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

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
Filed with Securities and Exchange Commission on June 28, 2022</span></p>

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

<p style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration N0. 333- __________</span></p>




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

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

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

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

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

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

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<span id="xdx_90F_edei--DocumentType_c20220101__20220331_zWPnJ4UCqVag"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:DocumentType">S-1</ix:nonNumeric></span></b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b><span id="xdx_907_edei--EntityRegistrantName_c20220101__20220331_z5Y1qSHb5dH1"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:EntityRegistrantName">CITRINE
GLOBAL, CORP.</ix:nonNumeric></span></b></span></p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 32%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90A_edei--EntityPrimarySicNumber_c20220101__20220331_zsuP4eZyn366"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:EntityPrimarySicNumber">2833</ix:nonNumeric></span></b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 32%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_901_edei--EntityTaxIdentificationNumber_c20220101__20220331_zIlKftQXleV7"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:EntityTaxIdentificationNumber">68-0080601</ix:nonNumeric></span></b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></p></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: center"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State
                                            or other jurisdiction</span></p>
                                                                             <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
                                            incorporation or organization)</span></p></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Primary
    Standard Industrial<br />
 Classification Code Number)</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S.
                                            Employer</span></p>
                                                                             <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification
                                            Number)</span></p></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90F_edei--EntityAddressAddressLine1_c20220101__20220331_zA4dmfuo0e03"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:EntityAddressAddressLine1">4
Haogen Street</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90C_edei--EntityAddressCityOrTown_c20220101__20220331_zPMMuLddT3ni"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:EntityAddressCityOrTown">Herzliya</ix:nonNumeric></span>,
, <span id="xdx_908_edei--EntityAddressPostalZipCode_c20220101__20220331_zZTQepodp3h3"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:EntityAddressPostalZipCode">4655102</ix:nonNumeric></span>, Israel</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>+<span id="xdx_908_edei--CityAreaCode_c20220101__20220331_zNa2W4k7ZDD6"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:CityAreaCode">972</ix:nonNumeric></span><span id="xdx_90F_edei--LocalPhoneNumber_c20220101__20220331_zKGNLYa0drr7"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:LocalPhoneNumber">98851422</ix:nonNumeric></span></b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>108
West 13th St., City of Wilmington</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>County
of Newcastle, Delaware 19801</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(800)
981-7183</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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: 32%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gregory
                                            Sichenzia</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sichenzia
    Ross Ference LLP</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1185
    Avenue of the Americas</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New
    York, NY 10036</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(212)
    930-9700</b></span></p></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 32%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>David
                                            Aboudi</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Aboudi
    Legal Group PPLC</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>745
    Fifth Avenue</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New
    York, NY 101051</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(646)
    768-4285</b></span></p></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 32%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Anthony
                                            W. Basch</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>J.
    Britton Williston</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Kaufman
    &amp; Canoles, P.C.</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2236
    Cunningham Drive</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Hampton,
    VA2366</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(757)
    224-2900</b></span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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>Approximate
date of commencement of proposed sale to the public</b>: As soon as practicable after the effective date of this registration</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">If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933 check the following box: &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span 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">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: 0; text-align: justify"><span 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">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: 0; text-align: justify"><span 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">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: 0; text-align: justify"><span 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">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: 0; text-align: justify"><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-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify; width: 65%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated
  filer &#9744;</span></td>
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify; width: 35%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer
  &#9744;</span></td></tr>
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_edei--EntityFilerCategory_c20220101__20220331_zlWg3V3wuG45"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Non-accelerated filer</ix:nonNumeric></span> &#9746;</span></td>
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Smaller reporting company <span id="xdx_901_edei--EntitySmallBusiness_c20220101__20220331_zTz90fyp1Mi7"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt:booleantrue" name="dei:EntitySmallBusiness">&#9746;</ix:nonNumeric></span></span></td></tr>
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company <span id="xdx_903_edei--EntityEmergingGrowthCompany_c20220101__20220331_ztrM2bO3vc9j"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#9744;</ix:nonNumeric></span></span></td>
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table>


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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></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">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
</span><span style="font-family: Times New Roman, Times, Serif">with any new or revised financial accounting standards provided pursuant
to Section 7(a)(2)(B) of the Securities Act. &#9744;</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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-top: 0; margin-bottom: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><b>THE
INFORMATION IN THIS PRELIMINARY PROSPECTUS IS NOT COMPLETE AND MAY BE CHANGED. THESE SECURITIES MAY NOT BE SOLD UNTIL THE REGISTRATION
STATEMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS PRELIMINARY PROSPECTUS IS NOT AN OFFER TO SELL NOR DOES
IT SEEK AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><b>PROSPECTUS
(SUBJECT TO COMPLETION) DATED [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ], 2022</b></span></p>

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; 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;&#160;units (the &#8220;Units&#8221;), each Unit consisting of one share of common stock, par value $0.0001, and two warrants
(the &#8220;Warrants&#8221;), each Warrant exercisable for one share of common stock, in a firm commitment underwritten offering. The
Warrants will have an exercise equal to 100% of the public offering price per Unit and a term of five years. The offering also includes
the shares of common stock issuable from time to time upon exercise of the Warrants.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
common stock is quoted on the OTCQB tier of OTC Markets Group, Inc., or OTCQB, under the symbol &#8220;CTGL.&#8221; On _________, 2022,
the last reported sale price for our common stock as reported on the OTCQB was $______ per share. <span style="background-color: white">We
have applied to list our common stock on The Nasdaq Stock Market (the &#8220;Nasdaq&#8221;) under the symbol &#8220;CTGL.&#8221; No assurance
can be given that our application will be approved. This offering is subject to our application being approved.</span> We have applied
to list the Warrants on the Nasdaq Capital Market under the symbol &#8220;CTGLW.&#8221; No assurance can be given that a trading market
will develop for the Warrants.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investing
in our common stock involves a high degree of risk. See &#8220;Risk Factors&#8221; beginning on page 9.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined
if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</b></span></p>

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

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

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

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-family: 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; padding-bottom: 1.5pt"><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
    Unit</span></td><td style="font: bold 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: bold 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 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</span></td><td style="font: bold 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: 68%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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 (1)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"></td><td style="font: 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">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"></td><td style="font: 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; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"></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; background-color: white">
    <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"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Does
                                                                     not include a non-accountable expense allowance equal to 1.0% of the public offering price payable to the underwriter. In addition,
                                                                     we have agreed to issue warrants to the underwriter in an amount equal to 10% of the aggregate number of shares of common stock sold
                                                                     in this offering (excluding the shares sold through the exercise of the over-allotment option). See the section titled
                                                                     &#8220;Underwriting&#8221; beginning on page 51 of this prospectus for additional disclosure regarding underwriter compensation
                                                                     and offering expenses.</span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have granted the underwriter a 45-day option to purchase up
to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; additional shares of common stock, representing 15% of
the shares sold in the offering and/or up to &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; additional
Warrants, representing 15% of the Warrants sold in the offering, solely to cover over-allotments, if any. The purchase price to be
paid per additional share will be equal to the public offering price of one Unit, less the purchase price for the two Warrants
included within the Unit and the underwriting discount. The purchase price to be paid per additional Warrant will be $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; .</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriter expects that the delivery of the shares of common stock and the Warrants will be made on or about&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; , 2022.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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-top: 0; margin-bottom: 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-top: 0; margin-bottom: 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: 0; margin-bottom: 0; text-align: center; background-color: white"><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; text-align: center; margin-top: 0; margin-bottom: 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%; background-color: white; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.6in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page
    No.</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#Ha_001"><span style="font-size: 10pt">PROSPECTUS
    SUMMARY</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">4</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#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">&#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; text-align: justify; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify; text-indent: -0.15in"></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify; text-indent: -0.15in"><span style="font-family: Times New Roman, Times, Serif"><a href="#Ha_002"><span style="font-size: 10pt">THE
    OFFERING</span></a></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">7</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#Ha_003"><span style="font-size: 10pt">RISK
    FACTORS</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">9</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#Ha_004"><span style="font-size: 10pt">SPECIAL
    NOTE REGARDING FORWARD-LOOKING STATEMENTS</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">18</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#Ha_005"><span style="font-size: 10pt">USE
    OF PROCEEDS</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">19</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#Ha_006"><span style="font-size: 10pt">DIVIDEND
    POLICY</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">19</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#Ha_007"><span style="font-size: 10pt">CAPITALIZATION</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">20</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#Ha_008"><span style="font-size: 10pt">DILUTION</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">20</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#Ha_009"><span style="font-size: 10pt">MANAGEMENT&#8217;S
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</span></a></span></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: 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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#Ha_010"><span style="font-size: 10pt">BUSINESS</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">25</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; vertical-align: top; text-align: justify"><a href="#Na_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MANAGEMENT</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">40</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; vertical-align: top; text-align: justify"><a href="#Na_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXECUTIVE COMPENSATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">43</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; vertical-align: top; text-align: justify"><a href="#Na_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">47</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; vertical-align: top; text-align: justify"><a href="#Na_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">46</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; vertical-align: top; text-align: justify"><a href="#Na_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF CAPITAL STOCK</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">50</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; vertical-align: top; text-align: justify"><a href="#Na_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNDERWRITING</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">51</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; vertical-align: top; text-align: justify"><a href="#Na_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL MATTERS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">54</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; vertical-align: top; text-align: justify"><a href="#Na_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">54</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; vertical-align: top; text-align: justify"><a href="#Na_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE YOU CAN FIND ADDITIONAL INFORMATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">54</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#fin_001">INDEX TO FINANCIAL 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">F-1
    </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>We
have not authorized anyone to provide any information or to make any representations other than those contained in this prospectus or
in any free writing prospectuses we have prepared. We take no responsibility for, and can provide no assurance as to the reliability
of, any other information that others may give you. This prospectus is an offer to sell only the shares offered hereby, but only under
circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of its
date.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
investors outside the United States: We have not, and the underwriter has not, 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. Persons
outside of the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating
to, the offering of the shares of common stock and the distribution of this prospectus outside of the United States.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise indicated, market data and certain industry forecasts used throughout this prospectus were obtained from various sources, including
internal surveys, market research, consultant surveys, publicly available information and industry publications and surveys. Industry
surveys, publications, consultant surveys and forecasts generally state that the information contained therein has been obtained from
sources believed to be reliable, but that the accuracy and completeness of such information is not guaranteed. We have not independently
verified any of the data from third-party sources nor have we ascertained the underlying economic assumptions relied upon therein. Similarly,
internal surveys, industry forecasts and market research, which we believe to be reliable based upon our management&#8217;s knowledge
of the industry, have not been independently verified. The future performance of the industry and markets in which we operate and intend
to operate is necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in
the sections titled &#8220;Risk Factors&#8221; and &#8220;Special Note Regarding Forward-looking Statements&#8221; and elsewhere in this
prospectus. These and other factors could cause results to differ materially from those expressed in these publications and reports.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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: 0; margin-bottom: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Ha_001"></span>PROSPECTUS
SUMMARY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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: 0 0 0 1.4pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>This
summary highlights selected information contained elsewhere in this prospectus and does not contain all the information that you should
consider before making your investment decision. Before investing in our common stock, you should carefully read this entire prospectus,
including the information set forth under the &#8220;Risk Factors&#8221; and &#8220;Management&#8217;s Discussion and Analysis of Financial
Condition and Results of Operations&#8221; sections of this prospectus and our consolidated financial statements and the accompanying
notes included in this prospectus. Except as otherwise indicated herein or as the context otherwise requires, references in this prospectus
to &#8220;Citrine Global,&#8221; the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; and &#8220;our&#8221; refer to Citrine
Global, Corp. and our consolidated subsidiaries, including our wholly-owned subsidiary, CTGL-Citrine Global Israel Ltd. and to our partially
owned subsidiary Cannovation Center Israel Ltd.;</i></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a plant-based wellness &amp; pharma solutions company. Our business activity is primarily composed of developing wellness and pharma
solutions, focused on science backed plant-based products to improve quality of life and complementary solutions for balancing side effects
caused by using medicines, treatments, or an unbalanced lifestyle.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
global health and wellness market is expected to reach USD 7.6 trillion by 2030, growing at a CAGR of 5.5% from 2021 to 2030<sup>1 </sup>with
growing awareness of health and wellness solutions for improving people&#8217;s quality of life<sup>2</sup>. We are witnessing a global
movement of health and wellbeing becoming a priority for the public, further emphasized by the recent global COVID-19 pandemic. There
is increasing recognition that people need to take charge of their own health, improve their quality of life, use natural products, and
balance side effects caused by medicines and treatment<sup>3</sup>.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe the power of plant-based solutions from nature can help improve people&#8217;s health and quality of life.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
seek to bring to the market wellness and pharma innovative products, such as food supplements, healthy snacks, healthy beverages and
natural cosmetics, to help improve people&#8217;s health and quality of life and complementary products that aim to balance selected
side effects associated with medicines, treatments or an unbalanced lifestyle. Research shows that complementary products can balance
side effects associated with medicinal use or treatments. For example, probiotics, natural food supplements are recommended as a complementary
product to balance side effects associated with the use of antbiotics <sup>4</sup>.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leveraging
technology and research, we are focused on developing products portfolio based on rigorous scientific research ranging from synergistic
botanicals, herbal extract tinctures, medicinal mushrooms together with plant extracts, vitamins, minerals, botanical formulations from
seeds, roots, bark, fruits and a wide variety of plants that contain substances with health-supportive effects. Such supportive effects
include, but aren&#8217;t limited to, enhancing oral care, anti-inflammatory properties, relaxation, sleep enhancement, energizing, mood
and body balancing, and alleviating side effects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
strategy is to bring to market, on a global scale, innovative plant-based wellness and pharma solutions, covering the whole spectrum
from innovation, research and development, product development, infrastructure for production and manufacturing, distribution, marketing
and sales.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
headquarters and top executives are based in Israel, where we operate via our 100%-owned-subsidiary &#8220;CTGL Citrine Global Israel
Ltd.&#8221; and 60%-owned &#8220;Cannovation Center Israel Ltd.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
mission is to leverage the power of plant-based solutions from nature to help<br />
improve people&#8217;s health and quality of life</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
created multi-strategy solutions to realize our mission, the highlights of which include the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Developing
&amp; Bringing Plant-Based Wellness &amp; Pharma Products to Market</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are developing plant-based solutions which include products for improving quality of life and complementary solutions for balancing selected
side effects caused by using medicines, cannabis, treatments, or an unbalanced lifestyle. In December 2021 we finalized the development
of dozens of proprietary formulations in multiple form factors under the brand name of Green Side by Side&#8482; for the wellness industry.</span></p>

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

<!-- Field: Rule-Page --><div style="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: 0; margin-bottom: 0; text-align: left"><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; text-indent: 0.5in"></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"><sup>1
                                            </sup>Research, P., 2022. <i>Health and Wellness Market Size to Hit USD 7,656.7 Bn by 2030</i>.
                                            [online] GlobeNewswire News Room.</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"></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"><sup>2
</sup><span style="background-color: white">NielsenIQ. 2022. </span><i>An inside look into the 2021 global consumer health and wellness
revolution</i><span style="background-color: white">. [online]</span></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; background-color: white"></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"><sup>3
</sup><span style="background-color: white">Sullivan, F., 2022.&#160;</span><i>Increasing Health Consciousness Among Consumers to Shift
the Global Prebiotic Ingredients Market</i><span style="background-color: white">. [online] Prnewswire.com.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"></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"><sup>4
</sup>N.A.Kerna, 2018, <i>A complementary medicine approach to augmenting antibiotic therapy current practices in the use of probiotics
during antibiotic therapy,</i> International Journal of Complementary &amp; Alternative Medicine</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Green Side by Side&#8482; product line includes herbals, medicinal mushrooms, vitamins, minerals, and a variety of researched plants
known for their healing qualities that contain substances with different anti-inflammatory properties and a variety of health-supportive
effects that are relaxing, sleep enhancing, energizing, mood and body balancing, enhancing oral care alleviating side effects, and more.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Green
Side by Side products are manufactured in Israel in a GMP-certified manufacturing facility approved by the Israeli Ministry of Health.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
Q1 2022 we launched in the Israeli market several products from the Green Side by Side product line. We started our initial launch with
a local partner, an Israeli medical cannabis company, focusing on the SmokLy series, a line of sprays for the oral cavity to support
people with oral cavity dryness (xerostomia), a common side effect experienced by many cannabis users. The local partner distributes
the products to medical cannabis pharmacies as complementary products to medical cannabis users. Following an initial trial period, we
plan to expand our distribution efforts in the Israeli market for the Green Side by Side product line with retail, pharmacy chains and
natural products&#8217; distributors in Israel. We also plan to distribute the Green Side by Side product line in the United States and
worldwide with local partners consistent with local regulations.</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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe Green Side by Side is positioned to capture market share in the nutritional supplements market that is expected to reach $625
billion by 2030<sup>5</sup>.</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>&#160;</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"><b>IP
and Research &amp; Development Strategy</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
IP strategy and R&amp;D roadmap include building our patent portfolio, conducting clinical studies, advancing products through regulatory
approvals.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leveraging
technology and research, we continue to innovate, developing solutions that combine botanical formulations, herbal extracts, tinctures,
sprays, and other natural delivery methods with a variety of researched plants known for their healing qualities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
seek to bring to the wellness and pharma market innovative products to improve quality of life and complementary solutions for balancing
selected side effects caused by medicines, treatments, cannabis, aging, stress, or an unbalanced lifestyle. Our mission includes developing
plant-based medicines for the botanical and plant-derived drug market that is expected to reach $53 billion by 2026<sup>6</sup>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Treating
Side Effects Caused by Medicines, Treatments, or an Unbalanced Lifestyle</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
broad range of medicines and treatments have common side effects such as dryness in the oral cavity (xerostomia), headaches, dizziness,
drowsiness, fatigue, nausea, vomiting, lack of concentration, and impaired appetite.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are researching and developing complementary solutions to address the need to balance selected effects through wellness solutions, as
well as clinically planning to develop plant-based pharmaceutical solutions.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
public health impact of potential harm associated with medicines and treatments is a growing area of investigation, given the expanding
pharma industry and widespread availability of drugs and different medical treatments around the world. For example, exploring the relationship
between drug side-effects and therapeutic indications demonstrates that <b>69% of drugs have between 10 and 100 different side effects</b><sup>7</sup>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
filed a provisional patent application with the US Patent and Trademark Office to address the side effects of cannabis use titled &#8220;Pharmaceutical
Compositions and Methods for the Treatment of Side-Effects Associated with the Use of Cannabis, Cannabinoids and Related Products&#8221;
patent No: 63/257,673. Research shows that nearly 70% of cannabis users experience constant dry mouth and 20% percent of the elderly
suffer from xerostomia as a side effect of their medications<sup>8</sup>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
developed the SmokLy <sup>TM </sup>series which is intended to balance the dry mouth side effect (xerostomia) that may result from using
medicines, cannabis, smoking or treatments. The SmokLy contains plant extracts distilled from seeds, roots, bark, fruits with active
anti-inflammatory substances that encourage saliva production and taste in the oral cavity. We are developing a broad array of plant-based
wellness and pharma complementary solutions to address selected side effects caused by medicines, cannabis, treatments, or an unbalanced
lifestyle.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>5
                                            </sup><span style="background-color: white">Research, P., 2022. </span><i>Nutritional
                                            Supplements Market to Hit US$ 624.7 Billion by 2030</i><span style="background-color: white">.
                                            [online] GlobeNewswire News Room.</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><sup>6</sup> <span style="background-color: white">2018-2026,
G. and 2018-2026, G., 2022.&#160;</span><i>Botanical and Plant Derivative Drug Market - Global Forecast 2018-2026</i><span style="background-color: white">.
[online]</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"><sup>7
</sup>P. Zhang, F. Wang, J. Hu, and R. 2013, Exploring the Relationship Between Drug Side-Effects and Therapeutic Indications, PubMed
Central, PMCID: PMC3900166; PMID: 24551427</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"></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"><sup>8
</sup><span style="background-color: white">Harpreet, S., Joseph, K., Wafaa, S. and Seunghee, C., 2019. Impact of Cannabis on the Port
of Entry-Oral Tissues: An Overview. </span><i>International Journal of Oral and Dental Health</i><span style="background-color: white">,
5(3).</span></span></p>

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<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>Green
Vision Center Production &amp; Innovation Center for Plant-Based Wellness &amp; Pharma Products</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"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Green Vision Center is part of our strategy to create plant-based solutions covering all the infrastructure, facilities, and activities
required for developing, manufacturing, and bringing to market innovative plant-based wellness and pharma products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
demand for plant-based products in industries ranging from wellness, to pharma, to cosmetics, to food continues to increase, Green Vision
Center will provide all facilities needed for bringing to market plant-based wellness and pharma products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February of 2022, we completed the acquisition of 125,000 sq ft (11,687 sq meters or approximately three acres), of industrial land in
Yerucham, a city in southern Israel, to build <b>Green Vision Center Israel</b> with the Israeli government support. Approximately 90%
of the acquisition cost was provided by Israeli government programs that encourage industrial development and includes additional grants
and tax incentives. Green Vision Center israel will include approximately 65,000 sq. ft. (approximately 5,800 sqm) a first-of-its-kind
center that combines:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Green
Vision Center Israel was designed by Avner Sher, one of Israel&#8217;s most highly regarded architects. Its design includes a unique
roof in the shape of a lotus flower and will be built with solar panels and according to ecological green principles of saving energy.<span style="background-color: white">The
center will be constructed by a professional project construction company that will oversee the aspects of the building including interfacing
with sub-contractors and obtaining the requisite building permits and other required authorizations.</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
mission is to become a leading worldwide production and innovation center and bring together partners, market leaders, companies, technologies,
and scientific collaborations from Israel and around the world.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
core part of our strategy includes building a worldwide network with local teams, partners, subsidiaries, Green Vision Centers, strategic
partnerships, collaborations, and mergers &amp; acquisitions of technology and distribution companies. Initially, we are planning to
build infrastructure for business development and sales with local teams in North America and Europe.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investing
in our common stock involves substantial risk. You should carefully consider all of the information in this prospectus before investing
in our common stock, including the risks related to this offering and our common stock, our business and industry, our intellectual property,
our financial results, and our need for financing, each as described under the section titled &#8220;Risk Factors&#8221; and elsewhere
in this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; background-color: white"><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: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
principal executive offices are located at 4 Haogen Street, Herzliya, Israel and our telephone number is <span style="background-color: white">+97298851422</span>.
We maintain a website at www.<i>Citrine-Global.</i>com, to which we regularly post copies of our press releases as well as additional
information about us. Our filings with the Securities and Exchange Commission, or SEC, are available free of charge through the website
as soon as reasonably practicable after being electronically filed with or furnished to the SEC. Information contained on, or accessible
through, our website does not constitute a part of this prospectus or our other filings with the SEC, 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
shares of our common stock.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="Ha_002"></span><span style="font-size: 10pt"><b>THE
OFFERING</b></span></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>&#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: 1.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common
    Stock currently</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.15in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><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>issued
    and outstanding:</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">942,568,006
    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"><span style="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>Units
    offered</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="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>by
    us:</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
    _________ Units, each consisting of one share of common stock and two Warrants, each Warrant exercisable for one share of common
    stock. The shares of common stock and Warrants that are part of the Units are immediately separable and will be issued separately
    in this offering. The Warrants are exercisable immediately, have an exercise price equal to 100% of the public offering price of
    one Unit, and expire five years after the date of issuance.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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"><b>Common
    Stock Outstanding</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="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>After
    this Offering:</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">___________
    shares of common stock, or ___________ shares of common stock if the underwriter exercises in full the over-allotment option to purchase
    additional 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"><span style="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>Overallotment
    Option:</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="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 underwriter an option to purchase from us, up to ________________ shares of common stock and/or up to ________additional
    Warrants, within 45 days from the date of this prospectus 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"><span style="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>Underwriter&#8217;s
    Warrants:</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    will issue to Aegis Capital Corp., the underwriter, or its permitted designees warrants to purchase up to ___________ shares of common
    stock. The underwriter&#8217;s warrants will have an exercise price of 125% of the public offering price per share, will be exercisable
    on the date of issuance and will expire five years from the effective date of the registration statement of which this prospectus
    forms a part.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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"><b>Use
    of Proceeds: </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="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 $________ (or approximately $________ if the underwriter
    exercises its over-allotment option &#8204;in full), after deducting underwriting discounts and commissions and the estimated offering
    expenses payable by us.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    intend to use the net proceeds of this offering for repayment of debt and general corporate purposes. See &#8220;Use of Proceeds&#8221;
    for additional information.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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"><b>Lockups</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    directors and executive officers and holders of 10% or more of our outstanding common stock, will agree with the underwriter not
    to offer for sale, issue, sell, contract to sell, pledge or otherwise dispose of any of our common stock or securities convertible
    into common stock for a period of 180 days after the date of this prospectus. The Company will agree not to issue any shares of common
    stock or securities convertible into common stock, subject to certain exceptions, for a period of 180 days after the date of this
    prospectus without the consent of the underwriter. See &#8220;Underwriting.&#8221;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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"><span style="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">Investing
    in our common stock involves substantial risk. You should read the &#8220;Risk Factors&#8221; section beginning on page 9 and
    other information included in this prospectus for a discussion of factors to consider carefully before deciding to invest in our
    securities/</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; 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>Reverse
    Stock</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="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>Split:</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
    to completion of this offering, we will complete a reverse split of our common stock in a ratio of between <span style="background-color: white">50-to-1
    and 700-to-1. All share numbers in this registration statement will be adjusted to give effect to the reverse split, except as otherwise
    indicated.</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; 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>Trading
    Symbol:</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="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 quoted on the OTCQB under the symbol &#8220;CTGL.&#8221; We have applied to list our common stock on The Nasdaq Stock
    Market (the &#8220;Nasdaq&#8221;) under the symbol &#8220;CTGL&#8221; and our Warrants under &#8220;CTGLW&#8221;.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
number of shares of our common stock to be outstanding immediately after this excludes, as of such date, the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; 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: 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">
    <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; vertical-align: top; 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; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,582,200
    shares of our common stock issuable upon exercise of stock options to be issued to certain of our officers, directors and employees,
    effective as of the date of this prospectus under our 2018 Equity Incentive Plan;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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: justify; vertical-align: top"><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">
    <td style="font: 10pt Times New Roman, Times, Serif"><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"><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; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66,417,800
    shares of our common stock that are available for future issuance under our 2018 Equity Incentive Plan;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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: justify; vertical-align: top"><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">
    <td style="font: 10pt Times New Roman, Times, Serif"><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"><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; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">__________
    shares of common stock issuable upon conversion of convertible promissory notes held by third parties as of the effective date of
    this prospectus. See &#8220;Certain Relationships and Related Transactions&#8221;;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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                                            shares of common stock issuable upon the exercise of the warrants to purchase shares of our
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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>


