the meaning of Item 407 of Regulation S-K. Additionally, Mr. Karr serves as chair of the Audit Committee.
Each of Messrs. Karr and Heller are independent for Audit Committee purposes, as determined under Exchange Act rules. Mr. Heller joined
the Audit Committee in January 2021 and Mr. Karr joined the Audit Committee in June 2021. During 2021, the Audit Committee held four
meetings.
Compensation
Committee
The
Compensation Committee approves our goals and objectives relevant to compensation, stays informed as to market levels of compensation
and, based on evaluations submitted by management, recommends to our Board of Directors compensation levels and systems for the Board
of Directors and our officers that correspond to our goals and objectives. The Compensation Committee also produces an annual report
on executive compensation for inclusion in our proxy statement. The Compensation Committee is currently comprised of Mr. Heller, as chair,
and Mr. Karr, as a member. Mr. Karr joined the Compensation Committee in June 2021 and Mr. Heller joined in January 2021.
Nominating
& Corporate Governance Committee
The
Nominating & Corporate Governance Committee is responsible for recommending to our Board of Directors individuals to be nominated
as directors and committee members. This includes evaluation of new candidates as well as evaluation of current directors. In evaluating
the current directors, the Nominating & Corporate Governance Committee conducted a thorough self-evaluation process, which included
the use of questionnaires and a third-party expert that interviewed each of the directors and provided an analysis of the results of
the interviews to the committee. This committee is also responsible for developing and recommending to the Board of Directors our corporate
governance guidelines, as well as reviewing and recommending revisions to the guidelines on a regular basis. The Nominating & Corporate
Governance Committee is currently comprised of Mr. Karr as a member and Mr. Heller, as the chair. During 2021 the Nominating & Corporate
Governance Committee held no meetings.
51
Board
of Directors Role in Risk Management
The
Board of Directors oversees an enterprise-wide approach to risk management, designed to support the achievement of organizational objectives,
including strategic objectives, to improve long-term organizational performance and enhance stockholder value. Risk management includes
not only understanding company specific risks and the steps management implements to manage those risks, but also the level of risk acceptable
and appropriate for us. Management is responsible for establishing our business strategy, identifying and assessing the related risks
and implementing appropriate risk management practices. Our Board of Directors reviews our business strategy and management's assessment
of the related risk and discusses with management the appropriate level of risk for us. For example, the Board of Directors meets with
management at least quarterly to review, advise and direct management with respect to strategic business risks, risks related to our
new product development and financial risks, among others. The Board of Directors also delegates oversight to Board committees to oversee
selected elements of risk.
The
Audit Committee oversees financial risk exposures, including monitoring the integrity of our financial statements, internal controls
over financial reporting, and the independence of our Independent Registered Public Accounting Firm. The Audit Committee reviews periodic
internal controls and related assessments from our finance department. The Audit Committee also assists the Board of Directors in fulfilling
its oversight responsibility with respect to compliance matters and meets at least quarterly with our finance department, Independent
Registered Public Accounting Firm and internal or external legal counsel to discuss risks related to our financial reporting function.
In addition, the Audit Committee ensures that our business is conducted with the highest standards of ethical conduct in compliance with
applicable laws and regulations by monitoring our Code of Business Conduct and our Corporate Compliance Hotline, and the Audit Committee
discusses other risk assessment and our risk management policies periodically with management.
The
Compensation Committee participates in the design of the compensation program and helps create incentives that do not encourage a level
of risk-taking behavior that is inconsistent with our business strategy.
The
Nominating & Corporate Governance Committee oversees governance-related risks by working with management to establish corporate governance
guidelines applicable to us, and making recommendations regarding director nominees, the determination of director independence, Board
of Directors leadership structure and membership on Board committees.
52
EXECUTIVE
COMPENSATION
Overview
We
are eligible to take advantage of the rules applicable to a "smaller reporting company," as defined in the Exchange Act,
for the three months ended March 31, 2022. As a "smaller reporting company" we are permitted, and have opted, to comply with
the scaled back executive compensation disclosure rules applicable to a "smaller reporting company" under the Exchange Act.
Only three individuals served as executive officers, as defined in Rule 3b-7 under the Exchange Act, during the three months ended March
31, 2022. The following discussion relates to the compensation of those executive officers, who we refer to as our "named executive
officers" or "NEOs" in this prospectus. During the three months ended March 31, 2022, our NEOs were:
●
Ryan
    Drexler – Chief Executive Officer and Chairman of the Board of Directors
●
Sabina
    Rizvi – President and Chief Financial Officer
Our
executive compensation program is designed to attract, motivate and retain talented executives that will drive Company growth and create
long-term shareholder value. The Compensation Committee oversees and administers our executive compensation program, with input and recommendations
from our Chief Executive Officer.
Elements
of Executive Compensation
Our
executive compensation program has three main components: base salary, cash bonuses and incentive equity awards. Our named executive
officers also receive employee benefits that are made available to our salaried employees generally, are eligible to receive certain
compensation and benefits in connection with a change in control or termination of employment, and receive certain perquisites, in each
case, as described below.
Base
Salary
The
Compensation Committee determines the initial base salary for each of our named executive officers and each year determines whether to
approve any base salary adjustments based upon the Company's performance, the named executive officer's individual performance,
changes in duties and responsibilities of the named executive officer and the recommendations of our Chief Executive Officer (other than
with respect to his own base salary).
Cash
Bonuses
Pursuant
to their employment agreements, each of our named executive officers was eligible to earn a cash bonus, with a target amount established
by the Compensation Committee, based on the achievement of specified performance goals. Mr. Drexler was eligible to receive cash bonuses
of up to $0.4 million based on the achievement of specified performance goals. See below for cash bonus amounts set forth in the "Summary
Compensation Table" below.
Incentive
Equity Awards
Incentive
equity awards granted by the Company have historically been in the form of restricted stock awards. The Company also has granted stock
options from time to time. The Compensation Committee believes that equity-based awards can be an effective retention tool that also
align our executives' interests with those of our stockholders. In 2020, none of our named executive officers were granted equity-based
awards.
Employment
Agreements
We
maintained employment agreements with Mr. Drexler and Ms. Rizvi. that include certain severance and change in control payments. These
agreements are described under "Narrative Disclosure to Summary Compensation Table" below.
53
Employee
Benefit Plans and Perquisites
We
maintain a 401(k) Savings/Retirement Plan for eligible employees of the Company and certain affiliates, including our named executive
officers. The 401(k) Plan permits eligible employees to defer up to the maximum dollar amount allowed by law. The employee's elective
deferrals are immediately vested upon contribution to the 401(k) Plan. We currently make discretionary matching contributions to the
401(k) Plan in an amount equal to 100% of each eligible employee's deferrals up to 4% of his or her qualifying compensation, subject
to a total employer contribution maximum of $19,000 and limits imposed by applicable law. We do not maintain any other defined benefit,
defined contribution or deferred compensation plans for our employees.
Our
named executive officers are eligible to participate in all of our employee benefit plans, such as medical, dental, vision, group life
and disability insurance, in each case on the same basis as other employees, subject to applicable law. We also provide vacation and
other paid holidays to all employees, including our executive officers. In addition, we provide certain highly-compensated employees,
including our named executive officers, with life insurance and supplemental long-term disability coverage. We also provide certain perquisites,
as described and quantified in the Summary Compensation Table below under "All Other Compensation."
Summary
Compensation Table
The
following summary compensation tables sets forth all compensation awarded to, earned by, or paid to our named executive officers for
2021 and 2020, in respect of their employment with the Company.
Name
    and Principal Position
Year
Salary
($)
Bonus
($)
Stock
Awards
($)
Option
    Awards ($)
All
    Other Compensation ($)
(4)
Total
    ($)
Ryan
    Drexler
(1) (4)
2021
$
1,166,667
416,667
-
-
56,483
$
1,639,817
Chief
    Executive Officer and Chairman of the Board
2020
$
750,000
-
-
-
984
$
750,984
Sabina
    Rizvi
(2) (3)
2021
$
315,341
-
-
724,393
$
1,039,734
President
    and Chief Financial Officer
2020
$
-
-
-
-
-
$
-
Allen
    Sciarillo
2021
$
94,019
25,000
-
-
-
$
119,019
2020
$
194,167
50,000
-
-
6,501
$
250,668
Brian
    Casutto
2021
$
-
-
-
-
-
$
-
Executive
    Vice President of Sales and Operations
2020
$
151,587
-
-
-
162,384
$
313,971
(1)
For
    information regarding certain transactions between Mr. Drexler and the Company, see Note 10 to the consolidated financial statements.
    Mr. Drexler's 2021 bonus included the payout $217,000 of deferred compensation in 2021.
(2)
Sabina
    Rizvi was appointed to serve as President and Chief Financial Officer in April 2021.
(3)
Relates
    to the fair value of options issued to Sabina Rizvi under the 2021 Omnibus Equity Incentive Plan ("2021 Plan").
(4)
The
    Board of Directors approved $49,483 for Mr. Drexler's moving expenses as well as $7,000 per month for rental home until home
    purchase.
(5)
Amounts
    under All Other Compensation for 2021 include employee benefits and certain perquisites, as described above.
Employment
Agreements
As
used below, the terms "without cause," "good reason," "qualifying sale," "aggregate purchase
price," "performance bonus," "cash-based incentives," and "change in control" are defined in
the applicable agreements.
54
Mr.
Drexler
We
entered into an employment agreement with Mr. Drexler on February 11, 2016, which has subsequently been amended and restated, most recently
effective as of February 1, 2019. Subject to earlier termination as provided therein, the term of his agreement runs through February
1, 2021 and automatically renews for successive one-year terms thereafter, unless either party provides at least three months'
written notice of its or his intention
not to renew.
Under his employment agreement, Mr. Drexler was entitled to a base salary of $700,000 for 2019, which was increased to $750,000 per year
effective January 1, 2020, in each case, subject to increase by the board. For 2019, Mr. Drexler was
eligible
to receive cash-based incentives of up to $250,000 based on the achievement of specified performance goals.
There was no specified
performance goal in 2020. Under his amended and restated employment agreement, Mr. Drexler is also
eligible
to receive additional cash-based incentives of up to $350,000, based on the achievement of specified performance goals.
Concurrently
with entering into the amended and restated employment
agreement
in February 2018, We entered
into a transaction bonus agreement with Mr. Drexler, which provides
that, upon the occurrence of a qualifying sale, and provided that at the time of the qualifying sale Mr. Drexler is an owner of at least
20% of our shares, Mr. Drexler will be entitled to a transaction bonus equal to 10% of the aggregate purchase price if such price is
in excess of $50 million. Mr. Drexler is entitled to this transaction bonus regardless of whether the qualifying transaction occurs during
his employment or at any time thereafter.
If
Mr. Drexler's employment is terminated for any reason, each equity award granted to him will fully vest and he will be entitled
to any unpaid performance bonus or cash-based incentives (as described above), to the extent earned as of the date of such termination,
in addition to any amounts required by law or our policies. In addition, if Mr. Drexler's employment is terminated by us without
cause or by Mr. Drexler for good reason prior to (but not in connection with) a qualifying sale, Mr. Drexler will be entitled to receive
(i) 12 months of base salary continuation, (ii) up to 12 months of subsidized COBRA premiums, and (iii) a lump sum payment of the performance
bonus for the year his employment terminates. If Mr. Drexler's employment is terminated by us without cause or by Mr. Drexler for
good reason within 12 months following (or prior to, but in connection with or anticipation of) a qualifying sale
,
Mr. Drexler will be entitled to receive, in lieu of the amounts described in the preceding sentence, (i)
a
lump sum payment equal to 200% of his annual base salary, (ii) up to 18 months' of subsidized COBRA premiums, and (iii) a lump
sum payment equal to 200% of the performance bonus for the year his employment terminates.
The severance payable to Mr. Drexler
on a termination of his employment by us without cause or by Mr. Drexler for good reason is subject to his execution (and non-revocation)
of a release of claims in our favor.
Under
the employment agreement, Mr. Drexler agreed to certain restrictions on solicitation of employees, which continue for 12 months following
the termination of his employment, if his employment is terminated due to disability, by him for good reason or by us with or without
cause, due to expiration of the employment period by notice of non-renewal or due to termination of his employment upon a notice of termination.
The employment agreement also contains restrictions with respect to disclosure of the Company's confidential information.
Ms.
Rizvi
We
entered into an employment agreement with Ms. Rizvi on April 5, 2021. Under her employment agreement, Ms. Rizvi is entitled to a base
salary of $450,000 per year. In addition, Ms. Rizvi is eligible to receive cash bonuses based on performance criteria to be adopted by
the Compensation Committee, under her employment agreement, Ms. Rizvi is also entitled to customary employee benefits. Upon joining the
Company Ms. Rizvi was given incentive compensation that included 2% of the sales price of the Company should we be sold. In December
2021, this incentive was terminated. Ms. Rizvi was issued an option to purchase 1,811,000 shares of our common stock, the details of
which are discussed below in "
Outstanding Equity Awards at Year End
".
Outstanding
Equity Awards at Year En
d
As
of March 31, 2022 there was one outstanding equity award with our named executive officers. On December 21, 2021, we entered into an
agreement under the 2021 Plan with Sabina Rizvi to issue an option to purchase 1,811,000 shares of our common stock, exercisable at a
price of $0.40. The estimated fair value of this grant is $724,393 and was determined by using the Black-Scholes option pricing model
with a term of 7 years; annual volatility rate of 208%; discount rate of 1.39%; and 0% for dividend rate. The fair value of option is
recognized over the requisite vesting period. Upon issuance of this option, the previous incentive compensation discussed above was terminated
and all related stock compensation expense recorded in 2021 was reversed.
55
Director
Compensation
Non-Employee
Director Compensation Arrangements
During
the year ended December 31, 2021, our non-employee directors earned annual cash retainer fees of $75,000 each.
All
cash retainers are prorated for partial years of service. We pay annual cash retainer fees to our non-employee directors quarterly. We
also reimburse our non-employee directors for their travel and out of pocket expenses.
During the years ended December 31, 2021 and December
31, 2020, no additional compensation was awarded to our employee-directors for their services as a member of the Board of Directors.
Our directors do not receive board meeting fees.
There
    was no restricted stock units awarded to directors in 2021 or 2020.
56
SECURITY
OWNERSHIP OF BENEFICIAL OWNERS AND MANAGEMENT
The following table sets forth information with respect
to the beneficial ownership of shares of our common stock as of May 10, 2022  by (i) each person known to beneficially own
more than 5% of our outstanding common stock, (ii) each of our directors, (iii) each of our named executive officers and
(iv) all of our directors and named executive officers as a group. Except as otherwise indicated, the persons named in the table below
have sole voting and investment power with respect to all shares beneficially owned, subject to community property laws, where applicable.
Shares Beneficially Owned
Common Stock
Name
    of Beneficial Owner
(1)
Shares
%
(2)
Directors and Named Executive Officers
Ryan Drexler
[34,533,456
]
(3)
50.13
%
Sabina Rizvi
1,811,000
(4)
5.01
%
Paul Karr
—
—
Michael Heller
—
—
All Named Executive Officers and Directors as a Group (4 persons)
35,163,802
54.27
%
5% or Greater Stockholders
*
Represents
    less than 1%.
(1)
The
    address of each person is c/o MusclePharm Corporation, 6728 W. Sunset Rd., Suite 130, Las Vegas, NV 89119, USA unless otherwise indicated
    herein.
(2)
The calculation in this column is based upon 34,348,891
shares of common stock outstanding on May 10, 2022. Beneficial ownership is determined in accordance with the rules of the SEC and generally
includes voting or investment power with respect to the subject securities. Shares of common stock that are currently exercisable or
convertible within 60 days of May 10, 2022 are deemed to be beneficially owned by the person holding such securities for the purpose
of computing the percentage beneficial ownership of such person, but are not treated as outstanding for the purpose of computing the
percentage beneficial ownership of any other person.
(3)
Includes 16,154,795 shares of the Company's common stock issuable
upon conversion of notes and [1,499,408] shares of the Company's common stock held indirectly through Consac LLC, to which Mr. Drexler
is the Chief Executive Officer..
(4)
Includes option to purchase 1,811,000 shares of the
    Company's common stock.
57
Securities
Authorized For Issuance Under Equity Compensation Plans
The
following table shows information regarding our equity compensation plans, as of March 31, 2022.
PLAN
    CATEGORY
Number
    of securities
to be issued upon
exercise of outstanding options
Weighted
    average
exercise price of outstanding options
Number
    of securities remaining
available for future issuance
under equity compensation
plans
Equity
    compensation plans approved by security holders:
2015
    Incentive Compensation Plan
171,703
$
1.89
576,494
2021
    Omnibus Equity Incentive Plan
(1)
1,811,000
$
0.40
(1
)
Equity
    compensation plans not approved by security holders
-
-
-
Total
(1)
The
    2021 Omnibus Equity Incentive plan defines the number of shares of Common Stock that are reserved and available for issuance pursuant
    to Awards granted under the Plan shall be equal to the sum of (i) 5,876,554 shares, plus (ii) the number of shares of Common Stock
    reserved, but unissued under the Prior Plan; (iii) the number of shares of Common Stock underlying forfeited awards under the Prior
    Plan; and (iv) an annual increase on the first day of each calendar year beginning with the first January 1 following the Effective
    Date and ending with the last January 1 during the initial ten-year term of the Plan, equal to the lesser of (A) five percent (5%)
    of the Shares outstanding (on an as-converted basis, which shall include Shares issuable upon the exercise or conversion of all outstanding
    securities or rights convertible into or exercisable for Shares, including without limitation, preferred stock, warrants and employee
    options to purchase any Shares) on the final day of the immediately preceding calendar year and (B) such lesser number of Shares
    as determined by the Board;
provided
,
that
, shares of Common Stock issued under the Plan with respect to an Exempt
    Award shall not count against such share limit. Following the Effective Date, no further awards shall be issued under the Prior Plan,
    but all awards under the Prior Plan which are outstanding as of the Effective Date (including any Grandfathered Arrangement) shall
    continue to be governed by the terms, conditions and procedures set forth in the Prior Plan and any applicable Award Agreement.
58
CERTAIN
RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
Related-Party
Refinanced Convertible Note
On
August 21, 2020, the Company entered into a refinancing agreement with Mr. Ryan Drexler, the Company's Chairman of the Board of
Directors, Chief Executive Officer and President (the "2020 Refinancing"), with an effective date of July 1, 2020. As part
of the 2020 Refinancing, the Company issued to Mr. Drexler an amended and restated convertible secured promissory note (the 2020 "Refinanced
Convertible Note") in the original principal amount of $2.7 million which amended and restated (i) a convertible secured promissory
note dated as of November 8, 2017, $1.1 million of which was outstanding as of July 1, 2020 (ii) a collateral receipt and security agreement
with Mr. Drexler dated as of December 27, 2019, $0.3 million of which was outstanding as of July 1, 2020, and (iii) a secured revolving
promissory note dated as of October 4, 2019, $1.3 million of which was outstanding as of July 1, 2020. The $2.7 million 2020 Refinanced
Convertible Note bears interest at the rate of 12% per annum.
The
2020 Refinanced Convertible Note contains customary restrictions on the ability of the Company to, among other things, grant liens or
incur indebtedness other than certain obligations incurred in the ordinary course of business. The restrictions are also subject to certain
additional qualifications and carveouts, as set forth in the 2020 Refinanced Convertible Note. The 2020 Refinanced Convertible Note is
subordinated to certain other indebtedness of the Company held by Prestige Capital Finance, LLC, as successor by merger to Prestige
Capital Corporation (together, "Prestige") and Crossroads Financial Group, LLC ("Crossroads"). The
Company may prepay the 2020 Refinanced Convertible Note by giving Mr. Drexler between 15- and 60-days' notice depending upon the
specific circumstances, subject to Mr. Drexler's conversion right. Mr. Drexler may convert the outstanding principal and accrued
interest into shares of the Company's common stock at a conversion price equal to or greater than (i) the closing price per share
of the common stock on the last business day immediately preceding November 1, 2020 or (ii) $0.17.
All
outstanding principal and accrued but unpaid interest under the 2020 Refinanced Convertible Note were due and payable on November 1,
2020. The Note was in default on that date and the Company agreed with Mr. Drexler to amend the 2020 Refinancing by the end of November
2020. Interest accrued but unpaid, totaling $26,000 was capitalized on the due date and added to the principal amount of the 2020 Refinanced
Convertible Note.
On
November 29, 2020, the Company entered into a refinancing agreement with Mr. Ryan Drexler, (the "November 2020 Refinancing"),
in which the Company issued to Mr. Drexler a convertible secured promissory note (the November 2020 "Convertible Note") in
the original principal amount of $2.9 million, which amended and restated a convertible secured promissory note dated as of August 21,
2020. The $2.9 million November 2020 Convertible Note bears interest at the rate of 12% per annum. Unless earlier converted or repaid,
all outstanding principal and any accrued but unpaid interest under the November 2020 Convertible Note shall be due and payable on July
1, 2021. Any interest not paid when due shall be capitalized and added to the principal amount of the November 2020 Convertible Note
and bear interest on the applicable interest payment date along with all other unpaid principal, capitalized interest, and other capitalized
obligations.
Mr.
Drexler may, at any time, and from time to time, upon written notice to the Company, convert the outstanding principal and accrued interest
into shares of Common Stock, at a conversion price of $0.23 per share. At the election of the Company, one-sixth of the interest may
be paid in kind ("PIK Interest") by adding such amount to the principal amount of the note, or through the issuance of shares
of the Company's common stock to Mr. Drexler. The PIK Interest is convertible to common stock at the closing price per share on
the last business day of each calendar quarter. In no event will the conversion price of such PIK Interest be less than $0.10. The Company
may prepay the Note by giving Mr. Drexler between 15- and 60-days' notice depending upon the specific circumstances, subject to
Mr. Drexler's conversion right. The Company intends to pay all interest due on the Convertible Note to Mr. Drexler at the end of
each calendar quarter.
The
November 2020 Convertible Note contains customary restrictions on the ability of the Company to, among other things, grant liens or incur
indebtedness other than certain obligations incurred in the ordinary course of business. The restrictions are also subject to certain
additional qualifications and carveouts, as set forth in the November 2020 Convertible Note. The November 2020 Convertible Note is subordinated
to certain other indebtedness of the Company held by Prestige and the Senior Notes.
59
Related
Party Secured Revolving Promissory Note
On
October 15, 2020, the Company entered into a secured revolving promissory note (the "Revolving Note") with Ryan Drexler.
Under the terms of the Revolving Note, the Company can borrow up to $3.0 million. The Revolving Note bears interest at the rate of 12%
per annum. The funds were used for the purchase of whey protein and other general corporate purposes. Both the outstanding principal,
if any, and all accrued interest under the Revolving Note were due on March 31, 2021.
On
August 13, 2021, the Company issued to Ryan Drexler (the "Holder") a convertible secured promissory note (the "August
2021 Convertible Note") in the original principal amount of $2.5 million and cancelled the Revolving Note.
The
August 2021 Convertible Note bears interest at the rate of 12% per annum. Interest payments are due on the last day of each calendar
quarter. At the Company's option (as determined by its independent directors), the Company may repay up to one sixth of any interest
payment by either adding such amount to the principal amount of the August 2021 Convertible Note or by converting such interest amount
into an equivalent amount of the Company's common stock, $0.001 par value per share (the "Common Stock"). Any interest
not paid when due shall be capitalized and added to the principal amount of the August 2021 Convertible Note and bear interest on the
applicable interest payment date along with all other unpaid principal, capitalized interest, and other capitalized obligations. Both
the principal and any accrued but unpaid interest under the August 2021 Convertible Note will be due on July 14, 2022, unless converted
or repaid earlier.
The
Holder may, at any time, and from time to time, upon written notice to the Company, convert the outstanding principal and accrued interest
into shares of Common Stock, at a conversion price equal to the closing price of the common stock on October 15, 2021. The Company may
prepay the August 2021 Convertible Note by giving the Holder between 15 and 60 days' notice depending upon the specific circumstances,
subject to the Holder's conversion right.
The
August 2021 Convertible Note contains customary events of default, including, among others, the failure by the Company to make a payment
of principal or interest when due. Following an event of default, at the option of the Holder and upon written notice to the Company,
or automatically under certain circumstances, all outstanding principal and accrued interest will become due and payable. The August
2021 Convertible Note also contains customary restrictions on the ability of the Company to, among other things, grant liens or incur
indebtedness other than certain obligations incurred in the ordinary course of business. The restrictions are also subject to certain
additional qualifications and carveouts, as set forth in the August 2021 Convertible Note. The August 2021 Convertible Note is subordinated
to certain other indebtedness of the Company held by Prestige and the Senior Notes.
The
revolver balance of March 31, 2022 and December 31, 2021 was zero.
Related
Party Financing
On
March 8, 2022, the Company entered into an Unsecured Revolving Promissory Note (the "Note") with the Chairman of the Board
and Chief Executive Officer of the Company (the "Lender"). The Company expects to initially borrow approximately $3 million
under the Note. Under the terms of the Note, proceeds may be used solely to finance the production of orders from its largest customer
or any of its affiliates or subsidiaries. The Note does not contain a cap on borrowings thereunder. However, further advances under the
Note are at the discretion of the Lender. Outstanding balances under the Note accrue interest at the rate of 18% per annum. Prior to
maturity, the Company generally may pay down principal balances and re-borrow under the Note, subject to the discretion of the Lender
to advance funds under the Note. The Note contains customary events of default and acceleration provisions.
The
Note is subordinate to the 14% Original Issue Discount Senior Secured Notes previously issued by the Company. Under the terms of the
First Amendment to Intercreditor and Subordination Agreement, dated as of March 8, 2022, between the Company, Ryan Drexler and Empery
Tax Efficient, LP (the "Amendment"), principal but not interest due under the Note generally may be repaid out of payments
received by the Company in respect of accounts receivable financed pursuant to the Note.
60
Review,
Approval or Ratification of Transactions with Related Parties
We
have a written related person transactions policy that our executive officers, directors, nominees for election as a director, beneficial
owners of more than 5% of our common stock, and any members of the immediate family of and any entity affiliated with any of the foregoing
persons, are not permitted to enter into a material related person transaction with us without the review and approval of our Audit Committee,
or a committee composed solely of independent directors in the event it is inappropriate for our Audit Committee to review such transaction
due to a conflict of interest. The policy provides that any request for us to enter into a transaction with an executive officer, director,
nominee for election as a director, beneficial owner of more than 5% of our common stock or with any of their immediate family members
or affiliates, in which the amount involved exceeds $0.12 million will be presented to our Audit Committee for review, consideration
and approval.
In
approving or rejecting any such proposal, we expect that our Audit Committee will consider the relevant facts and circumstances available
and deemed relevant to the Audit Committee, including, but not limited to, whether the transaction is on terms no less favorable than
terms generally available to an unaffiliated third party under the same or similar circumstances and the extent of the related persons
interest in the transaction.
Director
Independence
The
rules of Nasdaq generally require that a majority of the members of a listed company's Board of Directors be independent. In addition,
the listing rules generally require that, subject to specified exceptions, each member of a listed company's audit, compensation,
and governance committees be independent. Although we are an over-the-counter listed company, we have nevertheless opted under our Corporate
Governance Guidelines to comply with certain Nasdaq corporate governance rules requiring director independence. The Board of Directors
has determined that all of the Company's directors, other than Mr. Drexler, are each independent director as such term is defined
in Nasdaq Marketplace Rule 5605(a)(2). Additionally, when our director nominee commences their service on our Board of Directors at the
time of effectiveness of the registration statement of which this prospectus is a part, a majority of our Board of Directors will
be independent.
Our Compensation, Nominating and Corporate Governance, and Audit committees are comprised solely of independent directors.
Audit
Committee members must also satisfy the independence criteria set forth in Rule 10A-3 under the Exchange Act. In order to be considered
independent for purposes of Rule 10A-3, a member of an audit committee of a listed company may not, other than in his or her capacity
as a member of the audit committee, the Board of Directors, or any other board committee: accept, directly or indirectly, any consulting,
advisory, or other compensatory fee from the listed company or any of its subsidiaries; or be an affiliated person of the listed company
or any of its subsidiaries.
Our
Board of Directors has determined that none of our non-employee directors has a relationship that would interfere with the exercise of
independent judgment in carrying out the responsibilities of a director and that each of these directors is independent as that term
is defined under the rules of Nasdaq. Our Board of Directors has also determined that directors who comprise our Audit Committee, Compensation
Committee, and our Nominating and Corporate Governance Committee satisfy the independence standards for those committees established
by applicable SEC rules, Nasdaq rules and applicable rules of the Internal Revenue Code of 1986, as amended.
61
DESCRIPTION
OF SECURITIES
The
following description of the Company's capital stock is based upon the Company's Articles of Incorporation, as amended ("Articles
of Incorporation"), the Company's Amended and Restated By-Laws ("By-laws") and applicable provisions of law.
We have summarized certain portions of the Articles of Incorporation and By-laws below. The summary is not complete and is subject to,
and is qualified in its entirety by express reference to, the provisions of the Articles of Incorporation and By-laws, each of which
is filed as an exhibit to registration statement of which this prospectus is a part.
Authorized
Stock
As
of the date hereof, the Company's authorized capital stock consist of 100,000,000 shares of common stock, par value $0.001 per
share and 10,000,000 shares of preferred stock, par value $0.001 per share.