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following tables summarize our financial data for the periods presented and should be read together with the sections of this prospectus
titled &#8220;Risk Factors&#8221; and &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations,&#8221;
and our consolidated financial statements and related notes thereto appearing elsewhere in this prospectus. The following summary data
as of and for the three months ended March 31, 2022 and 2021 have been derived from our unaudited consolidated financial statements
and footnotes included elsewhere in this prospectus. The following summary data as of and for the years ended December 31,
2021 have been derived from our consolidated financial statements and footnotes included elsewhere in this prospectus. Our historical
results are not necessarily indicative of our future results or of the results we expect in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
Balance Sheet data (US dollars, in thousands):</b></span></p>

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

<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="padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">289</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">&#160;</td><td style="width: 10%; text-align: right">206</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">1,277</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1,055</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,105</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">$</td><td style="text-align: right">3,284</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,975</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">2,495</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,702</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">$</td><td style="text-align: right">(24,486</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(21,342</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(23,757</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(19,241</td><td style="text-align: left">)</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(698</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(1,440</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,403</td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consoldiated
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><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-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">loss from operations</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(340</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,975</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(3,335</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(8,317</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net loss</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(729</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(2,100</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(4,516</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(8,639</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  </table>

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

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="Ha_003"></span><span style="font-size: 10pt">RISK
FACTORS</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing
in our common stock involves a high degree of risk. Before you invest in our common stock, you should carefully consider the following
risks, as well as general economic and business risks, and all of the other information contained in this registration statement. Any
of the following risks could harm our business, operating results and financial condition and cause the trading price of our common stock
to decline, which would cause you to lose all or part of your investment.</i></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 31pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>We
have a limited operating history and if we are not successful in continuing to grow our business, then we may have to scale back or even
cease our ongoing business operations.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font: normal 10pt Times New Roman, Times, Serif">We
have a limited operating history. Our operations will be subject to all the risks inherent in the establishment of a developing enterprise
and the uncertainties arising from the absence of a significant operating history. As of March 31, 2022, we have not generated revenues
and there can be no assurance that we will ever be profitable. If our business plan is not successful, and we are not able to operate
profitably, investors may lose some or all of their investment in our company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify; text-indent: 31pt"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font: normal 10pt Times New Roman, Times, Serif; background-color: white">We
expect to incur losses for the foreseeable future as we continue the implementation of our business plan. If we fail to generate revenue
and eventually become profitable, or if we are unable to fund our continuing losses, our shareholders could lose all or a substantial
part of their investment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify; text-indent: 31pt"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
we can generate a sufficient amount of product revenue to finance our cash requirements, which we may never achieve, we expect to finance
our cash needs primarily through public or private equity offerings, debt financings or through the establishment of possible strategic
alliances. We cannot be certain that additional funding will be available on acceptable terms, or at all. If we are not able to secure
additional equity funding when needed, we may have to delay, reduce the scope of, or eliminate one or more of our clinical studies, development
programs or future commercialization initiatives.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, any additional equity funding that we do obtain will dilute the ownership held by our existing security holders.. Any debt
financing that we obtain in the future could involve substantial restrictions on activities and creditors could seek a pledge of some
or all of our assets. We have not identified potential sources for such financing that we will require, and we do not have commitments
from any third parties to provide any future debt financing. If we fail to obtain funding as needed, we may be forced to cease or scale
back operations, and our results, financial condition and stock price would be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may never achieve profitability.</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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are unable to accurately predict the timing or amount of future revenue or expenses or when, or if, we will be able to achieve profitability.
We have financed our operations primarily through issuance and sale of equity and equity linked securities. The size of our future net
losses will depend, in part, on the rate of growth or contraction of our expenses and the level and rate of growth, if any, of our revenues.
We expect to continue to expend substantial financial and other resources on, among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; 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"><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">sales
    and marketing, including expanding our indirect sales organization and marketing programs;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">&#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">planning
    and conducting clinical trials to obtain regulatory approval/clearance for the commercialization of our products;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; 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">&#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">expansion
    of our operations and infrastructure, both domestically and internationally; 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; 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">&#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">general
    administration, including legal, accounting and other expenses related to being a public company.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are unable to successfully commercialize our products or if revenue from any of our products that receives marketing approval is insufficient,
we will not achieve profitability. Furthermore, even if we successfully commercialize our products, our planned investments may not result
in increased revenue or growth of our business. We may not be able to generate net revenues sufficient to offset our expected cost increases
and planned investments in our business. As a result, we may incur significant losses for the foreseeable future, and may not be able
to achieve and sustain profitability. If we fail to achieve and sustain profitability, then we may not be able to achieve our business
plan, fund our business or continue as a going concern.</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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Currency
exchange rate fluctuations affect our results of operations, as reported in our financial statements.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
incur expenses in U.S. Dollars and in NIS but our functional currency is the U.S. dollar. However, a significant portion of our headcount
related expenses, consisting principally of salaries and related personnel expenses as well as R&amp;D consulting services, leases and
certain other operating expenses, are denominated in NIS. This foreign currency exposure gives rise to market risk associated with exchange
rate movements of the U.S. dollar against the NIS. Furthermore, we anticipate that a material portion of our expenses will continue to
be denominated in NIS.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, increased international sales in the future may result in greater foreign currency denominated sales, increasing our foreign
currency risk. If we are not able to successfully hedge against the risks associated with currency fluctuations, our financial condition
and results of operations could be adversely affected. which could adversely affect our financial condition and results of operations</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Risks
Related to Our Business and Industry and Regulatory Process</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Our
failure to manage growth effectively could impair our business.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31pt"><span style="font: normal 10pt Times New Roman, Times, Serif">Our
business strategy envisions a period of rapid growth that may put a strain on our administrative and operational resources and funding
requirements. Our ability to effectively manage growth will require us to continue to expand the capabilities of our operational and
management systems and to attract, train, manage, and retain qualified personnel. There can be no assurance that we will be able to do
so, particularly if losses continue and we are unable to obtain sufficient financing. If we are unable to successfully manage growth,
our business, prospects, financial condition, and results of operations could be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Our
plans are dependent upon key individuals and the ability to attract qualified personnel.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31pt"><span style="font: normal 10pt Times New Roman, Times, Serif">In
order to execute our business plan, we will be dependent on Ora Meir Soffer, our Chief Executive Officer and Director. The loss of Ms.
Meir Soffer could have a material adverse effect upon our business prospects. Moreover, our success continues to depend to a significant
extent on our ability to identify, attract, hire, train and retain qualified professional, creative, technical and managerial personnel.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31pt"><span style="font: normal 10pt Times New Roman, Times, Serif">Competition
for such personnel is intense, and there can be no assurance that we will be successful in identifying, attracting, hiring, training,
and retaining such personnel in the future. If we are unable to hire, assimilate and retain qualified personnel in the future, our business,
operating results, and financial condition could be materially adversely effected. We may also depend on third party contractors and
other partners to assist with the execution of our business plan. There can be no assurance that we will be successful in either attracting
and retaining qualified personnel, or creating arrangements with such third parties. The failure to succeed in these endeavors would
have a material adverse effect on our ability to consummate our business plans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Failure
in the Company&#8217;s information technology systems, including by cybersecurity attacks or other data security incidents, could significantly
disrupt its operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><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; text-indent: 31pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operations depend, in part, on the continued performance of our information technology systems. Our information technology systems are
potentially vulnerable to physical or electronic break-ins, computer viruses and similar disruptions. Failure of our information technology
systems could adversely affect our business, profitability, and financial condition. Although we have information technology security
systems, a successful cybersecurity attack or other data security incident could result in the misappropriation and/or loss of confidential
or personal information, create system interruptions, or deploy malicious software that attacks our systems. It is possible that we not
notice a cybersecurity attack for some period. The occurrence of a cybersecurity attack or incident could result in business interruptions
from the disruption of the Company&#8217;s information technology systems, or negative publicity resulting in reputational damage with
its shareholders and other stakeholders and/or increased costs to prevent, respond to or mitigate cybersecurity events. In addition,
the unauthorized dissemination of sensitive personal information or proprietary or confidential information could expose the Company
or other third parties to regulatory fines or penalties, litigation, and potential liability, or otherwise harm its business.</span></p>

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

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>We
may grow through mergers or acquisitions, which strategy may not be successful or, if successful, may produce risks in successfully integrating
and managing the merged companies or acquisition and may dilute our stockholders.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31pt"><span style="font: normal 10pt Times New Roman, Times, Serif">As
part of our growth strategy, we may pursue mergers and acquisitions of entities and/or assets that we believe will have synergistic and/or
other value to us. We currently have no agreements or understandings to merge with or acquire any entity and/or assets, and may not find
suitable merger or acquisition opportunities. Mergers and acquisitions involve numerous risks, any of which could harm our business,
including, without limitation:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31pt"><span style="font: normal 10pt Times New Roman, Times, Serif">&#9679;
difficulties in integrating the operations, technologies, existing contracts, accounting processes and personnel of the target and realizing
the anticipated synergies of the combined businesses;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31pt"><span style="font: normal 10pt Times New Roman, Times, Serif">&#9679;
difficulties in supporting and transitioning customers of the target company;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31pt"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31pt"><span style="font: normal 10pt Times New Roman, Times, Serif">&#9679;
diversion of financial and management resources from existing operations;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31pt"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31pt"><span style="font: normal 10pt Times New Roman, Times, Serif">&#9679;
the price we pay or other resources that we devote may exceed the value we realize, or the value we could have realized if we had allocated
the purchase price or other resources to another opportunity;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31pt"><span style="font-family: Times New Roman, Times, Serif">&#9679;
entering new markets or areas in which we have limited or no experience;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31pt"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31pt"><span style="font: normal 10pt Times New Roman, Times, Serif">&#9679;
potential loss of key associates and customers from either our business or the target&#8217;s business;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31pt"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31pt"><span style="font-family: Times New Roman, Times, Serif">&#9679;
assumption of unanticipated problems or latent liabilities of the target; and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31pt"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31pt"><span style="font: normal 10pt Times New Roman, Times, Serif">&#9679;
the inability to generate sufficient revenue to offset acquisition costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31pt"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31pt"><span style="font: normal 10pt Times New Roman, Times, Serif">Mergers
and acquisitions also frequently result in the recording of goodwill and other intangible assets, which are subject to potential impairments
in the future and that could harm our financial results. In addition, if we finance acquisitions by issuing convertible debt or equity
securities, our existing stockholders may be diluted, which could affect the market price of our common shares. As a result, if we fail
to properly evaluate mergers, acquisitions or investments, we may not achieve the anticipated benefits of any such merger or acquisition,
and we may incur costs in excess of what we anticipate. The failure to successfully evaluate and execute mergers, acquisitions or investments
or otherwise adequately address these risks could materially harm our business, financial condition and results of operations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be subject to product liability claims which may have a material adverse effect on our business<br />
<br /></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font: normal 10pt Times New Roman, Times, Serif">Through
our subsidiary Cannovation Center Israel, we developed the &#8216;Green Side by Side&#8217; product line containing natural and herbal
formulas based on researched and science-based plants, herbal extracts, mushrooms and other natural ingredients. </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Green Side By side product lines are manufactured in Israel in iBOT Israel Botanicals Ltd, iBOT being a related party with which we have
manufacturing and strategic cooperation agreements, under a GMP-certified manufacturing facility approved by the Israeli Ministry of
Health. <span style="font-weight: normal">In the future we plan to develop additional products which may be subject to different regulations
for manufacturing, depending on country and product. As these products are designed to be ingested by humans, we face an inherent risk
of exposure to product liability claims, regulatory action and litigation if our products are alleged to have caused significant loss
or injury. In addition, the manufacture and sale of cannabis products involve the risk of injury to consumers due to tampering by unauthorized
third parties or product contamination. Previously unknown adverse reactions resulting from human consumption of cannabis products alone
or in combination with other medications or substances could occur. We may be subject to various product liability claims, including,
among others, that the products produced by us caused injury or illness, include inadequate instructions for use or include inadequate
warnings concerning possible side effects or interactions with other substances. A product liability claim or regulatory action against
us could result in increased costs, could adversely affect our reputation with our clients and consumers generally, and could have a
material adverse effect on the business, financial condition and operating results of the Company. There can be no assurances that we
will be able to obtain or maintain product liability insurance on acceptable terms or with adequate coverage against potential liabilities.
The inability to obtain sufficient insurance coverage on reasonable terms or to otherwise protect against potential product liability
claims could prevent or inhibit the commercialization of products.</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Product
recalls may harm our reputation.<br />
<br /></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font: normal 10pt Times New Roman, Times, Serif">Manufacturers
and distributors of products are sometimes subject to the recall or return of their products for a variety of reasons, including product
defects, such as contamination, unintended harmful side effects or interactions with other substances, packaging safety and inadequate
or inaccurate labeling disclosure. If any of our products are recalled due to an alleged product defect or for any other reason, we could
be required to incur the unexpected expense of the recall and any legal proceedings that might arise in connection with the recall. We
may lose a significant amount of sales and may not be able to replace those sales at an acceptable margin or at all. In addition, a product
recall may require significant management attention. Although we have detailed procedures in place for testing finished products, there
can be no assurance that any quality, potency or contamination problems will be detected in time to avoid unforeseen product recalls,
regulatory action or lawsuits. Additionally, if one of the products produced by the Company were subject to recall, the image of that
product and the Company could be harmed. A recall for any of the foregoing reasons could lead to decreased demand for products produced
by the Company and could have a material adverse effect on the results of operations and financial condition of the Company. Additionally,
product recalls may lead to increased scrutiny of the operations of the Company by any applicable regulatory agencies, requiring further
management attention and potential legal fees and other expenses.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
officers and directors may be subject to conflict of interest.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may be subject to various potential conflicts of interest because of the fact that some of its officers and directors may be
engaged in a range of business activities. In addition, the Company&#8217;s executive officers and directors may devote time to their
outside business interests, so long as such activities do not materially or adversely interfere with their duties to the Company. In
some cases, the Company&#8217;s executive officers and directors may have fiduciary obligations associated with these business interests
that interfere with their ability to devote time to the Company&#8217;s business and affairs and that could adversely affect the Company&#8217;s
operations. These business interests could require significant time and attention of the Company&#8217;s executive officers and directors.<br />
<br /></span></p>


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<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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Company may also become involved in other transactions which conflict with the interests of certain directors and the officers
who may from time to time deal with persons, firms, institutions or companies with which the Company may be dealing, or which may be
seeking investments similar to those desired by it. The interests of these persons could conflict with those of the Company. In addition,
from time to time, these persons may be competing with the Company for available investment opportunities. Conflicts of interest, if
any, will be subject to the procedures and remedies provided under applicable laws. In particular, in the event that such a conflict
of interest arises at a meeting of the Company&#8217;s directors, a director who has such a conflict will abstain from voting for or
against the approval of such participation or such terms. In accordance with applicable laws, the directors of the Company are required
to act honestly, in good faith and in the best interests of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0 0 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
face significant competition in the market.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font: normal 10pt Times New Roman, Times, Serif">We
face intense competition from other companies, some of which can be expected to have more financial resources and manufacturing and marketing
experience than the Company. Increased competition by larger and better financed competitors could materially and adversely affect the
business, financial condition and results of operations of the Company</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be able to obtain adequate insurance coverage and in the case of liability the lack of adequate insurance may have a material
adverse effect on our business.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font: normal 10pt Times New Roman, Times, Serif">We
have insurance to protect our assets, operations and employees. While we believe our insurance coverage addresses all material risks
to which may be exposed and is adequate and customary in our current state of operations, such insurance is subject to coverage
limits and exclusions and may not be available for the risks and hazards to which the Company is exposed. In addition, no assurance
can be given that such insurance will be adequate to cover the Company&#8217;s liabilities or will be generally available in the
future or, if available, that premiums will be commercially justifiable. If the Company were to incur substantial liability and such
damages were not covered by insurance or were in excess of policy limits, or if the Company were to incur such liability at a time
when it is not able to obtain liability insurance, its business, results of operations and financial condition could be materially
adversely affected.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Research
and development and product obsolescence may impair our ability to compete in our target market.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font: normal 10pt Times New Roman, Times, Serif">Rapidly
changing markets, technology, emerging industry standards and frequent introduction of new products characterize our business. The introduction
of new products embodying new technologies, including new manufacturing processes, and the emergence of new industry standards may render
our planned product offerings obsolete, less competitive or less marketable. The process of developing our planned products is complex
and requires significant continuing costs, development efforts and third party commitments The Company&#8217;s failure to develop new
technologies and products and the obsolescence of existing technologies could adversely affect our business, financial condition and
operating results. The Company&#8217;s success will depend, in part, on its ability to continue to enhance its existing technologies,
develop new technology that addresses the increasing sophistication and varied needs of the market, and respond to technological advances
and emerging industry standards and practices on a timely and cost-effective basis. The development of the Company&#8217;s proprietary
technology entails significant technical and business risks. The Company may not be successful in using its new technologies or exploiting
its niche markets effectively or adapting its businesses to evolving customer or medical requirements or preferences or emerging industry
standards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>It
may be difficult to enforce a judgment of a U.S. court against us and our executive officers and directors and the Israeli experts named
in this prospectus in Israel or the United States, to assert U.S. securities laws claims in Israel or to serve process on our executive
officers and directors and these experts.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we were incorporated in Delaware, substantially all of our executive officers and directors reside outside of the United States, and
all of our assets and most of the assets of these persons are located outside of the United States. Therefore, a judgment obtained against
us, or any of these persons, including a judgment based on the civil liability provisions of the U.S. federal securities laws, may not
be collectible in the United States and may not be enforced by an Israeli court. It also may be difficult for you to effect service of
process on these persons in the United States or to assert U.S. securities law claims in original actions instituted in Israel. Additionally,
it may be difficult for an investor, or any other person or entity, to initiate an action with respect to U.S. securities laws in Israel.
Israeli courts may refuse to hear a claim based on an alleged violation of U.S. securities laws reasoning that Israel is not the most
appropriate forum in which to bring such a claim. In addition, even if an Israeli court agrees to hear a claim, it may determine that
Israeli law and not U.S. law is applicable to the claim. If U.S. law is found to be applicable, the content of applicable U.S. law must
be proven as a fact by expert witnesses, which can be a time consuming and costly process. Certain matters of procedure will also be
governed by Israeli law. There is little binding case law in Israel that addresses the matters described above. As a result of the difficulty
associated with enforcing a judgment against us in Israel, you may not be able to collect any damages awarded by either a U.S. or foreign
court.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
continuing prevalence of the COVID-19 pandemic may adversely affect our operations and our capital raising efforts.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
late 2019, a novel strain of Coronavirus, also known as COVID-19, was reported in Wuhan, China. While initially the outbreak was largely
concentrated in China, it has now spread globally. Many countries around the world, have significant governmental measures implemented
to control the spread of the virus, including temporary closure of businesses, severe restrictions on travel and the movement of people,
limited access to nursey homes, hospitals and other medical institutes and other material limitations on the conduct of business. These
measures have resulted in work stoppages and other disruptions. Our research and development activities, sales and marketing efforts,
as well as our ability to perform clinical trials (if needed) depend, in part, on attendance at in-person meetings, industry conferences
and other events, facility visiting, and as a result some of our sales and marketing activities have been halted.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
extent to which the coronavirus impacts our operations will depend on future developments, which are highly uncertain and cannot be predicted
with confidence, including the duration and severity of the outbreak, and the actions that may be required to contain the coronavirus
or treat its impact. In particular, the continued spread of the coronavirus globally, could have a material adverse impact on our operations
and workforce, including our marketing and sales activities and ability to raise additional capital, and our ability to perform clinical
trials, which in turn could have a material adverse impact on our business, financial condition and results of operation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
intend to rely on third parties to conduct clinical trials (if needed). If these third parties do not meet our deadlines or otherwise
conduct the trials as required, our clinical trials programs could be delayed or unsuccessful and we may not be able to obtain regulatory
approval for or commercialize our product candidates when expected or at all.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may conduct clinical trials on our products. We do not have the ability to conduct all aspects of our clinical trials ourselves. We may
rely upon medical institutions, clinical investigators and contract research organizations, or CROs, and consultants to conduct these
trials in accordance with our clinical protocols. Our future CROs, investigators and other third parties play a significant role in the
conduct of these trials and the subsequent collection and analysis of data from the clinical trials.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no guarantee that any CROs, investigators and other third parties upon which we rely for administration and conduct of clinical trials
will devote adequate time and resources to such trials or perform as contractually required. If any of these third parties fail to meet
expected deadlines, fail to adhere to our clinical protocols or otherwise perform in a substandard manner, our clinical trials may be
extended, delayed or terminated. If any of these clinical trial sites terminate for any reason, we may experience the loss of follow-up
information on patients enrolled in our ongoing clinical trials unless we are able to transfer the care of those patients to another
qualified clinical trial site. In addition, principal investigators for any clinical trials we conduct may serve as scientific advisors
or consultants to us from time to time and receive cash or equity compensation in connection with such services. If these relationships
and any related compensation result in perceived or actual conflicts of interest, the integrity of the data generated at the applicable
clinical trial site may be jeopardized.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
will be subject to regulation of plant-based nutritional supplements, botanicals, cannabis, cosmetics and pharmaceuticals.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
products, solutions and Green Vision Center activities are subject to rules and regulations pertaining to plant-based nutritional supplements,
botanicals, cannabis, cosmetics, and pharmaceuticals, as applicable. The company cannot predict the time required to secure all appropriate
regulatory approvals or the extent of testing and documentation that may be required by governmental authorities. Any delays in obtaining,
or failure to obtain, regulatory approvals would significantly delay the development of markets and products and could have a material
adverse effect on the business, results of operations and financial condition of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify; text-indent: 31pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cannabis
remains illegal under U.S. federal law.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 2022, cannabis is legal for recreational use in 18 states and legal for medical use in 37 states. On a federal level, all cannabis
remains illegal. The federal government classifies cannabis, along with heroin and cocaine, as a Schedule I drug with a high potential
for abuse and little to no medical benefit. Despite the development of a regulated cannabis industry under the laws of certain states,
these state laws regulating medical and adult cannabis use are in conflict with the Federal Controlled Substances Act, which classifies
cannabis as a Schedule I controlled substance and makes cannabis use and possession illegal on a national level. The United States Supreme
Court has ruled that the Federal government has the right to regulate and criminalize cannabis, even for medical purposes, and thus Federal
law criminalizing the use of cannabis preempts state laws that regulate its use. During President Biden&#8217;s first year in office,
Attorney General Merrick Garland rescinded two key memos that were part of the Trump Administration&#8217;s stated regulatory reform
agenda: the Sessions Memo, which prohibited Department of Justice (DOJ) components from issuing &#8220;guidance documents&#8221; that
effectively bound the public without undergoing notice-and-comment rulemaking, and the Brand Memo, which prohibited the DOJ from using
noncompliance with DOJ&#8217;s or other agencies&#8217; nonbinding guidance documents as a basis for affirmative civil enforcement actions.
Calling the procedures laid out in the Sessions and Brand memos &#8220;overly restrictive,&#8221; Attorney General Garland replaced these
memos with the Garland memo, which largely makes it easier for the DOJ to issue guidance and to rely on its own or other agencies&#8217;
guidance documents in enforcement actions. The Sessions Memo rescinded the Cole Memo which was adopted by the Obama administration as
a policy of noninterference with cannabis-friendly state laws. The Sessions Memo shifted federal policy from a hands-off approach adopted
by the Obama administration to permitting federal prosecutors across the country to decide how to prioritize resources to regulate cannabis
possession, distribution and cultivation in states where cannabis use is regulated. With these changes in policy with every administration,
there can be no assurance that federal prosecutors will not prosecute and dedicate resources to regulate cannabis possession, distribution
and cultivation in states where cannabis use is regulated which may cause states to reconsider their regulation of cannabis which would
have a detrimental effect on the cannabis industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><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-top: 0; margin-bottom: 0; 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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Results
of preclinical studies and earlier clinical trials are unpredictive.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may suffer significant setbacks in our preclinical and clinical trials, and we cannot be certain nor predict such setbacks. This may
result from the fact that preclinical and clinical data may be susceptible to varying interpretations and analyses, some products may
perform well preclinical studies and clinical trials but fail regulatory approval. This may lead to prolonged development time and adverse
effect on commercialization.</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>&#160;</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"><b><i>Risks
Related to our Intellectual Property</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are unable to obtain and maintain intellectual property protection for our product offerings, or if the scope of the intellectual
property protection we obtain is not sufficiently broad, our competitors could develop and commercialize products similar or identical
to ours, and our ability to successfully commercialize our products may be impaired.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to compete successfully will depend in part on our ability to obtain and enforce patent protection for our products, preserve
our trade secrets and operate without infringing the proprietary rights of third parties. Filing, prosecuting, and defending patents
on our products and other technologies in all countries throughout the world would be prohibitively expensive and time-consuming, and
the laws of some foreign countries may not protect our rights to the same extent as the laws of the United States. We may not be able
to file, prosecute, maintain, enforce, or license all necessary or desirable patents or patent applications at a reasonable cost or in
a timely manner, or in all jurisdictions, or at all, or may choose not to do any of the foregoing.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October 2021 we filed a provisional patent application on certain aspects of our Green product line and this provisional patent application,
or any future provisional patent application on certain aspects of our products, is not eligible to become an issued patent until, among
other things, we file a non-provisional patent application within 12 months of the filing date of the applicable provisional patent application.
In cases where we have not obtained, or decided not to obtain, patent protection for certain of our inventions, we may not be able to
prevent third parties from practicing our inventions or from selling or importing tests made using our inventions in and into the United
States or other jurisdictions.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
while we have applied for a patent that protect aspects of our products in the United States, we cannot assure you that our intellectual
property position, will not be challenged or that all patents for which we have applied will be issued on a timely basis or at all, or
that such patents will protect our technology, in whole or in part, or be issued in a form that will provide us with meaningful protection,
prevent competitors from competing with us, or otherwise provide us with any competitive advantage. Although patents are presumed valid
and enforceable upon issuance, a patent may be challenged as to its inventorship, scope, validity, or enforceability.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patent
applications in the United States and other jurisdictions are typically not published until 18 months after filing, or in some cases
not at all. Therefore, we cannot know with certainty whether we were the first to make the invention claimed in our pending patent application,
or that we were the first to file for patent protection of such inventions. As a result, the issuance, scope, validity, enforceability,
and commercial value of our patent rights are uncertain. Given the amount of time required for the development, testing, and regulatory
review of new products, patents protecting such products might expire before or shortly after such products are commercialized. As a
result, any patent portfolio we develop may not provide us with sufficient rights to exclude others from commercializing products similar
or identical to ours.</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>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be sued by third parties for alleged infringement of their proprietary rights, which could adversely affect our business, results
of operations and financial condition.</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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is often litigation between competing companies relying on their respective technologies based on allegations of infringement or other
violations of intellectual property rights. Our future success depends, in part, on not infringing the intellectual property rights of
others. We may be unaware of the intellectual property rights of others that may cover some or all of our technology. Any such claims
or litigation could cause us to incur significant expenses and, if successfully asserted against us, could require that we pay substantial
damages or ongoing royalty payments, prevent us from offering some portion of our products, or require that we comply with other unfavorable
terms. We may also be obligated to indemnify our customers or channel partners in connection with any such litigation and to obtain licenses
or modify our products, which could further exhaust our resources. Patent infringement, trademark infringement, trade secret misappropriation
and other intellectual property claims and proceedings brought against us, whether successful or not, could harm our brand, business,
results of operations and financial condition. Litigation is inherently uncertain, and any judgment or injunctive relief entered against
us or any adverse settlement could negatively affect our business, results of operations and financial condition. In addition, litigation
can involve significant management time and attention and be expensive, regardless of the outcome. During the course of litigation, there
may be announcements of the results of hearings and motions and other interim developments related to the litigation. If securities analysts
or investors regard these announcements as negative, the trading price of our common stock may decline.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may become involved in lawsuits to protect or enforce our patents, which could be expensive, time consuming and unsuccessful.</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"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we attempt enforcement of our patents or other intellectual property rights, we may be subject or party to claims, negotiations or complex,
protracted litigation. These claims and any resulting lawsuits, if resolved adversely to us, could subject us to significant liability
for damages, impose temporary or permanent injunctions against our solutions or business operations, or invalidate or render unenforceable
our intellectual property</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intellectual
property disputes and litigation, regardless of merit, can be costly and disruptive to our business operations by diverting attention
and energies of management and key technical personnel, and by increasing our costs of doing business. Such litigation, regardless of
its success, could seriously harm our reputation with our channel partners, business partners and patients and in the industry at large.
Some of our competitors may be able to sustain the costs of complex patent or intellectual property litigation more effectively than
we can because they have substantially greater resources. Any of the foregoing could adversely affect our operating results.</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>Risks
Relating to Our Israel Operations</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
development efforts are headquartered in Israel and, therefore, our results may be adversely affected by economic restrictions imposed
on, and political and military instability in, Israel.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
development headquarters, which houses substantially all of our research and development team, including engineers, machinists, researchers,
and clinical and regulatory personnel as well as the facility of our contract manufacturer and final assembly are located in Israel.
Our employees, service providers, directors and officers are residents of Israel. Accordingly, political, economic and military conditions
in Israel and the surrounding region may directly affect our business. Any hostilities involving Israel or the interruption or curtailment
of trade within Israel or between Israel and its trading partners could materially and adversely affect our business, financial condition
and results of operations and could make it more difficult for us to raise capital. Although we plan to maintain inventory in the United
States and Germany, an extended interruption could materially and adversely affect our business, financial condition and results of operations.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recent
political uprisings, social unrest and violence in various countries in the Middle East and North Africa, including Israel&#8217;s neighbors
Egypt and Syria, are affecting the political stability of those countries. This instability may lead to deterioration of the political
relationships that exist between Israel and these countries and has raised concerns regarding security in the region and the potential
for armed conflict. Our commercial insurance does not cover losses that may occur as a result of an event associated with the security
situation in the Middle East. Any losses or damages incurred by us could have a material adverse effect on our business. In addition,
Iran has threatened to attack Israel and is widely believed to be developing nuclear weapons. Iran is also believed to have a strong
influence among parties hostile to Israel in areas that neighbor Israel, such as the Syrian government, Hamas in Gaza and Hezbollah in
Lebanon. Any armed conflicts, terrorist activities or political instability in the region could materially and adversely affect our business,
financial condition and results of operations.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
operations and the operations of our contract manufacturer may be disrupted as a result of the obligation of Israeli citizens to perform
military service.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
Israeli citizens are obligated to perform one month, and in some cases more, of annual military reserve duty until they reach the age
of 45 (or older, for reservists with certain occupations) and, in the event of a military conflict, may be called to active duty. In
response to terrorist activity, there have been periods of significant call-ups of military reservists. It is possible that there will
be additional military reserve duty call-ups in the future. Some of our employees, consultants and employees of the manufacturer of our
products, are required to perform annual military reserve duty in Israel and may be called to active duty at any time under emergency
circumstances. Our operations and the operations of our manufacturer could be disrupted by such call-ups.</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>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
sales may be adversely affected by boycotts of Israel.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Several
countries, principally in the Middle East, restrict doing business with Israel and Israeli companies, and additional countries may impose
restrictions on doing business with Israel and Israeli companies whether as a result of hostilities in the region or otherwise. In addition,
there have been increased efforts by activists to cause companies and consumers to boycott Israeli goods based on Israeli government
policies. Such actions, particularly if they become more widespread, may adversely impact our ability to sell our products.</span></p>

<p style="font: bold 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: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Risks
Related to this Offering and Ownership of Our Securities</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
planned reverse stock split may not result in a proportional increase in the per share price of our common stock.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
effect of our planned reverse stock split on the market price for our common stock cannot be accurately predicted. In particular, we
cannot assure you that the prices for shares of the common stock after the reverse stock split will increase proportionately to prices
for shares of our common stock immediately before the reverse stock split. The market price of our common stock may also be affected
by other factors which may be unrelated to the reverse stock split or the number of shares outstanding.</span></p>

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


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<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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
even if the market price of our common stock does rise following the reverse stock split, we cannot assure you that the market price
of our common stock immediately after the proposed reverse stock split will be maintained for any period of time. Moreover, because some
investors may view the reverse stock split negatively, we cannot assure you that the reverse stock split will not adversely impact the
market price of our common stock. Accordingly, our total market capitalization after the reverse stock split may be lower than the market
capitalization before the reverse stock split.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>A
certain group of the Company&#8217;s stockholders may exert significant influence over its affairs, including the outcome of matters
requiring stockholder approval.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
a certain group of stockholders, including our Chairperson and Chief Executive Officer, Ora Elharar Soffer (directly and through Beezz
Home Technologies Ltd and Citrine S A L Investment &amp; Holdings Ltd) and others, collectively own a majority of the issued and outstanding
shares of the Company. As a result, such individuals will have the ability, acting together, to control the election of the Company&#8217;s
directors and the outcome of corporate actions requiring stockholder approval, such as: (i) a merger or a sale of the Company, (ii) a
sale of all or substantially all of its assets, and (iii) amendments to its certificate of incorporation. This concentration of voting
power and control could have a significant effect in delaying, deferring or preventing an action that might otherwise be beneficial to
the Company&#8217;s other stockholders and be disadvantageous to the Company&#8217;s stockholders with interests different from those
individuals. Certain of these individuals also have significant control over the Company&#8217;s business, policies and affairs as officers
or directors of the Company. Therefore, you should not invest in reliance on your ability to have any control over the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
executive officers and directors own, in the aggregate, beneficially own approximately 54% of our outstanding common stock as of the
date of this filing. As a result, these persons, acting together, would be able to significantly influence all matters requiring stockholder
approval, including the election and removal of directors, any merger, consolidation, sale of all or substantially all of our assets,
or other significant corporate transactions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>You
may experience future dilution as a result of future equity offerings.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
certificate of incorporation authorizes the issuance of a maximum of 1,500,000,000 shares of common stock. Any additional financings
effected by us may result in the issuance of additional securities without stockholder approval and the substantial dilution in the percentage
of common stock held by our then existing stockholders. In order to raise additional capital, we may in the future offer additional shares
of our common stock or other securities convertible into or exchangeable for our common stock at prices that may be higher or lower than
the price per share in this offering, and investors purchasing shares or other securities in the future could have rights superior to
purchases in this offering or other existing stockholders. Also, we have reserved 90,000,000 shares of common stock for issuance pursuant
to future awards under the 2018 Equity Incentive Plan. The issuance of such additional shares of common stock, or securities convertible
or exchangeable into common stock, may cause the price of our common stock to decline. Additionally, if all or a substantial portion
of these shares are resold into the public markets then the trading price of our common stock may decline.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our stock price
and trading volume could decline.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading market for our common stock will depend in part on the research and reports that securities or industry analysts publish about
us or our business, which research and reports are not and would not be subject to our control. We currently do not have and may never
obtain research coverage by securities analysts, and industry analysts that currently cover us may cease to do so. If no securities analysts
commence coverage of our company, or if industry analysts cease coverage of our company, the trading price for our stock could be materially
and adversely impacted. In the event we obtain securities analyst coverage, if one or more of the analysts who cover us downgrade our
stock or publish inaccurate or unfavorable research about our business, our stock price may be materially and adversely impacted. If
one or more of these analysts cease coverage of our company or fail to publish reports on us regularly, demand for our stock could decrease,
which might cause our stock price and trading volume to decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; background-color: white; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
do not intend to pay dividends for the foreseeable future.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have never declared or paid cash dividends on our capital stock nor are we under any obligation to declare or pay such cash dividends.
We currently intend to retain any future earnings to fund our operations and the development and growth of our business, and we do not
expect to declare or pay any dividends in the foreseeable future. Our future ability to pay cash dividends on our capital stock may be
limited by any future debt instruments or preferred securities. As a result, you may only receive a return on your investment in our
common stock if the market price of our common stock increases to a price above the price you paid for them and you sell such shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; 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: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>A
significant portion of our total outstanding shares are restricted from immediate resale but may be sold into the market in the future.
This could cause the market price of our common stock to drop significantly, even if our business is doing well.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><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 could occur at any time. If our stockholders sell, or the
market perceives that our stockholders intend to sell, substantial amounts of our common stock in the public market, the market price
of our common stock could decline significantly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Of
the 942,568,006 shares of our common stock issued and outstanding as of June 28, 2022, of which 125,816,474 shares are freely
tradable without restriction by stockholders who are not our affiliates and <span style="background-color: white">816,751,532</span>
shares are &#8220;restricted securities&#8221; as defined in Rule 144.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we filed a registration statement on Form S-8 registering the issuance of 90,000,000 shares of common stock reserved for issuance
under our 2018 Equity Incentive Plan. Shares registered under this registration statement on Form S-8 are available for sale in the public
market subject to vesting arrangements and exercise of options and the restrictions of Rule 144 in the case of our affiliates.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Since
we have broad discretion in how we use the proceeds from this offering, we may use the proceeds in ways with which you disagree.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not allocated the net proceeds from this offering for any specific purpose, except, $_______ to repay debt. Accordingly, our management
will have significant flexibility in applying the net proceeds of this offering, including for any of the purposes 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 proceeds are being used in ways you
would agree with or ways which are likely to increase the value of your investment. Because of the number and variability of factors
that will determine our use of our net proceeds from this offering, their ultimate use may vary substantially from their currently intended
use. It is possible that we will use the net proceeds in a way that does not yield a favorable, or any, return for our company or your
investment. The failure of our management to use such funds effectively could have a material adverse effect on our business, financial
condition, operating results and cash flow.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
is a limited market for our securities, which may make it more difficult to dispose of our securities and we may fail to sustain trading
on Nasdaq, which could make it more difficult for investors to sell their shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
common stock is quoted on OTCQB, under the symbol &#8220;CTGL,&#8221; and, to date, has traded on a limited basis. We have applied to
list our common stock on Nasdaq under the symbol &#8220;CTGL.&#8221; If our application is not approved, we will not complete this offering.
In the event this offering is completed and our common stock is listed on the Nasdaq Capital Market, there is no assurance an active
trading market for our common stock will develop or be sustained or that we will remain eligible for continued listing on the Nasdaq
Capital Market.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
you purchase our securities in this offering, you will incur immediate and substantial dilution in the book value of your shares. You
will experience further dilution if we issue additional equity or equity-linked securities in the future.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
public offering price per share of our common stock and warrants 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 in this
offering, at the assumed public offering price of $______ per share, which is the last reported sale price of our common stock on the
OTCQB on ____________, 2022, and after deducting the estimated underwriting discounts and commissions 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 may experience,
see &#8220;Dilution.&#8221;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>No
public market for our Warrants currently exists, and an active public trading market may not develop or be sustained following this offering.</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"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to this offering, there has been no public market for our Warrants. Although we have applied to list our common stock and Warrants on
the Nasdaq Capital Market, an active public trading market for our Warrants may not develop following the completion of this offering
or, if developed, it may not be sustained. The lack of an active market may impair your ability to sell your securities at the time you
wish to sell them or at a price that you consider reasonable. The lack of an active market may also reduce the fair value of your securities.
An inactive market for our common stock may also impair our ability to raise capital to continue to fund operations by selling shares
and may impair our ability to acquire other companies or technologies by using our shares as consideration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Warrants are speculative in nature.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Warrants will be exercisable for five years from the date of initial issuance at an initial exercise price equal to 100% of the public
offering price per <span style="background-color: white">Unit </span>set forth on the cover page of this prospectus. There can be no
assurance that the market price of the common stock will ever equal or exceed the exercise price of the Warrants. In the event that our
common stock price does not exceed the exercise price of the Warrants during the period when the Warrants are exercisable, a holder of
Warrants may be unable to profit from exercising such warrants before they expire.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Sales
of a significant number of shares of our common stock in the public markets, or the perception that such sales could occur, could depress
the market price of our common stock.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><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 markets could depress the market price of our common stock and impair
our ability to raise capital through the sale of additional equity securities. We, our directors and our executive officers have agreed
not to sell, dispose of or hedge any common stock or securities convertible into or exchangeable for shares of common stock during the
period from the date of this prospectus continuing through and including the date 180 days after the date of this prospectus, subject
to certain exceptions. The underwriter may, in its discretion, release the restrictions on any such shares at any time without notice.
See &#8220;Underwriting.&#8221; We cannot predict the effect that future sales of our common stock would have on the market price of
our common stock.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
the price of our common stock fluctuates significantly, your investment could lose value.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
common stock is quoted on the OTCQB, under the symbol &#8220;CTGL,&#8221; and, to date, has traded on a limited basis. We have applied
to list our common stock on Nasdaq under the symbol &#8220;CTGL.&#8221; We cannot assure you that an active public market will continue
for our common stock. If an active public market for our common stock does not continue, the trading price and liquidity of our common
stock will be materially and adversely affected. If there is a thin trading market or &#8220;float&#8221; for our stock, the market price
for our common stock may fluctuate significantly more than the stock market as a whole. Without a large float, our common stock would
be less liquid than the stock of companies with broader public ownership and, as a result, the trading prices of our common stock may
be more volatile. In addition, in the absence of an active public trading market, investors may be unable to liquidate their investment
in us. Furthermore, the stock market is subject to significant price and volume fluctuations, and the price of our common stock could
fluctuate widely in response to several factors, including, but not limited to:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><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
    quarterly or annual operating results;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in our earnings estimates or the failure to accurately forecast and appropriately plan our expenses;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">failure
    to achieve our growth expectations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">failure
    to attract new customers or retain existing 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>
    <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
    effect of increased or variable competition on our business;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">additions
    or departures of key or qualified personnel;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">failure
    to adequately protect our intellectual property;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">costs
    associated with defending claims, including intellectual property infringement claims and related judgments or settlements;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in governmental or other regulations affecting our business;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    compliance with governmental or other regulations affecting our business; 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">changes
    in global or regional industry, general market, or economic conditions.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
stock market has experienced extreme price and volume fluctuations in recent years that have significantly affected the quoted prices
of the securities of many companies, including companies in our industry. The changes may not be possible to predict and often appear
to occur without regard to specific operating performance. The price of our common stock could fluctuate based upon factors that have
little or nothing to do with our company and these fluctuations could materially reduce our stock price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Delaware
law contains provisions that could discourage, delay, or prevent a change in control of the Company, prevent attempts to replace or remove
current management and reduce the market price of its common stock</i>.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions
in the Company&#8217;s certificate of incorporation and bylaws may discourage, delay or prevent a merger or acquisition involving the
Company that its stockholders may consider favorable. For example, the Company is subject to the anti-takeover provisions of the Delaware
General Corporation Law (&#8220;DGCL&#8221;). Under these provisions, if anyone becomes an &#8220;interested stockholder,&#8221; the
Company may not enter into a &#8220;business combination&#8221; with that person for three years without special approval, which could
discourage a third party from making a takeover offer and could delay or prevent a change in control of the Company. An &#8220;interested
stockholder&#8221; is, generally, a stockholder who owns 15% or more of the Company&#8217;s outstanding voting stock or an affiliate
of the Company who has owned 15% or more of the Company&#8217;s outstanding voting stock during the past three years, subject to certain
exceptions as described in the DGCL.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><span id="Ha_004"></span><span style="font-size: 10pt"><b>SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS</b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus includes forward-looking statements. Forward-looking statements give current expectations or forecasts of future events or
our future financial or operating performance. We may, in some cases, use words such as &#8220;anticipate,&#8221; &#8220;believe,&#8221;
&#8220;could,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;may,&#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, and similar expressions that convey uncertainty of future events or outcomes to identify these forward-looking statements.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
forward-looking statements reflect our management&#8217;s beliefs and views with respect to future events, are based on estimates and
assumptions as of the date of this prospectus and are subject to risks and uncertainties, many of which are beyond our control, that
could cause our actual results to differ materially from those in these forward-looking statements. We discuss many of these risks in
greater detail in this prospectus under &#8220;<span style="text-decoration: underline">Risk Factors</span>.&#8221; Moreover, 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. Given these uncertainties, you should not place undue reliance on these forward-looking statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments
or otherwise, except as may be required by applicable laws or regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><span id="Ha_005"></span><span style="font-size: 10pt"><b>USE
OF PROCEEDS</b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
estimate that our net proceeds from this offering will be approximately $____________ after deducting underwriting discounts and commissions
and estimated offering expenses payable by us. If the option to purchase additional shares is exercised in full, we estimate that our
net proceeds will be approximately $___________.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently expect that we will use the net proceeds from this offering, together with our existing cash and cash equivalents, to repay
approximately $__ million of debt and for other general corporate purposes. This debt matures _______ and has an interest rate of ___%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that our existing cash and cash equivalents, along with the net proceeds from this offering, together with interest on cash balances,
will be sufficient to fund our operating expenses and capital expenditure requirements through at least the next twelve months. The amount
and timing of our actual expenditures will depend upon numerous factors, including the progress of our continuing product research, development,
the timing and results of our product launch, as well as any collaborations that we may enter into with third parties, and any unforeseen
delays or cash needs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
expected use of the net proceeds from this offering represents our current intentions based upon our present plans and business conditions.
The amounts and timing of our actual use of net proceeds will vary depending on numerous factors, including the progress of our continuing
product research, development, the timing and results of our product launch, as well as any collaborations that we may enter into with
third parties, and any unforeseen delays or cash needs. As a result, our management will have broad discretion in the application of
the net proceeds, and investors will be relying on our judgment regarding the application of the net proceeds of this offering. In addition,
we might decide to postpone or not pursue these certain of these activities if the net proceeds from this offering and the other sources
of cash are less than, or do not last as long as, expected. We have no current understandings, agreements or commitments for any material
acquisitions or licenses of any products, businesses or technologies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pending
their use, we plan to invest the net proceeds from this offering in short- and intermediate-term, interest-bearing obligations, investment-grade
instruments, certificates of deposit or direct or guaranteed obligations of the U.S. government.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MARKET
FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS</b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
common stock is currently quoted on the OTCQB under the symbol &#8220;CTGL&#8221; where it continues to trade on a very limited basis.
We have applied to list our common stock on Nasdaq under the symbol &#8220;CTGL.&#8221;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 28, 2022, there were 110 stockholders of record of our common stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><span id="Ha_006"></span><span style="font-size: 10pt"><b>DIVIDEND
POLICY</b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have never declared nor paid any cash dividends on our capital stock. We do not intend to pay cash dividends on our common stock for
the foreseeable future, and currently intend to retain any future earnings to fund our operations and the development and growth of our
business. Any future determination to declare and pay dividends will be made at the discretion of our board of directors and will depend
on various factors, including applicable laws, our results of operations, our financial condition, our capital requirements, general
business conditions, our future prospects and other factors that our board of directors may deem relevant. Investors should not purchase
our common stock with the expectation of receiving cash dividends.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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: 0; margin-bottom: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><span id="Ha_007"></span><span style="font-size: 10pt"><b>CAPITALIZATION</b></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth our cash and cash equivalents and capitalization as of March 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; 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%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><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">on
    an actual basis; 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">on
    an as adjusted basis to give effect to (i) our sale of shares of common stock in this offering at &#8204;the assumed public offering
    price of $_____ per share, , after deducting estimated underwriting discounts and commissions and estimated offering expenses payable
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
as adjusted information below is illustrative only and our capitalization following the closing of this offering will be adjusted based
on the actual public offering price and other terms of this offering determined at pricing. You should read this information together
with our financial statements and the related notes thereto included elsewhere in this prospectus and the information set forth under
the heading &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221; included elsewhere
in this prospectus.</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    equivalents</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; width: 12%; text-align: right"></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Convertible notes</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Stockholders&#8217; equity:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Common stock, $0.0001 par value; 1,500,000,000
    shares authorized, 942,568,006 shares issued and outstanding, actual; ______________ shares authorized, shares issued and outstanding,
    as adjusted</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">94,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Additional paid-in capital</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">22,043,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Stock to be issued</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">44,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Accumulated
    deficit</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(24,486,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Accumulated
    other comprehensive income</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">112,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 20pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    stockholders&#8217; equity (deficit)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(2,193,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
$1.00 increase (decrease) in the assumed public offering price of $____ per share would increase (decrease) the as adjusted amount of
cash and cash equivalents, additional paid-in capital, total stockholders&#8217; equity (deficit) and total capitalization by approximately
$______ million, 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 the estimated underwriting discounts and commissions and estimated offering expenses payable by us. We may also increase
or decrease the number of shares we are offering. Each increase (decrease) of 100,000 shares in the number of shares we are offering
would increase (decrease) the as adjusted amount of cash and cash equivalents, additional paid-in capital, total stockholders&#8217;
equity and total capitalization by approximately $____ million, assuming that the assumed public offering price remains the same, and
after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. The as adjusted information
discussed above is illustrative only and will be adjusted based on the actual public offering price and other terms of this offering
determined at pricing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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-top: 0; margin-bottom: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><span id="Ha_008"></span><span style="font-size: 10pt"><b>DILUTION</b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you invest in our common stock, your interest will be diluted immediately to the extent of the difference between the 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: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 31, 2022, our historical net tangible book value was $(___________) or $(_____) per share of common stock. Historical net tangible
book value per share represents the amount of our total tangible assets less total liabilities, divided by ___________, the number of
shares of common stock outstanding on December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
giving effect to the sale of ____________ of shares of our common stock in this offering at the assumed public offering price of $______
per share, which is the last reported sale price of our common stock on the OTCQB Market on _______________, 2022, after deducting estimated
underwriting discounts and commissions and estimated offering expenses payable by us, our net tangible book value as of March, 2022 would
have been $______ or $______ per share. This amount represents an immediate increase in net tangible book value of $___ per share to
our existing stockholders. Investors purchasing our common stock in this offering will have paid $______ more than the as adjusted net
tangible book value per share after this offering.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><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: 0; 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: 0; text-indent: 0.5in; background-color: white"></p>