Issued
and Outstanding Stock
As
of May 10, 2022, 34,348,891 shares of common stock were issued and outstanding. The outstanding shares of the Company's common
stock are duly authorized, validly issued, fully paid and nonassessable. As of the date hereof, no shares of preferred stock were issued
and outstanding.
Dividend
Rights
Dividends
upon the capital stock of the Company, subject to the provisions of the Articles of Incorporation, if any, may be declared by the Company's
Board of Directors (the "Board of Directors") at any regular or special meeting, pursuant to law. Dividends may be paid in
cash, in property or in shares of capital stock, subject to the provisions of the Articles of Incorporation.
Rights
Upon Liquidation
Subject
to compliance with the provisions of the Nevada Revised Statutes, the powers of the Board of Directors shall include the power to make
a liquidating distribution of the assets, and wind up the affairs of the Company.
Upon
liquidation, dissolution or winding up of the Company's affairs, the holders of the Company's common stock are entitled to
share ratably in the Company's assets that are legally available for distribution, after payment of all debts, other liabilities
and subject to prior distribution rights of the Company's preferred stock, if any, then outstanding.
Conversion,
Redemption and Preemptive Rights
Holders
of the Company's common stock have no conversion, redemption, preemptive or similar rights.
Voting
Rights
Each
outstanding share of the Company's common stock is entitled to one vote at all meetings of stockholders.
Every
stockholder having the right to vote shall be entitled to vote in person, or by proxy. Except as provided by applicable law, rule or
regulation, when a quorum is present at any meeting of the stockholders, any action by the stockholders on a matter except the election
of directors shall be approved if approved by the majority of the votes cast. No stockholder shall have cumulative voting rights.
Directors
are elected by the majority of the votes cast at which a quorum is present,
provided,
however,
that, in the case of a director nominee in a Contested Election, the Board of Directors,
in its sole discretion, may determine that directors shall be elected by a plurality of the votes cast in any Contested Election. For
purposes of these By-laws, a "
Contested Election
" means an election of directors
with respect to which the Board of Directors determines that the number of nominees exceeds the number of directors to be elected.
62
Listing
and Transfer Agent
The
Company's common stock is quoted on the Pink Open Market which is operated by the OTC Markets Group, under the symbol "MSLP."
The Company's transfer agent is Equiniti Trust Company.
Anti-Takeover
Provisions
Nevada
Revised Statutes
Acquisition
of Controlling Interest Statutes
.
Nevada's
"acquisition of controlling interest" statutes contain provisions governing the acquisition of a controlling interest in
certain Nevada corporations. These "control share" laws provide generally that any person that acquires a "controlling
interest" in certain Nevada corporations may be denied certain voting rights, unless a majority of the disinterested stockholders
of the corporation elects to restore such voting rights. These statutes provide that a person acquires a "controlling interest"
whenever a person acquires shares of a subject corporation that, but for the application of these provisions of the Nevada Revised Statutes,
would enable that person to exercise (1) one-fifth or more, but less than one-third, (2) one-third or more, but less than a majority
or (3) a majority or more, of all of the voting power of the corporation in the election of directors.
Once
an acquirer crosses one of these thresholds, shares which it acquired in the transaction taking it over the threshold and within the
90 days immediately preceding the date when the acquiring person acquired or offered to acquire a controlling interest become "control
shares" to which the voting restrictions described above apply. The Articles of Incorporation and By-laws currently contain no
provisions relating to these statutes, and unless the Articles of Incorporation or By-laws in effect on the tenth day after the acquisition
of a controlling interest were to provide otherwise, these laws would apply to the Company if the Company were to (i) have 200 or more
stockholders of record (at least 100 of which have addresses in the State of Nevada appearing on the Company's stock ledger) and
(ii) do business in the State of Nevada directly or through an affiliated corporation.
If
these laws were to apply to the Company, they might discourage companies or persons interested in acquiring a significant interest in
or control of the Company, regardless of whether such acquisition may be in the interest of the Company's stockholders.
Combinations
with Interested Stockholders Statutes
.
Nevada's
"combinations with interested stockholders" statutes prohibit certain business "combinations" between certain
Nevada corporations and any person deemed to be an "interested stockholder" for two years after the such person first becomes
an "interested stockholder" unless (i) the corporation's board of directors approves the combination (or the transaction
by which such person becomes an "interested stockholder") in advance, or (ii) the combination is approved by the board of
directors and sixty percent of the corporation's voting power not beneficially owned by the interested shareholder, its affiliates
and associates. Furthermore, in the absence of prior approval certain restrictions may apply even after such two-year period.
For
purposes of these statutes, an "interested stockholder" is any person who is (x) the beneficial owner, directly or indirectly,
of ten percent or more of the voting power of the outstanding voting shares of the corporation, or (y) an affiliate or associate of the
corporation and at any time within the two previous years was the beneficial owner, directly or indirectly, of ten percent or more of
the voting power of the then outstanding shares of the corporation. The definition of the term "combination" is sufficiently
broad to cover most significant transactions between the corporation and an "interested stockholder". Subject to certain
timing requirements set forth in the statutes, a corporation may elect not to be governed by these statutes. The Company has not included
any such provision in the Articles of Incorporation.
The
effect of these statutes may be to potentially discourage parties interested in taking control of the Company from doing so if it cannot
obtain the approval of the Board of Directors.
Articles
of Incorporation and By-laws Provisions
The
Articles of Incorporation and By-laws contain provisions that could have the effect of discouraging potential acquisition proposals or
tender offers or delaying or preventing a change in control, including changes a stockholder might consider favorable. In particular,
the Articles of Incorporation and By-laws among other things:
●
permit
                                            the Board of Directors to alter the By-laws without stockholder approval; and
●
provide
                                            that vacancies on the Board of Directors may be filled by a majority of directors in office,
                                            although less than a quorum.
Such
provisions may have the effect of discouraging a third-party from acquiring the Company, even if doing so would be beneficial to the
Company's stockholders. These provisions are intended to enhance the likelihood of continuity and stability in the composition
of the Board of Directors and in the policies formulated by them, and to discourage some types of transactions that may involve an actual
or threatened change in control of the Company. These provisions are designed to reduce the Company's vulnerability to an unsolicited
acquisition proposal and to discourage some tactics that may be used in proxy fights. The Company believes that the benefits of increased
protection of the Company's potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire
or restructure the Company outweigh the disadvantages of discouraging such proposals because, among other things, negotiation of such
proposals could result in an improvement of their terms.
However,
these provisions could have the effect of discouraging others from making tender offers for the Company's shares that could result
from actual or rumored takeover attempts. These provisions also may have the effect of preventing changes in the Company's management.
63
UNDERWRITING
Roth
Capital Partners, LLC is acting as representative of the underwriters. Subject to the terms and conditions of an underwriting agreement
between us and the representative, we have agreed to sell to each underwriter named below, and each underwriter named below has severally
agreed to purchase, at the public offering price less the underwriting discounts set forth on the cover page of this prospectus, the
number of shares of Common Stock listed next to its name in the following table:
Underwriter
Number
Shares of
Common
Stock
Roth
    Capital Partners, LLC
Total
The
underwriting agreement provides that the obligations of the underwriters to pay for and accept delivery of the shares of Common Stock
offered by this prospectus are subject to various conditions and representations and warranties, including the approval of certain legal
matters by their counsel and other conditions specified in the underwriting agreement. The shares of Common Stock are offered by the
underwriters, subject to prior sale, when, as and if issued to and accepted by them. The underwriters reserve the right to withdraw,
cancel or modify the offer to the public and to reject orders in whole or in part. The underwriters are obligated to take and pay for
all of the shares of Common Stock offered by this prospectus if any such shares of Common Stock are taken, other than those shares of
Common Stock covered by the over-allotment option described below.
We
have agreed to indemnify the underwriters against specified liabilities, including liabilities under the Securities Act, and to contribute
to payments the underwriters may be required to make in respect thereof.
Over-Allotment
Option
We
have granted a 45-day option to the representative of the underwriters to purchase up to              additional shares of our Common Stock at a public
offering price of $ per share, solely to cover over-allotments, if any. The underwriters may exercise this option for days from the date
of this prospectus solely to cover sales of shares of Common Stock by the underwriters in excess of the total number of shares of Common
Stock set forth in the table above. If any of these additional shares are purchased, the underwriters will offer the additional shares
on the same terms as those on which the shares are being offered.
Discounts
and Commissions; Expenses
The
underwriters propose initially to offer the shares of Common Stock to the public at the public offering price set forth on the cover
page of this prospectus and to dealers at those prices less a concession not in excess of $ per share of Common Stock. If all of the
shares of Common Stock offered by us are not sold at the public offering price, the underwriters may change the offering price and other
selling terms by means of a supplement to this prospectus.
The
following table shows the public offering price, underwriting discounts and commissions and proceeds before expenses to us. The information
assumes either no exercise or full exercise of the over-allotment option we granted to the representative of the underwriters.
Per
    Share
Total
    Without
Over-allotment
Option
Total
    With
Over-allotment
Option
Public
    offering price
$
$
$
Underwriting
    discount (7%)
$
$
$
Proceeds,
    before expenses, to us
$
$
$
64
We
have agreed to reimburse certain expenses of the underwriters relating to this offering as set forth in the underwriting agreement, including
the fees and expenses of the underwriter's legal counsel. However, the maximum amount we have agreed to reimburse the underwriter
for their accountable expenses will not exceed $        .
Our
total estimated expenses of the offering, including registration, filing and listing fees, printing fees and legal and accounting expenses,
but excluding underwriting discounts and commissions, are approximately $        .
Lock-Up
Agreements
Pursuant
to "lock-up" agreements, we, our executive officers and directors, and certain holders of 5% or more of the outstanding shares
of Common Stock, have agreed, without the prior written consent of the representative not to directly or indirectly, offer to sell, sell,
pledge or otherwise transfer or dispose of any of shares of our Common Stock (or enter into any transaction or device that is designed
to, or could be expected to, result in the transfer or disposition by any person at any time in the future of our Common Stock), enter
into any swap or other derivatives transaction that transfers to another, in whole or in part, any of the economic benefits or risks
of ownership of shares of our Common Stock, make any demand for or exercise any right or cause to be filed a registration statement,
including any amendments thereto, with respect to the registration of any shares of Common Stock or securities convertible into or exercisable
or exchangeable for Common Stock or any other securities of ours or publicly disclose the intention to do any of the foregoing, subject
to customary exceptions, for a period of 180 days after the date of this prospectus in the case of our directors, executive officers,
the Company and any successor of the Company and 120 days after the date of this prospectus in the case of certain stockholders.
Pricing
of this Offering
The
public offering price for our Common Stock will be determined through negotiations between us and the underwriters. Among the factors
to be considered in these negotiations will be prevailing market conditions, our financial information, market valuations of other companies
that we and the underwriters believe to be comparable to us, estimates of our business potential, the present state of our development
and other factors deemed relevant.
We
offer no assurances that the public offering price of our Common Stock will correspond to the price at which our Common Stock will trade
in the public market subsequent to this offering or that an active trading market for our Common Stock and warrants will develop and
continue after this offering.
Discretionary
Accounts
The
underwriters do not intend to confirm sales of the shares of Common Stock offered hereby to any accounts over which they have discretionary
authority.
Trading;
Nasdaq Capital Market Listing
We
have applied to list our Common Stock on the Nasdaq Capital Market under the symbol "      ." No assurance can be given that our
application will be approved or that a trading market will develop. The listing of our Common Stock on the Nasdaq Capital Market is a
condition to this offering. Our Common Stock is currently traded on the OTC Pink, under the symbol "MSLP." On            , 2022, the
last reported sale price of our Common Stock was $        per share.
Other
From
time to time, certain of the underwriters and/or their affiliates may in the future provide, various investment banking and other financial
services for us for which they may receive customary fees. In the course of their businesses, the underwriters and their affiliates may
actively trade our securities or loans for their own account or for the accounts of customers, and, accordingly, the underwriters and
their affiliates may at any time hold long or short positions in such securities or loans. Except for services provided in connection
with this offering, no underwriter has provided any investment banking or other financial services to us during the 180-day period preceding
the date of this prospectus and we do not expect to retain any underwriter to perform any investment banking or other financial services
for at least 90 days after the date of this prospectus.
65
Price
Stabilization, Short Positions and Penalty Bids
In
connection with this offering, the underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of
our Common Stock. Specifically, the underwriters may over-allot in connection with this offering by selling more shares than are set
forth on the cover page of this prospectus. This creates a short position in our Common Stock for its own account. The short position
may be either a covered short position or a naked short position. In a covered short position, the number of shares of Common Stock over-allotted
by the underwriters is not greater than the number of shares of Common Stock that they may purchase in the over-allotment option. In
a naked short position, the number of shares of Common Stock involved is greater than the number of shares Common Stock in the over-allotment
option. To close out a short position, the underwriters may elect to exercise all or part of the over-allotment option. The underwriters
may also elect to stabilize the price of our Common Stock or reduce any short position by bidding for, and purchasing, Common Stock in
the open market.
The
underwriters may also impose a penalty bid. This occurs when a particular underwriter or dealer repays selling concessions allowed to
it for distributing shares of Common Stock in this offering because the underwriter repurchases the shares of Common Stock in stabilizing
or short covering transactions.
Finally,
the underwriters may bid for, and purchase, shares of our Common Stock in market making transactions, including "passive"
market making transactions as described below.
These
activities may stabilize or maintain the market price of our Common Stock at a price that is higher than the price that might otherwise
exist in the absence of these activities. The underwriters are not required to engage in these activities, and may discontinue any of
these activities at any time without notice. These transactions may be effected on the national securities exchange on which our shares
of Common Stock are traded, in the over-the-counter market, or otherwise.
Indemnification
We
have agreed to indemnify the underwriters against liabilities relating to this offering arising under the Securities Act and the Exchange
Act, liabilities arising from breaches of some or all of the representations and warranties contained in the underwriting agreement,
and to contribute to payments that the underwriters may be required to make for these liabilities.
Electronic
Distribution
This
prospectus in electronic format may be made available on websites or through other online services maintained by one or more of the underwriters,
or by their affiliates. Other than this prospectus in electronic format, the information on any underwriter's website and any information
contained in any other website maintained by an underwriter is not part of this prospectus or the registration statement of which this
prospectus forms a part, has not been approved and/or endorsed by us or any underwriter in its capacity as underwriter, and should not
be relied upon by investors.
Selling
Restrictions
No
action has been taken in any jurisdiction (except in the United States) that would permit a public offering of our Common Stock, or the
possession, circulation or distribution of this prospectus or any other material relating to us or our Common Stock in any jurisdiction
where action for that purpose is required. Accordingly, our Common Stock may not be offered or sold, directly or indirectly, and this
prospectus or any other offering material or advertisements in connection with our Common Stock may be distributed or published, in or
from any country or jurisdiction, except in compliance with any applicable rules and regulations of any such country or jurisdiction.
66
European
Economic Area
In
relation to each member state of the European Economic Area, no offer of shares of our common stock which are the subject of the offering
has been, or will be made to the public in that Member State, other than under the following exemptions under the Prospectus Directive:
(a)
to
    any legal entity which is a qualified investor as defined in the Prospectus Directive;
(b)
to
                                                         fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Directive),
subject to
                                                         obtaining the prior consent of the Representatives for any such offer; or
(c)
in
    any other circumstances falling within Article 3(2) of the Prospectus Directive,
provided
that no such offer of shares of our common stock referred to in (a) to (c) above shall result in a requirement for the Company, the
selling shareholders or any representative to publish a prospectus pursuant to Article 3 of the Prospectus Directive, or supplement a
prospectus pursuant to Article 16 of the Prospectus Directive.
Each
person located in a Member State to whom any offer of shares of our common stock is made or who receives any communication in respect
of an offer of shares of our common stock, or who initially acquires any shares of our common stock will be deemed to have represented,
warranted, acknowledged and agreed to and with each Representative and the Company that (1) it is a "qualified investor"
within the meaning of the law in that Member State implementing Article 2(1)(e) of the Prospectus Directive; and (2) in the case
of any shares of our common stock acquired by it as a financial intermediary as that term is used in Article 3(2) of the Prospectus Directive,
the shares of our common stock acquired by it in the offer have not been acquired on behalf of, nor have they been acquired with a view
to their offer or resale to, persons in any Member State other than qualified investors, as that term is defined in the Prospectus Directive,
or in circumstances in which the prior consent of the Representatives has been given to the offer or resale; or where shares of
our common stock have been acquired by it on behalf of persons in any Member State other than qualified investors, the offer of those
shares of our common stock to it is not treated under the Prospectus Directive as having been made to such persons.
The
Company, the selling shareholders, the representatives and their respective affiliates will rely upon the truth and accuracy of the foregoing
representations, acknowledgments and agreements.
This
prospectus supplement has been prepared on the basis that any offer of shares of our common stock in any Member State will be made pursuant
to an exemption under the Prospectus Directive from the requirement to publish a prospectus for offers of shares. Accordingly any person
making or intending to make an offer in that Member State of shares of our common stock which are the subject of the offering contemplated
in this prospectus supplement may only do so in circumstances in which no obligation arises for the Company, the selling shareholders
or any of the representatives to publish a prospectus pursuant to Article 3 of the Prospectus Directive in relation to such offer. Neither
the Company nor the representatives have authorized, nor do they authorize, the making of any offer of shares of our common stock in
circumstances in which an obligation arises for the Company, the selling shareholders or the Representatives to publish a prospectus
for such offer.
For
the purposes of this provision, the expression an "offer of shares of our common stock to the public" in relation to any
shares of our common stock in any Member State means the communication in any form and by any means of sufficient information on the
terms of the offer and the shares of our common stock to be offered so as to enable an investor to decide to purchase or subscribe the
shares of our common stock, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that
Member State, the expression "Prospectus Directive" means Directive 2003/71/EC (as amended) and includes any relevant implementing
measure in each Member State. The above selling restriction is in addition to any other selling restrictions set out below.
Notice
to Prospective Investors in the United Kingdom
In
addition, in the United Kingdom, this document is being distributed only to, and is directed only at, and any offer subsequently made
may only be directed at persons who are "qualified investors" (as defined in the Prospectus Directive) (i) who have professional
experience in matters relating to investments falling within Article 19 (5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the "Order") and/or (ii) who are high net worth companies (or persons to whom it may otherwise
be lawfully communicated) falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant
persons"). This document must not be acted on or relied on in the United Kingdom by persons who are not relevant persons. In the
United Kingdom, any investment or investment activity to which this document relates is only available to, and will be engaged in with,
relevant persons.
67
Notice
to Prospective Investors in Switzerland
The
shares of our common stock may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange ("SIX")
or on any other stock exchange or regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure
standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing
prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility
in Switzerland. Neither this document nor any other offering or marketing material relating to the shares of our common stock or the
offering may be publicly distributed or otherwise made publicly available in Switzerland.
Neither
this document nor any other offering or marketing material relating to the offering, the Company, the shares of our common stock have
been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the
offer of shares of our common stock will not be supervised by, the Swiss Financial Market Supervisory Authority FINMA (FINMA), and the
offer of shares of our common stock has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes
("CISA"). The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does
not extend to acquirers of shares of our common stock.
Notice
to Prospective Investors in the Dubai International Financial Centre
This
prospectus supplement relates to an Exempt Offer in accordance with the Offered Securities Rules of the Dubai Financial Services Authority
("DFSA"). This prospectus supplement is intended for distribution only to persons of a type specified in the Offered Securities
Rules of the DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying
any documents in connection with Exempt Offers. The DFSA has not approved this prospectus supplement nor taken steps to verify the information
set forth herein and has no responsibility for the prospectus supplement. The shares of our common stock to which this prospectus supplement
relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the shares of our common stock offered
should conduct their own due diligence on the shares of our common stock. If you do not understand the contents of this prospectus supplement
you should consult an authorized financial advisor.
Notice
to Prospective Investors in Australia
No
placement document, prospectus, product disclosure statement or other disclosure document has been lodged with the Australian Securities
and Investments Commission ("ASIC"), in relation to the offering. This prospectus supplement does not constitute a prospectus,
product disclosure statement or other disclosure document under the Corporations Act 2001 (the "Corporations Act"), and does
not purport to include the information required for a prospectus, product disclosure statement or other disclosure document under the
Corporations Act.
Any
offer in Australia of the shares of our common stock may only be made to persons (the "Exempt Investors") who are "sophisticated
investors" (within the meaning of section 708(8) of the Corporations Act), "professional investors" (within the meaning
of section 708(11) of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations
Act so that it is lawful to offer the shares of our common stock without disclosure to investors under Chapter 6D of the Corporations
Act.
The
shares of our common stock applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12
months after the date of allotment under the offering, except in circumstances where disclosure to investors under Chapter 6D of the
Corporations Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer
is pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring shares of our common
stock must observe such Australian on-sale restrictions.
This
prospectus supplement contains general information only and does not take account of the investment objectives, financial situation or
particular needs of any particular person. It does not contain any securities recommendations or financial product advice. Before making
an investment decision, investors need to consider whether the information in this prospectus supplement is appropriate to their needs,
objectives and circumstances, and, if necessary, seek expert advice on those matters.
68
Notice
to Prospective Investors in Hong Kong
The
shares of our common stock have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other
than (a) to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules
made under that Ordinance; or (b) in other circumstances which do not result in the document being a "prospectus" as
defined in the Companies Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that
Ordinance. No advertisement, invitation or document relating to the shares of our common stock has been or may be issued or has been
or may be in the possession of any person for the purposes of issue, whether in Hong Kong or elsewhere, which is directed at, or the
contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws
of Hong Kong) other than with respect to shares of our common stock which are or are intended to be disposed of only to persons outside
Hong Kong or only to "professional investors" as defined in the Securities and Futures Ordinance and any rules made under
that Ordinance.
Notice
to Prospective Investors in Japan
The
shares of our common stock have not been and will not be registered under the Financial Instruments and Exchange Law of Japan (Law No.
25 of 1948, as amended) and, accordingly, will not be offered or sold, directly or indirectly, in Japan, or for the benefit of any Japanese
Person or to others for re-offering or resale, directly or indirectly, in Japan or to any Japanese Person, except in compliance with
all applicable laws, regulations and ministerial guidelines promulgated by relevant Japanese governmental or regulatory authorities in
effect at the relevant time. For the purposes of this paragraph, "Japanese Person" shall mean any person resident in Japan,
including any corporation or other entity organized under the laws of Japan.
Notice
to Prospective Investors in Singapore
This
prospectus supplement has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus
supplement and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of shares
of our common stock may not be circulated or distributed, nor may the shares of our common stock be offered or sold, or be made the subject
of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional
investor under Section 274 of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA"), (ii) to a relevant person
pursuant to Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275,
of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.
Where
the shares of our common stock are subscribed or purchased under Section 275 of the SFA by a relevant person which is:
(a)
a
                                                         corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business
of which is to hold
                                                         investments and the entire share capital of which is owned by one or more individuals,
each
                                                         of whom is an accredited investor; or
(b)
a
                                                         trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each
beneficiary of the
                                                         trust is an individual who is an accredited investor,
securities
(as defined in Section 239(1) of the SFA) of that corporation or the beneficiaries' rights and interest (howsoever described) in
that trust shall not be transferred within six months after that corporation or that trust has acquired the shares of our common stock
pursuant to an offer made under Section 275 of the SFA except:
69
(c)
to
    an institutional investor or to a relevant person defined in Section 275(2) of the SFA, or to any person arising from an offer referred
    to in Section 275(1A) or Section 276(4)(i)(B) of the SFA;
(d)
where
    no consideration is or will be given for the transfer;
(e)
where
    the transfer is by operation of law;
(f)
as
    specified in Section 276(7) of the SFA; or
(g)
as
    specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore.
Notice
to Prospective Investors in Canada
The
shares of our common stock may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors,
as defined in National Instrument 45-106
Prospectus Exemptions
or subsection 73.3(1) of the
Securities Act
(Ontario), and
are permitted clients, as defined in National Instrument 31-103
Registration Requirements, Exemptions and Ongoing Registrant Obligations
.
Any resale of the shares of our common stock must be made in accordance with an exemption from, or in a transaction not subject to, the
prospectus requirements of applicable securities laws.
Securities
legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus
supplement (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised
by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser
should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars
of these rights or consult with a legal advisor.
Pursuant
to section 3A.3 (or, in the case of securities issued or guaranteed by the government of a non-Canadian jurisdiction, section 3A.4) of
National Instrument 33-105
Underwriting Conflicts
(
NI 33-105
), the underwriters are not required to comply with the disclosure
requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.
70
LEGAL
MATTERS
Unless
otherwise indicated, Sheppard, Mullin, Richter & Hampton LLP, New York, New York, will pass upon the validity of the shares of our
common stock to be sold in this offering. Certain legal matters in connection with this offering will be passed upon for the underwriter
by Pryor Cashman LLP.
71
EXPERTS
The consolidated financial statements
of MusclePharm Corporation as of December 31, 2021, and  for the year then ended, included in this prospectus have
been audited by Moss Adams LLP, independent registered public accounting firm, as set forth  in their report which
is included  herein. Such consolidated financial statements have been so included  in reliance upon the report of such
firm (which report expresses an unqualified opinion and includes an explanatory paragraph relating to a going concern uncertainty)
given upon their authority as experts in accounting and auditing.
The
consolidated financial statements of MusclePharm Corporation as of December 31, 2020 and for the year then ended have been audited by
SingerLewak LLP, an independent registered public accounting firm, as stated in their report thereon (which report expresses an unqualified
opinion and includes an explanatory paragraph relating to a going concern matter), and included in this Prospectus and Registration Statement
in reliance upon such report and upon the authority of such firm 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 does not contain all of the information in the registration statement of which this prospectus is a
part and the exhibits to such registration statement. For further information with respect to us the Resale Shares by this prospectus,
we refer you to the registration statement of which this prospectus is a part and the exhibits to such registration statement. Statements
contained in this prospectus as to the contents of any contract or any other document are not necessarily complete, and in each instance,
we refer you to the copy of the contract or other document incorporated by reference or filed as an exhibit to the registration statement
of which this prospectus is a part. Each of these statements is qualified in all respects by this reference.
You
may read and copy the registration statement of which this prospectus is a part, as well as our reports, proxy statements and other information,
at the SEC's Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for more
information about the operation of the Public Reference Room. The SEC maintains an Internet site that contains reports, proxy and information
statements, and other information regarding issuers that file electronically with the SEC, including MusclePharm Corporation The SEC's
Internet site can be found at http://www.sec.gov. You may also request a copy of these filings, at no cost, by writing us at MusclePharm
Corporation, 6728 W. Sunset Rd., Suite 130, Las Vegas, NV 89118 or telephoning us at (800) 859-3010.
We
are subject to the information and reporting requirements of the Exchange Act, and, in accordance with this law, file periodic reports,
proxy statements and other information with the SEC. These periodic reports, proxy statements and other information are available for
inspection and copying at the SEC's public reference facilities and the website of the SEC referred to above. We also maintain
a website at
www.musclepharm.com
and
www.musclepharmcop.com
. You may access these materials free of charge as soon as reasonably
practicable after they are electronically filed with, or furnished to, the SEC. Information contained on 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.
73
INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS
Report of Independent Registered Public Accounting Firm
(Moss Adams LLP, Orange County, California, PCAOB ID: 659)
F-2
Report of Independent Registered Public Accounting Firm
(SingerLewak LLP, Los Angeles, California, PCAOB ID: 00367)
F-4
Consolidated
    Financial Statements (1)
Consolidated Balance Sheets as of December 31, 2021 and 2020
F-5
Consolidated Statements of Operations for the years ended December 31, 2021 and 2020
F-6
Consolidated Statements of Changes in Stockholders' Deficit for the years ended December 31, 2021 and 2020
F-7
Consolidated Statements of Cash Flows for the years ended December 31, 2021 and 2020
F-8
Notes to Consolidated Financial Statements
F-9
Consolidated
    Financial Statements as of March 31, 2022 and for the Three Months Ended March 31, 2022 and 2021
Consolidated Balance Sheets as of March 31, 2022 (unaudited) and December 31, 2021
F-39
Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021 (unaudited)
F-40
Consolidated Statements of Changes in Stockholders' Deficit for the three months ended March 31, 2022 and 2021 (unaudited)
F-41
Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (unaudited)
F-42
Notes
    to Consolidated Financial Statements (unaudited)
(1)
F-43
EXPLANATORY NOTE
The foregoing notes to the consolidated
financial statements have been revised with respect to the number of outstanding warrants, stock options, convertible notes and
total common stock equivalents from those certain items as disclosed in the registrant's Annual Report on Form 10-K/A for the
fiscal year ended December 31, 2021 and in the registrant's Quarterly Report on Form 10-Q for the three months ended March 31,
2022 to correct certain typographical errors.
F-
1
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Shareholders and the Board of Directors of MusclePharm Corporation
Opinion
on the Financial Statements
We
have audited the accompanying consolidated balance sheet of MusclePharm Corporation and subsidiaries (the "Company") as of
December 31, 2021, the related consolidated statements of operations, changes in stockholders' deficit, and cash flows for
the year then ended, and the related notes (collectively referred to as the "consolidated financial statements"). In our
opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company
as of December 31, 2021, and the consolidated results of its operations and its cash flows for the year then ended, in conformity
with accounting principles generally accepted in the United States of America.
Going
Concern Uncertainty
The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed
in Note 1 to the consolidated financial statements, the Company has suffered recurring losses from operations and has a net capital deficiency
that raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are
also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of
this uncertainty.