<table cellpadding="0" cellspacing="0" style="font-family: Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 72%"><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; 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: 10%; text-align: right"></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: 10%; text-align: right"></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">Historical
    net tangible book value per share as of March 31, 2022</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="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">$<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increase
    in net tangible book value per share attributable to new investors</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"></td><td style="font: 10pt Times 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; 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; 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    tangible book value per share after the offering</span></td><td style="font: 10pt Times New Roman, Times, Serif"><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; text-align: left"><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; 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>
  <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">Dilution
    per share to new investors</span></td><td style="font: 10pt Times New Roman, Times, Serif"><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; text-align: left"><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; 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 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-family: 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: 0; 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
$1.00 increase (decrease) in the assumed public offering price of $______ per share would increase (decrease) our net tangible book value
after this offering by approximately $__ per share, and increase (decrease) the dilution per share to new investors by approximately
$___ per share, after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us, and
assuming no exercise of the underwrites&#8217; over-allotment option in full.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the underwriter exercises its over-allotment option in full in this offering, the as adjusted net tangible book value after the offering
would be $_____ per share, the increase in as adjusted net tangible book value per share to existing stockholders would be $____ per
share and the dilution per share to new investors would be $______ per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><span id="Ha_009"></span><span style="font-size: 10pt"><b>MANAGEMENT&#8217;S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</b></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management&#8217;s
Discussion and Analysis of Financial Condition and Results of Operations</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>You
should read the following discussion and analysis in conjunction with our unaudited condensed consolidated financial statements and the
notes to those financial statements for the three months ended March 31, 2022 and 2021 and consolidated financial statements and notes
to those financial statements for the years ended December 31, 2021 and 2020 included elsewhere in this prospectus. This discussion contains
forward-looking statements based upon current expectations that involve risks and uncertainties. See &#8220;Special Note Regarding Forward-Looking
Statements.&#8221; Our actual results may differ materially from those contained in or implied by any forward-looking statements.</i></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion summarizes the key factors our management believes are necessary for an understanding of our consolidated financial
statements.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not generated any revenues from product sales as of March 31, 2022.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
process of researching and developing our products is lengthy, unpredictable, and subject to many risks. We expect to continue incurring
expenses for the next several years for research and development as we continue to develop products and innovative solutions . We are
unable, with any certainty, to estimate either the costs or the timelines in which those expenses will be incurred. Our current development
plans focus on the development of </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">plant-based solutions
<span style="background-color: white">including </span><i>Green Side by Side Products</i><span style="background-color: white">.</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
research and development costs include costs are composed of:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
internal recurring costs, such as personnel-related and consultants costs (salaries, employee benefits, equity compensation and other
costs), materials and supplies, facilities and maintenance costs attributable to research and development functions; and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
fees paid to external parties who provide us with contract services, such as preclinical testing, manufacturing and related testing and
clinical trial activities.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marketing
expenses consist primarily of salaries, employee benefits, equity compensation, and other personnel-related costs associated with executive
and other support staff. Other significant marketing expenses include the costs associated with professional fees to develop our marketing
strategy.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
and administrative expenses consist primarily of salaries, employee benefits, equity compensation, and other personnel-related costs
associated with executive, administrative and other support staff. Other significant general and administrative expenses include the
costs associated with professional fees for accounting, auditing, insurance costs, consulting and legal services, along with facility
and maintenance costs attributable to general and administrative functions.</span></p>

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


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Financial
expenses consist primarily impact of exchange rate derived from </i>re-measurement of monetary balance sheet items denominated in non-dollar
currencies. Other financial expenses include bank&#8217;s fees and interest on long term loans<i>.</i></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Comparison
of the Three Months Ended March 31, 2022 compared to the Three Months Ended March 31, 2021</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents our results of operations for the three months ended March 31, 2022 and 2021</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Three Months
    Ended</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">March
    31</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Revenues</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; width: 68%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Research and development expenses</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(25,000</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Marketing, general and
    administrative expenses</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(315,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,975,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating
    loss</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(340,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,975,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Income (expenses) related
    to convertible loan terms</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(379,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(122,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other financing expenses,
    net</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(10,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(3,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net
    loss</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(729,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(2,100,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenues.
</i></b>Revenues for the three months ended March 31, 2022 and 2021 were $nil.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Research
and Development. </i></b>Research and development expenses for the three months ended March 31, 2022 were $25,000 compared to $nil for
the three months ended March 31, 2021 The increase is mainly attributable to expenses related to the development of our Green Botanical
product line.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Marketing,
general and Administrative Expenses. </i></b>Marketing, general and administrative expenses consist primarily of professional services,
share-based compensation expenses and other non-personnel related expenses such as legal expenses. Marketing, general and administrative
expenses decreased from $1,975,000 for the three months ended March 31, 2021 to $315,000 for the three months ended March 31, 2022. The
decrease in our marketing, general and administrative expenses is mainly attributable to the decrease in our non-cash share-based compensation
expenses offset by increase in professional services expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financing
Expenses, Net. </i></b>Financing expenses, net for the three months ended March 31, 2022 were $389,000 compared to $125,000 for the three
months ended March 31, 2021. The reason for the increase in financial expenses, net was due to $379,000 of expenses related to convertible
loan terms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Net
Loss</i></b>. Net loss for the three months ended March 31, 2022 was $34,000 and is attributable to the reasons discussed above.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Comparison
of the Year Ended December 31, 2021 compared to the Year Ended  December 31, 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; background-color: white"><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-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Year Ended</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31,</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">U.S.
    Dollars in thousands</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">12</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Cost of sales</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(14</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating
    loss</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(8,350</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Financing expenses,
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(322</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(4,516</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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>


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<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; text-indent: 28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the twelve months ended December 31, 2021, the Company had no revenue, compared to $12,000 in 2020. The decrease in our revenues is mainly
attributable to our selling 90% of the shares we held in Novomic Ltd. (&#8220;Novomic&#8221;) and focusing on our new strategy and business
activity, and, therefore, ceasing to consolidate the financial statements of Novomic.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span 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; text-indent: 28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s research and development expenses increased to $96,000 composed of ongoing research and development expenses during the
twelve months ended December 31, 2021, compared to approximately $17,000 during the prior year. The increase is mainly attributable to
expenses related to the development of our Green Botanical product line.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span 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; text-indent: 28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s marketing, general and administrative expenses during the year ended December 31, 2021, were $3,239,000 compared to $8,350,000
during the year ended December 31, 2020. The decrease in our marketing, general and administrative expenses is mainly attributable to
the decrease in our non-cash share-based compensation expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span 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; text-indent: 28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the twelve months ended December 31, 2021, the Company incurred financial expenses of $1,181,000, as compared to financial expenses of
$322,000 during the year ended December 31, 2020. The reason for the increase in financial expense was due to $620,000 of loss from extinguishment
in connection with convertible loan restructuring.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span 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; text-indent: 28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the above, the Company incurred a net loss of approximately $4,516,000 during the twelve months ended December 31, 2021 as
compared to a net loss of approximately $8,639,000 in 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity
is the ability of an enterprise to generate adequate amounts of cash to meet its needs for cash requirements. At March 31, 2022, we had
current assets of $386,000 compared to total current assets of $349,000 as of December 31, 2021. At March 31, 2022, we had current liabilities
of $1,232,000 as compared to $1,064,000 as of December 31, 2021. At March 31, 2022, we had total liabilities of $3,097,000 as compared
to $2,495,000 as of December 31, 2021. The increase is mainly attributed to the increase in the balance of accounts payables and accrued
expenses and the balance of convertible component in convertible notes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
March 31, 2022, we had a cash balance of $293,000 compared to the cash balance of $270,000 as of December 31, 2021.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
March 31, 2022, we had a working capital deficiency of $846,000 as compared with a working capital deficiency of $715,000 at December
31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 5, 2022, Citrine 9 LP (hereinafter &#8220;Citrine 9&#8221;), one of the related partnership entities (collectively, the &#8220;Buyers&#8221;)
that entered into the Convertible Loan Agreement dated as of April 1, 2020, as subsequently amended (the &#8220;Convertible Loan Agreement&#8221;)
agreed to honor a Draw Down Notice (as defined in the Convertible Note Agreement) for, and advanced to the Company, $180,000 on the same
terms and conditions as are specified in the Convertible Note Agreement. The maturity date of the loan is the earlier of July 31, 2023
or at such time as the Company shall have consummated an investment of at least $5 million in Company securities. The terms of the advances
under the Convertible note agreement were previously disclosed by the Company in Current Reports on Form 8-K filed on each of April 21,
April 23, June 12, 2020 and June 24, 2021. The annual interest on the loan continues to be nine percent (9%). The principal and interest
payment on the Note shall be made in New Israeli Shekels (NIS) at the conversion rate which was in effect on the date on which the loan
was advanced.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
provided for under the terms of the Convertible Note Agreement, Citrine 9 will be issued 6,666,667 Series A warrants and 6,666,667 Series
B warrants for shares of common stock, where the Series A warrants are exercisable beginning July 5, 2022 through July 5, 2024 and the
Series B warrants are exercisable beginning July 5, 2022 through July 5, 2025, in each case at an exercise price of $0.5 per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
on January 5, 2022, the Company and the Buyers entered into the Fourth Amendment to the Convertible Note Agreement pursuant to which
the following was agreed to:</span></p>

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

<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">&#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">(i)</span></td>
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                                            repayment of the principal and accrued interest on all outstanding loans shall be made in
                                            New Israeli Shekels (NIS) at the exchange rate which was in effect on the date on which the
                                            loan was advanced;</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">(ii)</span></td>
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                                            conversion price on all outstanding notes under the Convertible Note Agreement has been adjusted
                                            to a conversion price of $0.05 per share</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">(iii)</span></td>
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                                            exercise price on all outstanding warrants issued in connection with advances made under
                                            the Convertible Note Agreement has been adjusted to an exercise price of $0.05 per share.</span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 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>


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<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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on our current cash balances, we believe that we have sufficient funds for its plans for the next twelve months. As the Company is embarking
on its activities as detailed herein, it is incurring losses. It cannot determine with reasonable certainty when and if it will have
sustainable profits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span 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; text-indent: 28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s balance sheet as of December 31, 2021 reflects total assets of approximately $1,055,000 consisting mainly cash and cash
equivalents in the amount of approximately $270,000, and investments valued under the measurement alternative in the amount of approximately
$450,000. The Company&#8217;s balance sheet as of December 31, 2020, reflects total assets of approximately $3,105,000 consisting mainly
of cash and cash equivalents in the amount of approximately $206,000, prepaid share based payment to a service provider in the amount
of approximately $1,737,000, trading securities in the amount of approximately $522,000 and a short-term loan measured at fair value
in the amount of approximately $165,000. The decrease is related mainly to prepaid share-based payment, investment valued under the measurement
alternative and trading securities.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, the Company had total current liabilities of approximately $1,064,000 consisting of approximately $838,000 in accrued
compensation and accounts payable and accrued expenses in the amount of approximately $226,000. As of December 31, 2020, the Company
had total current liabilities of approximately $1,702,000 consisting mainly of convertible notes in the amount of approximately $773,000,
accrued compensation in the amount of approximately $304,000 and accounts payable and accrued expenses in the amount of approximately
$172,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span 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; text-indent: 28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, the Company had negative working capital in the amount of approximately $715,000, compared to positive working
capital in the amount of approximately $947,000 at December 31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span 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; text-indent: 28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s total liabilities as of December 31, 2021 and 2020 were approximately $2,495,000 and $1,702,000 respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span 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; text-indent: 28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the twelve months ended December 31, 2021, the Company used approximately $582,000 in its operating activities. This resulted in operating
expenses of approximately $3,335,000, net of non-cash items mainly composed of a decrease in prepaid share based payment to a service
provider of approximately $1,737,000, loss from extinguishment in connection with convertible loan restructuring of approximately $620,000,
interest accrued on convertible loan of approximately $333,000 and increase in account payables of $589,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span 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; text-indent: 28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the twelve months ended December 31, 2020, the Company used approximately $696,000 in its operating activities. This resulted in operating
expenses of approximately $8,315,000, net of non-cash items comprised mainly of an increase in stock-based compensation of approximately
$7,422,000, interest accrued on convertible loan of approximately $287,000 and increase in account payables of $258,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span 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; text-indent: 28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the twelve months ended December 31, 2021, the Company&#8217;s cash provided by investing activities amounted to $286,000, consisting
mainly of $389,000 from sale of trading securities and $164,000 from repayments of short term loan. During the year ended December 31,
2020, the Company&#8217;s cash used in investing activities amounted to $615,000 mainly as a result of $450,000 investment valued under
the measurement alternative and $145,000 of short term loan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span 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; text-indent: 28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the twelve months ended December 31, 2021, the Company&#8217;s net cash provided by financing activities was $350,000 composed of proceeds
from the issued convertible notes, as compared to net cash provided by financing activities for the year ended December 31, 2020 of approximately
$1,170,000 proceeds from the issued convertible notes, $177,000 proceeds from issuance of common stock and $154,000 proceeds from related
parties&#8217; loans.</span></p>

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<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>Off-Balance
Sheet Arrangements</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; text-indent: 28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has no off-balance sheet arrangements.</span></p>

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<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>Recently
issued accounting pronouncements</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recently
issued accounting pronouncements are described in the notes to our financial statements for the three months ended March 31, 2022 and
2021 and for the years ended December 31, 2021 and 2020, which are included herein.</span></p>

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<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>Critical
Accounting Policies</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; text-indent: 28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
significant accounting policies are described in the notes to our consolidated financial statements for the three months ended March
31, 2022 and 2021 and for the years ended December 31, 2021 and 2020 and which included in the financial reports attached to this registration
statement.</span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="Ha_010"></span><span style="font-size: 10pt"><b>BUSINESS</b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</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; background-color: white"><b>Description
of our Business and Industry Background</b></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: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a plant-based wellness &amp; pharma solutions company. Our business activity is primarily composed of developing wellness and pharma
solutions, focused on science backed plant-based products to improve quality of life and complementary solutions for balancing side effects
caused by using medicines, treatments, or an unbalanced lifestyle.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
global health and wellness market is expected to reach USD 7.6 trillion by 2030, growing at a CAGR of 5.5% from 2021 to 2030<sup>9 </sup>with
growing awareness of health and wellness solutions for improving people&#8217;s quality of life<sup>10</sup>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are witnessing a global movement of health and wellbeing becoming a priority for the public, further emphasized by the global COVID-19
pandemic. There is increasing recognition that people need to take charge of their own health, improve their quality of life, use natural
products, and balance side effects caused by medicines and treatment<sup>11</sup>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe the power of plant-based solutions from nature can help improve people&#8217;s health and quality of life.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
seek to bring to the market wellness and pharma innovative products, such as food supplements, healthy snacks, healthy beverages and
natural cosmetics, to help improve people&#8217;s health and quality of life and complementary products that aim to balance selected
side effects associated with medicines, treatments or an unbalanced lifestyle. Research shows that complementary products can balance
side effects associated with medicinal use or treatments. For example, probiotics, natural food supplements are recommended as complementary
product to balance side effects associated with the use of antbiotics <sup>12</sup>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have built an end-to-end strategy to bring to market innovative plant-based wellness and pharma solutions covering the whole spectrum
from innovation, research and development, product development, infrastructure for production and manufacturing, distribution, and marketing
and sales on a global scale.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leveraging
technology and research, we are focused on developing a products portfolio based on rigorous scientific research ranging from synergistic
botanicals, herbal extract, tinctures, medicinal mushrooms together with plant extracts, vitamins, minerals, botanical formulations from
seeds, roots, bark, fruits, and a wide variety of plants that contain substances with health-supportive effects. Such supportive effects
include, but are not limited to, enhancing oral care, anti-inflammatory properties, relaxation, sleep enhancement, energizing, mood and
body balancing, and alleviating side effects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
strategy is to bring to market, on a global scale, innovative plant-based wellness and pharma solutions. Covering the whole spectrum
from innovation, research and development, product development, infrastructure for production and manufacturing, distribution, marketing
and sales.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
headquarters and top executives are based in Israel, where we operate via our 100%-owned-subsidiary &#8220;CTGL Citrine Global Israel
Ltd.&#8221; and 60%-owned &#8220;Cannovation Center Israel Ltd.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have strategic alliance and manufacturing agreements with iBOT Israel Botanicals, nutritional supplements&#8217; company and GMP-certified
manufacturing facility approved by the Israeli Ministry of Health. As part of our activity with iBOT Israel Botanicals we are developing
and manufacturing our product line including the Green Side by Side product line.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
presence in Israel combined with our close contacts with leading universities, researchers, companies, shareholders and governmental
support, which powers us to access the latest technologies, talent, and innovation to bring innovative solutions to the global market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
mission is to leverage the power of plant-based solutions from nature to help improve people&#8217;s health and quality of life.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
created multi-strategy solutions to realize our mission, the highlights of which include the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left; 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-top: 0; margin-bottom: 0; text-align: left; 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"></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"><sup>9
                                            </sup><span style="background-color: white">Research, P., 2022. </span><i>Health and Wellness
                                            Market Size to Hit USD 7,656.7 Bn by 2030</i><span style="background-color: white">. [online]
                                            GlobeNewswire News Room.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"></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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>10
</sup><span style="background-color: white">NielsenIQ. 2022. </span><i>An inside look into the 2021 global consumer health and wellness
revolution</i><span style="background-color: white">. [online]</span></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; background-color: white"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></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"><sup>11
</sup><span style="background-color: white">Sullivan, F., 2022. </span><i>Increasing Health Consciousness Among Consumers to Shift the
Global Prebiotic Ingredients Market</i><span style="background-color: white">. [online] Prnewswire.com.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"></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"><sup>12
</sup>N.A.Kerna, 2018, <i>A complementary medicine approach to augmenting antibiotic therapy current practices in the use of probiotics
during antibiotic therapy,</i> International Journal of Complementary &amp; Alternative Medicine</span></p>

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<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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Developing
&amp; Bringing Plant-Based Wellness &amp; Pharma Products to Market:</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
plant-based products market is booming with health-conscious consumers spending more on natural products, ranging from nutraceuticals,
natural superfoods, beverages, cosmetics, to legal cannabis and the evolving market of botanical and plant-derived drugs. The COVID-19
pandemic has left a lasting impression on consumer behavior, particularly in relation to plant-based nutrition and natural immunity boosters<sup>13</sup>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Here
are the various growing plant-based product global market segments</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px; 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: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    nutritional supplements market is expected to reach USD 624.7 billion by 2030<sup>14</sup>.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    superfoods market is expected to reach USD 287.7 billion by 2027<sup>15</sup>. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    legal cannabis market is expected to reach USD 70.6 billion by 2028<sup>16</sup>.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    botanical and plant-derived drug market is expected to reach USD 53 billion by 2026<sup>17</sup>.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    natural cosmetics market is expected to reach USD 20.8 billion by 2027<sup>18</sup>.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are basing our efforts on technologies to create research and innovation, developing plant-based solutions which include products for
improving quality of life and complementary solutions for balancing selected side effects caused by using medicines, cannabis, treatments,
or an unbalanced lifestyle.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>About
Side Effects Caused by Using Medicines, Treatments or an Unbalanced Lifestyle</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Side
effects are unexpected reactions which may result from using medicines and treatments. There are common side effects, such as dryness
in the oral cavity (xerostomia), headaches, dizziness, drowsiness, fatigue, nausea, vomiting, lack of concentration, and impaired appetite
that are associated with the use of medicines and treatments<sup>19</sup>.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
public health impact of harms associated with medicines and treatments is a growing area of investigation, given the expanding pharma
industry and widespread availability of drugs and different medical treatments around the world. Current evidence suggests that use of
medicines is associated with side effects. Exploring the relationship between drug side-effects and therapeutic indications demonstrates
that 69% of drugs have between 10 and 100 different side effects; 22% of drugs have more than 100 side-effects; only 9% of drugs have
less than 10 side-effects (Please see Figure 1 below)<sup>20</sup></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></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"><sup>13
                                            </sup><span style="background-color: white">Sullivan, F., 2022.&#160;</span><i>Increasing
                                            Health Consciousness Among Consumers to Shift the Global Prebiotic Ingredients Market</i><span style="background-color: white">.
                                            [online] Prnewswire.com.</span></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; background-color: white"></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"><sup>14
</sup><span style="background-color: white">Research, P., 2022.&#160;</span><i>Nutritional Supplements Market to Hit US$ 624.7 Billion
by 2030</i><span style="background-color: white">. [online] GlobeNewswire News Room.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"></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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>15 </sup><span style="background-color: white">Research,
I., 2022. </span><i>Global Superfoods Market Size is Projected To Reach US$ 287.75 Billion by 2027 | Superfoods Market Store,
Delivery Options, Emerging Trends 2022 | Segmentation by Product Type, Applications, Regions, &amp; Key-Players (ADM, Ardent Mills,
Bunge)</i><span style="background-color: white">. [online] GlobeNewswire News Room.</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></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"><sup>16
</sup><span style="background-color: white">Grandviewresearch.com. 2022. </span><i>Legal Marijuana Market Size Worth $70.6 Billion By
2028</i><span style="background-color: white">.&#160;</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>17
</sup><span style="background-color: white">2018-2026, G. and 2018-2026, G., 2022.&#160;</span><i>Botanical and Plant Derivative Drug
Market - Global Forecast 2018-2026</i><span style="background-color: white">. [online] Inkwood Research.</span></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; background-color: white"></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"><sup>18
</sup><span style="background-color: white">Mynewsdesk. 2022.&#160;</span><i>Vegan Cosmetics Market is Growing at 6.9% CAGR, Market Size,
Share, Statistics, Cosmetics Industry Trends, Leading Company Profiles, Forecast &amp; Estimations to 2027</i><span style="background-color: white">.</span></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; background-color: white"></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"><sup>19
</sup><span style="background-color: white">U.S. Food and Drug Administration. 2022.&#160;</span><i>Learning about Side Effects</i><span style="background-color: white">.</span></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; background-color: white"></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"><sup>20
</sup>P. Zhang, F. Wang, J. Hu, and R. 2013, Exploring the Relationship Between Drug Side-Effects and Therapeutic Indications, PubMed
Central, PMCID: PMC3900166; PMID: 24551427</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_002.jpg" alt="" /></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 124.8pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Figure
1: Exploring drug side-effects: 69% of drugs have between 10</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*Illustration
Taken from: PubMed &#8211; Exploring the Relationship Between Drug Side-</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effects
and Therapeutic Indications <sup>21</sup></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treatment
of side-effects, or adverse drug reactions, has become a healthcare concern. The new market of Pharmacovigilance, also known as drug
safety &#8211; the pharmaceutical science relating to the collection, detection, assessment, monitoring, and prevention of adverse effects
with pharmaceutical products &#8211; is developing and expected to reach $12.48 Billion in 2027. Driving this are increasing public awareness
and demand for safer medications and increasing government initiatives to promote drug safety around the globe <sup>22</sup>.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Natural
plant-based products show great promise in improving quality of life and can be used as complementary products to balance side effects.
<b>Antibiotics and probiotics are an excellent use case.</b> Antibiotics are important for treating bacterial infections; however, they
can sometimes cause side effects such as diarrhea, liver disease and changes to the gut microbiota. Using probiotics during and after
a treatment with antibiotics can help reduce the risk of diarrhea and restore the gut microbiota to a healthy state <sup>23</sup>.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Addressing
a significant market need, we included in our strategy the development of plant based complementary solutions through wellness as well
as clinically developing plant-based pharmaceutical products to address the need to balance selected effects and support people who experience
side effects from using medicines, cannabis, and various treatments.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Oral
Cavity Dry-Mouth -Xerostomia -Side-Effect</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
has shown that a possible side effect of using cannabis <sup>24</sup>, smoking, or using medications, or treatments is oral cavity dryness
(xerostomia). It is important to maintain the saliva level in the mouth to prevent problems and damage, as saliva plays a key role in
maintaining health in the oral cavity. Saliva contains calcium and phosphorous which protects teeth, helps the digestive system, prevents
bad smell through balancing the acidity that comes from food and bacteria, has enzymes that help break down food, washes food scraps
and bacteria, and helps speech as pronunciation of movements and syllables is done with saliva and tongue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
investigation, we developed the <b>SmokLy<sup>TM </sup></b>series of sprays that target to balance the dry mouth side effect (xerostomia)
that may result from using medicines, cannabis, smoking or treatments. The SmokLy contains plant extracts distilled from seeds, roots,
bark, fruits with active anti-inflammatory substances that encourage saliva production and taste in the oral cavity.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><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; text-indent: 0.5in"></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"><sup>21
                                            </sup>P. Zhang, F. Wang, J. Hu, and R. 2013, Exploring the Relationship Between Drug Side-Effects
                                            and Therapeutic Indications, PubMed Central, PMCID: PMC3900166; PMID: 24551427 [online]</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"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>22
</sup>Pharmacovigilance Market Size to Reach 12.48 Billion in 2027 | Industry Trend - Rising Prevalence of Chronic Diseases Worldwide,
Increasing Cases of Adverse Drug Reactions and Drug Toxicity and High Consumption of Drugs in Developed Economies, 2022, Bio Space Article
[online]</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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"><sup>23
</sup><span style="background-color: white">Healthline. 2022. </span><i>What You Should Eat During and After Antibiotics</i><span style="background-color: white">.
[online]</span></span></p>