Basis
for Opinion
These
consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion
on the Company's consolidated financial statements based on our audit. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.
We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audit 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
audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due
to error or fraud, and performing procedures to respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audit provides a reasonable basis for our opinion.
Critical
Audit Matter
The
critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that
was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material
to the consolidated 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 consolidated financial statements, taken as a whole, and we are
not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or
disclosures to which it relates.
As
described in Note 2 to the consolidated financial statements, the Company utilizes various promotional activities, including product
discounts, to generate revenue from contracts with customers. The costs of such activities are recorded as reduction in sales and are
reflected in the transaction price when the related sale takes place. Reserves for trade promotions are established based on the Company's
best estimate of future and existing obligations for products sold as of the balance sheet date. The reserve for trade promotions is
calculated using actual customer sales, actual promotional activities, and forecasted information for amounts earned, but not yet utilized.
One customer accounted for a significant portion of promotional activities during the year ended December 31, 2021. During the year ended
December 31, 2021, revenue was reduced as a result of these various promotional activities with the customer. As of December 31, 2021,
the reserve for trade promotions with the customer was zero.
F-
2
The
                                            primary procedures we performed to address this critical audit matter included:
●
Testing
    management's process for determining the estimated trade promotion contra-asset by performing the following primary procedures
    –
●
Obtaining
    an understanding of management's process for determining the customer specific trade promotions and discounts earned during
    the period and underlying methods and assumptions through inquiries and inspection of contracts and management's calculation.
●
Evaluating
    the amounts of revenues and product discounts included in the estimate calculation to source documents.
●
Evaluating
    the methods used and reasonableness of significant assumptions by performing a look-back assessment to compare the significant assumptions
    used by management to actual customer discounts and projected gross revenue, including testing the completeness and accuracy of the
    underlying data used.
●
Testing credit memos issued during the year ended December
    31, 2021 to test the accuracy of the discounts taken by the customer during the year to reduce net revenue.
●
Developing
    an independent expectation for the balance of the estimate at the end of the year and comparing that independent estimate to management's
    calculation.
●
Testing
    credit memos issued subsequent to the balance sheet date to test completeness of trade promotion and product discounts included in
    management's estimate.
/s/ Moss Adams LLP
Orange
County, California
April
15, 2022
We
have served as the Company's auditor since 2021.
F-
3
REPORT
                                            OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Stockholders and the Board of Directors of MusclePharm Corporation
Opinion
on the Financial Statements
We
have audited the accompanying consolidated balance sheet of MusclePharm Corporation and its subsidiaries (collectively, the "Company")
as of December 31, 2020, the related consolidated statements of operations, comprehensive loss, stockholders' deficit and cash
flows for the year then ended, and the related notes to the financial statement. In our opinion, the financial statements present fairly,
in all material respects, the financial position of the Company as of December 31, 2020, and the results of its operations and its cash
flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.
Going
Concern Matter
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note
1 to the financial statements, the Company has suffered recurring losses from operations, has an accumulated deficit and its total liabilities
exceed its total assets. This raises substantial doubt about the Company's ability to continue as a going concern. Management's
plans in regard to these matters also are described in Note 1. The financial statements do not include any adjustments that might result
from the outcome of this uncertainty.
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 audit. 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 U.S. federal securities laws
and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audit 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 audit,
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
audit 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 audit 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 audit provide
a reasonable basis for our opinion.
/s/
SingerLewak LLP
We
served as the Company's auditor from 2019 to 2021.
Los Angeles, California
March
29, 2021
F-
4
MusclePharm
Corporation
Consolidated
Balance Sheets
(In
thousands, except share and per share data)
December 31,
December 31,
2021
2020
ASSETS
Current assets:
Cash
$
1,223
$
2,003
Accounts receivable, net
6,388
7,488
Inventory
1,830
1,032
Prepaid expenses and other current assets
1,526
1,341
Total current assets
10,967
11,864
Property and equipment, net
5
13
Intangible assets, net
35
356
Operating lease right-of-use assets
203
474
Other assets
—
295
Total Assets
$
11,210
$
13,002
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
17,980
$
14,719
Accrued and other liabilities
5,942
6,194
Obligation under secured borrowing arrangement
6,446
7,098
Line of credit
—
743
Operating lease liability
342
381
Senior notes payable
5,035
—
Convertible notes with a related party
5,330
2,872
Total Current Liabilities
41,075
32,007
Operating lease liability, long term
—
343
Other long term liabilities
2,326
5,071
Total Liabilities
43,401
37,421
Commitments and contingencies (Note 12)
Stockholders' deficit:
Preferred stock,
zero
issued and outstanding
—
—
Common stock, par value of $
0.001
per share;
100,000,000
shares
    authorized,
33,386,200
and
33,980,905
shares issued as of December 31, 2021 and December 31, 2020, respectively; and
33,386,200
and
33,105,284
shares
    outstanding as of December 31, 2021 and December 31, 2020, respectively
32
32
Additional paid-in capital
183,355
178,261
Treasury Stock at Cost,
875,621
shares
(
10,039
)
(
10,039
)
Accumulated deficit
(
205,539
)
(
192,673
)
Total Stockholders' Equity
(
32,191
)
(
24,419
)
Total Liabilities and Stockholders' Equity
$
11,210
$
13,002
The
accompanying notes are an integral part of these Consolidated Financial Statements.
F-
5
MusclePharm
Corporation
Consolidated
Statements of Operations
(In
thousands, except share and per share data)
December 31,
December 31,
2021
2020
Revenue, net
$
50,042
$
64,440
Cost of revenue
44,671
44,831
Gross profit
5,371
19,609
Operating expenses:
Selling and promotion
4,393
3,888
General and administrative
9,891
12,952
Impairment of operating lease right-of-use assets
-
167
Total operating expenses
14,284
17,007
Income (loss) from operations
(
8,913
)
2,602
Other (expense) income:
Loss on settlement of obligations
(
2
)
(
95
)
Gain on settlement of payables
143
1,687
Interest expense
(
5,460
)
(
1,493
)
Other income, net
1,358
465
Income (loss) before provision for income taxes
(
12,874
)
3,166
Benefit for income taxes
(
8
)
(
19
)
Net income (loss)
$
(
12,866
)
$
3,185
Net income (loss) per share, basic
$
(
0.39
)
$
0.10
Net income (loss) per share, diluted supplementaly
$
(
0.39
)
$
0.08
Weighted average shares used to compute net income (loss) per share, basic
33,363,321
32,812,462
Weighted average shares used to compute net income (loss) per share, diluted
33,363,321
41,172,461
The
accompanying notes are an integral part of these Consolidated Financial Statements.
F-
6
MusclePharm
Corporation
Consolidated
Statements of Changes in Stockholders' Deficit
(In
thousands, except share data)
Preferred Stock
Common Stock
Additional Paid-
Treasury
Accumulated
Total Stockholders'
Shares
Amount
Shares
Amount
In Capital
Stock
Deficit
Deficit
Balance - December 31, 2019
—
—
33,000,412
31
177,914
(
10,039
)
(
195,858
)
(
27,952
)
Forfeiture
of unvested restricted
    stock
—
—
(
121,850
)
—
—
—
—
—
Stock-based compensation for issuance and amortization of restricted stock
    awards to employees, executives, and directors
—
—
—
—
144
—
—
144
Issuance of shares for services
—
—
226,722
1
203
—
—
204
Net Income
—
—
—
—
—
—
3,185
3,185
Balance- December 31, 2020
—
—
33,105,284
32
178,261
(
10,039
)
(
192,673
)
(
24,419
)
Stock-based compensation for issuance and amortization of restricted stock
    awards to employees, executives, and directors
—
—
280,916
—
653
—
—
653
Warrants issued with debt offering
—
—
—
—
4,441
—
—
4,441
Net loss
—
—
—
—
—
—
(
12,866
)
(
12,866
)
Balance - December 31, 2021
—
—
33,386,200
$
32
$
183,355
$
(
10,039
)
$
(
205,539
)
$
(
32,191
)
The
accompanying notes are an integral part of these Consolidated Financial Statements.
F-
7
MusclePharm
Corporation
Consolidated
Statements of Cash Flows
(In
thousands)
For the Year Ended
December 31,
2021
2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income/(loss)
$
(
12,866
)
$
3,185
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization of property and equipment
10
145
Amortization of intangible assets
321
320
Bad debt expense
475
172
Gain on disposal of property and equipment
—
(
160
)
Gain on settlement of payables
(
143
)
(
1,687
)
Provision for inventory write down
(
96
)
—
Stock-based compensation
653
144
Stock issued to nonemployees
—
204
Impairment of operating lease right-of-use assets
—
167
Amortization of debt issue cost
368
—
OID Interest
498
—
Amortization of debt discount
1,928
—
Gain on extinguishment of Paycheck Protection Program Loan
(
965
)
—
Changes in operating assets and liabilities:
Accounts receivable, net
625
(
2,852
)
Inventory
(
702
)
3,687
Prepaid expenses and other current assets
480
(
39
)
Right of use asset and other assets
—
549
Accounts payable
3,261
—
Other long-term liabilities
(
1,780
)
—
Accrued and other liabilities
(
109
)
(
4,703
)
Net cash provided by/(used in) operating activities
(
8,042
)
(
868
)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment
(
2
)
(
4
)
Proceeds from disposal of property and equipment
—
222
Net cash provided by/(used in) investing activities
(
2
)
218
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from line of credit
—
1,243
Payments on lines of credit
—
(
3,465
)
Proceeds from secured borrowing arrangement, net of reserves
49,060
46,377
Payments to secured borrowing arrangement, net of fees
(
49,713
)
(
43,722
)
Proceeds from convertible shareholder's loan
2,458
—
Proceeds from issuance of Paycheck Protection Program Loan
—
965
Proceeds from senior notes payable and warrants
7,050
—
Debt issuance costs
(
848
)
—
Repayment of notes payable
(
743
)
(
277
)
Net cash provided by/(used in) financing activities
7,264
1,121
Net increase/(decrease) in cash and cash equivalents
(
780
)
471
Cash and cash equivalents, beginning of period
2,003
1,532
Cash and cash equivalents, end of period
$
1,223
$
2,003
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest
$
3,126
$
1,437
Cash paid for taxes
40
39
The
accompanying notes are an integral part of these Consolidated Financial Statements.
F-
8
MusclePharm
Corporation
Notes
to the Consolidated Financial Statements
(dollars
in thousands, unless otherwise indicated
)
Note
1.
Description of Business
Description
of Business
MusclePharm
Corporation, together with its subsidiaries (the "Company" or "MusclePharm") is a scientifically-driven, performance
lifestyle company that develops, markets and distributes branded sports nutrition products and nutritional
supplements that are manufactured
by the Company's contract manufacturers. The Company's portfolio of recognized brands, including MusclePharm, FitMiss and
MP Combat Energy is marketed and sold globally. As of December 31, 2021, the Company had the following wholly-owned subsidiary which
did not have any operations or assets as of and for the years ended December 31, 2021 or 2020: MusclePharm Canada Enterprises Corp.
In
2021, the Company announced its entrance into the functional energy space with former Rockstar Energy executives. The Company launched
three flavors of MP Combat Energy in September 2021 for domestic distribution and three additional flavors for international distribution.
The Company believes with the launch of its new energy products, reductions in operating costs and continued focus on gross profit and
revenue growth will allow it to ultimately achieve sustained profitability. However, the Company can give no assurances that this will
occur, especially with the cost to launch new energy products along with the recent increase in the cost of protein, which may have a
material impact on the Company's profitability. Additionally, the Company's profitability may be materially impacted by the
ability of the Company's contract manufacturers to meet customers' demands. Although, the Company believes entering the functional
energy space will help to increase sales and gross margin, and reduce exposure to commodity prices, the Company can give no assurances
that this will occur. To manage cash flow, the Company has entered into multiple financing arrangements. The entry into the Energy
Drink business has created a second segment, which is presented in detail in Note 18.
Information
About Our Segments
We
are engaged in global sales of products that fall into two operating segments: Protein Products and Energy Drinks. Information regarding
our operating segments and geographic and product information is contained in Note 18 to these consolidated financial statements.
Going
Concern
The
Company has historically incurred significant losses and experienced negative cash flows since inception. As of December 31, 2021,
the Company had cash of $
1.2
million,
a working capital deficit of $
30.1
million,
a stockholders' deficit of $
32.2
million and an accumulated deficit of $
205.5
million
resulting from recurring losses from operations. As a result of a history of losses and financial condition, there is substantial
doubt about the Company's ability to continue as a going concern.
The
Company's ability to continue as a going concern is dependent upon it generating profits in the future and/or obtaining the necessary
financing to meet its obligations and repay liabilities arising from normal business operations when they come due. The Company is evaluating
different strategies to obtain financing to fund its operations to cover expenses and focus on achieving a level of revenue adequate
to support its current cost structure. Financing strategies may include, but are not limited to, private placements of capital stock,
debt borrowings, partnerships and/or collaborations.
The
Company has been focused on cost containment and improving gross margins by focusing on customers with higher margins, reducing product
discounts and promotional activity, along with reducing the number of SKU's and negotiating improved pricing for raw materials.
In addition, the Company has worked to negotiate lower production costs with its contract manufacturers. Although these steps improved
gross margins through the first quarter of 2021, with the recent increases in commodity prices, primarily protein, the Company's
gross margins have been impacted and will continue to be impacted unless commodity prices return the same levels that were seen in 2020.
F-
9
COVID-19
The
Company's results of operations are affected by economic conditions, including macroeconomic conditions and levels of business
confidence. There continues to be significant volatility and economic uncertainty in many markets and the ongoing COVID-19 pandemic contributes
to that level of volatility and uncertainty and has created economic disruption. The Company is actively managing its business to respond
to the impact. There were no adjustments recorded in the financial statements that might result from the outcome of these uncertainties.
The
ultimate impact of the COVID-19 pandemic on the Company's operations is unknown and will depend on future developments, which are
highly uncertain and cannot be predicted with confidence, including the duration of the COVID-19 outbreak, new information which may
emerge concerning the severity of the COVID-19 pandemic, and any additional preventative and protective actions that governments, or
the Company, may direct, which may result in an extended period of continued business disruption, reduced customer traffic and reduced
operations. Any resulting financial impact cannot be reasonably estimated at this time but may have a material impact on the Company's
business, financial condition and results of operations. Management continues to monitor the business environment for any significant
changes that could impact the Company's operations. The Company has taken proactive steps to manage costs and discretionary spending,
such as remote working and reducing facility related expense.
Note
2.
Summary of Significant Accounting Policies
Basis
of Presentation and Principles of Consolidation
The
accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the
United States ("U.S. GAAP") for financial information and with the instructions to Form 10-K and Regulation S-X. The consolidated
financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and
transactions have been eliminated in consolidation.
Use
of Estimates
The
preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
affect the amounts reported and disclosed in the consolidated financial statements and accompanying notes. Such estimates include, but
are not limited to, allowance for doubtful accounts, revenue discounts and allowances, the valuation of inventory, the calculation of
the Company's effective tax rate and deferred tax assets, valuation of stock based compensation, warrants, the assessment of useful lives, recoverability and valuation of long-lived
assets, likelihood and range
of possible losses on contingencies and present value of lease liabilities. Actual results could differ from those estimates.
Cash
The
Company considers all highly liquid investments purchased with an original maturity of three months or less at the date of purchase and
money market accounts to be cash equivalents. As of December 31, 2021 and 2020, the Company had
no
cash equivalents and all cash amounts
consisted of cash on deposit.
Accounts
Receivable and Allowance for Doubtful Accounts
Accounts
receivable represents trade obligations from customers that are subject to normal trade collection terms and are recorded at the invoiced
amount, net of any sales discounts and allowance for doubtful accounts, and do not typically bear interest. The Company assesses the
collectability of the accounts by taking into consideration the aging of accounts receivable, changes in customer credit worthiness,
general market and economic conditions, and historical experience. Bad debt expenses are recorded as part of "General and administrative"
expenses in the consolidated statements of operations. The Company reserves the receivable balance against the allowance when management
determines a balance is uncollectible. The Company also reviews its customer discounts, and an accrual is made for discounts earned but
not yet utilized at each period end.
F-
10
The
Company performs ongoing evaluations of its customers' financial condition and generally does not require collateral. Some international
customers are required to pay for their orders in advance of shipment. Accounts receivable consisted of the following as of December
31, 2021 and 2020 (in thousands):
As of December 31,
2021
2020
Accounts receivable
$
7,028
$
10,895
Less: allowance for discounts and returns
(
235
)
(
2,525
)
Less: allowance for doubtful accounts
(
405
)
(
882
)
Accounts receivable, net
$
6,388
$
7,488
The
allowance for discounts and returns consisted of the following activity for the years ended December 31, 2021 and 2020 (in thousands):
As of December 31,
2021
2020
Allowance for discounts and returns, beginning balance
$
2,525
$
2,901
Charges against revenues
9,259
17,703
Utilization of Reserve
(
11,549
)
(
18,079
)
Allowance for discounts and returns, ending balance
$
235
$
2,525
Revenue
Recognition
Revenue
is recognized when control of the promised goods is transferred to the Company's customers in an amount that reflects the consideration
the Company expects to be entitled to in exchange for those goods.
a.
Nature
    of Goods
The
Company sells a variety of protein products and energy drinks through a broad distribution platform that includes supermarkets, mass
merchandisers, wholesale clubs, drugstores, convenience stores, home stores, specialty stores and websites and other e-commerce channels,
all of which sell products to consumers.
b.
When
    Performance Obligations are Satisfied
For
performance obligations related to the shipping and invoicing of products, control transfers at the point in time upon which finished
goods are delivered to the Company's customers or when finished goods are picked up by a customer or a customer's carrier,
depending on shipping terms. Once a product has been delivered or picked up by the customer, the customer is able to direct the use of,
and obtain substantially all of the remaining benefits from, the asset. The Company considers control to have transferred upon delivery
or customer receipt because the Company has an enforceable right to payment at that time, the customer has legal title to the asset,
the Company has transferred physical possession of the asset, and the customer has significant risk and rewards of ownership of the asset.
c.
Variable
    Consideration
The
Company conducts extensive promotional activities with its largest customer, primarily through the use of off-list discounts, coupons,
cooperative advertising, periodic price reduction arrangements, and end-aisle and other in-store displays. The costs of such activities
are netted against sales and are recorded over the calendar year, in proportion to sales recorded during that calendar year. The reserves
for sales returns and consumer and trade promotion liabilities are established based on the Company's best estimate of the amounts
necessary to settle future and existing obligations for products sold as of the balance sheet date. To determine the appropriate timing
of recognition of consideration payable to a customer, all consideration payable to customers is reflected in the transaction price at
inception and reassessed routinely.
F-
11
d.
Practical
    Expedients
The
Company expenses incremental direct costs of obtaining a contract (broker commissions) when the related sale takes place, since the amortization
period of the commissions paid for the sale of products is less than a year. These costs are recorded in "Selling and promotion"
expenses in the accompanying consolidated statements of operations. The Company accounts for shipping and handling costs as fulfillment
activities which are therefore recognized upon shipment of the goods.
Shipping
and handling costs related to inbound purchases of raw material and finished goods are included in cost of revenues in the consolidated
statements of operations and capitalized into the value of inventory on the balance sheet. For the years ended December 31, 2021 and
2020, the Company incurred $
1.8
million and $
1.3
million, respectively, of inbound shipping and handling costs. Shipping and handling
costs related to shipments to customers is included in "general and administrative" expense in the consolidated statements
of operations. For the years ended December 31, 2021 and 2020, the Company incurred $
3.1
million and $
2.5
million, respectively, of shipping
and handling costs related to shipments to customers.
The
Company excludes from its revenue any amounts collected from customers for sales (and similar) taxes. During the years ended December
31, 2021 and 2020, the Company recorded discounts, and to a lesser degree, sales returns, totaling $
9.3
million and $
17.7
million, respectively,
which accounted for
16
% and
22
% of gross revenue in each period, respectively.
Disaggregation
of Revenue
The
following shows the disaggregation of revenue by distribution channel for the years ended December 31, 2021 and 2020 (in thousands).
For the Years Ended December 31,
2021
% of Total
2020
% of Total
Distribution Channel
Specialty
$
20,144
40
%
$
26,643
41
%
International
$
15,233
30
%
$
17,862
28
%
FDM
$
14,665
30
%
$
19,935
31
%
Total
$
50,042
100
%
$
64,440
100
%
Concentrations
Financial
instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and accounts receivable.
The Company minimizes its credit risk associated with cash by periodically evaluating the credit quality of its primary financial institution.
The cash balance at times may exceed federally insured limits. Management believes the financial risk associated with these balances
is minimal and has not experienced any losses to date. Significant customers and vendors are those that represent more than 10% of the
Company's net revenue or accounts receivable for each period presented.
During
the year ended December 31, 2021, we had three customers who individually accounted for
38
%,
14
% and
13
% of our net revenue, and one
customer that accounted for
22
% of accounts receivable. During the year ended December 31, 2020, we had three customers who individually
accounted for
41
%,
17
% and
12
% of our net revenue, and one customer that accounted for
61
% of accounts receivable. Sales to our largest
customer are aggregated to present net revenue for their locations worldwide.
F-
12
The
Company uses a limited number of non-affiliated suppliers for contract manufacturing its products. The Company has quality control and
manufacturing agreements in place with its primary manufacturers to ensure consistency in production and quality. The agreements ensure
products are manufactured to the Company's specifications and the contract manufacturers will bear the costs of recalled products
due to defective manufacturing. During the year ended December 31, 2021, the Company had three vendors who individually accounted for
26
%,
19
% and
9
% of net purchases, respectively. During the year ended December 31, 2020, the Company had three vendors who individually
accounted for
25
%,
24
% and
13
% of net purchases.
The
Company has a geographic concentration in the United States, with
70
% and
72
% of revenue from domestic customers during the years ended
December 31, 2021 and 2020, respectively. International customers, primarily in Canada and Asia, comprised
30
% and
28
% for the years
ended December 31, 2021 and 2020, respectively. The Company had sales on all continents, other than Antarctica, and no other country
had sales greater than
5
% of revenue, net.
Inventory
Inventory
consists of finished goods and raw materials used to manufacture the Company's products by one of our contract manufacturers as
of December 31, 2021 and 2020. The Company records charges for obsolete and slow-moving inventory based on the age of the product as
determined by the expiration date or otherwise determined to be obsolete. Products within one year of their expiration dates are considered
for write-off purposes. Inventory write-downs, once established, are not reversed as they establish a new cost basis for the inventory.
Historically, the Company has had minimal returns with established customers. The Company incurred insignificant inventory write-offs
during the years ended December 31, 2021 and 2020. The Company accounts for its inventory on a First-in First-out basis.
Prepaid
Expenses and Other Current Assets
Prepaid
expenses and other current assets consist of various payments the Company has made in advance for goods or services to be received in
the future. These prepaid expenses include legal retainers, giveaways, print advertising, insurance and service contracts requiring up-front
payments.
Property
and Equipment
Property
and equipment are stated at cost less accumulated depreciation. Depreciation is computed on a straight-line basis over the estimated
useful lives of the respective assets. When assets are retired or otherwise disposed, the assets and related accumulated depreciation
are removed, and the resulting gains or losses are recorded in the statement of operations. Repairs and maintenance costs are expensed
as incurred.
The
estimated useful lives of the property and equipment are as follows:
Property
    and Equipment
Estimated
    Useful Life
Furniture,
    fixtures and equipment
3
-
7 years
Manufacturing
    and lab equipment
3
-
5 years
Vehicles
3
-
5 years
Intangible
Assets
Acquired
intangible assets are recorded at estimated fair value, net of accumulated amortization, and costs incurred in obtaining certain trademarks
are capitalized, and are amortized over their related useful lives, using a straight-line basis consistent with the underlying expected
future cash flows related to the specific intangible asset.
Costs
to renew or extend the life of intangible assets are capitalized and amortized over the remaining useful life of the asset. Amortization
expenses are included as a component of "General and administrative" expenses in the consolidated statements of operations.
The estimated useful life of the intangible assets is
7 years
.
F-
13
Impairment
of Long-Lived Assets
Long-lived
assets are reviewed for impairment whenever events or changes in circumstances exist that indicate the carrying amount of an asset may
not be recoverable. When indicators of impairment exist, an estimate of undiscounted future cash flows is used in measuring whether the
carrying amount of the asset or related asset group is recoverable. Measurement of the amount of impairment, if any, is based upon the
difference between the asset's carrying value and estimated fair value. There was
no
impairment for the year ended December 31,
2021. The Company had a $
0.167
million impairment of operating lease right-of-use assets during the year ended December 31, 2020.
Fair
Value
GAAP
defines fair value as the exchange price that would be received from selling an asset or paid to transfer a liability in the principal
or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.
The Company measures its financial assets and liabilities at fair value at each reporting period using an estimated fair value hierarchy
which requires the Company to use observable inputs and minimize the use of unobservable inputs when measuring fair value.
A
financial instrument's classification within the fair value hierarchy is based upon the lowest level of input that is significant
to the fair value measurement. Three levels of inputs may be used to measure fair value:
●
Level
    1 — Observable inputs are unadjusted quoted prices in active markets for identical assets or liabilities;
●
Level
    2 — Observable inputs are quoted prices for similar assets and liabilities in active markets or inputs other than quoted prices
    which are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially
    the full term of the financial instruments; and
●
Level
    3 — Unobservable inputs which are supported by little or no market activity and which are significant to the fair value of
    the assets or liabilities. These inputs are based on the Company's assumptions used to measure assets and liabilities at fair
    value and require significant management judgment or estimation.
The
determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant
to the fair value measurement.
Leases
A
lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified assets for a period of
time in exchange for consideration. An entity controls the use when it has a right to obtain substantially all of the benefits from the
use of the identified asset and has the right to direct the use of the asset. The Company determines if an arrangement is a lease at
contract inception. For all classes of underlying assets, the Company includes both the lease and non-lease components as a single component
and accounts for it as a lease. Lease liabilities are recognized based on the present value of the lease payments over the lease term
at the commencement date.
MusclePharm
calculates and uses the rate implicit in the lease if the information is readily available, or if not available, the Company uses its
incremental borrowing rate in determining the present value of lease payments. Lease right-of-use ("ROU") assets are based
on the lease liability, subject to adjustments, such as lease incentives. The ROU assets also include any lease payments made at or before
the commencement date. MusclePharm excludes variable lease payments in measuring lease assets and lease liabilities, other than those
that depend on an index or a rate or are in substance fixed payments.
The
Company's lease terms include options to extend or terminate the lease when it is reasonably certain that such options will be
exercised. Operating leases are included in "Operating lease right-of-use assets," "Operating lease liability, current"
and "Operating lease liability, long-term" on the consolidated balance sheets. Finance leases are included in "Property
and equipment, net," "Accrued and other liabilities" and "Other long-term liabilities" on the consolidated
balance sheets.
Cost
of Revenue
Cost
of revenue for the Company represents costs directly related to the production, manufacturing and freight-in of the Company's products
purchased from contract manufacturers.
F-
14
Advertising
and Promotion
Our
advertising and promotion expenses consist primarily of digital, print and media advertising, athletic endorsements and sponsorships,
promotional giveaways, trade show events and various partnering activities with our retail partners, and are expensed as incurred.
Share-Based
Payments and Stock-Based Compensation
Share-based
compensation awards, including stock options and restricted stock awards, are recorded at estimated fair value on the applicable awards'
grant date, based on the estimated number of awards that are expected to vest. The grant date fair value is amortized on a straight-line
basis over the time in which the awards are expected to vest, or immediately if no vesting is required. Share-based compensation awards
issued to non-employees for services are also recorded at fair value on the grant date. The fair value of restricted stock awards is
based on the fair value of the stock underlying the awards on the grant date as there is no exercise price.
The
fair value of stock options is estimated using the Black-Scholes option-pricing model. The determination of the fair value of each stock
award using this option-pricing model is affected by the Company's assumptions regarding a number of complex and subjective variables.
These variables include, but are not limited to, the expected stock price volatility over the term of the awards and the expected term
of the awards based on an analysis of the actual and projected employee stock option exercise behaviors and the contractual term of the
awards, and estimated forfeitures. Due to the Company's limited experience with the expected term of options, the simplified method
was utilized in determining the expected option term as prescribed in ASC 718
Compensation – Stock Compensation.
The
Company recognizes stock-based compensation expense over the requisite service period, which is generally consistent with the vesting
of the awards, based on the estimated fair value of all stock-based payments issued to employees and directors that are expected to vest.
Warrants
In
conjunction with the Securities Purchase Agreement ("SPA"), the Company issued
17,355,700
warrants to the senior note holders. The
warrants entitle the holder to purchase one share of the Company's common stock at an exercise price equal to $
.78
per share at any time on or after October
13, 2021 (the "Initial Exercise Date") and on or prior to the close of business on October 13, 2026 the "Termination
Date"). The Company determined that these warrants are free standing financial instruments that are legally detachable and separately
exercisable from the debt instruments. Management also determined that the warrants are puttable for cash upon a fundamental transaction
at the option of the holder and as such required classification as equity pursuant to ASC 470. In accordance with the accounting guidance,
the outstanding warrants are recognized as equity on the balance sheet. The proceeds from the sale of a debt instrument with stock purchase
warrants (detachable call options) shall be allocated to the two elements based on the relative fair values of the debt instrument without
the warrants, and of the warrants themselves at time of issuance. The allocation of the portion of the value resulted in a discount of
the debt instrument. The fair value of the warrants were measured using the Black Scholes option pricing model.
Foreign
Currency
The
functional currency of the Company's foreign subsidiary, MusclePharm Canada, is the Canadian dollar. There are no assets or liabilities
in this foreign subsidiary and therefore, there is no accumulated other comprehensive income recorded. Revenue and expenses are translated
at average exchange rates in effect during the year. Equity transactions are translated using historical exchange rates.
Foreign
currency gains and losses resulting from transactions denominated in a currency other than the functional currency are included in "Interest
income, net" in the consolidated statements of operations.
F-
15
Segments
Historically,
the Company's chief operating decision maker ("CODM") reviews financial information presented on a consolidated basis
for purposes of allocating resources and evaluating financial performance. As such, the Company has had two reporting segments and operating
unit structures. During the fourth quarter of 2021, the Company introduced a functional energy beverages line under the MusclePharm and
FitMiss brands, so the CODM now reviews financial information and makes resource and opportunity decisions on a disaggregated basis with
the functional energy drink business separate from protein products.
Litigation
Estimates and Accruals
In
the normal course of business or otherwise, the Company may become involved in legal proceedings. The Company will accrue a liability
for such matters when it is probable that a liability has been incurred and the amount can be reasonably estimated. When only a range
of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate
than any other amount within the range, the minimum amount in the range is accrued. The accrual for a litigation loss contingency might
include, for example, estimates of potential damages, outside legal fees and other directly related costs expected to be incurred. The
Company provides disclosures for material contingencies when there is a reasonable possibility that a loss or an additional loss may
be incurred. In assessing whether a loss is a reasonable possibility, the Company may consider the following factors, among others: the
nature of the litigation, claim or assessment, available information, opinions or views of legal counsel and other advisors, and the
experience gained from similar cases.
Income
Taxes
Income
taxes are accounted for using the asset and liability method. Income tax expense includes the current tax liability from operations and
the change in deferred income taxes during the year. Interest income, interest expense and penalties associated with income taxes are
reflected in (Benefit) provision for income taxes on the consolidated statements of operations. Deferred tax assets and liabilities are
recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts
of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets
and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences
are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in
income in the period that includes the enactment date.
A
valuation allowance is required to be established unless management determines that it is more likely than not that the Company will
ultimately realize the tax benefit associated with a deferred tax asset.
The
Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income
tax positions are measured at the largest amount that is greater than 50% likely to be realized. Changes in recognition or measurement
are reflected in the period in which the change in judgment occurs.
Recent
Accounting Pronouncements
In
July 2016, the FASB issued ASU No. 2016-13,
Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses
on Financial Instruments
("ASU 2016-13"), which requires the measurement of all expected credit losses of financial assets
held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions
and other organizations will now use forward-looking information to better inform their credit loss estimates. In addition, the ASU amends
the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU
2016-13 is effective for periods beginning after December 15, 2022, and interim periods within those fiscal years. The Company is currently
evaluating the impact this ASU may have on its consolidated financial statements.
In
March 2020, the FASB issued ASU No. 2020-04,
Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform
on Financial Reporting
("ASU 2020-04"). The amendments in this ASU apply only to contracts, hedging relationships, and
other transactions that reference LIBOR or another reference rate that is expected to be discontinued because of reference rate reform.
The amendments in this update provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other
transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments
do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging
relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through
the end of the hedging relationship. The amendments in this ASU are effective for all entities as of March 12, 2020, through December
31, 2022. The Company has not modified any material contracts due to reference rate reform. The Company will continue to evaluate the
impact this guidance will have on its consolidated financial statements for all future transactions affected by reference rate reform
during the time permitted.
F-
16
In
August 2020, the FASB issued ASU No. 2020-06,
Debt - Debt with Conversion and Other Options (Subtopic 470-20)
and
Derivatives
and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40)
. The ASU eliminates the beneficial conversion and cash conversion
accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity's own equity that
are currently accounted for as derivatives because of specific settlement provisions. In addition, the new guidance modifies how particular
convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS computation. This guidance
is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption
is permitted, but not earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years.
The FASB also specified that an entity should adopt the guidance as of the beginning of its annual fiscal year and is not permitted to
adopt the guidance in an interim period. The Company is currently evaluating the impact this ASU may have on its consolidated financial
statements.
In
May 2021, the FASB issued ASU 2021-04,
Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock
Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40)
. The ASU addresses
issuer's accounting for certain modifications or exchanges of freestanding equity-classified written call options. This amendment
is effective for all entities, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years.
Early adoption is permitted. The Company is does not believe adoption of this ASU will have a material impact on its consolidated financial
statements.
In
December 2019, the FASB issued ASU 2019-12,
Income Taxes (Topic 740):
Simplifying the Accounting for Income Taxes, which was expected
to reduce cost and complexity related to the accounting for income taxes. This ASU removes specific exceptions to the general principles
in Topic 740 in U.S. GAAP. It eliminates the need for an organization to analyze whether the following apply in a given period: exception
to the incremental approach for intra-period tax allocation; exceptions to accounting for basis differences when there are ownership
changes in foreign investments; and exception in interim period income tax accounting for year-to-date losses that exceed anticipated
losses. The ASU also simplifies U.S. GAAP for: franchise taxes that are partially based on income; transactions with a government that
result in a step up in the tax basis of goodwill; separate financial statements of legal entities that are not subject to tax; and enacted
changes in tax laws in interim periods. The Company adopted this ASU effective January 1, 2021, with certain provisions applied retrospectively
and other provisions applied prospectively. Adoption of this ASU did not have a material impact to the Company's consolidated balance
sheet, statements of operations, or cash flows.
Reclassifications
Certain
prior period amounts have been reclassified to conform to the current period financial statement presentation, including classification
of certain operating expenses.
F-
17
Note
3.
Inventory
The
components of inventory as of December 31, 2021 and 2020 were as follows (in thousands):
As
    of December 31,
2021
2020
Raw
    Materials
$
694
$
437
Finished
    Goods
1,144
700
Inventory
1,838
1,137
Less:
    inventory write downs
(
8
)
(
105
)
Inventory
$
1,830
$
1,032
Note
4.
Property and Equipment
Property
and equipment consisted of the following as of December 31, 2021 and 2020 (in thousands):
As of December 31,
2021
2020
Furniture, fixtures and Equipment
$
72
$
167
Vehicles
—
39
Property and equipment, gross
72
206
Less: accumulated depreciation
(
67
)
(
193
)
Property and equipment, net
$
5
$
13
Depreciation
expense related to property and equipment was $
0.01
million and $
0.145
million for the years ended December 31, 2021
and 2020, respectively, which is included in "Selling and Promotion" expense in the accompanying consolidated statements
of operations.
Note
5.
Intangible Assets
Intangible
assets consisted of the following (in thousands):
As of December 31, 2021
Gross Value
Accumulated Amortization
Net Carrying Value
Remaining Weighted Average Useful Lives (years)
Amortized Intangible Assets
Brand (apparel rights)
$
2,244
$
(
2,209
)
$
35
0.1
Total
$
2,244
$
(
2,209
)
$
35
As of December 31, 2020
Gross Value
Accumulated Amortization
Net Carrying Value
Remaining Weighted Average Useful Lives (years)
Amortized Intangible Assets
Brand (apparel rights)
$
2,244
$
(
1,888
)
$
356
1.1
Total
$
2,244
$
(
1,888
)
$
356
F-
18
Intangible
asset amortization expense was $
0.3
million and $
0.3
million for the years ended December 31, 2021 and 2020, respectively which is included
in "general and administrative" expense in the accompanying consolidated statements of operations. As of December 31, 2021,
the estimated future amortization expense of intangible assets is as follows (in thousands):
For the Year Ending December 31,
Amount
2022
$
35
Total amortization expense
$
35
Note
6.
Accrued and Other Liabilities
As
of December 31, 2021 and 2020, the Company's accrued and other liabilities consisted of the following (in thousands):
As of December 31,
2021
2020
Accrued professional fees
$
236
$
242
Accrued interest
797
644
Accrued payroll and bonus
695
738
Settlements — short term (Nutrablend and 4Excelsior)
2,104
2,005
Accrued expenses — ThermoLife
1,364
1,364
Accrued and other short-term liabilities
746
1,201
Total Accrued and other liabilities
$
5,942
$
6,194
Note
7.
Leases
The
Company determines if a contract contains a lease when the contract conveys the right to control the use of identified property or equipment
for a period of time in exchange for consideration. Upon identification and commencement of a lease, we establish a right-of-use ("ROU")
asset and a lease liability. ROU assets and lease liabilities are measured and recognized based on the present value of the future minimum
lease payments over the lease term at the commencement date. The Company has elected not to apply ASC 842 to arrangements with lease
terms of 12 months or less.
The
Company has had operating leases for warehouse facilities and office space across the United States. The remaining lease terms for these
leases range from less than
one
to
2
years. The Company also leased manufacturing and warehouse equipment under finance lease arrangements,
which expired at various dates through July 2020. The Company did not extend any leases that expired in 2020.
On
July 24, 2020, the Company entered into a Sublease Agreement with a third-party cosmetics company to sublease the office building in
Burbank, California. The sublease commenced on September 15, 2020 and is in effect through the remainder of the Company's lease
term (September 15, 2020 through September 30, 2022). Rent was abated for the sublease tenant between November 1, 2020 and December 31,
2020.
In
September 2020, the Company assessed its existing leases for impairment as the remaining lease costs exceeded the anticipated sublease
income on these leases. As a result of the impairment analysis, the Company recorded an impairment charge of $
0.167
million.
No
impairment
was determined to exist in 2021.
The
Company has elected the practical expedient to combine lease and non-lease components into a single component for all of its leases.
Fixed lease costs represent the explicitly quantified lease payments prescribed by the lease agreement and are included in the measurement
of the ROU asset and corresponding lease liability.
F-
19
Some
leasing arrangements require variable payments that are dependent on usage, output, or may vary for other reasons, such as insurance
and tax payments. The variable lease payments are not presented as part of the initial ROU asset or lease liability. The Company's
lease agreements do not contain any material restrictive covenants.
The
components of lease cost for operating and finance leases for the year ended December 31, 2021 were as follows (in thousands):
Income Statement Classification
Year Ended December 31, 2021
Year Ended December 31, 2020
Operating lease cost
General and administrative
$
371
$
718
Finance lease cost:
Amortization of right of use asset
General and administrative
-
61
Interest on lease liabilities
General and administrative
-
1
Total finance lease cost
-
62
Variable lease payments
General and administrative
481
318
Sublease income
Interest income expense, net
(
401
)
(
315
)
Total lease cost
$
451
$
783
The
Company had no short-term leases as of December 31, 2021. The Company's leases do not provide an implicit rate; therefore, the
Company uses its incremental borrowing rate based on the information available at the effective date in determining the present value
of future payments for those leases.
The
weighted average discount rate was as follows:
2021
2020
Operating leases
18
%
18
%
Finance leases
0
%
5
%
The
maturities of lease liabilities with leases in effect as of December 31, 2021 were as follows (in thousands):
Operating Lease
2022
$
342
Thereafter
-
Total future undiscounted lease payments
368
Less amounts representing interest
26
Present value of lease liabilities
$
342
F-
20
Note
8.
Interest Expense
For
the years ended December 31, 2021 and 2020, interest expense consisted of the following:
For the Years Ended December 31,
2021
2020
Interest expense, related party
$
(
541
)
$
(
329
)
Interest expense, other
(
1,042
)
202
Interest expense, secured borrowing arrangement
(
1,083
)
(
1,366
)
Amortization of Debt Issue Cost associated with related warrants
(
2,296
)
-
Amortization of Debt Issue Cost - OID
(
498
)
-
Total interest expense
$
(
5,460
)
$
(
1,493
)
Note
9.
Other Income, Net
For
the years ended December 31, 2021 and 2020, "Other income, net" consisted of the following:
For the Years Ended December 31,
2021
2020
Other income - loan forgiveness
$
965
$
-
Foreign currency transaction loss
(
28
)
(
8
)
Other
564
473
Total other income, net
$
1,501
$
465
Note
10 .
Debt
As
of December 31, 2021 and 2020, the Company's debt consisted of the following (in thousands):
As of December 31,
2021
2020
Senior notes payable
$
5,035
$
—
Refinanced convertible note, related party
5,330
2,872
Revolving line of credit, related party
—
743
Obligations under secured borrowing arrangement
6,446
7,098
Notes Payable
210
167
Paycheck Protection Program Loan
—
965
Total Debt
$
17,021
$
11,845
Less: current portion
(
17,021
)
(
10,881
)
Long term debt
$
-
$
964
Senior
Notes Payable
On
October 13, 2021, the Company entered into a Securities Purchase Agreement (the "Securities Purchase Agreement") with certain
institutional investors as purchasers (the "Investors"). Pursuant to the Securities Purchase Agreement, the Company sold,
and the Investors purchased, $
8,197,674
million (the "Purchase Price")
in principal amount of senior notes (the "Senior Notes") and warrants (the "Warrants").
The
Senior Notes were issued with an original issue discount of
14
%, bear no interest and mature after 6 months, on April 13, 2022. To secure
its obligations thereunder and under the Securities Purchase Agreement, the Company has granted a security interest over substantially
all of its assets to the collateral agent for the benefit of the Investors, pursuant to a pledge and security agreement.
The
maturity date of the Senior Notes may be extended to May 28, 2022 if no event of default has occurred and is continuing and cash flows
from operating and investing activities (but not cash flows from financing activities) of the Company and its subsidiaries was positive
for March 2022 and no event of default is reasonably expected to occur on or before April 30, 2022 and the sum of cash flows from operating
and investing activities (but not from financing activities) of the Company and its subsidiaries will be positive for April 2022. The
maturity date of the Senior Notes also may be extended under other circumstances specified therein.
If the maturity date is extended,
interest will accrue on and from April 13, 2022 at 18% per annum until the Senior Notes are paid in full.
The Company is undertaking
various initiatives to improve gross margins to become cash flow positive prior to the maturity of the Senior Notes. These initiatives
include improving cost of goods on certain raw materials., there can be no assurance the Company will be able to successfully implement
such initiatives on a timely basis or at all or that it otherwise will meet the conditions required to extend the Senior Notes. If the
Company is unable to extend the Senior Notes or elects not to do so, the Company will be required to repay the Senior Notes through equity
issuances, additional borrowings, cash flows from operations and/or other sources of liquidity. For additional information, please refer
to "Note 19 – Subsequent Events."
F-
21
The
Warrants are exercisable for five (
5
)
years to purchase
17,355,700
shares of the Company's common stock,
par value $
0.001
per share, at an exercise price of $
0.78
,
subject to adjustment under certain circumstances described in the Warrants. The Warrants have a face value of $
4.4
million which is recorded in Additional Paid-In
Capital.
In
conjunction with the private placement of Senior Notes and Warrants, each of the directors and officers of the Company entered into lock-up
agreements, which prohibit sales of the Common Stock until after April 11, 2022, subject to certain exceptions.
The
issuance of the Senior Notes and Warrants was made in reliance on the exemption provided by Section 4(a)(2) of the Securities Act of
1933, as amended (the "Securities Act"), for the offer and sale of securities not involving a public offering, and
Regulation D promulgated under the Securities Act. In accordance with ASC 470-20-25-2, proceeds from the sale of a debt instrument
with stock purchase warrants (detachable call options) are allocated to the two elements based on the relative fair values of the
debt instrument without the warrants and of the warrants themselves at time of issuance. The portion of the proceeds so allocated to
the warrants shall be accounted for as additional paid-in capital. The remainder of the proceeds shall be allocated to the debt
instrument portion of the transaction.
November
2020 Convertible Note, Related Party
On
November 29, 2020, the Company entered into a refinancing agreement with Mr. Ryan Drexler, (the "November 2020 Refinancing"),
in which the Company issued to Mr. Drexler a convertible secured promissory note (the November 2020 "Convertible Note") in
the original principal amount of $
2.9
million, which amended and restated a convertible secured promissory note dated as of August 21,
2020. The $
2.9
million November 2020 Convertible Note bears interest at the rate of 12% per annum. Unless earlier converted or repaid,
all outstanding principal and any accrued but unpaid interest under the November 2020 Convertible Note shall be due and payable on July
1, 2021. Any interest not paid when due shall be capitalized and added to the principal amount of the November 2020 Convertible Note
and bear interest on the applicable interest payment date along with all other unpaid principal, capitalized interest, and other capitalized
obligations.
Mr.
Drexler may, at any time, and from time to time, upon written notice to the Company, convert the outstanding principal and accrued interest
into shares of Common Stock, at a conversion price of $
0.23
per share. At the election of the Company, one-sixth of the interest may
be paid in kind ("PIK Interest") by adding such amount to the principal amount of the note, or through the issuance of shares
of the Company's common stock to Mr. Drexler. The PIK Interest is convertible to common stock at the closing price per share on
the last business day of each calendar quarter. In no event will the conversion price of such PIK Interest be less than $
0.10
. The Company
may prepay the Note by giving Mr. Drexler between 15-days' and 60-days' notice depending upon the specific circumstances,
subject to Mr. Drexler's conversion right.
The
November 2020 Convertible Note contains customary restrictions on the ability of the Company to, among other things, grant liens or incur
indebtedness other than certain obligations incurred in the ordinary course of business. The restrictions are also subject to certain
additional qualifications and carveouts, as set forth in the November 2020 Convertible Note. The November 2020 Convertible Note is subordinated
to certain other indebtedness of the Company held by Prestige Capital Corporation ("Prestige") and the Senior Notes.
For
the years ended December 31, 2021 and 2020, interest expense related to the related party convertible secured promissory notes was $
0.5
million and $
0.3
million, respectively. During the years ended December 31, 2021 and 2020, interest paid in cash to Mr. Drexler was $
0.466
million and $
0.031
million respectively.
F-
22
Revolving
Line of Credit, Related Party
On
October 15, 2020, the Company entered into a secured revolving promissory note (the "Revolving Note") with Mr. Ryan Drexler.
Under the terms of the Revolving Note, the Company can borrow up to $
3.0
million. The Revolving Note bears interest at the rate of
12
%
per annum. The funds were used for the purchase of whey protein and other general corporate purposes. Both the outstanding principal,
if any, and all accrued interest under the Revolving Note were due on March 31, 2021, which was not paid.
On
August 13, 2021, the Company issued to Ryan Drexler (the "Holder") a convertible secured promissory note (the "August
2021 Convertible Note") in the original principal amount of $
2.5
million, replacing
the Revolving Note.
The
August 2021 Convertible Note bears interest at the rate of
12
% per annum. Interest payments are due on the last day of each calendar
quarter.
At the Company's option (as determined by its independent directors), the Company may repay up to one sixth of any interest
payment by either adding such amount to the principal amount of the August 2021 Convertible Note or by converting such interest amount
into an equivalent amount of the Company's common stock, $
0.001
par value per share (the "Common Stock").
Any interest
not paid when due shall be capitalized and added to the principal amount of the August 2021 Convertible Note and bear interest on the
applicable interest payment date along with all other unpaid principal, capitalized interest, and other capitalized obligations. Both
the principal and any accrued but unpaid interest under the August 2021 Convertible Note will be due on
July 14, 2022
, unless converted
or repaid earlier.
The
Holder may, at any time, and from time to time, upon written notice to the Company, convert the outstanding principal and accrued interest
into shares of Common Stock, at a conversion price equal to the closing price of the common stock on October 15, 2021. The Company may
prepay the August 2021 Convertible Note by giving the Holder between
15
and
60
days' notice depending upon the specific circumstances,
subject to the Holder's conversion right.
The
August 2021 Convertible Note contains customary events of default, including, among others, the failure by the Company to make a payment
of principal or interest when due. Following an event of default, at the option of the Holder and upon written notice to the Company,
or automatically under certain circumstances, all outstanding principal and accrued interest will become due and payable. The August
2021 Convertible Note also contains customary restrictions on the ability of the Company to, among other things, grant liens or incur
indebtedness other than certain obligations incurred in the ordinary course of business. The restrictions are also subject to certain
additional qualifications and carveouts, as set forth in the August 2021 Convertible Note. The August 2021 Convertible Note is subordinated
to certain other indebtedness of the Company held by Prestige Corporation ("Prestige") and the Senior Notes.
The
related party revolving line of credit balance of December 31, 2021 was
zero
and December 31, 2020 was $
0.7
million.
For
the years ended December 31, 2021 and 2020, total related party debt was $
5.3
million and $
6.9
million, respectively.
Obligations
Under Secured Borrowing Arrangement
In
January 2016, the Company entered into a Purchase and Sale Agreement (the "Purchase and Sale Agreement") with Prestige, pursuant
to which the Company agreed to sell and assign, and Prestige agreed to buy and accept, certain accounts receivable owed to the Company
("Accounts"). Under the terms of the Purchase and Sale Agreement, upon the receipt and acceptance of each assignment of Accounts,
Prestige will pay the Company
80
% of the net face amount of the assigned Accounts, up to a maximum total borrowing of $
12.5
million subject
to sufficient amounts of accounts receivable to secure the loan. The remaining
20
% will be paid to the Company upon collection of the
assigned Accounts, less any chargebacks (including chargebacks for any customer amounts that remain outstanding for over 90 days), disputes,
or other amounts due to Prestige. Prestige's purchase of the assigned Accounts from the Company will be at a discount fee which
varies from
0.7
% to
4
%, based on the number of days outstanding from the assignment of Accounts to collection of the assigned Accounts.
In addition, the Company granted Prestige a continuing security interest in and first priority lien upon all accounts receivable, inventory,
fixed assets, general intangibles, and other assets. Prestige will have no recourse against the Company if payments are not made due
to the insolvency of an account debtor within 90 days of invoice date,
with the exception of international
and certain domestic customers
.
On April 10, 2019, the Company and Prestige amended the terms of the agreement. The agreement
was extended until
April 1, 2020
and automatically renews for one (1) year periods unless either party receives written notice of cancellation
from the other, at minimum, thirty (30) days prior to the expiration date thereafter.
F-
23
On
June 14, 2021, Prestige advanced the Company $
1.0
million with a
six
-month term,
15
% interest rate and
2
% accommodation fee.
On
July 26, 2021, Prestige advanced the Company $
1.0
million with a
six
-month term and a
15
% interest rate. In addition, there was an accommodation
fee equal to
1
% of the amount advanced plus
18,750
stock options.
On
October 12, 2021, the June 14, 2021 and July 26, 2021 the total Prestige advance $2.0 million was extended to the date of the termination
of the senior secured note offering, which is in April 2022, and may be extended as discussed above.
For
the years ended December 31, 2021 and 2020, the Company assigned Prestige accounts with an aggregate face amount of approximately $
49.7
million and $
58.0
million, respectively, for which Prestige paid
to the Company approximately $
49.1
million and $
46.4
million, respectively, in cash. During the years
ended December 31, 2021 and 2020, $
49.7
million and $
43.7
million, respectively, was repaid to Prestige,
including fees and interest. As of December 31, 2021 and 2020, we had outstanding borrowings of approximately $
6.4
and $
7.1
million, respectively.
Paycheck
Protection Program Loan
Due
to economic uncertainty as a result of the ongoing pandemic ("COVID-19"), on May 14, 2020, the Company received an aggregate
principal amount of $
964,910
pursuant to the borrowing arrangement ("Note") with Harvest Small Business Finance, LLC ("HSBF")
and agreed to pay the principal amount plus interest at a
1
% fixed interest rate per year, on the unpaid principal balance. The Note
includes forgiveness provisions in accordance with the requirements of the Paycheck Protection Program, Section 1106 of the CARES Act.
The
Note was expected to mature on
May 16, 2025
. Payments were due by November 16, 2020 (the "Deferment Period") and interest
was accrued during the Deferment Period
. However, the Flexibility Act, which was signed into law on June 5, 2020, extended the Deferment
Period to the date that the forgiven amount is remitted by the United States Small Business Administration ("SBA") to HSBF.
On
October 25, 2021, the Company received a letter from HSBF indicating the Company's SBA PPP loan has been forgiven in full by HSBF
and was recorded as a $
964,910
gain on forgiveness of debt located in other income-loan forgiveness..
Note
11.
Warrants
In
conjunction with the Securities Purchase Agreement (SPA), the Company issued
17,355,700
warrants
to the senior note holders. The
warrants entitle the holder to purchase one share of the Company's common stock at an exercise price equal to $
.78
per share at any time on or after October
13, 2021 (the "Initial Exercise Date") and on or prior to the close of business on October 13, 2026 the "Termination
Date"). The Company determined that these warrants are free standing financial instruments that are legally detachable and separately
exercisable from the debt instruments. Management also determined that the warrants are puttable for cash upon a fundamental transaction
at the option of the holder and as such required classification as equity pursuant to ASC 470. In accordance with the accounting guidance,
the outstanding warrants are recognized as equity on the balance sheet. The proceeds from the sale of a debt instrument with stock purchase
warrants (detachable call options) shall be allocated to the two elements based on the relative fair values of the debt instrument without
the warrants, and of the warrants themselves at time of issuance. The allocation of the portion of the value resulted in a discount of
the debt instrument. The fair value of the warrants were measured using the Black Scholes option pricing model.
F-
24
The
assumptions used to measure the fair value of the warrant as of its issuance date were as follows:
Inputs
Warrants Granted
17,355,700
Stock Price
$
0.65
Exercise Price
$
0.78
Term, expected life of options in years
30.00
Volatility
322.8
%
Annual Rate of Quarterly Dividends
0.00
%
Risk Free Interest Rate
0.515
%
Note
12.
Commitments and Contingencies
Contingencies
In
the normal course of business or otherwise, the Company may become involved in legal proceedings. The Company will accrue a liability
for such matters when it is probable that a liability has been incurred and the amount can be reasonably estimated. When only a range
of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate
than any other amount within the range, the minimum amount in the range is accrued. The accrual for a litigation loss contingency might
include, for example, estimates of potential damages, outside legal fees and other directly related costs expected to be incurred. The
Company provides disclosures for material contingencies when there is a reasonable possibility that a loss or an additional loss may
be incurred. In assessing whether a loss is a reasonable possibility, the Company may consider the following factors, among others: the
nature of the litigation, claim or assessment, available information, opinions or views of legal counsel and other advisors, and the
experience gained from similar cases. As of December 31, 2021, the Company was involved in the following material legal proceedings described
below:
Settlements
Manchester
City Football Group
The
Company was engaged in a dispute with City Football Group Limited ("CFG"), the owner of Manchester City Football Group, concerning
amounts allegedly owed by the Company under a sponsorship agreement with CFG (the "Sponsorship Agreement").
In August 2016,
CFG commenced arbitration in the United Kingdom against the Company, seeking approximately $
8.3
million for the Company's purported
breach of the Sponsorship Agreement
.
On
July 28, 2017, the Company approved a Settlement Agreement (the "CFG Settlement Agreement") with CFG effective July 7, 2017.
The CFG Settlement Agreement represents a full and final settlement of all litigation between the parties. Under the terms of the agreement,
the Company agreed to pay CFG a sum of $
3
million, which was recorded as accrued expenses in 2017. The settlement consists of a $
1.0
million payment that was advanced by a related party on July 7, 2017, a $
1.0
million installment paid on July 7, 2018 and a subsequent
$
1.0
million installment payment to paid by July 7, 2019. Of this amount, the Company has remitted $
0.3
million.
F-
25
During
the years ended December 31, 2021 and 2020, the Company recorded a charge of $
75,000
and $
75,000
, respectively. This charge, representing
imputed interest, is included in "Interest expense" in the Company's consolidated statements of operations.
Nutrablend
Matter
On
February 27, 2020, Nutrablend, a manufacturer of MusclePharm products, filed an action against the Company in the United States District
Court for the Eastern District of California, claiming approximately $
3.1
million in allegedly unpaid invoices. These invoices relate
to the third and fourth quarter of 2019, and a liability has been recorded for the related periods.
On
September 25, 2020, the parties successfully mediated the case to a settlement (the "Nutrablend Agreement") and
the Company
agreed to (i) pay approximately $
3.1
million ("Owed Amount") in monthly payments ("Monthly Payments") from September
1, 2020 through June 30, 2023 and (ii) issue monthly purchase orders ("Purchase Orders") at minimum amounts accepted by Nutrablend
.
The
Company agreed to issue Purchase Orders in a combined total amount of at least (i) $
1.5
million from September 1, 2020 through November
30, 2020; (ii) $
1.8
million from December 1, 2020 through February 28, 2021; (iii) $
2.1
million from March 31, 2021 through May 31, 2021;
(iv) $
2.1
million from June 1, 2021 through August 31, 2021; and (v) $
1.4
million from September 1, 2021 through October 30, 2021. Beginning
on November 1, 2021, the Company will be required to issue monthly Purchase Orders to Nutrablend in a minimum amount of $
0.7
million
until the Owed Amount is paid in full to Nutrablend. In the event that the Company pays the Owed Amount in full before September 1, 2021,
it's entitled to a rebate on all completed Purchase Orders. Further, once the monthly payments, and any additional payments that
the Company has made on the Owed Amount, reduce the outstanding balance of the Owed Amount to below $
2.0
million, the Company is eligible
for an extension of a line of credit from Nutrablend in an amount of up to $
3.0
million.