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<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>Side
Effects from Cannabis Use</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
thorough investigation of cannabis&#8217; side effects, <span style="background-color: white">we filed a provisional patent application
titled &#8220;PHARMACEUTICAL COMPOSITIONS AND METHODS FOR THE TREATMENT OF SIDE-EFFECTS ASSOCIATED WITH THE USE OF CANNABIS, CANNABINOIDS
AND RELATED PRODUCTS&#8221;, patent No: 63/257,673 in the U.S. Patent &amp; Trademark Office.</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">There
are currently over 200 million cannabis users worldwide and an increased interest in cannabis as a medicine in recent years<sup>25</sup>.
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cannabis was approved for medical use showing benefit
in serious medical conditions including cancer, multiple sclerosis, Parkinson&#8217;s, epilepsy, chronic pain, and post trauma<sup>26</sup>.
Research indicates that some medical cannabis users experience side effects during their cannabis treatment, which may cause them to
discontinue treatment despite good clinical outcomes achieved with the cannabis treatment<sup>27</sup>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">According
to the Mayo Clinic in the US these are the most reported side effects in association with cannabis use<sup>28</sup>:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; 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: 0.5in; 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">Headaches</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">Dry
    mouth and dry eyes</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">Lightheadedness
    and dizziness</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">Drowsiness</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">Fatigue</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">Nausea
    and vomiting</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">Disorientation</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">Hallucinations</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">Increased
    heart rate</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">Increased
    appetite</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">Impaired
    attention, judgement, and coordination</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">Worsened
    manic symptoms in people who have bipolar disorder</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; 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">Increased
    risk of depression or worsen depression symptoms</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">Increased
    risk of psychosis in people who have schizophrenia</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">Impaired
    memory and cognitive function</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; 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">Harmful
    cardiovascular effects, such as high blood pressure</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">Worsened
    respiratory conditions</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; 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"><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">Adverse
                                            interactions including with alcohol and anticoagulants.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 124.8pt; 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: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><img src="forms-1_004.jpg" alt="" style="height: 282pt; width: 283.5pt" /></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 124.8pt; 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: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Figure
2: schematic representation of side effects associated with the use of cannabis</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*Illustration
Taken from: Positive Choices Educational Program<sup>29</sup></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt; 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: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Plant-based products</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">We
believe the power of plant-based solutions from nature can improve people&#8217;s health and quality of life. Leveraging technology and
research, we are developing plant-based solutions targeting to improve quality of life and complementary products to balance selected
side effects caused by medicines, cannabis, treatments, or an unbalanced lifestyle.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Green
Side by Side&#8482; Product Line:</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"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_005.jpg" alt="" style="height: 186.75pt; width: 314.25pt" /></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt; 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: 0 0 0 7.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Figure
3: The Green Side by Side&#8482; Product Line</b></span></p>

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

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

<!-- Field: Rule-Page --><div style="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: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>25
</sup><span style="background-color: white">Statista. 2022. </span><i>Cannabis users worldwide number by region 2011-2019 | Statista</i><span style="background-color: white">.
[online] </span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>26
</sup><span style="background-color: white">2017. The Health Effects of Cannabis and Cannabinoids.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>27
</sup><span style="background-color: white">Kudahl, B., Berg, M., Posselt, C., Nordentoft, M. and Hjorth&#248;j, C., 2021. Medical
cannabis and cannabis-based medicine show both potential efficacy and potential harms: Cross-sectional comparison with controls on self-rated
and interviewer-rated outcomes within the Danish pilot program on medical cannabis. </span><i>Complementary Therapies in Clinical Practice</i><span style="background-color: white">,
45, p.101476.</span></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"><sup>28
</sup><span style="background-color: white">Mayo Clinic. 2022. </span><i>What you can expect from medical marijuana</i><span style="background-color: white">.
[online]</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>29
</sup>Positive Choices. 2022. <i>Cannabis: Factsheet</i>. [online]</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt; 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: 0; text-align: justify"><span 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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">We
developed a wellness plant-based product line under the brand name of Green Side by Side&#8482; .</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Green Side by Side&#8482; includes wellness plant-based product line for improving quality of life and complementary products for balancing
selected side effects caused by medicines, cannabis, treatments, or an unbalanced lifestyle.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe the Green Side by Side is positioned to capture market share in the nutritional supplements market that is expected to reach
$625 billion by 2030<sup>30</sup>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2021 we finalized the first development of dozens of researched plant-based products under our wellness Green Side by Side&#8482;
product line in multiple form factors, such as sprays, powders, tablets, capsules, and tinctures. We used innovative technologies and
experience to create the products combining a variety of well researched plants including herbal extracts, medicinal mushrooms, vitamins,
minerals and variety of researched plants known for their healing qualities that contain substances with different anti-inflammatory
properties and a variety of health-supportive effects that are relaxing, sleep enhancing, energizing, mood and body balancing, enhancing
oral care and alleviating side effects .</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
Q1 2022 we launched in the Israeli market several products from the Green Side by Side product line. We started our initial launch with
a local partner, an Israeli medical cannabis company, focusing on the SmokLy series, a line of sprays for the oral cavity to support
people with oral cavity dryness (xerostomia), a common side effect experienced by many cannabis users. The local partner distributes
the products to medical cannabis pharmacies as complementary products to medical cannabis users. Following an initial trial period, we
plan to expand our distribution efforts in the Israeli market for the Green Side by Side product line with retail, pharmacy chains and
natural products&#8217; distributors in Israel. We also plan to distribute the Green Side by Side product line in the United States and
worldwide with local partners consistent with local regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
products are manufactured in Israel in iBOT Israel Botanicals Ltd under a GMP-certified manufacturing facility approved by the Israeli
Ministry of Health.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
strategy is to offer a variety of family lines in various categories.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60.5pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.
Oral Cavity Care Family Line</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SmokLy
Product Family Line targets to balance oral cavity dryness side effect. </b>The Oral Cavity Care Family Line includes the SmokLy <sup>TM
</sup>series of sprays for the oral cavity targeting to balance the dry mouth side effect (xerostomia) that may result from using medicines,
cannabis, smoking or treatments. <b>Benefits of the SmokLy series:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; margin-right: 1in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9632;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contain
    plant extracts distilled from seeds, roots, bark, fruits with active anti-inflammatory substances that encourage saliva production,
    taste and can promote saliva production and moisture in the oral cavity.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">&#9632;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convenient
    to use by spraying into the oral cavity</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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"><b>&#9632;</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">Come
    in 7 different flavors: lemon, strawberry, passion fruit, aniseed, mango, maple and mint</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.
The Medicinal Mushrooms Family Line:</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Medicinal
Mushrooms Family Line targets to balance important body systems.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Medicinal Mushrooms Family Line is based on researched medicinal mushrooms that have been used for thousands of years in traditional
medicine and have been proven to be efficient for various medicinal uses. Medicinal Mushrooms were found to have a wide potential in
the treatment and prevention of diseases, including protection of the heart, antioxidant activity, balancing and strengthening the immune
and digestive systems, lowering cholesterol and balancing blood sugar. Furthermore, it has been shown to protect other important organs
such as the liver, with anti-cancer activity.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>30
</sup><span style="background-color: white">Research, P., 2022. </span><i>Nutritional Supplements Market to Hit US$ 624.7 Billion by
2030</i><span style="background-color: white">. [online] GlobeNewswire News Room. </span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Medicinal Mushrooms Family Line includes synergistic combinations of research-based medicinal mushrooms and herbs composed in an herbalist
method and made of purely natural ingredients.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
products contain dry form, concentrated powders and extracts of mushrooms and herbals researched and found to benefit headaches, changes
in blood pressure, anxiety, fatigue, and sleep disorders. We are harnessing the power of medicinal mushrooms for restoring nutritional
balance and strengthening the immune system and other body systems.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.
Booster Family Line</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Booster
Family Line targets to provide energy and strength. </b>The Booster Family Line contains unique research-based ingredients and herbal
extracts with a high concentration of antioxidants composed in an herbalist method. The Booster Family Line products create a synergistic
combination of researched plants and natural ingredients that have been shown to have health supportive anti-inflammatory properties,
which strengthen the immune system and contribute to an improved overall feeling. Imbalance in the body, resulting from poor diet and
unhealthy lifestyle, chronic diseases, weakness of the immune system, and side effects of medicines and treatments may lead to recurrent
infections, chronic coughing, weakness, and gastrointestinal disorders. The Booster Family Line includes herbal syrups that are suitable
for morning drinking preventively and target to support daily overload as energy and booster products.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.
Balance &amp; Calm Family Line</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Balance
&amp; Calm Family Line for mood and body balancing. </b>The Balance &amp; Calm Family Line contains research-based herbal formulas composed
in an herbalist method including powders and extracts of researched plants that have been demonstrated to have health supporting effects
of calming the digestive system, reducing anxiety and fatigue, and improving sleep quality.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Balance &amp; Calm Family Line serves as support for the digestive system, balancing and strengthening the body, calming and improving
sleep quality. Modern lifestyles that include many tasks and heavy stress, with a non-optimal diet, can lead to fatigue, restlessness,
pain, and a particularly sensitive digestive system. All of these can also be side effects of taking various medications and having an
unbalanced lifestyle. Continuous stress releases toxic substances in the body, which over time can cause significant health problems.
Studies showed that reducing stress improves sleep quality through affecting the nervous system. The Balance &amp; Calm Family Line targets
to restore and maintain emotional and body balance and calm the digestive and other systems of the body.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.
Personal Protection Family Line:</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Personal
Protection Family Line targets to prevent contagion with viruses and bacteria.</b> The Personal Protection Family Line contains research-based
balanced combinations of plants, vitamins and minerals composed in an herbalist method, which together form a shell that supports the
proper functioning of many body systems, giving an incentive to the immune system and preventing contagion with viruses and bacteria.
In the current reality of pandemics, such as COVID-19, and the widespread use of medicines and treatments we believe it is important
to balance and nurture different body systems and to strengthen the immune system.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
IP Strategy and R&amp;D Roadmap</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
IP strategy and R&amp;D roadmap include developing plant-based wellness and pharma solutions, building our patent portfolio, conducting
clinical trials, advancing products through regulatory approvals, and bringing innovative products to market.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently
we have a provisional patent application, and as part of our IP strategy, we plan to build a patent portfolio. We are also considering
purchasing patents and IP .</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
straegy includes developing wellness, OTC products and plant-based medicines for the botanical and plant-derived drug market including:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#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">Developing
    products portfolio based on rigorous scientific research ranging from synergistic botanicals, herbal extract tinctures, medicinal
    mushrooms together with plant extracts, botanical formulations from seeds, roots, bark, fruits and a wide variety of plants that
    contain substances with health-supportive effects. Such supportive effects include, but aren&#8217;t limited to, enhancing oral care,
    anti-inflammatory properties, relaxation, sleep enhancement, energizing, mood and body balancing and alleviating side effects.</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>
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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">Researching
    plant-based medicines for the botanical and plant-derived drug market. Botanical drugs are derivative of medicinal plants and may
    contain algae, plant-based substances and fungi. Botanical and plant derived drugs help in the treatment of various diseases, such
    as central nervous system disorders, infectious diseases, cardiovascular diseases, and respiratory diseases and are available in
    various forms, such as pills, tablets, and injections. The key factors driving this market are growing applications in diseases,
    growing FDA approvals and a dedicated Botanical Drugs Approval pathway, technological development in the manufacturing process, and
    rising demand for and focus on traditional and natural source medicines<sup>31</sup>.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
research and development program includes:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; 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">Developing
    wellness plant-based product portfolio across the range from scientific and research-based plants, such as herbal extracts, medicinal
    mushrooms, and other natural ingredients</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">&#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">Developing
    complementary products portfolio for balancing selected side effects caused by medicines, treatments, cannabis, aging, stress, and
    an unbalanced lifestyle</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">&#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">Expanding
    the Green Side by Side <sup>TM</sup> product line</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">&#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">Researching
    and developing pharma solutions with the mission of developing plant-based medicines and botanical drugs</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">&#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">Building
    patent portfolio</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">&#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">Building
    clinical trials program &amp; portfolio</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">&#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">Registering
    products for regulatory approval</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">&#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">Building
    the infrastructure for production and innovation centers to leverage IP &amp; competitive advantage in developing and manufacturing
    wellness to pharma plant-based products</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; 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">Currently
    the Green Side by Side product line does not include any cannabis, cannabinoid, or cannabis related components. However, pending
    changes in the regulatory and market landscape, we may consider developing cannabis, cannabinoid, and related products<b>.</b></span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Provisional
Patent Application</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October 2021 we filed a provisional patent application for &#8220;PHARMACEUTICAL COMPOSITIONS AND METHODS FOR THE TREATMENT OF SIDE-EFFECTS
ASSOCIATED WITH THE USE OF CANNABIS, CANNABINOIDS AND RELATED PRODUCTS&#8221;, patent No: 63/257,673 in the U.S. Patent &amp; Trademark
Office. The patent application describes certain side effects of cannabis use, the needs, technologies and solutions to support medical
cannabis users who experience side effects related to their cannabis treatment.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Green
Vision Center<sup>TM</sup> Production and Innovation Center for Plant-based Wellness &amp; Pharma Products</span></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Green
Vision Center</b> is part of our strategy to create end-to-end plant-based solutions covering all the infrastructure, facilities, and
activities required for developing, manufacturing, and bringing to market innovative plant-based wellness and pharma products.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Figure
5: Green Vision Center Israel Building Demonstration</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 44pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
image rights are reserved to the Company and are for illustration purposes only and do not bind the company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 44pt; 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: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Green
Vision Center Israel</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February of 2022, we completed the acquisition from the Israel Lands Authority (ILA) of 125,000 sq ft (11,687 sq meters or approximately
three acres( of industrial land in Yerucham, a city in southern Israel, to build Green Vision Center Israel. Approximately 90% of the
acquisition cost was provided by Israeli government programs that encourage industrial development and includes additional grants and
tax incentives.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Green
Vision Center israel will include ~ 65,000 sq. ft. (~ 5,800 sqm) a first-of-its-kind center&#8217;s infrastructure and facilities will
be focused on the development and production of wellness &amp; pharma plant-based products and planned to include:</span></p>

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

<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">&#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">Manufacturing
    facilities for botanicals and 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manufacturing
    facilities for pharma plant-based products &amp; botanical drugs</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">Manufacturing
    facilities for healthy snacks &amp; beverages</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">Manufacturing
    facilities for plant-based cosmetics</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">Manufacturing
    facilities for medical cannabis and related products</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">R&amp;D
    laboratories for development, clinical studies, and quality control testing</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">Distribution
    and global logistics center</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">Management
    and consultant offices</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">Conference
    , training &amp; visitor center</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Green
Vision Center Israel: Planned Divisions and Internal Design</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><img src="forms-1_008.jpg" alt="" style="height: 242.25pt; width: 309.75pt" /></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Figure
6: Green Vision Center Israel Planned Internal Design</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**All
image rights are reserved to the Company and are for illustration purposes only and do not bind the company</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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Green
Vision Center Israel was designed by Avner Sher, one of Israel&#8217;s most highly regarded architects . Its design includes a unique
roof in the shape of a lotus flower and will be built with solar panels and according to ecological green principles of saving energy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
center will be constructed by a professional project construction company and sub-contractors that will oversee all aspects of the building
including interfacing and obtaining all facilities and products relevant licenses and regulatory approvals, the requisite building permits
and other required authorizations.</span></p>

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


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<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>&#160;</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"><b>Our
Business Model for the Green Vision Center includes:</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>

<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">&#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">Production
    &amp; sales of our branded products;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; 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">Production
    &amp; services to third parties;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">&#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">Full
    turnkey solutions for all the services that the center can provide, including R&amp;D, QA, production, market positioning, and sales;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; 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">Partnerships
    and collaborations with international companies in the wellness and pharma industries that are interested in establishing an innovation
    and production infrastructure in Israel;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">&#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">Mergers
    &amp; acquisitions and strategic partnership activities; 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; 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">Partnerships
    based on models of profit sharing. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Our
mission is to become a leading worldwide production and innovation center for natural plant-based products and health, wellness, and
pharma solutions and to bring partners, market leaders, companies, technologies, and scientific collaborations from Israel and around
the world.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Israel
as a Source of Innovation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
presence in Israel combined with our close contacts with leading universities, researchers and companies empowers us to access the latest
technologies, talent, and innovations and bring them to the global market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
chose to focus on Israel for the following reasons:</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>

<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">&#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">Israel
    is well positioned as a leader in technology with a critical mass of technology companies, researchers, and scientists<sup>32</sup>.</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">&#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">Israel
    is considered a pharma powerhouse and a world leader in clinical trials due to its advanced regulatory environment and local experience<sup>33</sup>.</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">&#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
    Israeli government views technological innovation a major growth engine for the Israeli economy and supports it.</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">&#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
    headquarters, top executives and strategic partners are based in Israel, where we have been operating for years and have a strong
    network with Israeli companies, universities, labs, entrepreneurs, and businesses.</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">&#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
    acquired land in the south of Israel, backed by government support, to build the Green Vision Center&#8482;, a first-of-its-kind
    production and innovation center for plant-based wellness &amp; pharma products.</span></td></tr>
  </table>
<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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Creating
a Global Network &amp; Growth Strategy</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
core part of our strategy includes building a worldwide network with local teams, partners, subsidiaries, Green Vision Centers, strategic
partnerships, collaborations, and mergers &amp; acquisitions of technology and distribution companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initially,
we are planning to build infrastructure for business development and sales with local teams in North America and Europe.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
strategy includes various business models that are intended to bring new products to market leveraging, and thereby, maximizing company&#8217;s
value, building the company&#8217;s intellectual property and growth strategy that includes mergers &amp; acquisitions of technology
and distribution companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Go
to Market Strategy and Prospective Revenue Sources</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
plant-based wellness &amp; pharma market is booming, with health-conscious consumers spending more on natural products ranging from nutraceuticals,
natural superfoods, beverages, and cosmetics to legal cannabis and the evolving market of botanical and plant-derived drugs.</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    nutritional supplements market is expected to reach USD 624.7 billion by 2030<sup>34</sup>.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    superfoods market is expected to reach USD 287.7 billion by 2027<sup>35</sup>.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    legal cannabis market is expected to reach USD 70.6 billion by 2028<sup>36</sup></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    botanical and plant-derived drug market is expected to reach USD 53 billion by 2026<sup>37</sup>.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    natural cosmetics market is expected to reach USD 20.8 billion by 2027<sup>38</sup>.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></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"><sup>37
</sup>2018-2026, G. and 2018-2026, G., 2022. Botanical and Plant Derivative Drug Market - Global Forecast 2018-2026. [online] Inkwood
Research.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>32
</sup>PwC-Startup Nation Central Report Explores Israel&#8217;s Multinational Innovation Ecosystem</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>33
</sup>Portfolio of Israeli companies Life science and Clean-tech sectors October 2020</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"><sup>34
</sup><span style="background-color: white">Research, P., 2022.&#160;</span><i>Nutritional Supplements Market to Hit US$ 624.7 Billion
by 2030</i><span style="background-color: white">. [online] GlobeNewswire News Room.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>35
</sup><span style="background-color: white">NielsenIQ. 2022. </span><i>An inside look into the 2021 global consumer health and wellness
revolution</i><span style="background-color: white">. [online]</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>36
</sup><span style="background-color: white">Grandviewresearch.com. 2022.&#160;</span><i>Legal Marijuana Market Size Worth $70.6 Billion
By 2028</i><span style="background-color: white">. [online] </span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>37
</sup><span style="background-color: white">2018-2026, G. and 2018-2026, G., 2022.&#160;</span><i>Botanical and Plant Derivative Drug
Market - Global Forecast 2018-2026</i><span style="background-color: white">. [online] Inkwood Research. </span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>38
</sup><span style="background-color: white">Mynewsdesk. 2022.&#160;</span><i>Vegan Cosmetics Market is Growing at 6.9% CAGR, Market Size,
Share, Statistics, Cosmetics Industry Trends, Leading Company Profiles, Forecast &amp; Estimations to 2027</i><span style="background-color: white">.
[online] </span></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
wellness products are sold through different distribution channels which include online digital direct sales, online retailer websites,
physical shops and retailers including food, drug, and mass merchandise retail networks. We are currently focused on building a B2B distribution
network worldwide with select local partners who will be handling import, distribution, marketing, and sales while adhering with local
regulations.</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
strategy for generating revenue in the near term and future include:</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 cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales of our proprietary
  products including Green Side by Side product line</span></td></tr>

<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commercialization and licensing
  our future IP, products &amp; brands.</span></td></tr>

<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mergers &amp; acquisitions
  and strategic partnership activities</span></td></tr>
</table>


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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
wellness and pharma industries are very crowded and competitive. Many companies, from startups to corporate giants, operate in these
spaces.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Plant-based
wellness sector: Nutritional supplements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Nutritional supplements and OTC wellness products markets are growing thanks to increased attention to natural prodcuts, health and prevention
by the consumers and increased health care costs and search for alternatives to cure specific problems.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
of the key players in this market are Herbalife Nutrition Ltd., Amway Corp., Abbott, Arkopharma, Bayer AG, Glanbia PLC, Pfizer Inc.,
ADM, and Ayanda<sup>39</sup>.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
botanical and plant-derived drug market is expected to reach $53 billion by 2026.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Botanical
drugs are derivative of medicinal plants and may contain algae, plant-based substances and fungi. Botanical and plant derived drugs help
in the treatment of various diseases, such as central nervous system disorders, infectious diseases, cardiovascular diseases, and respiratory
diseases and are available in various forms, such as pills, tablets, and injections.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
key factors driving this market are:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 67pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#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">Growing
    applications of Botanical drugs in diseases</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">Growing
    FDA approvals and a dedicated Botanical Drugs Approval pathway</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">Technological
    development in the manufacturing process,</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">Rising
    demand for and focus on traditional and natural source medicines<sup>40</sup>.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
companies are involved in this market with the major players including Bayer AG, Boehringer Ingelheim International GmbH, F. Hoffmann
La Roche Ltd., Jazz Pharmaceuticals Plc, Johnson and Johnson Inc., Merck KGaA, Mitsubishi Chemical Corp., Novartis AG, Sanofi SA, and
Tilray Inc.<sup>41</sup>.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"></p>