On
July 7, 2021, the Company commenced an action against Nutrablend in the Central District of California, seeking (i) a declaration that
the Nutrablend Agreement purchase order provisions have been terminated due to Nutrablend's failure to provide the Company with
reasonable assurances of its ability to fulfill its purchase orders; (ii) a declaration that approximately $
2.0
million in purchase orders
that the Company placed in July and August 2020 were intended to and do count towards the minimums set forth in the Nutrablend Agreement;
and (iii) damages based on Nutrablend's failure to fulfill purchase orders. The case is ongoing.
As
of December 31, 2021, the Company determined that approximately $
0.991
million of the owed amount was due within
a year, and this amount was recorded in "Accrued and other liabilities" in the consolidated balance sheets. The present value
of the remaining Owed Amount that was due after a year was $
0.502
million
,
and the amount was recorded in "Other long-term liabilities" in the consolidated balance sheets. The Company made payments
of $
1.1
million during the year ended December 31, 2021.
On
September 23, 2021, the Company entered into an Amendment to a Settlement Agreement that was originally entered into on September 25,
2020. Pursuant to the Amended Agreement, the Company is no longer obligated to issue Purchase Orders to Nutrablend as stated in the Settlement
Agreement, which, as stated in the Form 8-K dated September 25, 2020, consisted of at least (i) $
1.5
million from September 1, 2020 through
November 30, 2020; (ii) $
1.8
million from December 1, 2020 through February 28, 2021; (iii) $
2.0
million from March 1, 2021 through May
31, 2021; (iv) $
2.1
million from June 1, 2021 through August 31, 2021; and (v) $
1.4
million from September 1, 2021 through October 30,
2021. The Monthly Payments provision of the Settlement Agreement remains unchanged.
4Excelsior
Matter
On
March 18, 2019, Excelsior Nutrition, Inc. ("4Excelsior"), a manufacturer of MusclePharm products, filed an action against
the Company in the Superior Court of the State of California for the County of Los Angeles, claiming approximately $
6.2
million in damages
relating to allegedly unpaid invoices, as well as approximately $
7.8
million in consequential damages.
F-
26
On
December 16, 2020, the Company and 4Excelsior entered into a Settlement Agreement and Mutual Release ("the Agreement"), pursuant
to which the parties resolved and settled the civil action pending in the Superior Court of the State of California for the County of
Los Angeles (the "Litigation"). The parties agreed to a mutual general release of claims and to jointly file within 10 business
days of the effective date of the Agreement a stipulation and proposed order of dismissal, dismissing with prejudice all claims and counterclaims
asserted in the Litigation. The Company agreed to pay $
4.75
million (the "Settlement Amount") in four monthly payments of
$
70,000
, beginning January 5, 2021, and thereafter in monthly payments of $
100,000
until the Settlement Amount is fully paid. The Company
may prepay all or any portion of the Settlement Amount at any time without penalty or premium. The Agreement provides that, in the event
of a Default (as defined in the Agreement) by the Company, the entire outstanding balance of the Settlement Amount will become immediately
due and payable, plus accrued interest at a rate of
18
% per annum, commencing from the date of default.
The
Company determined that approximately $
1.1
million
of the Settlement Amount was due within a year, and this amount was recorded in "Accrued and other liabilities" in the consolidated
balance sheets. The present value of the remaining Settlement Amount that was due after a year was $
1.8
million, and the amount was recorded in "Other
long-term liabilities" in the consolidated balance sheets. The Company made payments of $
1.1
million during the year ended
December 31, 2021.
ThermoLife
International
In
January 2016, ThermoLife International LLC ("ThermoLife"), a supplier of nitrates to the Company, filed a complaint against
the Company in Arizona state court. ThermoLife alleged that the Company failed to meet minimum purchase requirements contained in the
parties' supply agreement. The court held a bench trial on the issue of damages in October 2019, and on December 4, 2019, the court
entered judgment in favor of ThermoLife and against the Company in the amount of $
1.6
million, comprised of $
0.9
million in damages,
interest in the amount of $
0.3
million and attorneys' fees and costs in the amount of $
0.4
million. The Company recorded $
1.6
million
in accrued expenses in 2018. The Company has filed an appeal and posted bonds in the total amount of $
0.6
million in order to stay execution
on the judgment pending appeal. Of the $
0.6
million, $
0.25
million (including fees) was paid by Mr. Drexler on behalf of the Company.
See "Note 8. Debt" for additional information. The balance of $
0.35
million was secured by a personal guaranty from Mr. Drexler,
while the associated annual fee of $
12,500
has been paid by the Company. On April 27, 2021, the appellate court issued a decision largely
affirming the trial court judgement, except vacating the judgement's $
0.3
million prejudgment interest award and remanding for
a recalculation of prejudgment interest. On May 18, 2021, ThermoLife filed a motion asking the trial court to increase the Company's
appeal bond to the full amount of the judgment, or $
1.9
million, which the Court denied on June 2, 2021.
As
of December 31, 2021, the total amount accrued, including interest, was $
1.9
million. In the interim, the Company filed an appeal and
posted bonds in the total amount of $
0.6
million in order to stay execution on the judgment pending appeal. Of the $
0.6
million, $
0.25
million (including fees) was paid by Mr. Drexler on behalf of the Company. See Note 8 to the accompanying consolidated financial statements
for additional information. The balance of $
0.35
million was secured by a personal guaranty from Mr. Drexler, while the associated fees
of $
12,500
were paid by the Company. The appeal has been fully briefed and is awaiting a decision.
For
the years ended December 31, 2021 and 2020, interest expense recognized on the awarded damages was $
96,815
and $
89,000
, respectfully.
As of December 31, 2021, the Company owed $
1.4
million related to this settlement that is reflected in accrued and other liabilities.
The
Company intends to continue to vigorously pursue its defenses on appeal with the Arizona Supreme Court.
F-
27
White
Winston Select Asset Fund Series MP-18, LLC et al., v MusclePharm Corp., et al., (Nev. Dist. Ct.; Cal. Superior Court; Colorado Dist.
Ct.; Mass. Super. Ct.)
On
August 21, 2018, White Winston Select Asset Fund Series MP-18, LLC and White Winston Select Asset Fund, LLC (together "White Winston")
initiated a derivative action against the Company and its directors (the "director defendants"). White Winston alleges that
the director defendants breached their fiduciary duties by improperly approving the refinancing of three promissory notes issued by the
Company to Mr. Drexler (the "Amended Note") in exchange for $
18.0
million in loans. White Winston alleges that this refinancing
improperly diluted their economic and voting power and constituted an improper distribution in violation of Nevada law. In its complaint,
White Winston sought the appointment of a receiver over the Company, a permanent injunction against the exercise of Mr. Drexler's
conversion right under the Amended Note, and other unspecified monetary damages. On September 13, 2018, White Winston filed an amended
complaint, which added a former executive of the Company, as a plaintiff (together with White Winston, the "White Winston Plaintiffs").
On December 9, 2019, the White Winston Plaintiffs filed a Second Amended Complaint, in which they added allegations relating to the resignation
of the Company's auditor, Plante & Moran PLLC ("Plante Moran"). the Company has moved to dismiss the Second Amended
Complaint. That motion has not yet been fully briefed.
Along
with its complaint, White Winston also filed a motion for a temporary restraining order ("TRO") and preliminary injunction
enjoining the exercise of Mr. Drexler's conversion right under the Amended Note. On August 23, 2018, the Nevada district court
issued an ex parte TRO. On September 14, 2018, the court let the TRO expire and denied White Winston's request for a preliminary
injunction, finding, among other things, that White Winston did not show a likelihood of success on the merits of the underlying action
and failed to establish irreparable harm. Following the court's decision, the Company filed a motion seeking to recoup the legal
fees and costs it incurred in responding to the preliminary injunction motion. On October 31, 2019, the court awarded the Company $
56,000
in fees and costs.
Due
to the uncertainty associated with determining our liability, if any, and due to our inability to ascertain with any reasonable degree
of likelihood, as of the date of this report, the outcome of the trial, the Company has not recorded an estimate for its potential liability.
On
June 17, 2019, White Winston moved for the appointment of a temporary receiver over the Company, citing Plante Moran's resignation.
The court granted White Winston's request to hold an evidentiary hearing on the motion, but subsequently stayed the action pending
the parties' attempts to resolve their dispute. Although the parties have been unable to reach a resolution, the litigation has
not yet resumed. On July 30, 2019, White Winston filed an action in the Superior Court of the State of California in and for the County
of Los Angeles, seeking access to the Company's books and records and requesting the appointment of an independent auditor for
the Company. On February 25, 2021, the court ordered the Company to produce certain documents, denied White Winston's request for
an auditor, and ordered the Company to pay a $
1,500
penalty. On July 20, 2021 the California court awarded White Winston $
93,000
in attorneys'
fees and cost relating to the books-and-records action. The Company paid the amounts due on July 30, 2021, and on August 4, 2021 White
Winston submitted a filing acknowledging that the California court's judgment has been fully satisfied.
On
April 6, 2016, the Internal Revenue Service ("IRS") selected our 2014 Federal Income Tax Return for audit. As a result of
the audit, the IRS proposed certain adjustments with respect to the tax reporting of our former executives' 2014 restricted stock
grants. Due to the Company's current and historical loss position, the proposed adjustments would have no material impact on the
Company's Federal income tax. On October 5, 2016, the IRS commenced an audit of our employment and withholding tax liability for
2014. The IRS contended that the Company inaccurately reported the value of the restricted stock grants and improperly failed to provide
for employment taxes and Federal tax withholding on these grants. In addition, the IRS proposed certain penalties associated with the
Company's filings. On April 4, 2017, the Company received a "30-day letter" from the IRS asserting back taxes and penalties
of approximately $
5.3
million, of which $
4.4
million related to withholding taxes, specifically, income withholding and Social Security
taxes, and $
0.9
million related to penalties. Additionally, the IRS asserted that the Company owes information reporting penalties of
approximately $
2.0
million.
The
Company's counsel submitted a formal protest to the IRS disputing on several grounds all of the proposed adjustments and penalties
on the Company's behalf, and the Company pursued this matter vigorously through the IRS appeal process. An Appeals Conference was
held with the IRS in Denver, Colorado on July 31, 2019. At the conference, the Company made substantial arguments challenging the IRS's
claims for employment taxes and penalties. On December 16, 2019, a further Appeals Conference was held with the IRS by telephone. At
the telephone conference, the Appeals Officer confirmed that he agreed with the Company's argument that the failure to deposit
penalties should be conceded by the IRS. The failure to deposit penalties total about $
2
million. Thus, with this concession, the IRS's
claims have been reduced from approximately $
7.3
million to about $
5.3
million.
F-
28
The
remaining issue involved the fair market value of restricted stock units the Company granted to certain former officers (the "Former
Officers") of the Company under Internal Revenue Code § 83. The Company and the IRS disagreed as to the value of the restricted
stock on the date of the grants, i.e., October 1, 2014. The Company and the IRS exchanged expert valuation reports on the fair market
value of the stock and had extensive negotiations on this issue. The IRS also made parallel claims regarding the restricted stock units
against the Former Officers of the Company. The IRS asserted that the Former Officers received ordinary income from the stock grants,
and that they owe additional personal income taxes based on the fair market value of the stock. The Former Officers' cases, unlike
the Company's case, are pending before the United States Tax Court. In the Tax Court litigation, the Former Officers are challenging
the IRS's determinations regarding the fair market value of the restricted stock grants on October 1, 2014. The Former Officers
have separate counsel from the Company. The same IRS Appeals Officer and Revenue Agents assigned to the Company's case are also
involved in the cases for the Former Officers. Throughout the proceedings, the Company has argued to the IRS that it is the Former Officers
who are directly and principally liable for the amount of any tax due, and not the Company.
The
Former Officers cases were scheduled for trial in Tax Court on March 9, 2020. The trial of the cases was continued by the Court on February
4, 2020. The basis for the continuance was that the IRS and the Former Officers had made progress toward a settlement of the valuation
issue involving the grants of the restricted stock. The Tax Court ordered the Former Officers to file status reports regarding progress
of their settlement negotiations with the IRS on or before February 28, 2021. The IRS and the Former Officers filed status reports with
the Tax Court on February 26, 2021. After receiving the status reports, the Tax Court issued an order directing the parties to file further
status reports on or before July 9, 2021. The Tax Court has not set a trial dates in the cases of the Former Officers.
On
June 29, 2021, an IRS Appeals Officer confirmed that the tax matter had exceeded the applicable statute of limitations and was deemed
closed from any further assessment by the IRS.
On
August 22, 2018, Richard Estalella filed an action against us and two other defendants in the Colorado District Court for the County
of Denver, seeking damages arising out of the IRS's assertion of tax liability and penalties relating to the 2014 restricted stock
grants. We have answered Estalella's complaint, asserted counterclaims against Estalella for his failure to ensure that all withholding
taxes were paid in connection with the 2014 restricted stock grants, and filed cross-claims against two valuation firms named in the
action (as well as their principals) for failing to properly value the 2014 restricted stock grants for tax purposes. The trial was
scheduled for February 7, 2022 but was ultimately settled in mediation. There are no amounts accrued related to this matter.
The
Company engaged in mediation with all parties to Estalella's lawsuit on November 2, 2021. Following mediation, on November 3, 2021,
the Company approved a global settlement with the parties to Mr. Estalella's lawsuit. The parties are currently in the process
of negotiating, finalizing, and executing the settlement agreement. This settlement agreement, upon finalization by the parties and dismissal
of the litigation by the Court, will constitute a full and final settlement of Mr. Estalella's claims against all parties to the
litigation, including the Company, as well as of the Company's claims against the two valuation firms.
This
matter is now closed.
The
table below summarizes accrued expenses and interest expense incurred in 2021 and 2020 (in thousands):
Cases
2021 Accrued
2020 Accrued
2021 Interest Expense
2020 Interest Expense
Manchester City Football Group
(1)
$
730
$
730
$
(
75
)
$
(
75
)
Nutrablend Matter
(3)
1,493
2,318
(
267
)
(
66
)
4Excelsior Matter
(3)
2,938
3,597
(
421
)
(
16
)
ThermoLife International
(2)
1,364
1,364
(
97
)
(
89
)
Total
$
6,525
$
8,009
$
(
860
)
$
(
246
)
(1)
Accrued amount
on balance sheet is located in accounts payable.
(2)
Accrued
                                            amount on balance sheet is located in accrued expenses.
(3)
Accrued amount
on balance sheet takes into account short term and long term liability accounts.
F-
29
Note
13.
Stockholders' Deficit
Common
Stock
The
Company had the following issuances of common stock during the year ended December 31, 2021 (in thousands, except share and per share
data):
Transaction Type
Quantity (Shares)
Valuation
Range of Value
per Share
Stock-based compensation for issuance and amortization of restricted stock awards to employees, executives, and directors
280,916
$
609
$
.40
to $
1.60
Total
280,916
$
609
$
.40
to $
1.60
Treasury
Stock
During
the years ended December 31, 2021 and 2020, the Company did not repurchase any shares of its common stock and held
875,621
shares in treasury as of December 31, 2021
and 2020.
Note
14.
Stock-Based Compensation
The
Company's stock-based compensation for the years ended December 31, 2021 and 2020 consisted primarily of stock options and restricted
stock awards.
Stock
Incentive Plans
2021
Omnibus Equity Incentive Plan
On
December 22, 2021, the Board of Directors adopted the 2021 Omnibus Equity Incentive Plan (the "2021 Plan") and the issuance
of an option to purchase
1,811,000
shares of common stock of the Company, exercisable at a price of $
0.40
, to Sabina Rizvi, the President
and Chief Financial Officer of the Company pursuant to the 2021 Plan.
The option vested 50% upon issuance and the remaining (50%) in
five (5) equal monthly installments commencing on December 4, 2021 and becoming fully vested on April 4, 2022. Ms. Rizvi's acceptance
of the option and the option granted thereunder waived any right to receive a two percent (2%) transaction bonus upon a sale of the Company
pursuant to that certain offer letter by and between the Company and Ms. Rizvi dated April 1, 2021.
2015
Incentive Compensation Plan
In
2015, the Board adopted the MusclePharm Corporation 2015 Incentive Compensation Plan (the "2015 Plan"). The 2015 Plan provides
for the issuance of incentive stock options, non-qualified stock options, restricted stock, stock appreciation rights, restricted stock
units, dividend equivalent rights, and other cash- and stock-based awards to employees, consultants and directors of the Company or its
subsidiaries.
The
2015 Plan is administered by the Board, unless the Board elects to delegate administration responsibilities to a committee (either of
the foregoing, or their authorized delegates, the "plan administrator"), and will continue in effect until terminated. The
2015 Plan may be amended, modified or terminated, subject to stockholder approval to the extent necessary to comply with applicable law
or to the extent an amendment increases the number of shares available under the 2015 Plan or permits the extension of the exercise period
for an stock option or stock appreciation right beyond ten years from the date of grant, and, with respect to outstanding awards, subject
to the consent of the holder thereof if the amendment, modification or termination materially and adversely affects such holder. The
total number of shares that may be issued under the 2015 Plan cannot exceed
2,000,000
,
subject to adjustment in the event of certain changes in the capital structure of the Company. As of December 31, 2021 and 2020, there
were
576,494
shares and
576,494
remaining shares available for issuance under
the 2015 Plan.
F-
30
The
plan administrator determines the individuals who are issued awards and the terms and conditions of the awards, including vesting terms
and conditions. The plan administrator also determines the methods by which the exercise price of stock options may be paid, which may
include a combination of cash or check, shares, a promissory note or other property, and the methods by which shares are delivered.
Under
the 2015 Plan, in any calendar year, the maximum number of shares with respect to which awards may be granted to any one participant
during the year is
350,000
shares, subject to adjustment in the event of specified changes in the capital structure of the Company, and
the maximum amount that may be paid in cash during any calendar year with respect to any award is $
1.5
million.
Restricted
Stock
The
restricted stock awards granted to employees, executives and board members during the years ended December 31, 2021 and 2020 were as
follows (in thousands):
Unvested Restricted Stock Awards
Number of Shares
Weighted Average Grant Date Fair Value
Unvested balance - December 31, 2019
(
690,132
)
$
1.05
Granted
-
$
-
Vested
568,280
$
0.42
Forfeited
(
121,852
)
$
0.42
Unvested balance - December 31, 2020
-
$
-
Granted
50,000
$
1.08
Vested
-
$
-
Forfeited
(
50,000
)
$
1.08
Unvested balance - December 31, 2021
-
$
-
There
were
50,000
restricted stock awards granted and subsequently forfeited during the year ended December 31, 2021. There were
no
restricted
stock awards granted for the year ended December 31, 2020.
As
of December 31, 2021, there was
no
unrecognized expense for unvested restricted stock awards.
For
the year ended December 31, 2020, the Company had the following transactions related to its common stock including restricted stock awards
(in thousands, except share and per share data):
Transaction Type
Quantity (Shares)
Valuation
Range of Value
per Share
Stock issued for advertising services
226,722
$
204
$
0.90
Restricted stock forfeited by directors
(
121,850
)
(
51
)
0.42
Total
104,872
$
153
$
0.42
to $
0.90
Stock
Options
The
Company may grant options to purchase shares of the Company's common stock to certain employees and directors pursuant to the 2021
Omnibus Equity Incentive Plan or the 2015 Plan. Under both plans, all stock options are granted with an exercise price equal to or greater
than the fair market value of a share of the Company's common stock on the date of grant. No stock option may be exercisable more
than ten years after the date it is granted.
F-
31
On
May 12, 2021, the Company entered into an Agreement (the "Agreement") with Joseph Cannata ("Cannata"), pursuant
to which the Company has engaged Cannata on a non-exclusive basis to assist with the growth of the Company's energy beverage product
line. In connection with entry into the Agreement, the Company issued to Cannata an option to purchase
1,673,994
shares of the Company's common stock at
a price per share of $
1.12
.
These options will vest in two equal tranches upon the achievement of certain net revenue milestones related to the Company's energy
beverage products. The estimated fair value of this grant is $
1.11
and was determined by using the Black-Scholes
option pricing model with an average term of
7.5
years; annual volatility rate of
205
%;
discount rate of
1.34
%;
and
0
%
for dividend rate. The fair value of option is recognized over the requisite vesting period which is deemed to be equal to the term of
the security.
On
July 26, 2021, the Company entered into a Modification Agreement (the "Modification") with Prestige Capital Finance, LLC
("Prestige"), providing a second over-advance from the purchase and sale agreement dated January 2016. The over-advance provided
$2 million of funding to the Company, to be repaid within the earlier of six months from the date of the agreement, or when the Company
arranges additional funding. In connection with the Modification, the Company granted options to Prestige to purchase
18,750
shares of
the Company's common stock.
On
August 12, 2021, the Company entered into an Agreement (the "Agreement") with T.J. Dillashaw ("Dillashaw"), pursuant
to which the Company has engaged Dillashaw on a non-exclusive basis to promote the Company's energy beverage product line. In connection
with entry into the Agreement, the Company issued to Dillashaw an option to purchase
50,000
shares of the Company's common stock.
The estimated fair value of this grant is $
78,000
and was determined by using the Black-Scholes option pricing model with a
one
year
term; annual volatility rate of
206
%; discount rate of
1.34
%; and
0
% for dividend rate. The fair value of option is recognized over the
requisite vesting period which is deemed to be equal to the term of the security.
On
October 28, 2021, the Company entered into an Agreement (the "Agreement") with Jason May ("May"), pursuant to
which the Company has engaged May on a non-exclusive basis to assist with the growth of the Company's energy beverage product line.
In connection with entry into the Agreement, the Company issued May an option to purchase
1,673,994
shares of the Company's common
stock at a price per share of $
0.70
. These options will vest in two equal tranches upon the achievement of certain net revenue milestones
related to the Company's energy beverage products. The estimated fair value of this grant is $
2
million and was determined by using
the Black-Scholes option pricing model with an average term of
7.5
years; annual volatility rate of
208
%; discount rate of
1.44
%; and
0
% for dividend rate. The fair value of option is recognized over the requisite vesting period which is deemed to be equal to the term
of the security.
On
December 21, 2021, as discussed above, the Company entered an agreement under the 2021 Plan with Sabina Rizvi, President and Chief Financial
Officer of the Company to issue an option to purchase
1,811,000
shares of common stock of the Company, exercisable at a price of $
0.40
.
The estimated fair value of this grant is $
721,000
and was determined by using the Black-Scholes option pricing model with a term of
7
years; annual volatility rate of
208
%; discount rate of
1.39
%; and
0
% for dividend rate. The fair value of option is recognized over
the requisite vesting period. Upon issuance of this option, the previous incentive compensation discussed above was terminated and all
related stock compensation expense recorded in 2021 was reversed.
For
the years ended December 31, 2021 and 2020, the Company recorded approximately $
653,000
and $
144,000
of stock-based compensation expense
related to stock options.
F-
32
Stock
Options Summary Table
The
following table describes the total options outstanding, granted, exercised, expired and forfeited as of and during the years ended December
31, 2021 and 2020, as well as the total options exercisable as of December 31, 2021.
Options Outstanding
Weighted Average Exercise Price Per Share
Weighted Average Fair Value of Options
Weighted Average Remaining Contractual Life (Years)
Aggregate Intrinsic Value
Issued and outstanding as of December 31, 2019
171,703
$
1.89
2
$
6.17
$
—
Granted
—
—
—
—
—
Exercised
—
—
—
—
—
Forfeited
—
—
—
—
—
Issued and outstanding as of December 31, 2020
171,703
$
1.89
$
1.72
$
6.17
$
—
Granted
5,227,738
0.74
0.74
4.19
—
Exercised
—
—
—
—
—
Forfeited
—
—
—
—
—
Issued and outstanding as of December 31, 2021
5,399,441
$
0.74
$
0.74
$
4.19
—
Exercisable as of December 31, 2021
—
—
—
—
—
Note
15.
Defined Contribution Plan
The
Company established a 401(k) Plan (the "401(k) Plan") for eligible employees of the Company. Generally, all employees of
the Company who are at least twenty-one years of age and who have completed six months of service are eligible to participate in the
401(k) Plan. The 401(k) Plan is a defined contribution plan that provides that participants may make voluntary salary deferral contributions,
on a pretax basis, in the form of voluntary payroll deductions. The Company may make discretionary matching contributions. For each of
the years ended December 31, 2021 and 2020, the Company's matching contributions were approximately $
55,000
and $
87,000
respectively.
Note
16.
Net Income (Loss) per Share
The
following table sets forth the computation of the Company's basic and diluted net income (loss) per share for the years presented
(in thousands, except share and per share data):
For the Years Ended December 31,
2021
2020
Net Income (loss)
$
(
12,866
)
$
3,185
Weighted average common shares used in computing net income (loss) per share, basic
33,386,200
32,812,462
Potentially diluted securities
—
8,359,999
Weighted average common shares used in computing net income (loss) per share, diluted
33,386,200
41,172,461
Net income (loss) per share, basic
$
(
0.39
)
$
0.10
Net income (loss) per share, diluted
$
(
0.39
)
$
0.08
Basic
net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of shares of common
stock outstanding during each period.
Diluted
net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of shares of common
stock, common stock equivalents and potentially dilutive securities outstanding during each period. The Company uses the treasury stock
method to determine whether there is a dilutive effect of outstanding potentially dilutive securities, and the if-converted method to
assess the dilutive effect of the convertible notes.
The
Company reported a net income for the year ended December 31, 2020. For the year ended December 31, 2021, the Company incurred a net
loss, in which
16,154,795
potentially dilutive securities related to
Mr. Drexler's convertible notes outstanding were excluded in the computation for the diluted net income per share for the year
ended December 31, 2021, but included in the computation for the year ended December 31, 2020.
F-
33
The
following securities were excluded from the computations of the diluted net income (loss) per share, for the year ended December 31,
2021 and 2020 as the effect of the securities would be anti-dilutive:
2021
2020
Stock options
5,399,441
$
171,703
Warrants
17,355,700
-
Convertible notes
16,154,795
-
Total common stock equivalents
38,909,936
$
171,703
The
average exercise price of the stock options and warrants as of December 31, 2021 is $
0.80
and $
0.78
, respectively.
Note
17.
Income Taxes
The
components of income (loss) before provision for income taxes for the years ended December 31, 2021 and 2020 are as follows (in thousands):
For the Years Ended December 31,
2021
2020
Domestic
$
(
12,874
)
$
3,160
Foreign
—
6
Income (loss) before provision for income taxes
$
(
12,874
)
$
3,166
Income
taxes are provided for the tax effects of transactions reported in the consolidated financial statements and consist of taxes currently
due. Deferred taxes relate to differences between the basis of assets and liabilities for financial and income tax reporting which will
be either taxable or deductible when the assets or liabilities are recovered or settled.
The
Company has federal net operating loss carryforwards of $
49.2
million and $
42
million as of December 31, 2021 and 2020, respectively,
of which $
14.2
million will expire between 2031 and 2038
and $
35
million can be carried forward indefinitely.
The Company has estimated state net operating loss carryforwards of $
41
million and $
32
million as of December 31, 2021 and 2020, respectively,
most of which will expire between 2026 and 2040. Utilization of the Company's federal and certain state net operating losses is
subject to limitation due to the ownership change limitations provided by the Internal Revenue Code Sec. 382 and similar state provisions.
Such an annual limitation results in the expiration of the net operating loss carryforwards before utilization. The Company believes
that utilization of its federal and certain state net operating losses is substantially limited as a result of the conversion of Mr.
Drexler's convertible note in September 2019. Accordingly, for financial reporting purposes, the Company has recorded a significant
decrease in the federal and net operating loss carryforwards for the year ended December 31, 2020.
The
valuation allowance as of December 31, 2021 and 2020 was $
16.3
million and $
13.6
million,
respectively. The net change in valuation allowance for the year ended December 31, 2021 was a
n
increase of $
2.8
million and for the year
ended December 31, 2020 was a decrease of $
18.7
million. In assessing the realizability
of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets
will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income
during the periods in which those temporary differences become deductible.
Management
considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in
making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the
realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of December 31, 2021
and 2020.
F-
34
The
effects of temporary differences that gave rise to significant portions of deferred tax assets as of December 31, 2021 and 2020, are
as follows (in thousands):
As of December 31,
2021
2020
Deferred tax assets:
Net operating loss carryforwards
12,988
10,656
Stock compensation
$
433
$
290
Other
2,891
2,606
Gross deferred tax assets
$
16,312
$
13,552
Valuation allowance
(
16,312
)
(
13,552
)
Net deferred tax assets
$
-
$
-
The
income tax benefit for the years ended December 31, 2021 and 2020 included the following (in thousands):
For the Years Ended December 31,
2021
2020
Current income tax benefit:
Federal
$
-
$
-
State
(
8
)
(
19
)
Foreign
—
10
(
8
)
(
9
)
Deferred income tax benefit:
Federal
—
—
State
—
—
Foreign
—
—
—
—
Benefit for income taxes, net
$
(
8
)
$
(
9
)
The
income tax benefit differs from those computed using the statutory federal tax rate of 21% due to the following (in thousands):
For the Years Ended December 31,
2021
2020
Expected provision at statutory federal rate
$
2,700
$
665
State tax — net of federal benefit
(
6
)
18
Foreign income/losses taxed at different rates
—
9
Other
200
(
38
)
Change in valuation allowance
(
2,902
)
(
663
)
Income tax benefit
$
(
8
)
$
(
9
)
A
reconciliation of the beginning and ending amount of unrecognized tax benefits ("UTB's") is as follows (in thousands):
For the Years Ended December 31,
2021
2020
Gross UTB's, beginning balance
$
—
$
128
Reductions for tax positions taken in a prior year
—
(
128
)
Gross UTB's, ending balance
—
—
F-
35
The
Company's policy is to recognize interest and penalties related to uncertain tax benefits in its provision for income taxes. As
of December 31, 2021 and 2020, the Company has not recorded a liability for potential interest or penalties. The Company also does not
expect its unrecognized tax benefits to change significantly over the next 12 months.
The
Company is subject to taxation in the U.S., as well as various state and foreign jurisdictions. As of December 31, 2021, the Company's
statute is open from 2018, 2017 and 2016 forward for federal, state and foreign tax purposes, respectively. However, years prior to 2016
could still be considered open for adjustments to net operating loss carryforwards.
On
March 27, 2020, President Trump signed into law the CARES Act. Among the changes to the U.S. federal income tax, the CARES Act restored
net operating loss carryback rules that were eliminated by 2017 Tax Cuts and Jobs Act, modified the limit on the deduction for net interest
expense and accelerated the timeframe for refunds of AMT credits. Based on an analysis of the impact of the CARES Act, the Company has
not identified any overall material effect on the 2021 and 2020 tax liabilities.
Note
18.
Segment Information and Geographic Data
Historically,
the Company's chief operating decision maker reviews financial information presented on a consolidated basis for purposes of allocating
resources and evaluating financial performance. As such, the Company has had a single reporting segment and operating unit structure.
During the third quarter of 2021, the Company introduced a functional energy beverages line under the MusclePharm and FitMiss brands,
at which time, the CODM commenced reviewing financial information on a disaggregated basis with the functional energy drink business
separate from base business of protein products. During 2021, revenues for the functional energy drink segment was not material, but
it is anticipated to become a more significant segment of the Company's business going forward. (All amounts below are in thousands);
For the Years Ended December 31,
2021
2020
Revenue, net
Protein products
$
49,468
$
64,440
Energy drinks
574
—
Total revenue, net
$
50,042
$
64,440
For the Year Ended December 31, 2021
Revenue
Cost of Revenue
Gross Profit
Protein products
$
49,468
$
44,354
$
5,114
Energy drinks
574
317
257
Total
$
50,042
$
44,671
$
5,371
As
the Company's products are made through contract manufacturers', there were no capital expenditures related to either segment
during the years ended December 31, 2021 or 2020.
The
Company sold products through their distribution channels to over 20 countries during the years ended December 31, 2021 and 2020. All
of the Company's assets are located in the United States.
F-
36
Geographic
Information:
Revenue,
classified by the major geographic areas in which our customers are located is as follows:
For the Years Ended December 31,
2021
2020
United States
70
%
72
%
Other Countries
30
%
28
%
Total revenue
100
%
100
%
(a)
No
    other country accounted for more than
5
% of revenue during the years ended December 31, 2021 and 2020. Geographically, sales to other
    countries are diverse – spanning every continent except Antarctica.
For the Years Ended December 31,
2021
2020
Revenue, net
Protein products
United States
$
34,702
$
46,578
International
14,766
17,862
Total Protein Products
$
49,468
$
64,440
Energy drinks
United States
107
-
International
467
-
Total energy drinks
$
574
$
-
Total revenue, net
$
50,042
$
64,440
Note
19.
Subsequent Events
Related
Party Financing
On
March 8, 2022, the Company entered into an Unsecured Revolving Promissory Note (the "Note") with the Chairman of the Board
and Chief Executive Officer of the Company (the "Lender"). The Company expects to initially borrow approximately $
3
million
under the Note. Under the terms of the Note, proceeds may be used solely to finance the production of orders from its largest customer
or any of its affiliates or subsidiaries. The Note does not contain a cap on borrowings thereunder. However, further advances under the
Note are at the discretion of the Lender. Outstanding balances under the Note accrue interest at the rate of
18
% per annum. Prior to
maturity, the Company generally may pay down principal balances and re-borrow under the Note, subject to the discretion of the Lender
to advance funds under the Note. The Note contains customary events of default and acceleration provisions.
The
Note is subordinate to the
14
% Original Issue Discount Senior Secured Notes previously issued by the Company. Under the terms of the
First Amendment to Intercreditor and Subordination Agreement, dated as of March 8, 2022, between the Company, Ryan Drexler and Empery
Tax Efficient, LP (the "Amendment"), principal but not interest due under the Note generally may be repaid out of payments
received by the Company in respect of accounts receivable financed pursuant to the Note.
Bakery
Barn, LLC v. MusclePharm Corporation
On
January 24, 2022, Bakery Barn ("Bakery Barn") filed suit against Company in Allegheny County, Pennsylvania court. Company
received the Complaint on February 16, 2022. Bakery Barn alleges that the Company owes Bakery Barn over $
1.9
million dollars for breach
of contract. Parties operated on an open account basis with payment terms established by mutual verbal agreement, custom and usage. Beginning
in late 2020, Bakery Barn resumed production for Company and operated under a verbal agreement until August 2021. Bakery Barn contends
that Company is required to reimburse Bakery Barn for foil wraps ordered by Bakery Barn in the amount of $
77,800
, specific ingredients
totaling $
42,400
, and products manufactured under purchase order Invoice no. 59192 delivered to Company in the amount of $
1,816,017
.
F-
37
On
February 24, 2022, Flaherty Fardo Rogel & Amick, LLC ("Company Counsel") filed a Praecipe for Appearance on behalf of
the Company. On February 28, 2022, Company Counsel filed Preliminary Objections to Complaint and Brief In Support Thereof. Bakery Barn
filed an Amended Complaint in Civil Action on March 14, 2022. Company Counsel is in the process of filing Preliminary Objections to this
Amended Complaint. The Company intends to continue to vigorously litigate the matter.
Bar
Bakers, LLC v. CFC/Flavor Producers, LLC. Vs MusclePharm
On
March 18, 2022, the Company retained Barnes & Thornburg to represent it in connection with a Cross-Complaint filed Superior Court
of California, County of Orange, Case No. 30-2019-01073098-CU-BC-CJC in the matter Bar Bakers LLC v. Creative Flavor Concepts, Inc. et
al.. According to the pleadings, the matter arises from an agreement between the plaintiffs and defendants in which the plaintiff agreed
to manufacturer energy bars and sell them to the defendants. The defendants then sold the energy bars to various retailers, including
the Company. On May 29, 2019, the plaintiff sued the defendants alleging that the defendants were responsible for unpaid invoices –
nine for bars actually manufactured and delivered to the Company and one invoice for raw materials. According to the pleadings, the unpaid
invoices total $
885,163.72
. The invoice for the raw materials is allegedly $
4,658,593.02
. On January 31, 2022, one of the defendants,
Flavor Producers LLC, filed and served a cross claim against the Company alleging that it was partially responsible for any damages that
may befall on it. Specifically, Flavor Producers is asking the Court to award it $
389,989.60
in compensatory damages. On March 25, 2022,
the Company filed an answer to that that cross claim denying the factual allegations and Flavor Producers' assertion that it is
entitled to any damages, including but not limited to, compensatory damages.
White
Winston Select Asset Fund Series MP-18, LLC et al., v MusclePharm Corp., et al., (Mass. Super. Ct.)
The
Company and its Chief Executive Officer have been named as defendants in a new lawsuit filed on February 8, 2022 by White Winston Select
Asset Funds, LLC and White Winston Select Asset Fund Series Fund MP-18, LLC (collectively, "White Winston") in the Superior
Court of Suffolk County Massachusetts. White Winston is bringing claims alleging unfair trade practices, abuse of process, malicious
prosecution, breach of duty of loyalty and, in the alternative, for breach of the settlement agreement relating to the prior action filed
by White Winston in Nevada. The Company has not yet responded to complaint and at this time cannot reasonably estimate any loss that
may arise from this matter.
Senior
Notes Payable
On
April 12, 2022, the maturity date of the Senior Notes was extended to May 28, 2022 as no event of default has occurred and the Company's
cash flows from operating and investing activities (but not cash flows from financing activities) was positive for March 2022 and no
event of default is reasonably expected to occur on or before April 30, 2022 and the sum of cash flows from operating and investing activities
(but not from financing activities) of the Company and its subsidiaries will be positive for April 2022.
F-
38
MusclePharm Corporation
Consolidated Balance Sheets
(In thousands, except share and per share data)
(Unaudited)
March 31, 2022
December 31, 2021
ASSETS
Current assets:
Cash
$
534
$
1,223
Accounts receivable, net of allowances of $
536
and $
639
at March 31, 2022 and December 31, 2021, respectively
9,277
6,388
Inventory
975
1,830
Prepaid expenses and other current assets
1,052
1,046
Total current assets
11,838
10,487
Property and equipment, net
4
5
Intangible assets, net
—
35
Operating lease right-of-use assets
135
203
Total Assets
$
11,977
$
10,730
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable
$
18,877
$
17,980
Accrued and other liabilities
6,654
5,942
Obligation under secured borrowing arrangement
6,592
6,446
Operating lease liability
233
342
Senior notes payable
7,738
4,555
Convertible notes with a related party
5,330
5,330
Revolving line of credit, related party
2,747
—
Total Current Liabilities
48,171
40,595
Other long term liabilities
1,861
2,326
Total Liabilities
50,032
42,921
Commitments and contingencies (Note 8)
Stockholders' deficit:
Common stock, par value of $
0.001
per share;
100,000,000
shares
    authorized,
33,386,200
and
33,386,200
shares issued as of March 31, 2022 and December 31, 2021, respectively; and
33,386,200
and
33,386,200
shares
    outstanding as of March 31, 2022 and December 31, 2021, respectively
32
32
Additional paid-in capital
183,792
183,355
Treasury Stock at Cost,
875,621
shares
(
10,039
)
(
10,039
)
Accumulated deficit
(
211,840
)
(
205,539
)
Total Stockholders' Deficit
(
38,055
)
(
32,191
)
Total Liabilities and Stockholders'
    Deficit
$
11,977
$
10,730
The
accompanying notes are an integral part of these Consolidated Financial Statements.
F-
39
MusclePharm Corporation
Consolidated Statements of Operations
(In thousands, except share and per share data)
Three Months Ended
March 31,
2022
2021
Revenue, net
$
13,101
$
13,121
Cost of revenue
11,592
9,432
Gross profit
1,509
3,689
Operating expenses:
Selling and promotion
1,160
1,149
General and administrative
2,829
2,268
Total operating expenses
3,989
3,417
Income (loss) from operations
(
2,480
)
272
Other (expense) income:
Gain on settlements
12
200
Interest expense
(
3,821
)
(
510
)
Other (expense) income, net
(
12
)
132
Income (loss) before provision for income taxes
(
6,301
)
94
Net income (loss)
$
(
6,301
)
$
94
Net income (loss) per share, basic
$
(
0.19
)
$
0.00
Net income (loss) per share, diluted
$
(
0.19
)
$
0.00
Weighted average shares used to compute net income (loss) per share, basic
33,386,200
33,119,549
Weighted average shares used to compute net income (loss) per share, diluted
33,386,200
45,492,620
The
accompanying notes are an integral part of these Consolidated Financial Statements.
F-
40
MusclePharm Corporation
Consolidated Statements of Changes in Stockholders'
Deficit
(In thousands, except share and per share data)
Common
    Stock
Treasury
    Stock
Additional Paid-In
Accumulated
    Other Comprehensive
Shares
Amount
Shares
Amount
Capital
Loss
Total
Balance at December 31, 2020
33,105,284
32
875,621
(
10,039
)
178,261
(
192,673
)
(
24,419
)
Net income
94
94
Stock-based compensation for issuance and amortization of restricted stock awards to employees, executives, and directors
280,916
-
-
-
-
-
-
Balance at March 31, 2021
33,386,200
32
875,621
(
10,039
)
178,261
(
192,579
)
(
24,325
)
Common
    Stock
Treasury
    Stock
Additional Paid-In
Accumulated Other Comprehensive
Shares
Amount
Shares
Amount
Capital
Loss
Total
Balance at December 31, 2021
33,386,200
32
875,621
(
10,039
)
183,355
(
205,539
)
(
32,191
)
Net loss
(
6,301
)
(
6,301
)
Stock-based compensation
-
-
-
-
437
-
437
Balance at March 31, 2022
33,386,200
32
875,621
(
10,039
)
183,792
(
211,840
)
(
38,055
)
The
accompanying notes are an integral part of these Consolidated Financial Statements.
F-
41
MusclePharm Corporation
Consolidated Statements of Cash Flows
(In thousands)
For the Three Months Ended
March 31,
2022
2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income/(loss)
$
(
6,301
)
$
94
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization of property and equipment
1
4
Amortization of intangible assets
35
80
Bad debt expense
(
355
)
(
11
)
Provision for inventory write down
—
86
Stock-based compensation
437
—
Amortization of debt issue cost
419
—
OID Interest
568
—
Amortization of debt discount
2,196
—
Changes in operating assets and liabilities:
Accounts receivable, net
(
2,534
)
1,278
Inventory
855
(
406
)
Prepaid expenses and other current assets
(
6
)
527
Operating lease assets and liabilities
(
41
)
87
Accounts payable
897
(
1,641
)
Other long-term liabilities
(
465
)
—
Accrued and other liabilities
712
—
Net cash provided by/(used in) operating activities
(
3,582
)
98
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment
—
(
4
)
Net cash provided by/(used in) investing activities
—
(
4
)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from line of credit
—
1,061
Payments on lines of credit
—
(
100
)
Proceeds from secured borrowing arrangement, net of reserves
6,293
11,423
Payments to secured borrowing arrangement, net of fees
(
6,147
)
(
13,781
)
Proceeds from revolving line of credit, related party
7,366
—
Payments on revolving line of credit, related party
(
4,619
)
—
Repayment of notes payable
—
(
108
)
Net cash provided by/(used in) financing activities
2,893
(
1,505
)
Net increase/(decrease) in cash and cash equivalents
(
689
)
(
1,411
)
Cash and cash equivalents, beginning of period
1,223
2,003
Cash and cash equivalents, end of period
$
534
$
592
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest
$
3,467
$
101
The
accompanying notes are an integral part of these Consolidated Financial Statements.
F-
42
MusclePharm
Corporation
Notes
to the Consolidated Financial Statements (1)
(dollars
in thousands, unless otherwise indicated
)
Note
1.
Description of Business
Description
of Business
MusclePharm
Corporation, together with its subsidiaries (the "Company" or "MusclePharm") is a scientifically-driven, performance
lifestyle company that develops, markets and distributes branded sports nutrition products and nutritional supplements that are manufactured
by the Company's contract manufacturers. The Company's portfolio of recognized brands, including MusclePharm, FitMiss and
MP Combat Energy is marketed and sold globally. As of March 31, 2022, the Company had the following wholly-owned subsidiary which did
not have any operations or assets as of and for the three months ended March 31, 2022: MusclePharm Canada Enterprises Corp.
In
2021, the Company announced its entrance into the functional energy space in collaboration with former Rockstar Energy executives. The
Company launched three flavors of MP Combat Energy in September 2021 for domestic distribution and three additional flavors for international
distribution. The Company believes the launch of its new energy products, reductions in operating costs and continued focus on gross
profit and revenue growth will allow it to ultimately achieve sustained profitability. However, the Company can give no assurances that
this will occur, especially with the cost to launch new energy products along with the recent increase in the cost of protein, which
may have a material impact on the Company's profitability. Additionally, the Company's profitability may be materially impacted
by the ability of the Company's contract manufacturers to meet customers' demands. Although, the Company believes entering
the functional energy space will help to increase sales and gross margin, and reduce exposure to commodity prices, the Company can give
no assurances that this will occur. To manage cash flow, the Company has entered into multiple financing arrangements. The entry into
the Energy Drink business has created a second segment, which is presented in detail in Note 12.
Information
About Our Segments
We
are engaged in global sales of products that fall into two operating segments: Protein Products and Energy Drinks. Information regarding
our operating segments and geographic and product information is contained in Note 12 to these consolidated financial statements.
Going
Concern
The
Company has historically incurred significant losses and experienced negative cash flows since inception. As of March 31, 2022, the Company
had cash of $
0.5
million,
a working capital deficit of $
36.3
million, a stockholders' deficit of $
38.1
million and an accumulated deficit of $
211.8
million resulting from recurring losses from
operations. As a result of a history of losses and financial condition, there is substantial doubt about the Company's ability
to continue as a going concern.
The
Company's ability to continue as a going concern is dependent upon it generating profits in the future and/or obtaining the necessary
financing to meet its obligations and repay liabilities arising from normal business operations when they come due. The Company is evaluating
different strategies to obtain financing to fund its operations to cover expenses and focus on achieving a level of revenue adequate
to support its current cost structure. Financing strategies may include, but are not limited to, issuances of capital stock, debt
borrowings, partnerships and/or collaborations.
The
Company has been focused on cost containment and improving gross margins by focusing on customers with higher margins, reducing product
discounts and promotional activity, along with reducing the number of SKU's and negotiating improved pricing for raw materials.
In addition, the Company has worked to negotiate lower production costs with its contract manufacturers. Although these steps improved
gross margins through the first quarter of 2022, with the recent further increases in commodity prices, primarily protein,
the Company's gross margins have been impacted and will continue to be impacted unless commodity prices return the same levels
that were seen in 2021. The Company expects overall margins to improve as we ramp up energy sales with stronger gross margins
in the energy drink segment.
F-
43
COVID-19
The
Company's results of operations are affected by economic conditions, including macroeconomic conditions and levels of business
confidence. There continues to be significant volatility and economic uncertainty in many markets and the ongoing COVID-19 pandemic contributes
to that level of volatility and uncertainty and has created economic disruption. The Company is actively managing its business to respond
to the impact. There were no adjustments recorded in the financial statements that might result from the outcome of these uncertainties.
The
ultimate impact of the COVID-19 pandemic on the Company's operations is unknown and will depend on future developments, which are
highly uncertain and cannot be predicted with confidence, including the duration of the COVID-19 outbreak, new information which may
emerge concerning the severity of the COVID-19 pandemic, and any additional preventative and protective actions that governments, or
the Company, may direct, which may result in an extended period of continued business disruption, reduced customer traffic and reduced
operations. Any resulting financial impact cannot be reasonably estimated at this time but may have a material impact on the Company's
business, financial condition and results of operations. Management continues to monitor the business environment for any significant
changes that could impact the Company's operations. The Company has taken proactive steps to manage costs and discretionary spending,
such as remote working and reducing facility related expense.
Note
2.
Summary of Significant Accounting Policies
Basis
of Presentation and Principles of Consolidation
The
accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles
in the United States ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10
of Regulation S-X. Accordingly, these statements do not include all the information and notes required by U.S. GAAP for complete financial
statements. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant
intercompany balances and transactions have been eliminated in consolidation.
The
Company's management believes the unaudited interim consolidated financial statements include all adjustments of a normal recurring
nature necessary for the fair presentation of the Company's financial position as of March 31, 2022, results of operations and
cash flows for the three months ended March 31, 2022 and 2021. The results of operations for the three ended March 31, 2022 are not necessarily
indicative of the results to be expected for the year ended December 31, 2022.
These
unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related
notes included in the Company's Annual Report on Form 10-K as amended for the year ended December 31, 2021, filed with the SEC
on May 4, 2022.
Use
of Estimates
The
preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
affect the amounts reported and disclosed in the consolidated financial statements and accompanying notes. Such estimates include, but
are not limited to, allowance for doubtful accounts, revenue discounts and allowances, the valuation of inventory, the calculation of
the Company's effective tax rate and deferred tax assets, valuation of stock based compensation, warrants, likelihood and range
of possible losses on contingencies and present value of lease liabilities. Actual results could differ from those estimates.
Disaggregation
of Revenue
The
following shows the disaggregation of revenue by distribution channel for the three months ended March 31, 2022 and 2021 (in thousands).
For the Three Months Ended March 31,
2022
% of Total
2021
% of Total
Distribution Channel
Specialty
$
3,383
26
%
$
6,795
52
%
International
733
6
%
3,847
29
%
FDM
8,985
68
%
2,479
19
%
Total
$
13,101
100
%
$
13,121
100
%
F-
44
Concentrations
Financial
instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and accounts receivable.
The Company minimizes its credit risk associated with cash by periodically evaluating the credit quality of its primary financial institution.
The cash balance at times may exceed federally insured limits. Management believes the financial risk associated with these balances
is minimal and has not experienced any losses to date. Significant customers and vendors are those that represent more than 10% of the
Company's net revenue or accounts receivable for each period presented.
During
the three months ended March 31, 2022, we had three customers who individually accounted for
59
%
,
13
%
,
and
12
%
of our net revenue, and two customers that individually
accounted for
59
%
and
17
%
of accounts receivable. During the three
months ended March 31, 2021, we had three customers who individually accounted for
28
%
,
17
%
and
14
%
of our net revenue, and two customers that individually
accounted for
32
%
and
21
%
of accounts receivable.
The
Company uses a limited number of non-affiliated suppliers for contract manufacturing its products. The Company has quality control and
manufacturing agreements in place with its primary manufacturers to ensure consistency in production and quality. The agreements ensure
products are manufactured to the Company's specifications and the contract manufacturers will bear the costs of recalled products
due to defective manufacturing. During the three months ended March 31, 2022, the Company had four vendors who individually accounted
for
17
%
,
12
%
,
12
%
, and
11
%
of net purchases, respectively. During the three months ended March 31, 2021, the Company had three vendors
who individually accounted for
32
%
,
21
%
and
21
%
of net purchases.
The
Company has a geographic concentration in the United States, with
94
%
and
71
%
of revenue from domestic customers during the three months
ended March 31, 2022 and 2021, respectively. International customers, primarily in Canada and Asia, comprised
6
%
and
29
%
for the three
months ended March 31, 2022 and 2021, respectively.
Segments
Historically,
the Company's chief operating decision maker ("CODM") reviews financial information presented on a consolidated basis
for purposes of allocating resources and evaluating financial performance. As such, the Company has had two reporting segments and operating
unit structures. During the fourth quarter of 2021, the Company introduced a functional energy beverages line under the MusclePharm and
FitMiss brands, so the CODM now reviews financial information and makes resource and opportunity decisions on a disaggregated basis with
the functional energy drink business separate from protein products.
Litigation
Estimates and Accruals
In
the normal course of business or otherwise, the Company may become involved in legal proceedings. The Company will accrue a liability
for such matters when it is probable that a liability has been incurred and the amount can be reasonably estimated. When only a range
of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate
than any other amount within the range, the minimum amount in the range is accrued. The accrual for a litigation loss contingency might
include, for example, estimates of potential damages, outside legal fees and other directly related costs expected to be incurred. The
Company provides disclosures for material contingencies when there is a reasonable possibility that a loss or an additional loss may
be incurred. In assessing whether a loss is a reasonable possibility, the Company may consider the following factors, among others: the
nature of the litigation, claim or assessment, available information, opinions or views of legal counsel and other advisors, and the
experience gained from similar cases.
Income
Taxes
Income
taxes are accounted for using the asset and liability method. Income tax expense includes the current tax liability from operations and
the change in deferred income taxes during the year. Interest income, interest expense and penalties associated with income taxes are
reflected in (Benefit) provision for income taxes on the consolidated statements of operations. Deferred tax assets and liabilities are
recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts
of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets
and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences
are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in
income in the period that includes the enactment date.
A
valuation allowance is required to be established unless management determines that it is more likely than not that the Company will
ultimately realize the tax benefit associated with a deferred tax asset. The Company recognizes the effect of income tax positions only
if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that
is greater than 50% likely to be realized. Changes in recognition or measurement are reflected in the period in which the change in judgment
occurs.
F-
45
Recent
Accounting Pronouncements
In
July 2016, the FASB issued ASU No. 2016-13,
Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses
on Financial Instruments
("ASU 2016-13"), which requires the measurement of all expected credit losses of financial assets
held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions
and other organizations will now use forward-looking information to better inform their credit loss estimates. In addition, the ASU amends
the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU
2016-13 is effective for periods beginning after December 15, 2022, and interim periods within those fiscal years. The Company is currently
evaluating the impact this ASU may have on its consolidated financial statements.
In
March 2020, the FASB issued ASU No. 2020-04,
Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform
on Financial Reporting
("ASU 2020-04"). The amendments in this ASU apply only to contracts, hedging relationships, and
other transactions that reference LIBOR or another reference rate that is expected to be discontinued because of reference rate reform.
The amendments in this update provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other
transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments
do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging
relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through
the end of the hedging relationship. The amendments in this ASU are effective for all entities as of March 12, 2020, through December
31, 2022. The Company has not modified any material contracts due to reference rate reform. The Company will continue to evaluate the
impact this guidance will have on its consolidated financial statements for all future transactions affected by reference rate reform
during the time permitted.
In
August 2020, the FASB issued ASU No. 2020-06,
Debt - Debt with Conversion and Other Options (Subtopic 470-20)
and
Derivatives
and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40)
. The ASU eliminates the beneficial conversion and cash conversion
accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity's own equity that
are currently accounted for as derivatives because of specific settlement provisions. In addition, the new guidance modifies how particular
convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS computation. This guidance
is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption
is permitted, but not earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years.
The FASB also specified that an entity should adopt the guidance as of the beginning of its annual fiscal year and is not permitted to
adopt the guidance in an interim period. The Company is currently evaluating the impact this ASU may have on its consolidated financial
statements.
In
May 2021, the FASB issued ASU 2021-04,
Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock
Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40)
. The ASU addresses
issuer's accounting for certain modifications or exchanges of freestanding equity-classified written call options. This amendment
is effective for all entities, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years.
There has not been a significant impact from the adoption of this ASU on the consolidated financial statements.
Reclassifications
Certain
prior period amounts have been reclassified to conform to the current period financial statement presentation, including classification
of certain operating expenses.
Note
3.
Inventory
Inventory
consists of finished goods and raw materials used to manufacture the Company's products by one of our contract manufacturers for
the three months ended March 31, 2022 and 2021. The Company records charges for obsolete and slow-moving inventory based on the age of
the product as determined by the expiration date or otherwise determined to be obsolete. Products within one year of their expiration
dates are considered for write-off purposes. Inventory write-downs, once established, are not reversed as they establish a new cost basis
for the inventory. Historically, the Company has had minimal returns with established customers. The Company accounts for its inventory
on a First-in First-out basis.
F-
46
The
components of inventory as of March 31, 2022 and December 31, 2021 were as follows (in thousands):
March 31, 2022
December 31, 2021
Raw Materials
$
746
$
694
Finished Goods
229
1,144
Inventory
975
1,838
Less: inventory writedown
—
(
8
)
Inventory
$
975
$
1,830
Note
4.
Accrued and Other Liabilities
As
of March 31, 2022 and December 31, 2021, the Company's accrued and other liabilities consisted of the following (in thousands):
March 31, 2022
December 31, 2021
Accrued professional fees
$
342
$
236
Accrued interest
1,151
797
Accrued payroll and bonus
702
695
Settlements — short term (Nutrablend and 4Excelsior)
2,102
2,104
Accrued expenses — ThermoLife
1,364
1,364
Accrued and other short-term liabilities
993
746
Total accrued and other liabilities
$
6,654
$
5,942
Note
5.
Interest Expense
For
the three months ended March 31, 2022 and March 31, 2021, interest expense consisted of the following:
For the Three Months Ended March 31,
2022
2021
Interest expense, related party
$
(
313
)
$
(
120
)
Interest expense, other
(
254
)
(
227
)
Interest expense, secured borrowing arrangement
(
71
)
(
163
)
Amortization of debt issue cost associated with related warrants
(
2,615
)
-
Amortization of debt issue cost - OID
(
568
)
-
Total interest expense
$
(
3,821
)
$
(
510
)
Note
6.
Other Long -Term Liabilities
As
of March 31, 2022 and December 31, 2021 the Company's other long-term liabilities consisted of the following (in thousands):
As of March 31, 2022
As of December 31, 2021
Settlements — long term (Nutrablend and 4Excelsior)
$
1,861
$
2,326
Total other long term liabilities
$
1,861
$
2,326
F-
47
Note
7.
Debt
As
of March 31, 2022 and December 31, 2021, the Company's debt consisted of the following (in thousands):
March 31, 2022
December 31, 2021
Senior notes payable
$
7,798
$
5,035
Debt issue costs, net
(
60
)
(
479
)
Refinanced convertible note, related party
5,330
5,330
Revolving line of credit, related party
2,747
-
Obligations under secured borrowing arrangement
6,592
6,446
Total current debt
$
22,407
$
16,331
Senior
Notes Payable
On
October 13, 2021, the Company entered into a Securities Purchase Agreement (the "Securities Purchase Agreement") with certain
institutional investors as purchasers (the "Investors"). Pursuant to the Securities Purchase Agreement, the Company sold,
and the Investors purchased, $
8,197,674
million (the "Purchase Price")
in principal amount of senior notes (the "Senior Notes") and warrants (the "Warrants").
The
Senior Notes were issued with an original issue discount of
14
%
, bear no interest and mature after 6 months, on April 13, 2022. To secure
its obligations thereunder and under the Securities Purchase Agreement, the Company has granted a security interest over substantially
all of its assets to the collateral agent for the benefit of the Investors, pursuant to a pledge and security agreement.
The
maturity date of the Senior Notes was extended to May 28, 2022, on April 12, 2022. The maturity date of the Senior Notes also may be
extended under other circumstances specified therein.
Subsequent
to the extension, interest accrued from April 13, 2022 at 18% per annum until the Senior Notes are paid in full
.