<!-- Field: Rule-Page --><div style="width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"></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"><sup>39
                                            </sup>MarketView Research: Dietary Supplements Market Size, Share &amp; Trends Analysis Report
                                            By Ingredient (Vitamins, Minerals), By Form, By Application, By End User, By Distribution
                                            Channel, By Region, And Segment Forecasts, 2022 - 2030</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"><sup>40
</sup>2018-2026, G. and 2018-2026, G., 2022. Botanical and Plant Derivative Drug Market - Global Forecast 2018-2026. [online] Inkwood
Research.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>41
</sup>Technavio Report: Botanical and Plant-Derived Drugs Market by Type and Geography - Forecast and Analysis 2022-2026</span></p>


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<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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have differentiated ourselves through our end-to-end strategy of bringing to market innovative plant-based wellness and pharma products
covering the whole spectrum from research, product development, building the infrastructure, manufacturing, and marketing. We built the
following strategy and unique business model that can support our ability to remain competitive:</span></p>

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<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">We
    are leveraging technology and research and focus on developing plant-based wellness and pharma solutions to improve quality of life
    and complementary products for balancing selected side effects caused by medicines and treatments, cannabis, aging, stress, and an
    unbalanced lifestyle</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">We
    have the ability to develop innovative products and solutions that meet customer and market needs</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">We
    develop our IP strategy by building patent portfolio, conducting clinical studies, and obtaining regulatory approvals</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">We
    have a leading experienced team and partners with proven track record in technology, high-tech and biotech and proven experience
    in bringing companies to global success</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">Our
    presence in Israel combined with our close contacts with leading universities, researchers and companies powers us with the latest
    technologies, talent, and innovation and to offer innovative solutions to the global market.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">Potential
    partnerships and other collaborations with international companies in the wellness and pharma industries</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">The
Health &amp; Wellness Industries Global Market Size and Potential:</span></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"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
global health and wellness market is expected to reach USD 7.6 trillion by 2030, growing at a CAGR of 5.5% from 2021 to 2030. The hectic,
unbalanced lifestyle has resulted in the prevalence of lack of proper diet and sleep, stress, depression, anxiety, cancer, diabetes,
and various other health related issues. Lack of proper diet has resulted in the reduced intake of essential nutrients and minerals required
for the healthy and active functioning of the human body. Precedence research identifies growth opportunities to the health and wellness
market players across the globe in the adoption of smart technologies and innovative ways in manufacturing various health and wellness
products, nutritional supplements, healthy snacks and beverages, the growing biopharmaceutical industry and development of botanical
drugs <sup>42.</sup></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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Health
and wellness have been found by Nielsen IQ researchers to be the most powerful consumer force of 2021. In contrast to the unpredictable
nature of COVID-19, consumers are being very deliberate with their choices. A survey conducted discovered that consumers emphasize having
meaningful and purposeful living, health management, strength and wellness, mental health and stability, happiness, social connections,
environmental betterment, balance, and fulfillment. We are witnessing a global movement of health and wellbeing becoming a priority for
the public, further emphasized by the global COVID-19 pandemic. There is increasing recognition that people need to take charge of their
own health, improve their quality of life, use natural products, and balance side effects caused by medicines and treatment<sup>43</sup>.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
Plant-Based Global Market Size and Potential:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
plant-based products market is booming with health-conscious consumers spending more on natural products, ranging from nutraceuticals,
natural superfoods, beverages, cosmetics to legal cannabis and the evolving market for botanical and plant-derived drugs. For example:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px; 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: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    nutritional supplements market is expected to reach USD 624.7 billion by 2030<sup>44</sup>.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    superfoods market is expected to reach USD 287.7 billion by 2027<sup>45</sup>.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    legal cannabis market is expected to reach USD 70.6 billion by 2028<sup>46</sup>.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    botanical and plant-derived drug market is expected to reach USD 53 billion by 2026<sup>47</sup>.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    natural cosmetics market is expected to reach USD 20.8 billion by 2027<sup>48</sup></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

<!-- Field: Rule-Page --><div style="width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></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"><sup>42
                                            </sup><span style="background-color: white">Research, P., 2022. </span><i>Health and Wellness
                                            Market Size to Hit USD 7,656.7 Bn by 2030</i><span style="background-color: white">. [online]
                                            GlobeNewswire News Room.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>43
</sup><span style="background-color: white">NielsenIQ. 2022. </span><i>An inside look into the 2021 global consumer health and wellness
revolution</i><span style="background-color: white">. [online]</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>44
</sup><span style="background-color: white">Research, P., 2022. </span><i>Health and Wellness Market Size to Hit USD 7,656.7 Bn by 2030</i><span style="background-color: white">.
[online] GlobeNewswire News Room.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>45
</sup><span style="background-color: white">NielsenIQ. 2022. </span><i>An inside look into the 2021 global consumer health and wellness
revolution</i><span style="background-color: white">. [online] </span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>46
</sup><span style="background-color: white">Grandviewresearch.com. 2022.&#160;</span><i>Legal Marijuana Market Size Worth $70.6 Billion
By 2028</i><span style="background-color: white">. [online]</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>47
</sup><span style="background-color: white">2018-2026, G. and 2018-2026, G., 2022.&#160;</span><i>Botanical and Plant Derivative Drug
Market - Global Forecast 2018-2026</i><span style="background-color: white">. [online]</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>48
</sup><span style="background-color: white">Mynewsdesk. 2022. </span><i>Vegan Cosmetics Market is Growing at 6.9% CAGR, Market Size,
Share, Statistics, Cosmetics Industry Trends, Leading Company Profiles, Forecast &amp; Estimations to 2027</i><span style="background-color: white">.
[online]</span></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><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: 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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
Global Nutritional Supplements Market</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
global nutritional supplements market is expected to reach USD 624.7 billion by 2030 and is expanding growth at a CAGR of 7.1% over the
forecast period 2021 to 2030 with plant-based supplements containing natural ingredients and extracts of plants and mushrooms that have
a beneficial biological effect<sup>49</sup>. The global superfoods market is expected to reach USD 214.95 billion by 2027 with superfoods
being foods that have a very high nutritional density. This means they provide a substantial amount of nutrients and very few calories.
They contain a high volume of minerals, vitamins, and antioxidants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Growth
in the nutritional supplements is driven by growing awareness of health and safety in the traditional pharma, food, and beverage industries
as well as higher healthcare costs. Authentic consumption has become a major food and beverage trend as consumers increasingly seek natural
ingredients. Products such as ginseng, echinacea, ginkgo biloba, and garlic, the top selling botanical products are considered natural
remedies for inflammation and infections. This is further driven by the COVID-19 pandemic, with consumers looking to strengthen the natural
immune system. This is also driving growth of vitamins and minerals and moving towards natural colorant-based plant juice products, since
they provide better and long-lasting protection from viruses and bacteria. In addition, botanicals and nutritional supplements are widely
used by people who suffer from diseases related to weight management, clinical nutrition, digestive health (gut health problems), immunity,
diabetes, and cardio fitness, either as treatment or prevention<sup>50</sup>.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market demand for <b>Nutritional Supplements </b>is driven by<sup>51</sup>:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><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">Increasing
    attention to health and prevention by the consumers</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">Greater
    customization of needs for different segments of the population</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">Increased
    health care costs and search for alternatives to cure specific problems</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    growth in demand for supplements is mainly driven by probiotic supplements, Fatty Acids (i.e. fish oils) and protein 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Herbal/Botanical
    Supplements usage has emerged as a popular complementary and alternative medicine or supplement to modern medicine</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">Rising
    consumer awareness regarding the severity of digestive disorders, stimulate the growth of the Enzymes segment.</span></td></tr>
  </table>
<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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
Botanical and Plant-derived Drug Market</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
global botanical and plant-derivative drug market is anticipated to grow to $53 billion by 2026 driven by growing applications in diseases,
technological developments in manufacturing processes and a growing focus and demand for naturally sourced medicines<sup>52</sup>.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Botanical
drugs are derived from natural sources, plants and mushrooms, and are considered to have fewer side-effects as compared to synthetic
drugs while showing high efficacy in helping to treat different medical conditions and chronic diseases<sup>53</sup>.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
important driver for growth in the global botanical and plant-derivative drug market is its growing applications in diseases. Botanical
drugs are derivative of medicinal plants and may contain algae and vegetable substances, along with macroscopic fungi. These may assist
in the treatment of various diseases, such as central nervous system disorders, infectious diseases, cardiovascular diseases, and respiratory
diseases. Botanical and plant derivative drugs are available in various forms, such as pills, tablets, and injections<sup>54</sup>.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Botanical and plant-derivative drug market is primarily driven by the following factors <sup>55</sup></span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">Growing
    applications in diseases</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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">Growing
    FDA approvals</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">Technological
    development in the manufacturing process</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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">Rising
    demand for traditional medicines</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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">Growing
    focus on natural source medicines</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<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: 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"><sup>49
                                            </sup><span style="background-color: white">Research, P., 2022. </span><i>Nutritional Supplements
                                            Market to Hit US$ 624.7 Billion by 2030</i><span style="background-color: white">. [online]
                                            GlobeNewswire News Room.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>50
</sup>PwC &#8220;Vitamins and Dietary Supplements Market Overview Report, https://www.pwc.com/it/it/publications/assets/docs/Vitamins-Dietary-Supplements-Market-Overview.pdf</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"><sup>51
</sup>PwC &#8220;Vitamins and Dietary Supplements Market Overview Report, https://www.pwc.com/it/it/publications/assets/docs/Vitamins-Dietary-Supplements-Market-Overview.pdf</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"><sup>52
</sup><span style="background-color: white">2018-2026, G. and 2018-2026, G., 2022.&#160;</span><i>Botanical and Plant Derivative Drug
Market - Global Forecast 2018-2026</i><span style="background-color: white">. [online] Inkwood Research.</span></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"><sup>53
</sup><span style="background-color: white">2018-2026, G. and 2018-2026, G., 2022.&#160;</span><i>Botanical and Plant Derivative Drug
Market - Global Forecast 2018-2026</i><span style="background-color: white">. [online] Inkwood Research.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>54
</sup><span style="background-color: white">Sciences, L. and Discovery, D., 2022.&#160;</span><i>Global Botanical and Plant-Derived Drugs
Market 2022-2026</i><span style="background-color: white">. [online] Marketresearch.com.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>55
</sup><span style="background-color: white">2018-2026, G. and 2018-2026, G., 2022.&#160;</span><i>Botanical and Plant Derivative Drug
Market - Global Forecast 2018-2026</i><span style="background-color: white">. [online] Inkwood Research.</span></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
Global Cannabis Market</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
global legal cannabis market size is expected to reach USD 70.6 billion by 2028 driven mainly by increased legalization of cannabis for
medical and adult-use and the growing adoption of these products for the treatment of chronic diseases<sup>56</sup>.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are currently over 200 million cannabis users worldwide and an increased interest in cannabis as a medicine in recent years<sup>57</sup>.
Cannabis was approved for medical use showing benefit in serious medical conditions including cancer, multiple sclerosis, Parkinson&#8217;s,
epilepsy, chronic pain, and post trauma. Research indicates that some medical cannabis users experience side effects during their cannabis
treatment, which may cause them to discontinue treatment despite good clinical outcomes achieved with the cannabis treatment<sup>58</sup>.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
Global Natural Cosmetics Market</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
global natural cosmetics market is projected to reach USD 24.26 billion by 2027 driven mainly by increasing demand for harmful chemical-free
cosmetics, rising awareness against the use of animal derivatives and growing social media movements endorsing naturally derived products<sup>59</sup>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
cosmetic and personal care segment of botanicals is also on the rise with companies increasingly discovering novel herbal ingredients
as consumers are seeking more natural products with ingredients that are of plant origin: extracts or oils obtained from raw plant materials.
Natural cosmetics are cosmetics that have ingredients of plant origin. The absence of chemical compounds and animal-by products are specifically
suited to sensitive skin people. The natural cosmetic products are biodegradable and environmentally friendly. Many companies in the
field focus on the production of natural cosmetics that are cruelty-free as these products have increasing demand<sup>60</sup>.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Side
Effects and Drug Safety/Pharmacovigilance Evolving Market</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
public health impact of harms associated with medicines and treatments is a growing area of investigation, given the expanding pharma
industry and widespread availability of drugs, and different medical treatments around the world.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
evidence suggests that use of medicines, and medical treatments are associated with a series of side effects. For example, exploring
the relationship between drug side-effects and therapeutic indications demonstrate that <b>69% of drugs have between 10 and 100 different
side effects;</b> 22% of drugs have more than 100 side-effects; only 9% of drugs have fewer than 10 side-effects (Please see Figure 7
below)<sup>61</sup></span></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></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"><sup>56
</sup><span style="background-color: white">Research, P., 2022. </span><i>Health and Wellness Market Size to Hit USD 7,656.7 Bn by 2030</i><span style="background-color: white">.
[online] GlobeNewswire News Room.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>57
</sup><span style="background-color: white">Statista. 2022.&#160;</span><i>Cannabis users worldwide number by region 2011-2019 | Statista</i><span style="background-color: white">.
</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>58
</sup><span style="background-color: white">2017. The Health Effects of Cannabis and Cannabinoids.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>59
</sup><span style="background-color: white">Mynewsdesk. 2022. </span><i>Vegan Cosmetics Market is Growing at 6.9% CAGR, Market Size,
Share, Statistics, Cosmetics Industry Trends, Leading Company Profiles, Forecast &amp; Estimations to 2027</i><span style="background-color: white">.
[online]</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>60
</sup><span style="background-color: white">Mynewsdesk. 2022.&#160;</span><i>Vegan Cosmetics Market is Growing at 6.9% CAGR, Market Size,
Share, Statistics, Cosmetics Industry Trends, Leading Company Profiles, Forecast &amp; Estimations to 2027</i><span style="background-color: white">.
</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>61
</sup>P. Zhang, F. Wang, J. Hu, and R. 2013, Exploring the Relationship Between Drug Side-Effects and Therapeutic Indications, PubMed
Central, PMCID: PMC3900166; PMID: 24551427</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><img src="forms-1_009.jpg" alt="" style="height: 205.5pt; width: 249pt" /></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Figure
7: Exploring drug side-effects: 69% of drugs have between 10 and 100 different side effects</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*Illustration
Taken from: PubMed - Exploring the Relationship Between Drug Side-Effects and Therapeutic Indications <sup>62</sup></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Drug
side-effects, or adverse drug reactions, have become a healthcare concern. The new market of Pharmacovigilance, also known as drug safety&#8212;the
pharmaceutical science relating to the collection, detection, assessment, monitoring, and prevention of adverse effects with pharmaceutical
products&#8212;is developing and expected to reach $12.48 billion in 2027. Driving this are increasing public awareness and demand for
safer medications and increasing government initiatives to promote drug safety around the globe<sup>63</sup>.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
every jurisdiction in which we plan to operate, we will be subject to extensive governmental regulations on the formulation, manufacturing,
packaging, labeling, advertising, promoting, importing, distributing, shipping, and selling our products, may they be nutritional supplements,
cosmetics, foods, or any other category.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to commencing operations and/or permitting sales of our products in the market, we may be required to obtain an approval, license, or
certification from the relevant country&#8217;s ministry of health or another responsible agency. Prior to entering a new market, we
plan to work with local authorities, either directly or via our local partner, to obtain the requisite approvals. The approval process
usually requires us to present each product and product ingredients and, in some cases, arrange for testing of products by local technicians
for ingredient analysis</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
or our local partners would need to obtain various regulatory approvals and licenses for our different product lines and activities,
including production of botanicals, nutritional supplements, natural snacks and beverages, and natural cosmetics. We intend to obtain
all regulatory approvals required for different product categories in the different countries in which we will operate either directly
or through our local partners.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
describe in this section primarily the material regulations that are currently applicable to our products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulatory
Environment for the Green Side by Side Products</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the number of people using nutritional supplements and herbal medicine products continues to increase in many countries, the regulations
for these products vary by territory. In some countries supplement use is limited to general health and well-being while in other countries
they are permitted for use as medicinal products. To date, there is little consensus from country to country on the scope, requirements,
definition, or even the terminology in which the nutritional supplement and herbal medicines categories could be classified.<sup>64</sup></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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Green Side by Side products are regulated in Israel as nutritional supplements and meet all regulatory compliance requirements for nutritional
supplements in Israel. iBOT Israel Botanicals, our manufacturing facility for the Green Side by Side product line, is approved by the
Israeli Ministry of Health and is GMP-certified.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect to launch the Green Side by Side products in Europe in the first half of 2023. We will obtain all relevant regulatory approvals
for the Green Side by Side products before launching them in other territories, such as European countries and the U.S..</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Israeli Ministry of Health maintains a comprehensive list of authorized nutritional supplements for marketing. This list includes over
a thousand different vitamins, minerals, amino acids, and herbs including their extracts. Items under this list can be legally marketed,
however, no medical claims can be made without adequate supporting information. The final products can be in various forms such as powders,
tablets, hard or soft capsules, liquids, including oils and tinctures. Each product must be manufactured under GMP conditions and be
approved by the Ministry of Health prior to selling.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulatory
Compliance for the Green Vision Center Israel</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
acquired 125,000 sq ft (11,687 sqm), or approximately three acres, of industrial land in the south of Israel upon which a 65,000 sq.
ft. (~5,800 sqm) facility will be built composed of manufacturing plants, laboratories, logistics, import and export, offices, training,
conference center, and an international visitor complex. The center will be constructed by a real estate professional project construction
company and regulatory consultants in the relevant fields that will obtain the required authorizations.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to obtain all necessary regulatory approvals and licenses for the Green Vision Center&#8217;s production and operation facilities
and products.</span></p>

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

<!-- Field: Rule-Page --><div style="width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></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"><sup>62
                                            </sup>P. Zhang, F. Wang, J. Hu, and R. 2013, Exploring the Relationship Between Drug Side-Effects
                                            and Therapeutic Indications, PubMed Central, PMCID: PMC3900166; PMID: 24551427 [online]</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"><sup>63
</sup><span style="background-color: white">BioSpace. 2022.&#160;</span><i>Pharmacovigilance Market Size to Reach 12.48 Billion in 2027
| Industry Trend - Rising Prevalence of Chronic Diseases Worldwide, Increasing Cases of Adverse Drug Reactions and Drug Toxicity and
High Consumption of Drugs in Developed Economies | BioSpace</i><span style="background-color: white">. [online]</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>64
</sup><span style="background-color: white">Thakkar, S., Anklam, E., Xu, A., Ulberth, F., Li, J., Li, B., Hugas, M., Sarma, N., Crerar,
S., Swift, S., Hakamatsuka, T., Curtui, V., Yan, W., Geng, X., Slikker, W. and Tong, W., 2020. Regulatory landscape of dietary supplements
and herbal medicines from a global perspective.&#160;</span><i>Regulatory Toxicology and Pharmacology</i><span style="background-color: white">,
114, p.104647.</span></span></p>

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


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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_010.jpg" alt="" style="height: 163.5pt; width: 381.75pt" /></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*See
above detailed description of the share purchase agreement with Nanomedic.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**
Represents shares retained after selling 90% we held in Novomic Ltd. (&#8220;Novomic&#8221;) and focusing on our new strategy and business
activity, and, therefore, ceasing to consolidate the financial statements of Novomic.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
registered office address in the State of Delaware is c/o Business Filings Incorporated, 108 West 13<sup>th</sup> St., City of Wilmington,
County of Newcastle, Delaware 19801, and the address of our primary executive office is 4 Haogen Street Herzliya, Israel. Our website
address is <span style="text-decoration: underline">www.citrine-global.com</span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Through
our subsidiary Cannovation Israel Center, in February of 2022, we completed the acquisition of 125,000 sq ft (11,687 sq meters), or approximately
three acres, of industrial land in Yerucham, a city in southern Israel, to build the Green Vision Center Israel with Israeli government&#8217;s
support. <span style="background-color: white">Under the Development Agreement entered into with the Israel Lands Authority (&#8220;ILA&#8221;),
Cannovation Ltd. will build and develop the Green Vision Center in accordance with by the time frames, terms and conditions of the agreement.
Typically, the initial time frame for completing the development is four (4) years, subject to extensions that the ILA may approve. Upon
completion of the development within the time frames and other requirements specified in the Development Agreement, then Cannovation
Ltd. will be entitled subject to Israeli law to long term lease agreement (49 years) to the land (equivalent to ownership rights as most
of the land in Israel is government owned and when marketed usually the developers are granted with development/long lease rights). Our
subsidiary, Cannovation Ltd., holds title to the land under the Development Agreement. </span>Cannovation Ltd. is developing its Green
Vision Center as development and production of wellness &amp; pharma plant-based products, including botanical solutions, nutritional
supplements, vitamins, healthy snacks &amp; beverages, natural cosmetics, medical cannabis &amp; cannabinoid-based products, plant-based
pharma products and botanical drugs, and it is planned to include manufacturing plants, laboratories, logistics, import and export, offices,
training, conference center, and an international visitor complex.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
lease approximately 100 square meters of facilities located in Herzliya industrial zone, Israel, under an agreement for office space
and services that expires on August 30, 2022. We are paying a monthly rent of 1630 NIS (approximately $5,460).</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>&#160;</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"><b>Consultants</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"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently engage 18 consultants, including our officers, on a part- time basis, working in various fields of management, research
and development, product management, marketing and regulatory advice. Most of our activities are done with external consultants and professional
companies that provide us the required services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to Israeli labor laws and regulations with respect to our employees located in Israel. These laws and regulations principally
concern matters such as pensions, paid annual vacation, paid sick days, length of the workday and workweek, minimum wages, overtime pay,
insurance for work-related accidents, severance pay and other conditions of employment. Our employees are not represented by a labor
union. We consider our relationship with our employees to be good. To date, we have not experienced any work stoppages.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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"><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: 0; text-align: justify"><span 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not currently subject to, and our property is not the subject of, any material legal proceedings.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_001"></span>MANAGEMENT</b></span></p>