The Company is undertaking various initiatives to improve gross margins to become cash flow positive prior to the maturity of the Senior
Notes. These initiatives include improving cost of goods sold on certain raw materials. There can be no assurance the Company
will be able to successfully implement such initiatives on a timely basis or at all or that it otherwise will meet the conditions required
to extend the Senior Notes. If the Company is unable to extend the Senior Notes or elects not to do so, the Company will be required
to repay the Senior Notes through equity issuances, additional borrowings, cash flows from operations and/or other sources of liquidity.
F-
48
The
Warrants are exercisable for five (
5
)
years to purchase
17,355,700
shares of the Company's common stock,
par value $
0.001
per share, at an exercise price of $
0.78
,
subject to adjustment under certain circumstances described in the Warrants. The Warrants have a face value of $
4.4
million which is recorded in Additional Paid-In
Capital.
In
conjunction with the private placement of Senior Notes and Warrants, each of the directors and officers of the Company entered into lock-up
agreements, which prohibited sales of the Common Stock until after April 11, 2022, subject to certain exceptions.
The
issuance of the Senior Notes and Warrants was made in reliance on the exemption provided by Section 4(a)(2) of the Securities Act of
1933, as amended (the "Securities Act"), for the offer and sale of securities not involving a public offering, and Regulation
D promulgated under the Securities Act. In accordance with ASC 470-20-25-2, proceeds from the sale of a debt instrument with stock purchase
warrants (detachable call options) are allocated to the two elements based on the relative fair values of the debt instrument without
the warrants and of the warrants themselves at time of issuance. The portion of the proceeds so allocated to the warrants shall be accounted
for as additional paid-in capital. The remainder of the proceeds shall be allocated to the debt instrument portion of the transaction.
November
2020 Convertible Note, Related Party
On
November 29, 2020, the Company entered into a refinancing agreement with Mr. Ryan Drexler, (the "November 2020 Refinancing"),
in which the Company issued to Mr. Drexler a convertible secured promissory note (the November 2020 "Convertible Note") in
the original principal amount of $
2.9
million, which amended and restated a convertible secured promissory note dated as of August 21,
2020. The $
2.9
million November 2020 Convertible Note bears interest at the rate of 12% per annum. Unless earlier converted or repaid,
all outstanding principal and any accrued but unpaid interest under the November 2020 Convertible Note shall be due and payable on July
1, 2021, however the Company and Mr. Drexler agreed to an extension on August 13, 2021 until July 14, 2022. Any interest not paid when
due shall be capitalized and added to the principal amount of the November 2020 Convertible Note and bear interest on the applicable
interest payment date along with all other unpaid principal, capitalized interest, and other capitalized obligations.
Mr.
Drexler may, at any time, and from time to time, upon written notice to the Company, convert the outstanding principal and accrued interest
into shares of Common Stock, at a conversion price of $
0.23
per share. At the election of the Company, one-sixth of the interest may
be paid in kind ("PIK Interest") by adding such amount to the principal amount of the note, or through the issuance of shares
of the Company's common stock to Mr. Drexler. The PIK Interest is convertible to common stock at the closing price per share on
the last business day of each calendar quarter. In no event will the conversion price of such PIK Interest be less than $
0.10
. The Company
may prepay the Note by giving Mr. Drexler between 15-days' and 60-days' notice depending upon the specific circumstances,
subject to Mr. Drexler's conversion right.
The
November 2020 Convertible Note contains customary restrictions on the ability of the Company to, among other things, grant liens or incur
indebtedness other than certain obligations incurred in the ordinary course of business. The restrictions are also subject to certain
additional qualifications and carveouts, as set forth in the November 2020 Convertible Note. The November 2020 Convertible Note is subordinated
to certain other indebtedness of the Company held by Prestige Capital Corporation ("Prestige") and the Senior Notes.
F-
49
For
the three months ended March 31, 2022 and 2021, interest expense related to the related party convertible secured promissory note was
$
0.085
million and $
0.085
million, respectively. During the three months ended March 31, 2022, no interest was paid in cash to Mr. Drexler;
during the three months ended March 31, 2021 $
0.085
million of interest was paid in cash to Mr. Drexler.
August
2021 Convertible Note, Related Party
On
October 15, 2020, the Company entered into a secured revolving promissory note (the "Revolving Note") with Mr. Ryan Drexler.
Under the terms of the Revolving Note, the Company can borrow up to $
3.0
million. The Revolving Note bears interest at the rate of
12
%
per annum. The funds were used for the purchase of whey protein and other general corporate purposes. Both the outstanding principal,
if any, and all accrued interest under the Revolving Note were due on March 31, 2021, which was not paid.
On
August 13, 2021, the Company issued to Ryan Drexler (the "Holder") a convertible secured promissory note (the "August
2021 Convertible Note") in the original principal amount of $
2.5
million, replacing the Revolving Note.
The
August 2021 Convertible Note bears interest at the rate of
12
%
per annum. Interest payments are due on the last day of each calendar
quarter. At the Company's option (as determined by its independent directors), the Company may repay up to one sixth of any interest
payment by either adding such amount to the principal amount of the August 2021 Convertible Note or by converting such interest amount
into an equivalent amount of the Company's common stock, $
0.001
par value per share (the "Common Stock"). Any interest
not paid when due shall be capitalized and added to the principal amount of the August 2021 Convertible Note and bear interest on the
applicable interest payment date along with all other unpaid principal, capitalized interest, and other capitalized obligations. Both
the principal and any accrued but unpaid interest under the August 2021 Convertible Note will be due on July 14, 2022, unless converted
or repaid earlier.
The
Holder may, at any time, and from time to time, upon written notice to the Company, convert the outstanding principal and accrued interest
into shares of Common Stock, at a conversion price equal to the closing price of the common stock on October 15, 2021. The Company may
prepay the August 2021 Convertible Note by giving the Holder between
15
and
60
days' notice depending upon the specific circumstances,
subject to the Holder's conversion right.
The
August 2021 Convertible Note contains customary events of default, including, among others, the failure by the Company to make a payment
of principal or interest when due. Following an event of default, at the option of the Holder and upon written notice to the Company,
or automatically under certain circumstances, all outstanding principal and accrued interest will become due and payable. The August
2021 Convertible Note also contains customary restrictions on the ability of the Company to, among other things, grant liens or incur
indebtedness other than certain obligations incurred in the ordinary course of business. The restrictions are also subject to certain
additional qualifications and carveouts, as set forth in the August 2021 Convertible Note. The August 2021 Convertible Note is subordinated
to certain other indebtedness of the Company held by Prestige Corporation ("Prestige") and the Senior Notes.
F-
50
For
the three months ended March 31, 2022, interest expense related to the related party convertible secured promissory note was $
0.122
million
and there was
no
interest expense related to this note for the three months ended March 31, 2021. During the three months ended March
31, 2022 and 2021
no
interest was paid in cash to Mr. Drexler.
Revolving
Line of Credit, Related Party
On
March 8, 2022, the Company entered into an Unsecured Revolving Promissory Note (the "Note") with the Mr. Ryan Drexler. Under
the terms of the Note, proceeds may be used solely to finance the production of orders from its largest customer or any of its affiliates
or subsidiaries. The Note does not contain a cap on borrowings thereunder. However, further advances under the Note are at the discretion
of the Lender. Outstanding balances under the Note accrue interest at the rate of
18
%
per annum. Prior to maturity, the Company generally
may pay down principal balances and re-borrow under the Note, subject to the discretion of the Lender to advance funds under the Note.
The Note contains customary events of default and acceleration provisions.
The
Note is subordinate to the
14
%
Original Issue Discount Senior Secured Notes previously issued by the Company. Under the terms of the
First Amendment to Intercreditor and Subordination Agreement, dated as of March 8, 2022, between the Company, Ryan Drexler and Empery
Tax Efficient, LP (the "Amendment"), principal but not interest due under the Note generally may be repaid out of payments
received by the Company in respect of accounts receivable financed pursuant to the Note.
The
related party revolving line of credit balance as of March 31, 2022 was $
2.7
million and was
zero
on at March 31, 2021.
For
the three months ended March 31, 2022 and 2021 total related party debt was $
8.1
million and $
4.6
million, respectively.
For
the three months ended March 31, 2022, interest expense related to the revolving line of credit, related party was $
0.106
million.
Obligations
Under Secured Borrowing Arrangement
In
January 2016, the Company entered into a Purchase and Sale Agreement (the "Purchase and Sale Agreement") with Prestige, pursuant
to which the Company agreed to sell and assign, and Prestige agreed to buy and accept, certain accounts receivable owed to the Company
("Accounts"). Under the terms of the Purchase and Sale Agreement, upon the receipt and acceptance of each assignment of Accounts,
Prestige will pay the Company
80
%
of the net face amount of the assigned Accounts, up to a maximum total borrowing of $
12.5
million subject
to sufficient amounts of accounts receivable to secure the loan. The remaining
20
%
will be paid to the Company upon collection of the
assigned Accounts, less any chargebacks (including chargebacks for any customer amounts that remain outstanding for over 90 days), disputes,
or other amounts due to Prestige. Prestige's purchase of the assigned Accounts from the Company will be at a discount fee which
varies from
0.7
%
to
4
%
, based on the number of days outstanding from the assignment of Accounts to collection of the assigned Accounts.
In addition, the Company granted Prestige a continuing security interest in and first priority lien upon all accounts receivable, inventory,
fixed assets, general intangibles, and other assets. Prestige will have no recourse against the Company if payments are not made due
to the insolvency of an account debtor within 90 days of invoice date, with the exception of international and certain domestic customers.
On April 10, 2019, the Company and Prestige amended the terms of the agreement. The agreement was extended until April 1, 2020 and automatically
renews for one (1) year periods unless either party receives written notice of cancellation from the other, at minimum, thirty (30) days
prior to the expiration date thereafter
.
On
June 14, 2021, Prestige advanced the Company $
1.0
million with a
six
-month term,
15
%
interest rate and
2
%
accommodation fee.
On
July 26, 2021, Prestige advanced the Company $
1.0
million with a
six
-month term and a
15
%
interest rate. In addition, there was an accommodation
fee equal to
1
%
of the amount advanced plus
18,750
stock options.
On
October 12, 2021, the June 14, 2021 and July 26, 2021 the total Prestige advance $2.0 million was extended to the date of the termination
of the senior secured note offering, which is in April 2022, and was extended to May 28 2022
.
For
the three months ended March 31, 2022 and 2021, the Company assigned Prestige accounts with an aggregate face amount of approximately
$
6.3
million and $
11.4
million, respectively. For the three months
ended March 31, 2022 and 2021, the Company made payments to Prestige in the amounts of $
6.1
million and $
13.8
million, respectively, in cash. As of March
31, 2022 and December 31, 2021, we had outstanding borrowings of approximately $
6.6
million and $
6.4
million, respectively.
F-
51
Paycheck
Protection Program Loan
Due
to economic uncertainty as a result of the ongoing pandemic ("COVID-19"), on May 14, 2020, the Company received an aggregate
principal amount of $
964,910
pursuant to the borrowing arrangement ("Note") with Harvest Small Business Finance, LLC ("HSBF")
and agreed to pay the principal amount plus interest at a
1
%
fixed interest rate per year, on the unpaid principal balance. The Note
includes forgiveness provisions in accordance with the requirements of the Paycheck Protection Program, Section 1106 of the CARES Act.
The
Note was expected to mature on May 16, 2025. Payments were due by November 16, 2020 (the "Deferment Period") and interest
was accrued during the Deferment Period
. However, the Flexibility Act, which was signed into law on June 5, 2020, extended the Deferment
Period to the date that the forgiven amount is remitted by the United States Small Business Administration ("SBA") to HSBF.
On
October 25, 2021, the Company received a letter from HSBF indicating the Company's SBA PPP loan has been forgiven in full by HSBF
and was recorded as a $
964,910
gain on forgiveness of debt located in other income-loan forgiveness.
Note
8.
Commitments and Contingencies
Contingencies
In
the normal course of business or otherwise, the Company may become involved in legal proceedings. The Company will accrue a liability
for such matters when it is probable that a liability has been incurred and the amount can be reasonably estimated. When only a range
of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate
than any other amount within the range, the minimum amount in the range is accrued. The accrual for a litigation loss contingency might
include, for example, estimates of potential damages, outside legal fees and other directly related costs expected to be incurred. The
Company provides disclosures for material contingencies when there is a reasonable possibility that a loss or an additional loss may
be incurred. In assessing whether a loss is a reasonable possibility, the Company may consider the following factors, among others: the
nature of the litigation, claim or assessment, available information, opinions or views of legal counsel and other advisors, and the
experience gained from similar cases. As of December 31, 2021, the Company was involved in the following material legal proceedings described
below:
White
Winston Select Asset Fund Series MP-18, LLC et al., v MusclePharm Corp., et al., (Nev. Dist. Ct.; Cal. Superior Court; Colorado Dist.
Ct.; Mass. Super. Ct.)
On
August 21, 2018, White Winston Select Asset Fund Series MP-18, LLC and White Winston Select Asset Fund, LLC (together "White Winston")
initiated a derivative action against the Company and its directors (the "director defendants"). White Winston alleges that
the director defendants breached their fiduciary duties by improperly approving the refinancing of three promissory notes issued by the
Company to Mr. Drexler (the "Amended Note") in exchange for $
18.0
million in loans. White Winston alleges that this refinancing
improperly diluted their economic and voting power and constituted an improper distribution in violation of Nevada law. In its complaint,
White Winston sought the appointment of a receiver over the Company, a permanent injunction against the exercise of Mr. Drexler's
conversion right under the Amended Note, and other unspecified monetary damages. On September 13, 2018, White Winston filed an amended
complaint, which added a former executive of the Company, as a plaintiff (together with White Winston, the "White Winston Plaintiffs").
On December 9, 2019, the White Winston Plaintiffs filed a Second Amended Complaint, in which they added allegations relating to the resignation
of the Company's auditor, Plante & Moran PLLC ("Plante Moran"). the Company has moved to dismiss the Second Amended
Complaint. That motion has not yet been fully briefed.
Along
with its complaint, White Winston also filed a motion for a temporary restraining order ("TRO") and preliminary injunction
enjoining the exercise of Mr. Drexler's conversion right under the Amended Note. On August 23, 2018, the Nevada district court
issued an ex parte TRO. On September 14, 2018, the court let the TRO expire and denied White Winston's request for a preliminary
injunction, finding, among other things, that White Winston did not show a likelihood of success on the merits of the underlying action
and failed to establish irreparable harm. Following the court's decision, the Company filed a motion seeking to recoup the legal
fees and costs it incurred in responding to the preliminary injunction motion. On October 31, 2019, the court awarded the Company $
56,000
in fees and costs.
Due
to the uncertainty associated with determining our liability, if any, and due to our inability to ascertain with any reasonable degree
of likelihood, as of the date of this report, the outcome of the trial, the Company has not recorded an estimate for its potential liability.
F-
52
On
June 17, 2019, White Winston moved for the appointment of a temporary receiver over the Company, citing Plante Moran's resignation.
The court granted White Winston's request to hold an evidentiary hearing on the motion, but subsequently stayed the action pending
the parties' attempts to resolve their dispute. Although the parties have been unable to reach a resolution, the litigation has
not yet resumed. On July 30, 2019, White Winston filed an action in the Superior Court of the State of California in and for the County
of Los Angeles, seeking access to the Company's books and records and requesting the appointment of an independent auditor for
the Company. On February 25, 2021, the court ordered the Company to produce certain documents, denied White Winston's request for
an auditor, and ordered the Company to pay a $
1,500
penalty. On July 20, 2021 the California court awarded White Winston $
93,000
in attorneys'
fees and cost relating to the books-and-records action. The Company paid the amounts due on July 30, 2021, and on August 4, 2021 White
Winston submitted a filing acknowledging that the California court's judgment has been fully satisfied.
The
Company and its Chief Executive Officer have been named as defendants in a new lawsuit filed on February 8, 2022 by White Winston Select
Asset Funds, LLC and White Winston Select Asset Fund Series Fund MP-18, LLC (collectively, "White Winston") in the Superior
Court of Suffolk County Massachusetts. White Winston is bringing claims alleging unfair trade practices, abuse of process, malicious
prosecution, breach of duty of loyalty and, in the alternative, for breach of the settlement agreement relating to the prior action filed
by White Winston in Nevada. The Company has not yet responded to complaint and at this time cannot reasonably estimate any loss that
may arise from this matter.
Bakery
Barn, LLC v. MusclePharm Corporation
On
January 24, 2022, Bakery Barn ("Bakery Barn") filed suit against Company in Allegheny County, Pennsylvania court. Company
received the Complaint on February 16, 2022. Bakery Barn alleges that the Company owes Bakery Barn over $
1.9
million dollars for breach
of contract. Parties operated on an open account basis with payment terms established by mutual verbal agreement, custom and usage. Beginning
in late 2020, Bakery Barn resumed production for Company and operated under a verbal agreement until August 2021. Bakery Barn contends
that Company is required to reimburse Bakery Barn for foil wraps ordered by Bakery Barn in the amount of $
77,800
, specific ingredients
totaling $
42,400
, and products manufactured under purchase order Invoice no. 59192 delivered to Company in the amount of $
1,816,017
.
On
February 24, 2022, Flaherty Fardo Rogel & Amick, LLC ("Company Counsel") filed a Praecipe for Appearance on behalf of
the Company. On February 28, 2022, Company Counsel filed Preliminary Objections to Complaint and Brief In Support Thereof. Bakery Barn
filed an Amended Complaint in Civil Action on March 14, 2022. Company Counsel is in the process of filing Preliminary Objections to this
Amended Complaint. The Company intends to continue to vigorously litigate the matter.
Bar
Bakers, LLC v. CFC/Flavor Producers, LLC. Vs MusclePharm
On
March 18, 2022, the Company retained Barnes & Thornburg to represent it in connection with a Cross-Complaint filed in the
Superior Court of California, County of Orange, Case No. 30-2019-01073098-CU-BC-CJC in the matter Bar Bakers LLC v. Creative Flavor Concepts,
Inc. et al.. According to the pleadings, the matter arises from an agreement between the plaintiffs and defendants in which the plaintiff
agreed to manufacturer energy bars and sell them to the defendants. The defendants then sold the energy bars to various retailers, including
the Company. On May 29, 2019, the plaintiff sued the defendants alleging that the defendants were responsible for unpaid invoices –
nine for bars  manufactured and delivered to the Company and one invoice for raw materials. According to the pleadings, the unpaid
invoices total $
885,163.72
.
The invoice for the raw materials is allegedly $
4,658,593.02
.
On January 31, 2022, one of the defendants, Flavor Producers LLC, filed and served a cross claim against the Company alleging that it
was partially responsible for any damages that may befall on it. Specifically, Flavor Producers is asking the Court to award it $
389,989.60
in compensatory damages. On March 25, 2022, the
Company filed an answer to that  cross claim denying the factual allegations and Flavor Producers' assertion that it is entitled
to any damages, including but not limited to, compensatory damages.
ThermoLife
International
In
January 2016, ThermoLife International LLC ("ThermoLife"), a supplier of nitrates to the Company, filed a complaint against
the Company in Arizona state court. ThermoLife alleged that the Company failed to meet minimum purchase requirements contained in the
parties' supply agreement. The court held a bench trial on the issue of damages in October 2019, and on December 4, 2019, the court
entered judgment in favor of ThermoLife and against the Company in the amount of $
1.6
million, comprised of $
0.9
million in damages,
interest in the amount of $
0.3
million and attorneys' fees and costs in the amount of $
0.4
million. The Company recorded $
1.6
million
in accrued expenses in 2018. The Company has filed an appeal and posted bonds in the total amount of $0.6 million in order to stay execution
on the judgment pending appeal. Of the $
0.6
million, $
0.25
million (including fees) was paid by Mr. Drexler on behalf of the Company.
See "Note 7. Debt" for additional information. The balance of $
0.35
million was secured by a personal guaranty from Mr. Drexler,
the associated fees of $
12,500
and $
2,500
have been paid by the Company. On April 27, 2021, the appellate court issued a decision largely
affirming the trial court judgement, except vacating the judgement's $
0.3
million prejudgment interest award and remanding for
a recalculation of prejudgment interest. On May 18, 2021, ThermoLife filed a motion asking the trial court to increase the Company's
appeal bond to the full amount of the judgment, or $
1.9
million, which the Court denied on June 2, 2021.
F-
53
As
of March 31, 2022, the total amount accrued, including interest, was $
1.9
million. For the three months ended March 31, 2022 and 2021,
interest expense recognized on the awarded damages was $
0.022
million and $
0.022
million, respectfully.
On
May 4, 2022, the Arizona Supreme Court denied the Company's petition for review of the decision of the appellate court and granted
ThermoLife's request for attorney's fees.
SK
Laboratories
On
February 3, 2022, MusclePharm sued SK Laboratories in Washoe County (Nevada) District Court. According to the complaint, MusclePharm
alleges SK Laboratories (1) breach its contract, (1) breach an implied covenant of good faith and fair dealing, and (3) unjustly enriched
itself by artificially inflating its costs and passing those costs onto MusclePharm in breach of its agreement, as well as failing to
provide product that complied with Japanese import regulations. There has not been substantial activity in this case given its early
stage.
On
May 3, 2022, SK Laboratories sued MusclePharm and Ryan Drexler in Los Angeles County Superior Court. In its lawsuit, it is alleging (1)
breach of contract, (2) breach of personal guaranty, (3) fraud, (4) unfair business practices, (5) intentional interference with prospective
economic advantage, (6) negligent interference with prospective economic advantage, and (7) common count on book account claim. According
to the Complaint, SK Laboratories was a contract manufacturer for MusclePharm for approximately nine years manufacturing "a variety
of nutritional supplement products." Further, according to the complaint, SK Laboratories alleges that MusclePharm has defaulted
on payments due on purchase orders totaling approximately $
4,608,980.12
, and a breach of personal guaranty of approximately $
500,000
against Ryan Drexler for purchases of whey protein SK made on MusclePharm's behalf. There has not been substantial activity in
this case given its early stage. MusclePharm's answer is due on approximately June 21, 2022.
Settlements
Manchester
City Football Group
The
Company was engaged in a dispute with City Football Group Limited ("CFG"), the owner of Manchester City Football Group, concerning
amounts allegedly owed by the Company under a sponsorship agreement with CFG (the "Sponsorship Agreement").
In August 2016,
CFG commenced arbitration in the United Kingdom against the Company, seeking approximately $
8.3
million for the Company's purported
breach of the Sponsorship Agreement
.
On
July 28, 2017, the Company approved a Settlement Agreement (the "CFG Settlement Agreement") with CFG effective July 7, 2017.
The CFG Settlement Agreement represents a full and final settlement of all litigation between the parties. Under the terms of the agreement,
the Company agreed to pay CFG a sum of $
3
million, which was recorded as accrued expenses in 2017. The settlement consists of a $
1.0
million payment that was advanced by a related party on July 7, 2017, a $
1.0
million installment paid on July 7, 2018 and a subsequent
$
1.0
million installment payment to paid by July 7, 2019. Of this amount, the Company has remitted $
0.3
million.
During
the three months ended March 31, 2022 and 2021, the Company recorded a charge of $0.018 million and $0.018 million, respectively. This
charge, representing imputed interest, is included in "Interest expense" in the Company's consolidated statements of
operations.
Nutrablend
Matter
On
February 27, 2020, Nutrablend, a manufacturer of MusclePharm products, filed an action against the Company in the United States District
Court for the Eastern District of California, claiming approximately $
3.1
million in allegedly unpaid invoices. These invoices relate
to the third and fourth quarter of 2019, and a liability has been recorded for the related periods.
On
September 25, 2020, the parties successfully mediated the case to a settlement (the "Nutrablend Agreement") and
the Company
agreed to (i) pay approximately $
3.1
million ("Owed Amount") in monthly payments ("Monthly Payments") from September
1, 2020 through June 30, 2023 and (ii) issue monthly purchase orders ("Purchase Orders") at minimum amounts accepted by Nutrablend
.
The
Company agreed to issue Purchase Orders in a combined total amount of at least (i) $
1.5
million from September 1, 2020 through November
30, 2020; (ii) $
1.8
million from December 1, 2020 through February 28, 2021; (iii) $
2.1
million from March 31, 2021 through May 31, 2021;
(iv) $
2.1
million from June 1, 2021 through August 31, 2021; and (v) $
1.4
million from September 1, 2021 through October 30, 2021. Beginning
on November 1, 2021, the Company will be required to issue monthly Purchase Orders to Nutrablend in a minimum amount of $
0.7
million
until the Owed Amount is paid in full to Nutrablend. In the event that the Company pays the Owed Amount in full before September 1, 2021,
it's entitled to a rebate on all completed Purchase Orders. Further, once the monthly payments, and any additional payments that
the Company has made on the Owed Amount, reduce the outstanding balance of the Owed Amount to below $
2.0
million, the Company is eligible
for an extension of a line of credit from Nutrablend in an amount of up to $
3.0
million.
On
July 7, 2021, the Company commenced an action against Nutrablend in the Central District of California, seeking (i) a declaration that
the Nutrablend Agreement purchase order provisions have been terminated due to Nutrablend's failure to provide the Company with
reasonable assurances of its ability to fulfill its purchase orders; (ii) a declaration that approximately $
2.0
million in purchase orders
that the Company placed in July and August 2020 were intended to and do count towards the minimums set forth in the Nutrablend Agreement;
and (iii) damages based on Nutrablend's failure to fulfill purchase orders. The case is ongoing.
As
of March 31, 2022, the Company determined that approximately $
0.998
million of the owed amount was due within a year, and this amount
was recorded in "Accrued and other liabilities" in the consolidated balance sheets. The present value of the remaining Owed
Amount that was due after a year was $
0.250
million, and the amount was recorded in "Other long-term liabilities" in the
consolidated balance sheets. The Company made payments of $
0.303
million and $
0.189
million during the three months ended March 31, 2022
and 2021, respectively.
F-
54
On
September 23, 2021, the Company entered into an Amendment to a Settlement Agreement that was originally entered into on September 25,
2020. Pursuant to the Amended Agreement, the Company is no longer obligated to issue Purchase Orders to Nutrablend as stated in the Settlement
Agreement, which, as stated in the Form 8-K dated September 25, 2020, consisted of at least (i) $
1.5
million from September 1, 2020 through
November 30, 2020; (ii) $
1.8
million from December 1, 2020 through February 28, 2021; (iii) $
2.0
million from March 1, 2021 through May
31, 2021; (iv) $
2.1
million from June 1, 2021 through August 31, 2021; and (v) $
1.4
million from September 1, 2021 through October 30,
2021. The Monthly Payments provision of the Settlement Agreement remains unchanged.
4Excelsior
Matter
On
March 18, 2019, Excelsior Nutrition, Inc. ("4Excelsior"), a manufacturer of MusclePharm products, filed an action against
the Company in the Superior Court of the State of California for the County of Los Angeles, claiming approximately $
6.2
million in damages
relating to allegedly unpaid invoices, as well as approximately $
7.8
million in consequential damages.
On
December 16, 2020, the Company and 4Excelsior entered into a Settlement Agreement and Mutual Release ("the Agreement"), pursuant
to which the parties resolved and settled the civil action pending in the Superior Court of the State of California for the County of
Los Angeles (the "Litigation"). The parties agreed to a mutual general release of claims and to jointly file within 10 business
days of the effective date of the Agreement a stipulation and proposed order of dismissal, dismissing with prejudice all claims and counterclaims
asserted in the Litigation. The Company agreed to pay $
4.75
million (the "Settlement Amount") in four monthly payments of
$
70,000
, beginning January 5, 2021, and thereafter in monthly payments of $
100,000
until the Settlement Amount is fully paid. The Company
may prepay all or any portion of the Settlement Amount at any time without penalty or premium. The Agreement provides that, in the event
of a Default (as defined in the Agreement) by the Company, the entire outstanding balance of the Settlement Amount will become immediately
due and payable, plus accrued interest at a rate of
18
%
per annum, commencing from the date of default.
The
Company determined that approximately $
1.1
million of the Settlement Amount was due within a year, and this amount was recorded in "Accrued
and other liabilities" in the consolidated balance sheets. The present value of the remaining Settlement Amount that was due after
a year was $
1.6
million, and the amount was recorded in "Other long-term liabilities" in the consolidated balance sheets.
The Company made payments of $
0.3
million and $
0.2
million during the three months ended March 31, 2022 and 2021, respectively.
The
table below summarizes accrued expenses and interest expense incurred in for the three months ended March 31, 2022 and 2021 (in thousands):
Cases
Accrued Amount as of
March 31, 2022
Accrued Amount as of
December 31, 2021
Interest Expense for Period Ending
March 31, 2022
Interest Expense for Period Ending
March 31, 2021
Manchester City Football Group
$
730
$
730
$
(
18
)
$
(
18
)
Nutrablend Matter
1,248
1,493
(
55
)
(
64
)
4Excelsior Matter
2,715
2,938
(
77
)
(
98
)
ThermoLife International
1,364
1,364
(
22
)
(
22
)
Total
$
6,057
$
6,525
$
(
172
)
$
(
202
)
Note
9.
Stock-Based Compensation
The
Company's stock-based compensation for the three months ended March 31, 2022 and 2021 consisted primarily of stock option awards,
and there was no activity other than vesting for the three months ended March 31, 2022.
For
the three months ended March 31, 2022, the Company recorded approximately $
0.4
million of stock-based compensation expense related to
stock options. The Company did not record stock-based compensation expense for the three months ended March 31, 2021.
F-
55
Note
10.