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

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<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
table below sets forth information about our directors and executive officers:</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">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 35%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 51%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Positions</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; 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>
    <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">Ora
    Elharar Soffer</span></td>
    <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">56</span></td>
    <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">Chairperson
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">Ilanit
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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>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</span></td>
    <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">Chief
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">Ilan
    Ben Ishay </span></td>
    <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">52</span></td>
    <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">Director</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>
    <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">Doron
    Birger</span></td>
    <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">70</span></td>
    <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">Director</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>
    <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">David
    Kretzmer</span></td>
    <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">69</span></td>
    <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">Director</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a brief account of the education and business experience of our current directors and executive officers:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ora
Elharar Soffer</i></b> has been serving as our Chair of the Board and Chief Executive Officer since February 2020. Ms. Elharar Soffer
is the entrepreneur behind the company and also the head of strategic business development. Additionally, Ms. Elharar Soffer is the founder,
CEO and chairperson of Cannovation Center Israel Ltd.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Elharar Soffer serves as director or advisory board member in various companies. Ms. Elharar Soffer is the co-founder and CEO of Citrine
SAL Investment &amp; Holdings an Israeli company, that invests in various fields of companies and technologies and include Citrine S
A L Biotech Funds, which specializes in healthcare, wellness solutions, digital health, medical devices, food tech, and botanical nutraceuticals,
and Citrine S A L High-Tech Funds, which specializes in high-tech, cyber, IoT, technologies and public companies. Citrine S A L invested
in various companies such as Nicast Ltd., Nanomedic Ltd., WellBe Digital Ltd., Biocep Ltd., Improdia Ltd., Intelicanna Ltd., iBOT Israel
Botanicals Ltd., Cannbit Pharmaceuticals Ltd. Novomic Ltd., Dario Health, and BSP Medical, ICB - Israel China Biotechnology.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Elharar Soffer serves as director of Nicast Ltd., Nanomedic Ltd., Biocep Ltd., iBOT Israel Botanicals Ltd., Beezhome Technologies Ltd,
Beyond Blade Ltd, Citrine SAL investment &amp; holdings Ltd, Citrine SAL high tech Ltd and Citrine S A L Biotech Ltd.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ora
was Co-Founder and CEO of Chip PC Technologies, managing and leading the company from Startup stage to going public and becoming an international
technology company. Ora was also co-founder of Xseed Ltd. that was sold to Elbit Systems and OR1 Investment Ltd. She is also an investor,
shareholder and founder in Beezzhome Technologies Ltd., Beyond Blade Ltd, and Citrine S A L Group.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Ms. Elharar Soffer is a member
of the Peres Center for Peace and Innovation and of Springboard Enterprises, a global organization accelerating women&#8217;s leadership
in technology and biotech companies.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;<span 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms. Elharar Soffer completed Management Studies in the Technion - Israel Institute of
Technology, and is based in Israel.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board believes that Ms. Elharar Soffer&#8217;s extensive history, association with and knowledge of the Company, and years of experience
ideally situate her to serve on our Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ilanit
Halperin</i></b> has been serving as our Chief Financial Officer since May 2020 and Director since February 2020. Ms. Halperin worked
for over 21 years in one of the six largest accounting firms in Israel, for the last 11 years as a partner. She then set up her own office
providing CPA and financial consulting and management services. For many years Ms. Halperin has accompanied public and private companies
in Israel and abroad in diverse sectors, including industrial companies, real estate companies, technology companies, and tourism companies.
Ms. Halperin has extensive experience in auditing and preparing financial statements according to Israeli, international (IFRS) and US
GAAP standards. Ms. Halperin specializes in accompanying early and mature stage companies, providing, inter alia, tax advice, general
financial consulting, assistance in preparing business plans, and assistance and accompaniment with investors, private placements and
IPOs in Israel and the USA. Ms. Halperin has many years of experience accompanying NASDAQ and OTC-traded companies. Ms. Halperin holds
a B.A. in accounting from the College of Management Academic Studies, Rishon Lezion, Israel.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board believes that Ms. Halperin&#8217;s extensive knowledge of the Company, her knowledge of financial matters, and years of experience
ideally situate her to serve on our Board.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ilan
Ben-Ishay</i></b> has been serving as a director since February 2020. Mr. Ben-Ishay is a diligent businessman, director, advisory board
member, investor, owner and CEO with over 25 years of experience in taxation, finance and insurance, specialized in advising and leading
customers, both private and institutional, on strategy, investment, capital raising, financing, M&amp;As and IPOs. Mr. Ben-Ishay is a
Major in the IDF Reserves. Mr. Ben-Ishay is CEO and co-founder of Neto Financial Planning, http://www.neto-finance.co.il, which has been
operating for over 27 years and is one of the largest companies in the Israeli private and business financial planning and insurance
industry. Neto has thousands of loyal customers, which it has been accompanying for many years, providing financial advisory services
in respect of products with a market worth of over $3 billion. Mr. Ben-Ishay is chairman and co-founder of WealthStone Holdings Group
(&#8220;WealthStone&#8221;), http://www.wealthstone.co.il/, a long-standing investment body with extensive financial knowledge and experience.
WealthStone specializes in alternative investments, real estate, technology and hedge funds, and manages more than half a billion dollars
in investments in Israel alone. In addition, Mr. Ben-Ishay is co-founder and an active board member of Superb Reality, which integrates
machine learning, vision algorithms, AI, imaging optics and 3D into AR and VR imaging devices, and is investor and shareholder in Nicast
Ltd. and Nanomedic Ltd. Mr. Ben-Ishay completed accounting studies at [&#9679;] and is an authorized CPA by the Israel CPA Council and
an Authorized Pension Insurance Counsler. Mr. Ben-Ishay is based in Israel.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
board believes that Mr. Ben Ishay&#8217;s knowledge of the capital markets brings a needed perspective to our Board.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Doron
Birger</i></b> has been serving as a director since September 2020. Mr. Birger currently serves as the chairman of the board of directors
of Matricelf (TASE: MTLF) and as a director of Icecure Medical Ltd. (NASDAQ and TASE:ICCM), Kadimastem Ltd. (TASE:KDST), Pluristem (NASDAQ
and TASE: PSTI) and Hera Med Ltd (ASX:HMD). Mr. Birger also serves as chairman and director of several private companies in Israel in
the hi-tech sector mainly in the medical device field. From 2002 to 2007, Mr. Birger served as the chairman of the board of directors
of Given Imaging Ltd. (NASDAQ and TASE:GIVN) and later on as board member until February 2014. Mr. Birger served as chief executive
officer of Elron Electronic Industries, Ltd., or Elron (NASDAQ and TASE:RLRNF), from August 2002 to April 2009. Prior to that,
he held other executive positions at Elron, including President since 2001, Chief Financial Officer from 1994 to August 2002, and Corporate
Secretary from 1994 to 2001. Mr. Birger is a chairman and director of variety of non-profit organizations in Israel. Mr. Birger
holds a B.A. and an M.A. in economics from the Hebrew University Jerusalem. Mr. Birger is based in Israel.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board believes that Mr. Birger&#8217;s extensive years of public company management experience ideally situate him to serve on our Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>David
Kretzmer</i></b> was appointed as director in April 2021. Mr. Kretzmer is an experienced international commercial lawyer and litigator
with more than 35 years of experience in international litigation and transactions concentrated on commercial law, property development
and syndication, real estate law, corporate law, contracts, international trade, securities brokerage, investment banking, corporate
restricting, and corporate development. In addition to his position as a director in our Company, Mr. Kretzmer is a senior partner in
the law firm of Kretzmer and Associates PLLC in New York as well as the law firm Kretzmer and Associates in Tel Aviv. Mr. Kretzmer holds
a Bachelor of Law from the University of the Witwatersrand, Johannesburg, South Africa and has been admitted as an Attorney in South
Africa, New York and in Israel. Mr. Kretzmer is based in Israel. The board believes that Mr. Kretzmer&#8217;s international business
and legal experience ideally situate him to serve on our Board.</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>&#160;</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"><b>Advisory
Board and Consultants</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"><b>&#160;</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"><b>Prof
Itamar Grotto (M.D.), Director Cannovation Center Israel Ltd., President Green Vision Center Israel, Member of Advisory Board Citrine
Global Corp.</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"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prof.
Itamar Grotto is a Public Health Physician and Professor of Epidemiology. He was the Director of Public Health Services (2007-2017) and
the Associate Director General (2017-2021) of the Israel Ministry of Health. Between 2018 and 2021 he was a Member of the Executive Board
of the World Health Organization (WHO). During the Covid-19 outbreak in Israel, Prof. Grotto took a major role in the development of
national strategy and lead the integrative and operative aspects of the emergency response of the Israeli government. His main research
activities are in the fields of infectious diseases epidemiology, environmental health, health promotion and public health policy development.
Prof. Grotto has authored more than 210 scientific publications. In his capacity as a member of the Executive Board of WHO he led to
the Executive Board resolution on &#8220;The Highest Attainable Standard of Health for Persons with Disabilities&#8221; in January 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dr.
Oded Sagee (Ph. D), Scientific &amp; Technologies</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"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
Oded Sagee, Ph.D. founded and managed AquaAgro Lab Ltd., an investment subsidiary of the AquaAgro Fund that invested in agro-high-tech
companies in the clean-tech industry. Prior to that, Dr. Sagee held management, sales, and R&amp;D positions at Gaon Agro Industries
Ltd, Phytech Ltd, and AminoLab Ltd. Dr. Sagee has in-depth knowledge in the fields of agriculture, biotechnology, life sciences, chemistry,
and pharmaceuticals. He completed his Ph.D. in Plant Physiology at the Hebrew University of Jerusalem and served as a senior researcher
and head of the department at the Agricultural Research Organization, Volcani Center, Israel. Dr. Sagee has published several papers,
has extensive experience, and a proven track record in finance, venture capital, international business, consulting, and management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dr.
Shimon Lecht, Ph.D., Scientific &amp; Technologies</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"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
Lecht is a transnational researcher and scientist with extensive experience in drug development including small molecules and botanical
drugs. His expertise spans from early discovery, pre-clinical R&amp;D, through formulations development to clinical trials. Dr. Lecht
is uniquely specializing in novel cannabis nano-formulations, indication-targeted cannabis product development and new extraction technologies.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Avner
Sher, Architect and Artist, the Designer of Green Vision Center Israel</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"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Avner
Sher, one of Israel&#8217;s most successful commercial architects, has earned his B. Arch, Architecture and Town Planning from the Technion,
Israel Institute of Technology and graduated his Art studies at Haifa university. The art of Avner Sher is a universal in nature. His
works combine pre-historic motifs and elements with child-like symbolism and style. His exhibitions were reviewed in magazines such as
the Arts Observer and Auction. His work is represented in public and private collections throughout the world, including Israel, Germany,
France, Belgium, NY and Florida.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Meir
Shimko, Business, Construction and Government Programs&#8217; Specialist</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"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consultant
and advisor on Green Vision Center Israel, owns extensive experience in international marketing, sales, business development, negotiation,
and establishment and management of companies in Israel and abroad. Has proven ability in leading and executing innovative and complex
projects and managing submission of contacts to Israeli government tenders and support plans. Meir has over 30 years of experience in
Israeli industrial corporates, specifically in the South of Israel. Meir holds a bachelor&#8217;s degree from the Hebrew University of
Jerusalem in economics and administration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ronit
Pasternak, M. Sc., Marketing &amp; Strategy</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"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ronit
Pasternak, M. Sc., owns over 30 years of experience in senior marketing management positions in start-ups and high-tech companies. Ronit
brings to the table her expertise in international strategy, marketing, investor &amp; public relations, branding, digital marketing,
and market research. Previously, Ronit worked as a Human Factors&#8217; Specialist designing User Interface for input devices and software
applications for an avionics information system, including writing design requirements for FAA regulation. Ronit has an M.Sc. in Industrial
Engineering and Management from the Technion - Israel Institute of Technology and B.A. cum laude in Psychology and English Linguistics
and Literature from the Hebrew University of Jerusalem.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Directors
are elected at our annual meeting of shareholders and serve for one year until the next annual meeting of shareholders or until their
successors are elected and qualified.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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"><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: 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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no family relationships between any members of the Company&#8217;s executive management and its directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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"><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: 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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Doron
Birger is an &#8220;independent directors&#8221; as such term is defined by Nasdaq Marketplace Rule 5605(a)(2). upon completion of this
offering, a majority of our Board must be &#8220;independent directors&#8221; within the meaning of the Nasdaq Listing Rules, and all
directors who sit on our Audit Committee, Nominating and Corporate Governance Committee and Compensation Committee must also be independent
directors.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is not currently required to have standing audit, compensation and nominating and corporate governance committees. Prior to the
completion of this offering, the Company will have in place standing audit, compensation and nominating and corporate governance committees
with appropriate charters and staffed entirely by independent directors.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Delaware General Corporation Law authorizes corporations to limit or eliminate, subject to certain conditions, the personal liability
of directors to corporations and their stockholders for monetary damages for breach of their fiduciary duties. Our amended and restated
certificate of incorporation, limits the liability of our directors to the fullest extent permitted by Delaware law. In addition, upon
the closing of this offering, we will enter into indemnification agreements with all of our directors and named executive officers whereby
we will agree to indemnify those directors and officers to the fullest extent permitted by law, including indemnification against expenses
and liabilities incurred in legal proceedings to which the director or officer was, or is threatened to be made, a party by reason of
the fact that such director or officer is or was a director, officer, employee or agent of ours, provided that such director or officer
acted in good faith and in a manner that the director or officer reasonably believed to be in, or not opposed to, our best interests.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have director and officer liability insurance to cover liabilities our directors and officers may incur in connection with their services
to us, including matters arising under the Securities Act. Our certificate of incorporation and bylaws also provide that we will indemnify
our directors and officers who, by reason of the fact that he or she is or was one of our officers or directors of our Company, is involved
in any action, suit or proceeding, whether civil, criminal, administrative or investigative related to their board role with us.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no pending litigation or proceeding involving any of our directors, officers, employees or agents in which indemnification will be
required or permitted. We are not aware of any threatened litigation or proceeding that may result in a claim for such indemnification.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_002"></span>EXECUTIVE
COMPENSATION</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the compensation earned in each of our fiscal years ended December 31, 2021 and 2020 by our named executive
officers, which consisted solely of our chief executive officer and our chief financial officer, who represent our sole executrive officers.
The following table includes compensation earned by the parties named therein for services performed for the Company. We refer to the
executive officers listed below as the Named Executive Officers.</span></p>

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

<table 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; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
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    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 38%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Ora Elharar Soffer, Chairperson
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">66,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">(5)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">28,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">28,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; 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">(5)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    monthly retainer payments.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
<span style="background-color: white">In accordance with SEC rules, the amounts in this column reflect the fair value on the grant date
of the option awards granted to the named executive, calculated in accordance with ASC Topic 718. Stock options were valued using the
Black-Scholes model. The grant-date fair value does not necessarily reflect the value of shares which may be received in the future with
respect to these awards. The grant-date fair value of the stock options in this column is a non-cash expense for us that reflects the
fair value of the stock options on the grant date and therefore does not affect our cash balance. The fair value of the stock options
will likely vary from the actual value the holder receives because the actual value depends on the number of options exercised and the
market price of our Common Stock on the date of exercise. For a discussion of the assumptions made in the valuation of the stock options,
see Note 7 to the Annual Report on Form 10-K for the year ended December 31, 2021.</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)
Of this amount, $300,000 represent compensation earned by Ms. Elharar Soffer during the year ended December 31, 2021 but that was deferred
until the Company consummated an investment of at least $1.8 million in the Company&#8217;s securities.</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">(4)
Ilanit Halperin was appointed Chief Financial Officer on May 27, 2020.</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">(5)
Of this amount, $66,000 represent compensation earned by Ms. Halperin during the year ended December 31, 2021 but was deferred until
the Company consummated an investment of at least $1.8 million in the Company&#8217;s securities.</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">(6)
See Direcntor compensation table for the options for 9,425,680 shares that Ms. Halperin received in August 2021.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Consulting
Agreements with Management and Directors</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.3in"><span 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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered into consulting agreements with each of Ms. Elharar Soffer, our Chairperson of the Board and Chief Executive Officer, and
Ms. Halperin our Chief Financial Officer and director. The following are descriptions of the material terms of our executive officers&#8217;
services and employment agreements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.3in"><span 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"><i>Consulting
Agreement with Ora Elharar Soffer</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"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2020, we entered into a consulting agreement with Ms. Elharar Soffer, our Chairperson of the Board and Chief Executive Officer,
effective as of February 1, 2020 and as long as the Ms. Elharar Soffer serves as a director of the Company, unless earlier terminated
with or without cause by any party hereto by 180 days advance written notice. Pursuant to the consulting agreement, effective as of February
2020, Ms. Elharar Soffer receives a monthly retainer of $20,000 plus VAT. In addition, Ms. Elharar Soffer is entitled to a company car
and reimbursement for certain expenses, which include travel, lodging and meals.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span 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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, on August 15, 2021, the board of directors of Cannovation Center Israel determined to adjust the compensation of the Chairperson
(and interim Chief Executive Officer), Ora Elharar Soffer, to $10,000 per month, in each case retroactive to July 1, 2021. These amounts
would be paid at such time as Cannovation Center shall become due and payable from, and such time as Cannovation Center Israel shall
have, available funds therefor and as part of the operating budget for a minimum period of 18 months.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.3in"><span 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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
on August 15, 2021, the board determined to award a bonus to the Company&#8217;s Chairperson of the Board, CEO, CFO, officers, directors
and senior management equal to two percent (2%) of any capital raise, subject to prior repayment of the outstanding convertible loans
and so long as the payment thereof would be from available funds and part of the Company&#8217;s operating budget for a minimum period
of 18 months. In addition, the Board agreed to a bonus Company&#8217;s Chairperson of the Board, CEO, CFO, officers, directors and senior
management of 2% from operating profits which will become payable upon the fulfillment of certain specified targets that the Board will
establish, subject to prior repayment of the outstanding convertible loans and so long as the payment thereof would be from available
funds and as part of the Company&#8217;s operating budget for a minimum period of 18 months. On March 30, 2022, it was agreed that Ms.
Soffer would receive 65% of the allotted amount.</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"><i>Consulting
Agreement with Ilanit Halperin</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"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2020, we entered into a consulting agreement with Ms. Halperin our Chief Financial Officer and director, effective as of February
1, 2020 and as long as the Ms. Halperin serves as a director or Chief Financial Officer of the Company, unless earlier terminated with
or without cause by any party hereto by 60 days advance written notice. Pursuant to the consulting agreement, effective as of February
2020, Ms. Halperin received a monthly retainer of $3,500 plus VAT, and effective as of May 2020, a monthly retainer of $7,000 plus VAT.
In addition, Ms. Halperin is entitled to reimbursement for certain expenses, which include car, travel, lodging and meals.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 15, 2021, the Company&#8217;s board determined to award to Ms. Halperin options under the 2018 Plan to purchase up to 9,425,680
shares of common stock, at a per share exercise price of $0.05. The options vest over a two year period, in eight (8) equal installments,
with the first instalment vesting on the third month anniversary of Ms. Halperin&#8217;s start date of February 27, 2020. As of the date
of this prospectus, the entirety of the options have vested. In addition, on August 15, 2021, the board of directors of Cannovation Center
Israel determined to adjust the compensation of the chief financial officer, Ilanit Halperin, to $4,000 per month, in each case retroactive
to July 1, 2021. These amounts would be paid at such time as Cannovation Center shall become due and payable from, and such time as Cannovation
Center Israel shall have, available funds therefor and as part of the operating budget for a minimum period of 18 months. On March 30,
..2022, it was agreed that Ms. Halperin would receive 25% of the allotted amount.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.3in"><span 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">Consulting
Agreement with Ilan Ben-Ishay</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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2020, we entered into a consulting agreement with Mr. Ben-Ishay, a director at the Company, effective as of February 1, 2020 and
as long as the Mr. Ben-Ishay serves as a director of the Company, unless earlier terminated with or without cause by any party hereto
by 30 days advance written notice. Pursuant to the consulting agreement, effective as of February 2020, Mr. Ben-Ishay receives a monthly
retainer of $3,500 plus VAT. In addition, Mr. Ben-Ishay is entitled to reimbursement for certain expenses, which include car, travel,
lodging and meals.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.3in"><span 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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, on August 15, 2021, the board of directors of Cannovation Center Israel determined to adjust the compensation of Ilan Ben-Ishay,
director, to $2,000 per month, in each case retroactive to July 1, 2021. These amounts would be paid at such time as Cannovation Center
shall become due and payable from, and such time as Cannovation Center Israel shall have, available funds therefor and as part of the
operating budget for a minimum period of 18 months.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 30, .2022, it was agreed that Mr. Ben-Ishay would receive 5% of the allotted amount of the above referenced bonus.</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"><i>Consulting
Arrangement with David Kretzmer</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"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commencing
in March 2021, Adv. David Kretzmer, a director, is entitled to a monthly fee of $7,000 and certain reimbursements for traveling lodging
and vehicle expenses on behalf of the Company.</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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 15, 2021, the Company&#8217;s board determined to award to Mr. Kretzmer options under the 2018 Plan to purchase up to 9,425,680
shares of common stock, at a per share exercise price of $0.05. The options vest over a two year period, in eight (8) equal installments,
with the first instalment vesting on the third month anniversary of Mr. Kretzmer start date of March 1, 2020. As of the date of this
prospectus, the entirety of the options have vested.</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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, on August 15, 2021, the board of directors of Cannovation Center Israel determined to adjust the compensation of David Kretzmer,
director, to $2,000 per month, in each case retroactive to July 1, 2021. These amounts would be paid at such time as Cannovation Centershall
become due and payable from, and such time as Cannovation Center Israel shall have, available funds therefor and as part of the operating
budget for a minimum period of 18 months.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Outstanding
Equity Awards at December 31, 2021</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth information concerning equity awards held by each of our Named Executive Officers as of December 31, 2021.</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>

<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 colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Number
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Number
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Option
    Expiration Date</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Number
    of Securities Underlying RSUs (#) Unvested</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 22%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Ilanit Halperin,</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">0.05</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 12%"><span style="font-family: Times New Roman, Times, Serif">8/15/2032</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 12%; text-align: right">&#160;&#160;&#160;&#160;-</td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Chief Financial Officer</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides certain information concerning the compensation for services rendered in all capacities by each director serving
on the Company&#8217;s board of directors during the year ended December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Name</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fee
                                            Earned</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>or
                                            Paid</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>in
                                            Cash($)(1) </b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Option</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Awards($)(2)</span></p></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Total
    ($)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Ora Elharar Soffer</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">(3)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 32%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Ilanit Halperin</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 13%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">42,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 13%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">203,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 13%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 13%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">245,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(4)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Ilan Ben-Ishay</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">56,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">56,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">(5)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">David Kretzmer</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">82,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">154,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">236,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">(6)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Doron Birger</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">19,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">47,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">66,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span 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">(1)
Payments are pursuant to the consulting agreements.</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">(2)
 <span style="background-color: white">In accordance with SEC rules, the amounts in this column reflect the fair value on the grant
date of the option awards granted to the named executive, calculated in accordance with ASC Topic 718. Stock options were valued using
the Black-Scholes model. The grant-date fair value does not necessarily reflect the value of shares which may be received in the future
with respect to these awards. The grant-date fair value of the stock options in this column is a non-cash expense for us that reflects
the fair value of the stock options on the grant date and therefore does not affect our cash balance. The fair value of the stock options
will likely vary from the actual value the holder receives because the actual value depends on the number of options exercised and the
market price of our Common Stock on the date of exercise. For a discussion of the assumptions made in the valuation of the stock options,
see Note 7 to the Annual Report on Form 10-K for the year ended December 31, 2021.</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
See in the Executive Compensation table above a discussion about Ora Elharar Soffer, the Company&#8217;s Chairperson of the Board and
Chief Executive Officer&#8217;s executive compensation.</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">(3)
See in the Executive Compensation table above a discussion about Ilanit Halperin, the Company&#8217;s Chief Financial Officer&#8217;s
executive compensation.</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">(4)
Of this amount, $56,000 represent compensation earned by Ilan Ben-Ishay during the year ended December 31, 2021 but that was deferred
until the Company consummated an investment of at least $1.8 million in the Company&#8217;s securities.</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">(5)
Of this amount, $82,000 represent compensation earned by David Kretzmer during the year ended December 31, 2021 but that was deferred
until the Company consummated an investment of at least $1.8 million in the Company&#8217;s securities.</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>Golden
Parachute Compensation</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company does not currently have any agreement or understanding, whether written or unwritten, between it and its named executive officers,
concerning any type of compensation, whether present, deferred or contingent, that is based on or otherwise relates to an acquisition,
merger, consolidation, sale or other disposition of all or substantially all our assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity
Compensation Plan</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"><i>2018
Stock Incentive Plan</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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2018, TechCare, our predecessor company, adopted the 2018 Stock Incentive Plan, or the 2018 Plan, which became effective as
of December 2, 2018 by the action of its board of directors. The 2018 Plan provides for the grant of stock awards, restricted stock awards
and stock options to any employee, director, officer, consultant, or advisor of the Company, or such other persons who provided bona
fide services to the Company as shall be determined by a committee designated by the board of directors. If no committee is designated
by the board of directors, the 2018 Plan will be administered by the board of directors. As of the date of this prospectus the board
of directors has not designated a committee to administer the 2018 Plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
total number of shares of common stock reserved for issuance under the 2018 Plan, either directly as stock awards or underlying options
is 2,000,000 shares of common stock. The total number of shares of common stock reserved for such issuance may be increased only by a
resolution adopted by the board of directors and amendment of the 2018 Plan. Awards under the 2018 Plan may be granted until December
2, 2028. The terms of under which a stock award or option is granted under the 2018 Plan shall be set forth in a written agreement, which
shall be determined by the committee or the board of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of February 2022, the shares reserved for issuance under the 2018 Stock Incentive Plan was increased to 90,000,000 shares of common stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, the total number of shares of common stock issued under the 2018 Plan, either directly as stock awards or underlying
options was <span style="background-color: white">23,582,200</span> shares of common stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>2017
Employee Incentive Plan</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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2017, the Company adopted the 2017 Employee Incentive Plan, or the 2017 Plan, which became effective as of January 1, 2017 by the action
of the board of directors. The 2017 Plan provided for the grant of stock awards and stock options to any employee, director, officer,
consultant, or advisor of the Company, or such other persons who provided bona fide services to the Company as determined by a committee
designated by the board of directors followed by the approval of the board of directors; however, if the committee was composed of a
majority of the persons then comprising the board of directors, the approval of the board of directors was not necessary. If no committee
was designated by the board of directors, the 2017 was to be administered by the board of directors. The board of directors did not designate
a committee to administer the 2017 Plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><span 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 31, 2021, the total number of shares of common stock issued under the 2017 Plan, either directly as stock awards or underlying
options was 0 shares of common stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_004"></span>SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the number of shares of our common stock beneficially owned as of June 28, 2022, by (i) each of our
current directors and named executive officers, (ii) all executive officers and directors as a group, and (iii) each person known by
us to be the beneficial owner of more than 5% of the outstanding shares of our common stock. We have determined beneficial ownership
in accordance with applicable rules of the SEC, which generally provide that beneficial ownership includes voting or investment power
with respect to securities. Except as indicated by the footnotes to the table below, we believe, based on the information furnished to
us, that the persons named in the table have sole voting and investment power with respect to all shares of common stock that they beneficially
own, subject to applicable community property laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"></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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<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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information set forth in the table below is based on 942,568,006 shares of our common stock issued and outstanding as of June 28,
2022. In computing the number of shares of common stock beneficially owned by a person and the percentage ownership of that person,
we deemed to be outstanding all shares of common stock subject to options, warrants or other convertible securities held by that person
that are currently exercisable or will be exercisable within 60 days after June 28, 2022. We did not deem these shares outstanding,
however, for the purpose of computing the percentage ownership of any other person. Except as otherwise noted in the footnotes below,
the address for each person listed in the table below, solely for purposes of filings with the SEC, is c/o Citrine Global, Corp. 4 HaOgen
Street Herzliya, Israel.</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 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Name
    of Beneficial Owner</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common
                                            Stock Beneficially</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Owned</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percentage
                                            of<br /> Common</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock
                                            Owned</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Principal Stockholders:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; width: 62%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Ora Elharar
    Soffer (1)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 15%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">427,033,045</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 15%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">45.3</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Yaron Pitaru (2)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">183,726,546</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">19.5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Edan Moshe Katz (3)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">87,783,913</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">9.3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Ilan Ben-Ishay (4)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">80,331,896</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">8.5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Executive Officers and
    Directors:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Ora Elharar Soffer</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">427,033,045</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">45.3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Ilan Ben-Ishay</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">80,331,896</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">8.5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Ilanit Halperin</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">10,836,784</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">(5)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1.1</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Doron Birger</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,774,065</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">(6)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">David Kretzmer</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,426,680</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">(6)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All directors and executive
    officers as a group (<span style="text-decoration: underline">five </span>persons)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">529,402,470</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">55.7</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  </table>