Net Income (Loss) per Share
The
following table sets forth the computation of the Company's basic and diluted net income (loss) per share for the years presented
(in thousands, except share and per share data):
For the Three Months Ended March 31,
2022
2021
Net Income (loss)
$
(
6,301
)
$
94
Weighted average common shares used in computing net income (loss) per share, basic
33,386,200
33,119,549
Potentially diluted securities
—
12,373,071
Weighted average common shares used in computing net income (loss) per share, diluted
33,386,200
45,492,620
Net income (loss) per share, basic
$
(
0.19
)
$
0.00
Net income (loss) per share, diluted
$
(
0.19
)
$
0.00
Basic
net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of shares of common
stock outstanding during each period.
Diluted
net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of shares of common
stock, common stock equivalents and potentially dilutive securities outstanding during each period. The Company uses the treasury stock
method to determine whether there is a dilutive effect of outstanding potentially dilutive securities, and the if-converted method to
assess the dilutive effect of the convertible notes.
As of March 31, 2022, there were fully
vested stock options of
1,651,884
that would have been dilutive had the Company had net income.
The
following securities were excluded from the computations of the diluted net income (loss) per share, for the three months ended March
31, 2022 and 2021 as the effect of the securities would be anti-dilutive:
As of March 31,
2022
2021
Stock options
5,399,441
171,703
Warrants
17,355,700
-
Convertible notes
16,154,795
12,373,071
Total common stock equivalents
38,909,936
12,544,774
The
average exercise price of the stock options and warrants as of March 31, 2022 is $
0.78
.
Note
11.
Income Taxes
The
Company's tax expense for the three months ended March 31, 2022 and 2021 was zero.
Income
taxes are provided for the tax effects of transactions reported in the consolidated financial statements and consist of taxes currently
due. Deferred taxes relate to differences between the basis of assets and liabilities for financial and income tax reporting which will
be either taxable or deductible when the assets or liabilities are recovered or settled. In assessing the realizability of deferred tax
assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be
realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the
periods in which those temporary differences become deductible.
Management
considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in
making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the
realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of March 31, 2022.
F-
56
Note
12.
Segment Information and Geographic Data
Historically,
the Company's chief operating decision maker reviews financial information presented on a consolidated basis for purposes of allocating
resources and evaluating financial performance. As such, the Company has had a single reporting segment and operating unit structure.
During the third quarter of 2021, the Company introduced a functional energy beverages line under the MusclePharm and FitMiss brands,
at which time, the CODM commenced reviewing financial information on a disaggregated basis with the functional energy drink business
separate from base business of protein products. During 2021, revenues for the functional energy drink segment were not material, but
it is anticipated to become a more significant segment of the Company's business going forward. (All amounts below are in thousands):
Three Months Ended March 31,
2022
2021
Revenue, net
Protein products
$
12,000
$
13,121
Energy drinks
1,101
—
Total revenue, net
$
13,101
$
13,121
Three Months Ended March 31, 2022
Revenue
Cost of Revenue
Gross Profit
Protein products
$
12,000
$
10,875
$
1,125
Energy drinks
1,101
717
384
Total
$
13,101
$
11,592
$
1,509
As
the Company's products are made through contract manufacturers', there were no capital expenditures related to either segment
during the three months ended March 31, 2022 and 2021. Energy segment assets were not material as of March 31, 2022.
All of the Company's assets are located
in the United States.
Geographic
Information:
Revenue,
classified by the major geographic areas in which our customers are located is as follows:
Three Months Ended March 31,
2022
2021
United States
94
%
71
%
Other Countries
6
%
29
%
Total revenue
100
%
100
%
No
other country accounted for more than
5
% of revenue during the three months ended March 31, 2022 and 2021. Geographically, sales to other
countries are diverse – spanning every continent except Antarctica.
Three Months Ended March 31,
2022
2021
Revenue, net
Protein products
United States
$
11,297
$
9,274
International
703
3,847
Total Protein Products
$
12,000
$
13,121
Energy drinks
United States
1,070
-
International
31
-
Total energy drinks
$
1,101
$
-
Total revenue, net
$
13,101
$
13,121
F-
57
Shares
of Common Stock
PROSPECTUS
Roth
Capital Partners
,
2022
PART
II- INFORMATION NOT REQUIRED IN PROSPECTUS
Item
13. Other Expenses of Issuance and Distribution.
The
following table sets forth the costs and expenses payable by the Company in connection with the issuance and distribution of the securities
being registered hereunder. All amounts are estimates except the SEC registration fee.
SEC registration fees
$
Printing expenses
$
Accounting fees and expenses
$
Legal fees and expenses
$
Miscellaneous
$
Total
$
Item
14. Indemnification of Directors and Officers.
Section
78.7502(1) of the Nevada Revised Statutes provides that a corporation may indemnify any person who was or is a party, or is threatened
to be made a party, to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative
(except in an action brought by or on behalf of the corporation) if that person is or was a director, officer, employee or agent of the
corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation
or enterprise, against expenses, including attorneys' fees, judgments, fines and amounts paid in settlement actually and reasonably
incurred by that person in connection with such action, suit or proceeding, if that person acted in good faith and in a manner which
that person reasonably believed to be in, or not opposed to, the best interests of the corporation, and, with respect to any criminal
action or proceedings, had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit or proceeding
by judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent, alone, does not create a presumption
that the person did not act in good faith and in a manner which the person reasonably believed to be in, or not opposed to, the best
interests of the corporation, and that, with respect to any criminal action or proceeding, the person had reasonable cause to believe
his action was unlawful.
Section
78.7502(2) of the Nevada Revised Statutes provides that a corporation may indemnify any person who was or is a party or is threatened
to be made a party to any threatened, pending or completed action or suit brought by or on behalf of the corporation to procure a judgment
in its favor because the person acted in any of the capacities set forth above, against expenses, including amounts paid in settlement
and attorneys' fees, actually and reasonably incurred by that person in connection with the defense or settlement of such action
or suit, if the person acted in accordance with the standard set forth above, except that no indemnification may be made in respect of
any claim, issue or matter as to which such person shall have been adjudged by a court of competent jurisdiction after exhaustion of
all appeals therefrom to be liable to the corporation or for amounts paid in settlement to the corporation unless and only to the extent
that the court in which such action or suit was brought or other court of competent jurisdiction determines that, in view of all the
circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses as the court deems proper.
Section
78.7502(3) of the Nevada Revised Statutes further provides that, to the extent a director or officer of a corporation has been successful
on the merits or otherwise in the defense of any action, suit or proceeding referred to in subsections 1 and 2 thereof, or in the defense
of any claim, issue or matter therein, that person shall be indemnified by the corporation against expenses (including attorneys'
fees) actually and reasonably incurred by that person in connection therewith.
II-
1
Section
78.751 of the Nevada Revised Statutes provides that unless indemnification is ordered by a court, the determination to provide indemnification
must be made by the stockholders, by a majority vote of a quorum of the board of directors who were not parties to the action, suit or
proceeding, or in specified circumstances by independent legal counsel in a written opinion. In addition, the articles of incorporation,
bylaws or an agreement made by the corporation may provide for the payment of the expenses of a director or officer of the expenses of
defending an action as incurred upon receipt of an undertaking to repay the amount if it is ultimately determined by a court of competent
jurisdiction that the person is not entitled to indemnification. Section 78.751 of the Nevada Revised Statutes further provides that
the indemnification provided for therein shall not be deemed exclusive of any other rights to which the indemnified party may be entitled
and that the scope of indemnification shall continue as to directors, officers, employees or agents who have ceased to hold such positions,
and to their heirs, executors and administrators.
Section
78.752 of the Nevada Revised Statutes provides that a corporation may purchase and maintain insurance on behalf of a director, officer,
employee or agent of the corporation against any liability asserted against him or incurred by him in any such capacity or arising out
of his status as such whether or not the corporation would have the authority to indemnify him against such liabilities and expenses.
Articles
of Incorporation
Our
Articles of Incorporation provide that the Company shall, to the fullest extent permitted by the provisions of Section 78.751 of the
Nevada Revised Statutes, indemnify any and all persons whom it shall have the power to indemnify under such section.
Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of
the Company pursuant to the foregoing provisions, or otherwise, we have been advised that, in the opinion of the SEC, such indemnification
is against public policy as expressed in such Act and is, therefore, unenforceable.
Item
15. Recent Sales of Unregistered Securities.
Set
forth below is information regarding all unregistered securities sold by us since January 1, 2019. Unless otherwise stated, the issuances
of the above securities were deemed to be exempt from registration under the Securities Act in reliance upon Section 4(a)(2) or 3(a)(9)
of the Securities Act or Regulation D promulgated thereunder, or Rule 701 promulgated under Section 3(b) of the Securities Act as transactions
by an issuer not involving any public offering or pursuant to benefit plans and contracts relating to compensation as provided under
Rule 701.
During
the year ended December 31, 2019, the Company issued 16,216,216 shares of common stock to Ryan Drexler, the Company's chief executive
officer, upon the conversion of an outstanding convertible promissory note.
During
the year ended December 31, 2019, the Company issued 22,222 shares of common stock for consulting services.
During
the year ended December 31, 2019, the Company issued 150,000 shares of common stock in relation to the Biozone settlement.
During
the year ended December 31, 2019, the Company issued an aggregate of 595,238 shares of restricted stock to directors.
During
the year ended December 31, 2019, the Company issued 702,069 shares of common stock for advertising services.
On
October 4, 2019, the Company entered into a secured revolving promissory note (the "Revolving Note") with Mr. Drexler. Under
the terms of the Revolving Note, the Company can borrow up to $3.0 million.
On
August 21, 2020, the Company entered into a refinancing agreement with Mr. Ryan Drexler, with an effective date of July 1, 2020. As part
of the 2020 Refinancing, the Company issued to Mr. Drexler an amended and restated convertible secured promissory note (the 2020 "Refinanced
Convertible Note") in the original principal amount of $2,735,199, which amended and restated (i) a convertible secured promissory
note dated as of November 8, 2017, $1,134,483 of which was outstanding as of July 1, 2020 (ii) a collateral receipt and security agreement
with Mr. Drexler dated as of December 27, 2019, $252,500 of which was outstanding as of July 1, 2020, and (iii) a secured revolving promissory
note dated as of October 4, 2019, $1,348,216 of which was outstanding as of July 1, 2020.
On
October 15, 2020, the Company entered into a secured revolving promissory note with Ryan Drexler, pursuant to which the Company could
borrow up to $3,000,000.
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On
November 29, 2020, the Company entered into a refinancing agreement with Mr. Ryan Drexler (the "November 2020 Refinancing"),
in which the Company issued to Mr. Drexler a convertible secured promissory note (the November 2020 "Convertible Note") in
the original principal amount of $2,871,967, which amended and restated a convertible secured promissory note dated as of August 21,
2020.
Due
to economic uncertainty as a result of the ongoing pandemic (COVID-19), on May 14, 2020, the Company received an aggregate principal
amount of $964,910 pursuant to the borrowing arrangement ("Note") with Harvest Small Business Finance, LLC and agreed to
pay the principal amount plus interest at a 1% fixed interest rate per year, on the unpaid principal balance. The Note includes forgiveness
provisions in accordance with the requirements of the Paycheck Protection Program, Section 1106 of the CARES Act.
During
the year ended December 31, 2020, the Company issued 226,722 shares of common stock for advertising services.
On
April 5, 2021, with the appointment of the Company's President and Chief Financial Officer, the Company granted an award where
upon the occurrence of a sale of the Company, the President and Chief Financial Officer will receive 2% of the fully diluted equity of
the Company. The grant will vest upon the one-year anniversary and if a sale transaction has not occurred by the two-year anniversary,
then the President and Chief Financial Officer shall have the option to convert the transaction equity bonus into common shares.
On
May 12, 2021, the Company issued an option to purchase 1,673,994 shares of the Company's common stock at a price per share of $1.12
for consulting services.
On
July 26, 2021, the Company entered into a Modification Agreement (the "Modification") with Prestige Capital Finance, LLC
("Prestige"), providing a second over-advance from the purchase and sale agreement dated January 2016. In connection with
the Modification, the Company granted options to Prestige to purchase
18,750
shares of the Company's common stock.
On
August 12, 2021, the Company issued an option to purchase 50,000 shares of the Company's common stock for consulting services.
On
August 13, 2021, the Company issued to Ryan Drexler a convertible secured promissory note (the "August 2021 Convertible Note")
in the original principal amount of $2,457,549.
On
September 1, 2021, the Company issued an option to purchase 25,000 shares of the Company's common stock to an employee.
On
October 13, 2021, the Company entered into a Securities Purchase Agreement (with certain institutional investors as purchasers (the "Investors").
Pursuant to the Securities Purchase Agreement, the Company sold, and the Investors purchased, $7,050,000 (in principal amount of senior
notes and warrants to purchase 17,355,700 shares of common stock.
The
Senior Notes were issued with an original issue discount of 14%, bear no interest and mature after 6 months, on April 13, 2022. To secure
its obligations thereunder and under the Securities Purchase Agreement, the Company has granted a security interest over substantially
all of its assets to the collateral agent for the benefit of the Investors, pursuant to a pledge and security agreement.
The
maturity date of the Senior Notes may be extended to May 28, 2022 if no event of default has occurred and is continuing and cash flows
from operating and investing activities (but not cash flows from financing activities) of the Company and its subsidiaries was positive
for March 2022 and no event of default is reasonably expected to occur on or before April 30, 2022 and the sum of cash flows from operating
and investing activities (but not from financing activities) of the Company and its subsidiaries will be positive for April 2022. The
maturity date of the Senior Notes also may be extended under other circumstances specified therein. If the maturity date is extended,
interest will accrue on and from April 13, 2022 at 18% per annum until the Senior Notes are paid in full. The Company is undertaking
various initiatives to improve gross margins to become cash flow positive prior to the maturity of the Senior Notes. These initiatives
include improving cost of goods on certain raw materials., there can be no assurance the Company will be able to successfully implement
such initiatives on a timely basis or at all or that it otherwise will meet the conditions required to extend the Senior Notes. If the
Company is unable to extend the Senior Notes or elects not to do so, the Company will be required to repay the Senior Notes through equity
issuances, additional borrowings, cash flows from operations and/or other sources of liquidity. For additional information, please refer
to "Note 19 – Subsequent Events." The Warrants are exercisable for five (5) years to purchase 17,355,700 shares
of the Company's common stock, par value $0.001 per share, at an exercise price of $0.78, subject to adjustment under certain circumstances
described in the Warrants. The Warrants have a face value of $4.4 million which is recorded in Additional Paid-In Capital.
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In
conjunction with the private placement of Senior Notes and Warrants, each of the directors and officers of the Company entered into lock-up
agreements, which prohibit sales of the Common Stock until after April 11, 2022, subject to certain exceptions.
On
October 28, 2021, the Company issued an option to purchase 1,673,994 shares of the Company's common stock for consulting services.
On December 22, 2021,
the Company issued
an option to purchase 1,811,000 shares of common stock of the Company, exercisable
at a price of $0.40, to Sabina Rizvi, the President and Chief Financial Officer of the Company pursuant to the 2021 Omnibus Equity Incentive
Plan.
The
issuance of the Senior Notes and Warrants was made in reliance on the exemption provided by Section 4(a)(2) of the Securities Act of
1933, as amended (the "Securities Act"), for the offer and sale of securities not involving a public offering, and Regulation
D promulgated under the Securities Act. In accordance with ASC 470-20-25-2, proceeds from the sale of a debt instrument with stock purchase
warrants (detachable call options) are allocated to the two elements based on the relative fair values of the debt instrument without
the warrants and of the warrants themselves at time of issuance. The portion of the proceeds so allocated to the warrants shall be accounted
for as additional paid-in capital. The remainder of the proceeds shall be allocated to the debt instrument portion of the transaction.
As
previously disclosed by MusclePharm Corporation (the "Company") on a Current Report on Form 8-K filed with the U.S. Securities
and Exchange Commission (the "SEC") on June 9, 2022 (the "June 8-K"), as of June 3, 2022, the Company entered
into an Amended and Restated Securities Purchase Agreement (the "Amended and Restated Securities Purchase Agreement") with
certain accredited and institutional investors, including certain investors from the Company's October 2021 private offering of
securities (the "October Offering"), which amends and restates the October 2021 Securities Purchase Agreement to, among other
things, allow for the issuance of additional senior secured notes and warrants.
Pursuant
to the Amended and Restated Securities Agreement, on June 10, 2022, the Company sold an aggregate of $3,081,875 in principal amount 20%
Original Issue Discount Senior Secured Notes (the "June Notes"), resulting in gross proceeds to the Company of $2,465,500,
exclusive of placement agent commission and fees and other offering expenses, and warrants (the "June Warrants") to purchase
up to 22,013,393 shares (the "Warrant Shares") of the Company's common stock (the "June Offering").
Subject
to certain exceptions, the June Notes accrue no interest, mature six months after issuance, or December 10, 2022, and are secured by
the same collateral that secured the notes issued in the October Offering (the "October Notes" and together with the June
Notes, the "Notes"). The June Warrants are exercisable for five years from the date of issuance at an exercise price of $0.231
per share, subject to adjustment. If at any time following the six-month anniversary of the date of issuance of the June Warrants, a
registration statement covering the resale of the Warrant Shares is not effective, the holders may exercise the June Warrants by means
of a cashless exercise. The Company is prohibited from effecting an exercise of the June Warrants to the extent that, as a result of
such exercise, the holder together with the holder's affiliates, would beneficially own more than 4.99% of the number of shares
of the Company's common stock outstanding immediately after giving effect to the issuance of the Warrant Shares upon exercise of
the June Warrants.
As
previously disclosed in the June 8-K, in connection with the closing of the June Offering, the Company:
●
amended
    (i) the convertible secured promissory note issued to Ryan Drexler, the Company's Chief Executive Officer and Chair of the
    Board of Directors, on November 29, 2020 (as amended on August 13, 2021) in the principal amount of $2,871,967 (the "Drexler
    November Note") and (ii) the convertible secured promissory note issued to Ryan Drexler on August 13, 2021 in the principal
    amount of $2,457,549 (the "Drexler August Note" and together with the Drexler November Note, the "Drexler Notes")
    to extend the maturity date of the Drexler Notes to June 10, 2025;
●
entered
    into an amendment to Ryan Drexler's Amended and Restated Employment Agreement dated February 1, 2018 (the "Drexler Employment
    Agreement") pursuant to which Mr. Drexler's cash compensation, including base salary and bonus, was decreased to $250,000
    annually while any Notes remain outstanding; and
●
appointed
    Sabina Rizvi, the Company's President and Chief Financial Officer, as a member of the board of directors of the Company.
Item
16. Exhibits and Financial Statement Schedules.
(a)
Exhibits.
The following exhibits are included herein or incorporated herein by reference:
Exhibit
    No.
Description
1.1**
Form
    of Underwriting Agreement.
3.1
Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Registration Statement on Form SB-2 (File No. 333-147111) of the Company filed November 2, 2007 by the Company with the SEC).
3.2
Amendment to Articles of Incorporation (incorporated by reference to Exhibit 3.3 to the Registration Statement on Form SB-2 (File No. 333-147111) of the Company filed November 2, 2007 by the Company with the SEC).
3.3
Amendment to Articles of Incorporation (incorporated by reference to Exhibit 3.3 to the Current Report on Form 8-K of the Company filed February 24, 2010 by the Company with the SEC).
3.4
Amendment to Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Quarterly Report on Form 10-Q of the Company filed May 23, 2011 by the Company with the SEC).
3.5
Amendment to Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of the Company filed November 23, 2011 by the Company with the SEC).
3.6
Amendment to Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of the Company filed January 27, 2012 by the Company with the SEC).
3.7
Amendment to Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of the Company filed March 30, 2012 by the Company with the SEC).
3.8
Certificate of Change (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of the Company filed November 28, 2012 by the Company with the SEC).
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3.9
Amendment to Articles of Incorporation (incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K of the Company filed November 28, 2012 by the Company with the SEC).
3.10
Certificate of Correction (incorporated by reference to Exhibit 3.15 to the Registration Statement on Form S-1/A (File No. 333-184625) of the Company filed December 28, 2012 by the Company with the SEC).
3.11
Second Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of the Company filed September 27, 2016 by the Company with the SEC).
4.1
Specimen of certificate for MusclePharm Corp. common stock (incorporated by reference to Exhibit 4.4 to the Registration Statement on Form S-1/A (File No. 333-184625) of the Company filed December 28, 2012 by the Company with the SEC).
4.2
Warrant, dated November 7, 2016 by and between the Company and INI Buyer, Inc. (incorporated by reference to Exhibit 4.1 to the Quarterly Report on Form 10-Q of the Company filed November 9, 2016 by the Company with the SEC).
4.3
Form of Warrant for October 2021 Financing (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of the Company filed October 18, 2021 by the Company with the SEC).
5.1**
Opinion
    of Sheppard, Mullin, Richter & Hampton, LLP
10.1
Purchasing Agreement with General Nutrition Corporation dated December 16, 2009 (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of the Company filed February 24, 2010 by the Company with the SEC)
10.2
Form of Registration Rights Agreement, dated July 13, 2012, between MusclePharm Corporation and TCA Global Credit Master Fund LP (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company filed July 20, 2012 by the Company with the SEC)
10.3
Form of Indemnification Agreement (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company filed August 27, 2012 by the Company with the SEC)
10.4†
MusclePharm Corporation 2015 Incentive Compensation Plan (incorporated by reference to Exhibit 4.14 to the Registration Statement on Form S-8 (File No. 333-212576) of the Company filed July 18, 2016 by the Company with the SEC).
10.5
Confidentiality and Non-Disclosure Agreement, dated June 23, 2015, between MusclePharm Corporation and Consac, LLC, an affiliate of Ryan Drexler (incorporated by reference to Exhibit 10.6 to the Current Report on Form 8-K of the Company filed August 10, 2015 by the Company with the SEC).
10.6
Agreement for Purchase and Sale of Stock dated April 21, 2016, between MusclePharm Corporation and BioZone Laboratories, Inc., BioZone Holdings, Inc. and Flavor Producers, Inc. (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company filed April 27, 2016 by the Company with the SEC).
10.7
Convertible Secured Promissory Note, dated November 8, 2016, by and between MusclePharm Corporation and Ryan Drexler (incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q of the Company filed November 9, 2016 by the Company with the SEC).
10.8
Sixth Amended and Restated Security Agreement, dated November 29, 2020, by and between MusclePharm Corporation and Ryan Drexler (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of the Company filed December 3, 2020 by the Company with the SEC).
10.9
Settlement Agreement, dated November 7, 2016, by and among MusclePharm Corporation and F.H.G. Corporation d/b/a Capstone Nutrition, INI Parent, Inc., INI Buyer, Inc. and Medley Capital Corporation (incorporated by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q of the Company filed November 9, 2016 by the Company with the SEC).
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10.10
Convertible Secured Promissory Note, dated December 7, 2015, by and between MusclePharm Corporation and Ryan Drexler (incorporated by reference to Exhibit 10.14 to the Annual Report on Form 10-K of the Company filed March 15, 2017 by the Company with the SEC).
10.11
First Amendment to Convertible Secured Promissory Note, dated December 7, 2015, by and between MusclePharm Corporation and Ryan Drexler (incorporated by reference to Exhibit 10.15 to the Annual Report on Form 10-K of the Company filed March 15, 2017 by the Company with the SEC).
10.12†
Amended and Restated Executive Employment Agreement, between MusclePharm Corporation and Ryan Drexler (incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K of the Company filed March 1, 2018 by the Company with the SEC).
10.13
Small Business Administration Loan Agreement between MusclePharm Corporation and Harvest Small Business Finance, LLC (incorporated by reference to Exhibit 10.15 to the Annual Report on Form 10-K of the Company filed March 29, 2021 by the Company with the SEC).
10.14
Amended and Restated Convertible Secured Promissory Note, dated August 21, 2020 by and between MusclePharm Corporation and Ryan Drexler (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company filed August 20, 2020 by the Company with the SEC).
10.15
Fourth Amended and Restated Security Agreement, dated August 21, 2020, between MusclePharm Corporation and Ryan Drexler (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of the Company filed August 20, 2020 by the Company with the SEC).
10.16
Settlement Agreement, dated September 25, by and between MusclePharm Corporation and NBF Holdings Canada Inc. (Nutrablend) (incorporated by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q of the Company filed November 24, 2020 by the Company with the SEC).
10.17
Secured Revolving Promissory Note, dated October 15, 2020 by and between MusclePharm Corporation and Ryan Drexler (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company filed October 21, 2020 by the Company with the SEC).
10.18
Fifth Amended and Restated Security Agreement, dated October 15, 2020 by and between MusclePharm Corporation and Ryan Drexler (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of the Company filed October 21, 2020 by the Company with the SEC).
10.18
Convertible Secured Promissory Note, dated December 16, 2020 by and between MusclePharm Corporation and Ryan Drexler (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company filed December 3, 2020 by the Company with the SEC).
10.19
Sixth Amended and Restated Security Agreement, dated November 29, 2020 by and between MusclePharm Corporation and Ryan Drexler (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of the Company filed December 3, 2020 by the Company with the SEC).
10.20
Settlement Agreement, dated November 7, 2020 by and between MusclePharm Corporation and Excelsior Nutrition, Inc. (4Excelsior) (incorporated by reference to Exhibit 10.23 to the Annual Report on Form 10-K of the Company filed March 29, 2021 by the Company with the SEC).
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10.21
Letter Agreement, dated May 12, 2021 between the Company and Joseph Cannata (incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q of the Company filed November 16, 2021 by the Company with the SEC).
10.22
Form of Note issued in the October 2021 Financing (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K of the Company filed October 18, 2021 by the Company with the SEC).
10.23
Securities Purchase Agreement, dated October 13, 2021 by and between MusclePharm Corp. and the parties thereto (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company filed October 18, 2021 by the Company with the SEC).
10.24
Pledge and Security Agreement, dated October 13, 2021 by and between MusclePharm Corp. and the parties thereto (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of the Company filed October 18, 2021 by the Company with the SEC).
10.25
Amendment to Settlement Agreement, dated September 23, 2021 between the Company and NDF Holdings Canada Inc. (incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q of the Company filed November 17, 2021 by the Company with the SEC).
10.26
Amended
    and Restated Securities Purchase Agreement dated June 3, 2022, by and between the Company and the Subsequent Investors parties thereto
    (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on June 9, 2022)
10.27
Form
    of June Warrant (Incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on June 9, 2022)
10.28
Form
    of June Note (Incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on June 9, 2022)
10.29
Form
    of Waiver and Amendment (Incorporated by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K filed on June
    9, 2022)
10.30
Drexler November Note, as amended
(Incorporated by reference to Exhibit 10.5 to the Company's Current Report on Form 8-K filed on June 14, 2022)
10.31
Drexler August Note, as amended
(Incorporated by reference to Exhibit 10.6 to the Company's Current Report on Form 8-K filed on June 14, 2022)
10.32
Amendment to Ryan Drexler's Amended and Restated Employment Agreement dated June 10, 2022 (Incorporated by reference to Exhibit 10.7 to the Company's Current Report on Form 8-K filed on June 14, 2022)
23.1*
Consent of SingerLewak LLP.
23.2*
Consent of Moss Adams LLP
23.3**
Consent
    of Sheppard, Mullin, Richter & Hampton, LLP (included in Exhibit 5.1).
24.1
Power of Attorney (included on the signature page)
107
Filing Fee Table
*
Filed
    herewith.
**
To
    be filed by amendment.
#
Schedules
    and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. Paltalk, Inc. hereby undertakes to furnish supplementally
    copies of any of the omitted schedules and exhibits upon request by the Securities and Exchange Commission.
†
Management
    contract or compensatory plan arrangement.
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7
ITEM
17. UNDERTAKINGS.
(a)
The undersigned registrant hereby undertakes:
(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;
(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 a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration
Fee" table in the effective registration statement; and
(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, 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 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.
(b)
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid
by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question
whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of
such issue.
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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 Las Vegas, State of Nevada, on the 16th
day of June, 2022.
MUSCLEPHARM
    CORPORATION
By:
/s/
    Ryan Drexler
Ryan
    Drexler
Chief
    Executive Officer (Principal Executive Officer)
POWER
OF ATTORNEY
Each
of the undersigned officers and directors of Musclepharm Corporation. hereby constitutes and appoints Ryan Drexler and Sabina Rizvi,
and each of them any of whom may act without joinder of the other, the individual's true and lawful attorneys-in-fact and agents,
each with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities,
to sign this registration statement of Musclepharm Corporation on Form S-1, and any other registration statement relating to the same
offering (including any registration statement, or amendment thereto, that is to become effective upon filing pursuant to Rule 462(b)
under the Securities Act of 1933, as amended), and any and all amendments thereto (including post-effective amendments to the registration
statement), and to file the same, with all exhibits thereto, and all other 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 connection therewith, 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, or their substitute
or substitutes, may lawfully do or cause to be done 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 held and on the dates indicated.
Signature
Title
Date
/s/
    Ryan Drexler
Chief
    Executive Officer and Director
June 16,
2022
Ryan
    Drexler
(Principal
    Executive Officer)
/s/
    Sabina Rizvi
President
    and Chief Financial Officer
June
    16,
2022
Sabina
    Rizvi
(Principal
    Financial and Accounting Officer)
/s/
    Paul Karr
Director
June 16
,
2022
Paul
    Karr
/s/
    Michael Heller
Director
June 16
,
2022
Michael
    Heller
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