<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">*
Less than 1%.</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">(1)
Includes 159,925,134 shares of common stock owned directly by Ora Elharar Soffer, 65,851,526 shares of common stock owned through Beezz
Home Technologies Ltd which is 100% owned by Ora Elharar Soffer, and 201,256,385 shares of common stock owned through Citrine S A L Investment
&amp; Holdings Ltd, which is 50% owned by Beezz Home Technologies Ltd.</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">(2)
Includes 59,579,952 shares of common stock owned directly by Yaron Pitaru, 23,518,402 shares of common stock owned through WealthStone
Private Equity Ltd, which is 100% owned by WealthStone Holdings Ltd, which is 50% owned by Yaron Pitaru, and 100,628,192 shares of common
stock owned through Citrine S A L Investment &amp; Holdings Ltd, which is 50% owned by WealthStone Private Equity Ltd.</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">(3)
Includes 42,992,368 shares of common stock owned directly by Edan Moshe Katz, about 8,485,335 shares of common stock owned through WealthStone
Private Equity Ltd, which is 100% owned by WealthStone Holdings Ltd, which is 50% owned by Golden Holdings Neto Ltd, which is 36.07956%
owned by Edan Moshe Katz, and about 36,306,209 shares of common stock owned through Citrine S A L Investment &amp; Holdings Ltd, which
is 50% owned by WealthStone Private Equity Ltd.</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">(4)
Includes 20,910,608 shares of common stock owned directly by Ilan Ben-Ishay, about 7,765,011 shares of common stock owned through WealthStone
Private Equity Ltd, which is 100% owned by WealthStone Holdings Ltd, which is 50% owned by Golden Holdings Neto Ltd, which is 33.01675%
owned by Ilan Ben-Ishay, and about 33,224,158 shares of common stock owned through Citrine S A L Investment &amp; Holdings Ltd, which
is 50% owned by WealthStone Private Equity Ltd.</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">(5)
Composed of 1,411,104 shares of common stock and 9,426,680 shares issuable upon exercise of options.</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">(6)
Shares of common stock issuable upon exercise of stock options</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-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_003"></span>CERTAIN
RELATIONSHIPS AND RELATED TRANSACTIONS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a description of transactions since January 1, 2020 to which we have been a participant in which the amount involved exceeded
or will exceed the lesser of (i) $120,000 or (ii) 1% of the average total assets of the Company at year end for the last two completed
fiscal years and in which any of our directors, executive officers or holders of more than 5% of our voting securities, or any members
of their immediate family, had or will have a direct or indirect material interest, other than compensation arrangements which are described
under &#8220;Executive Compensation.&#8221;</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 1, 2020 the Company and certain affiliates entered into the CL Agreement with t certain Israeli Partnerships where our CEO and
Chairperson is a partner (collectively, the &#8220;Buyers&#8221;) entered into a convertible loan agreement (the &#8220;CL Agreement&#8221;).
Under the CL Agreement, the Buyers agree to purchase and the Company agrees to issue and sell, for up to an aggregate principal amount
of $1,800,000 of the Notes, for a period starting on April 1, 2020 and ending upon the earlier of (i) 6 months thereafter and (ii) the
consummation of a public offering by the Company. The Notes will bear interest at a rate of six percent (6%) with respect to amounts
paid that are used for working capital purposes of the Company, provided that amounts paid that are used for investment activities of
the Company may be subject to different interest rates, in accordance with the Guidelines. The conversion price per share of Common Stock
shall equal 85% multiplied by the market price (as defined in the Note), representing a discount of 15%. The payment for each Note must
be delivered 14 business days after delivery of the respective draw down notice, and each Note will mature 18 months thereafter. The
interval between one draw down and the next must be at least thirty (30) days, provided that the Buyer may waive this requirement. Each
draw down notice provided to the Buyer must be for an amount between $50,000 and $350,000, set at the Company&#8217;s discretion. The
Company must use the amounts paid for the Notes in accordance with the Guidelines. The Buyer shall decide upon and provide to the Company
the names of the Buyer parties which will provide the funds to the Company in respect of the Note, including the respective amounts to
be transferred to the Company by each such Buyer party. The Buyer shall have the right, from time to time and at its discretion, to add
other entities to the list comprising the Buyer. The Buyer may participate alongside the Company in any investment the Company makes
for as long as the CL Agreement is in effect. The Company may at any time prepay an outstanding Note (principal and accrued interest)
in full by paying the Buyer an amount in cash equal to 115% multiplied by the then outstanding principal amount of the Note, as well
as the accrued and unpaid interest on the unpaid principal amount of the Note, provided however that in the event the Company seeks to
exercise this right the Buyer will first have the option to fully convert the Note, or any remaining amount outstanding under it, into
Common Stock of the Company, and the conversion amount will be equal to the amount the Company would have paid to the Buyer had the Buyer
not exercised this option. On April 19, 2020 and June 12, 2020, the Company provided draw down notices under the CL Agreement for amounts
of $170 thousand and $1 million, respectively, which were received in cash by the Company. On June 12, 2020, CL Agreement Amendment was
executed to provide that for each draw down made by the Company under the CL Agreement, the Buyer shall be entitled to receive two types
of warrants: A Warrants and B Warrants, with the A Warrants exercisable at any time between 6 and 12 months after issuance for an exercise
price per share equal to 1.25 times the average of the closing prices of the 3 trading days preceding the draw down, and the B Warrants
exercisable at any time between 6 and 24 months after issuance for an exercise price per share equal to 1.5 times the average of the
closing prices of the 3 trading days preceding the draw down, and that the number of each of the A Warrants and the B Warrants issued
will be equal to the draw down amount divided by the average of the closing prices of the 3 trading days preceding the draw down, and
that these amended terms will apply in respect of all draw downs, including drawdowns made prior to the date of the amendment. On April
12, 2021, the parties to the CL Agreement amended the agreement, so that (i) the annual interest on the Notes should be changed to an
nine percent (9%) applicable from January 1, 2021, (ii) the Company shall repay the loans at the time it consummates an investment of
at least $5 million in the Company&#8217;s securities, and (iii) the exercise prices of each of the A Warrants and B Warrants be modified
to $0.10 per share and the term of the warrants be extended by one (1) year for the A Warrants and B Warrants.</span></p>

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


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<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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 24, 2021, the Company received from Citrine 8 LP, a Buyer, a convertible loan of $350,000 made under and pursuant to the CL Agreement.
Citrine agreed to honor a Draw Down Notice for, and advanced to the Company, $350,000, under the terms of the CL Agreement. As provided
for under the terms of the CL Agreement, Citrine 8 LP was also issued 10,500,105 A warrants and 10,500,105 B warrants for shares of common
stock, where the A warrants are exercisable beginning December 24, 2021 through December 24, 2023 and the B warrants, in each case at
a per share exercise price of $0.10.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 13, 2021, the Company and the holders of $1,520,000 in principal amount under the CL Agreement as detailed in Note 5A and 5B above,
entered into an additional agreement pursuant to which, among other things, the following terms were effected:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 75pt; 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%; 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: 0.75in; 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: 0.35in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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">Extension
                                            of the maturity date on the Outstanding CL Notes to July 31, 2023, provided, that if the
                                            Company consummates prior to maturity an investment of at least $5 million of the Company&#8217;s
                                            securities, then the Company shall repay the principal amount and accrued interest of the
                                            Notes from such proceeds;</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment
    of the conversion price on the Outstanding CL Notes to a fixed conversion price of $0.10 per share; 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">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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">Confirming
                                                         the agreement of the holders of the Outstanding CL Notes to honor draw down notice for balance of remainder of the $1,800 originally
                                                         committed to under the CL Agreement (i.e., $280) through March 31, 2022.</span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 5, 2022, Citrine 9 LP, one of the Buyer entities (hereinafter &#8220;Citrine 9&#8221;) agreed to honor a Draw Down Notice (as
defined in the Convertible Note Agreement) for, and has advanced to the Company, $180,000 on the same terms and conditions as are specified
in the Convertible Note Agreement. The maturity date of the loan is the earlier of July 31, 2023 or at such time as the Company shall
have consummated an investment of at least $5 million in Company securities. The terms of the advances under the Convertible note agreement
were previously disclosed by the Company in Current Reports on Form 8-K filed on each of April 21, April 23, June 12, 2020 and June 24,
2021. The annual interest on the loan continues to be nine percent (9%). The principal and interest payment on the Note shall be made
in New Israeli Shekels (NIS) at the conversion rate which was in effect on the date on which the loan was advanced.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
provided for under the terms of the Convertible Note Agreement, Citrine 9 will be issued 6,666,667 Series A warrants and 6,666,667 Series
B warrants for shares of common stock, where the Series A warrants are exercisable beginning July 5, 2022 through July 5, 2024 and the
Series B warrants are exercisable beginning July 5, 2022 through July 5, 2025, in each case at an exercise price of $0.5 per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
on January 5, 2022, the Company and the Buyers entered into the Fourth Amendment to the Convertible Note Agreement pursuant to which
the following was agreed to:</span></p>

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

<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">&#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">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><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
                                                                              principal and accrued interest on all outstanding loans shall be made in New Israeli Shekels (NIS) at the conversion rate which was
                                                                              in effect on the date on which the loan was advanced;</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><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
                                                                              conversion price on all outstanding notes under the Convertible Note Agreement has been adjusted to a conversion price of $0.05 per
                                                                              share</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><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
                                                                              exercise price on all outstanding warrants issued in connection with advances made under the Convertible Note Agreement has been
                                                                              adjusted to an exercise price of $0.05 per share.</span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 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>


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<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>&#160;</b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ilanit
Halperin, a director and the Chief Financial Officer of the Company, is also the Chief Financial Officer of Intelicanna. Doron Birger,
a director of ours, is the chairman of the board of directors of Intelicanna Ltd. (&#8220;Intelicanna&#8221;) effective April 2021. In
addition, Ora Elharar Soffer, is a shareholder in Intelicanna.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 31, 2020, we entered into a strategic partnership with Intelicanna via a share exchange agreement and an agreement for future issuance
of shares. Furthermore, on June 25, 2020, the Citrine Global Israel has entered into a services agreement with Intelicanna to provide
business development and consulting services to Intelicanna, including assistance with raising financing. Also on June 25, 2020, to assist
Intelicanna to raise the first NIS 1 million towards the up to NIS 15 million mentioned in the Services Agreement, the Company and the
Israeli Subsidiary entered into an agreement to grant Intelicanna NIS 1 million in cash (approximately USD 290 thousand) in direct financing
for working capital purposes. On July 9, 2020, we transferred to Intelicanna NIS 500 thousand (approximately $145 thousand) on account
of the above loan. In March 2021, Intelicanna repaid the loan with the 12% annual interest. On September 17, 2020 we issued to Intelicanna
2,143,470 shares of common stock in exchange for 619,589 of Intelicanna&#8217;s ordinary shares. <span style="background-color: white">Between
August 3 &#8211; 9, 2021, we sold to an unrelated third party in an off market transaction 619,589 ordinary shares of Intelicanna for
aggregate gross proceeds to the Company of 1,260,611 NIS (approximately $378,562 based on the current exchange rate). Following the sale,
the Company no longer holds any Intelicanna shares. As previously disclosed, the Company obtained the Intelicanna shares in a
share exchange agreement entered into with Intelicanna in September 2020. The Company&#8217;s decision to sell the Intelicanna shares
was taken, in part, to avoid being subject to the terms of the Investment Company Act of 1940. In addition, on May 31, 2020, we entered
into an agreement with Intelicanna for future issuance of shares. The agreement for future issuance of shares provides that a fall in
a share price of a party, not exceeding 20%, measured six months after issuance of shares by both parties pursuant to a separate share
exchange agreement, will be offset by the issuance of additional shares to the other party to bring up to $500 thousand the total value
of the shares issued to the other party. On August 15, 2021, the Company&#8217;s board of directors determined that it is required to
issue to Intelicanna 535,867 shares of the Company&#8217;s common stock and has authorized the issuance of such shares to Intelicanna.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Share
Purchase Agreement with Nanomedic</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 22, 2020, we entered into a share purchase agreement with Nanomedic as part of an A-1 funding round open only to existing Nanomedic
shareholders and their affiliates. Our CEO and Chairperson is a director and shareholder in Nanomedic. We paid $450,000 for A-1 preferred
shares of Nanomedic and also received warrants to purchase A-1 preferred shares. Such investment represents a holding of approximately
3.3% in Nanomedic. The round raised approximately $2.2 million in total. Citrine S A L Group were already beneficial shareholders of
Nanomedic immediately prior to the A-1 funding round. Ilan Ben-Ishay, a director of the Company was already a beneficial shareholder
of Nanomedic immediately prior to the A-1 funding round. Ora Elharar Soffer, our chairperson and CEO, was already a director of both
Nanomedic and its Israeli parent company, Nicast Ltd. immediately prior to the A-1 funding round, and she was also already a beneficial
shareholder of Nanomedic immediately prior to the A-1 funding round.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 4, 2020, the Board of the Company approved for the Company and Citrine Global Israel to proceed with preparations for investing
in iBOT. Our CEO and Chairperson, Ora Elharar Soffer, and our director, Ilan Ben-Ishay are directors in iBOT and Citrine SAL, one of
our principal shareholders, is a principal shareholder in iBOT. iBOT has a manufacturing facility for a wide range of botanical formulations,
and part of its strategy is to combine this with hemp and CBD. The Board gave its approval, subject to agreement of definitive terms
and receipt of all necessary corporate and other approvals, for a proposed transaction in which (1) the Company would have an option
to make one or more investments during a period of 12 months in an aggregate amount of up to $1 million; (2) the investments may be through
loans, direct equity purchases, or other means, and would be based on milestones; and (3) iBOT would grant the Company a 25% discount
in its next fundraising. In addition, the Board approved for the Company to proceed with preparations for entering a services agreement
with iBOT pursuant to which the Company would provide consulting and other services to iBOT. iBOT is controlled by an affiliate of the
Company.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November, 2021, the Company, Cannovation Center Israel and CTGL &#8211; Citrine Global Israel Ltd., on the one hand (collectively the
&#8220;Citrine Global Group&#8221;), and iBOT, on the other hand, entered into an Exclusive Strategic Collaboration and Alliance Agreement
(the &#8220;Exclusive Rights Agreement&#8221;) pursuant to which iBOT granted to the Citrine Global Group, jointly and individually,
exclusive world-wide rights, solely with respect to the cannabis market<span style="background-color: white">, to iBOT&#8217;s botanical
formulas and nutritional supplements, </span>including<span style="background-color: white">, the development, manufacture, distribution
and sale</span> of such products. The exclusive rights include the right of any of the Citrine Global Group to grant rights thereunder
to third parties so long as such third parties shall agree to be bound by terms consistent with those contained in this Agreement. In
consideration of the grant of the rights under the Exclusive Rights Agreement, Citrine Global Group granted to iBOT the exclusive right
to manufacture in State of Israel (consistent with the terms of the Manufacturing Agreement) the botanical products. In addition, so
long as iBOT is in compliance with the terms of this Agreement, in the event that the Citrine Global Group determines to manufacture
botanical products outside of Israel, then iBOT is to be afforded the opportunity to perform such manufacturing for the Citrine Group
at iBOT&#8217;s facility in Israel provided that iBOT complies with all of the terms and conditions relating to such manufacturing project,
including the price per unit, delivery schedules, packaging requirements regulation and other relevant terms.</span></p>

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


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<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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October 2021, iBOT granted to Citrine Global Group a pre-emption right to any equity or equity linked securities that iBOT proposes to
issue to an unrelated third party with aggregate gross proceeds to the Company exceeding $1 million or which will result in a change
in control in iBOT following such issuance, then iBOT is to give to the Citrine Global Group written notice of such proposed issuance
and the relevant terms thereof and the Citrine Global Group shall have ten (10) days thereafter to determine if it elects to purchase
a minimum of 51% of the proposed issuance on the price and other terms specified in the notice sent by iBOT (the &#8220;Pre-Emption Right&#8221;).
If the Citrine Global Group elects to exercise the Pre-Emption Right, such purchase is to take place at no more than 90 days following
the expiration of the 10 day notice period to the Citrine Global Group. Any iBOT securities of the Pre-Emption Right that Citrine Global
Group elects to not purchase are to be sold by not later than 90 days following the end of the Citrine Global Group&#8217;s notice period
and if such shares are not sold to such third party within the 90 day period, the Pre-Emption right shall apply to any subsequent proposed
issuance. The preemption right does not apply to certain specified exceptions.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 15, 2021, the Company&#8217;s board of directors increased the number of shares reserved for issuance under the 2018 Stock Incentive
Plan to 90,000,000 shares of common stock thereunder and recommended to the Company shareholders to approve the increase in the pool
to. The Board also determined to grant to each of Ilanit Halperin and David Kretzmer, directors of the Company, a grant of options to
purchase 9,425,680 shares of common stock, and Doron Birger, a Company director, options to purchase 2,365,420 shares, in each case at
per share exercise price of $0.05, provided, that such grant is subject to approval by the shareholders of the increase in the plan pool.
The options vest over a two year period, in eight (8) equal installments, with the first instalment vesting on the third month anniversary
of each individual&#8217;s start date and each further instalment on each subsequent third month anniversary, where the start date is,
in the case of Ilanit Halperin February 27, 2020, in the case of Doron Birger September 20, 2020 and in the case of David Kretzmer is
March 1, 2021, subject to such individual&#8217;s continued service with the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 15, 2021, the board awarded a bonus to the Company&#8217;s Chairperson of the Board, CEO, CFO, officers, directors and senior
management equal to two percent (2%) of any capital raise, subject to prior repayment of the outstanding convertible loans and so long
as the payment thereof would be part of the Company&#8217;s operating budget for a minimum period of 18 months. In addition, the Board
agreed to a bonus Company&#8217;s Chairperson of the Board, CEO, CFO, officers, directors and senior management of 2% from operating
profits which will become payable upon the fulfillment of certain specified targets that the Board will establish, subject to prior repayment
of the outstanding convertible loans and so long as the payment thereof is from available funds and would be part of the Company&#8217;s
operating budget for a minimum period of 18 months.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 15, 2021, the board of directors of Cannovation Center Israel adjusted the compensation of the founder and chairperson, Ora Elharar
Soffer, to $10,000 per month, and that of the chief financial officer, Ilanit Halperin, to $4,000 per month, and that of Ilan Ben-Ishay
and David Kretzmer, directors, to $2,000 per month, in each case retroactive to July 1, 2021. These amounts would be paid at such time
as they shall become due and payable from and as Cannovation Center Israel shall have available funds therefor.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_005"></span>DESCRIPTION
OF CAPITAL STOCK</b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
authorized capital stock consists of 1,500,000,000 shares of common stock, par value $0.0001 per share. As of June __, 2022, we had 942,568,006
shares of common stock outstanding. The following is a summary of the rights of our common stock and some of the provisions of our certificate
of incorporation and bylaws. Because it is only a summary, it does not contain all the information that may be important to you. For
a complete description you should refer to our certificate of incorporation and our bylaws, copies of which have been filed as exhibits
to the registration statement of which this prospectus is a part|</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
holders of the Company&#8217;s common stock:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; 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%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; 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"><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">Have
                                            ratable rights to dividends from funds legally available if and when declared by the Company&#8217;s
                                            Board of Directors (the &#8220;Board&#8221;).</span></p></td></tr>
  </table>
<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%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><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">Are
    entitled to share ratably in all of the Company&#8217;s assets available for distribution to holders of common stock upon liquidation.</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">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Do
    not have the right to preemptive, subscription or conversion rights and there are no redemption or sinking fund provisions or rights.</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">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Are
    entitled to cast one non-cumulative vote for each share held on all matters on which holders of common stock may vote and, with respect
    to the election of directors, one non-cumulative vote for each share held for each of the duly nominated directors.</span></td></tr>
  </table>
<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>&#160;</b></span></p>


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<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>&#160;</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"><b>Units</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Unit consists of one share of common stock and two Warrants, each Warrant exercisable for one share of common stock, each as described
further below. The Units will not be issued or certificated. Purchasers of Units will receive only shares of common stock and Warrants.
The common stock and Warrants may be transferred separately immediately upon issuance.</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>&#160;</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"><b>Warrants
to be issued in this offering</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summary of certain terms and provisions of the Warrants included in the Units offered hereby is not complete and is subject
to, and qualified in its entirety by the provisions of the form of Warrant, which is filed as an exhibit to the registration statement
of which this prospectus is a part. Prospective investors should carefully review the terms and provisions set forth in the form of Warrant.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exercisability</i>.
The Warrants are exercisable at any time after their original issuance and at any time up to the date that is five years after their
original issuance. The Warrants will be exercisable, at the option of each holder, in whole or in part by delivering to us a duly executed
exercise notice and, at any time a registration statement registering the issuance of the shares of common stock underlying the Warrants
under the Securities Act is effective and available for the issuance of such shares, or an exemption from registration under the Securities
Act is available for the issuance of such shares, by payment in full in immediately available funds for the number of shares of common
stock purchased upon such exercise. If a registration statement registering the issuance of the shares of common stock underlying the
Warrants under the Securities Act is not effective or available and an exemption from registration under the Securities Act is not available
for the issuance of such shares, the holder may elect to exercise the Warrant through a cashless exercise, in which case the holder would
receive upon such exercise the net number of shares of common stock determined according to the formula set forth in the warrant. No
fractional shares of common stock will be issued in connection with the exercise of a Warrant. In lieu of fractional shares, we will
pay the holder an amount in cash equal to the fractional amount multiplied by the exercise price.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exercise
Limitation</i>. A holder will not have the right to exercise any portion of the Warrant if the holder (together with its affiliates)
would beneficially own in excess of 4.99% of the number of shares of our common stock outstanding immediately after giving effect to
the exercise, as such percentage ownership is determined in accordance with the terms of the warrants. However, any holder may increase
or decrease such percentage to any other percentage not in excess of 9.99%, provided that any increase in such percentage shall not be
effective until 61 days following notice from the holder to us.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exercise
Price</i>. The exercise price per whole share of common stock purchasable upon exercise of the Warrants is 100% the of public offering
price of the Unit. The exercise price is subject to appropriate adjustment in the event of certain stock dividends and distributions,
stock splits, stock combinations, reclassifications or similar events affecting our common stock and also upon any distributions of assets,
including cash, stock or other property to our stockholders. The exercise price is also subject to adjustment in the event of subsequent
sales of our common stock (or securities exercisable for convertible into common stock) at a purchase price (or conversion or exercise
price, as applicable) less than the then-effective exercise price. In the event of such a subsequent sale, the exercise price will be
reduced to such lower price, subject to certain exceptions and subject to a minimum exercise price set forth in the Warrants.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transferability</i>.
Subject to applicable laws, the Warrants may be offered for sale, sold, transferred or assigned without our consent.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange
Listing</i>. We have applied to have the Warrants offered in this offering listed on the Nasdaq Capital Market under the symbol &#8220;CTGLW&#8221;.
No assurance can be given that a trading market will develop.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
transfer agent and registrar is Worldwide Stock Transfer, LLC located at One University Plaza, Suite 505, Hackensack, NJ 07601. Their
phone number is (201) 820-2008.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
common stock is quoted on the OTCQB under the symbol &#8220;CTGL,&#8221; and, to date, has traded on a limited basis. We have applied
to list our common stock on The Nasdaq Stock Market (the &#8220;Nasdaq&#8221;) under the symbol &#8220;CTGL&#8221;, and our Warrants
under &#8220;CTGLW&#8221;.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_006"></span>UNDERWRITING</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aegis
Capital Corp., or Aegis, is acting as the underwriter of the offering. We have entered into an underwriting agreement dated , 2022 with
the underwriter. Subject to the terms and conditions of the underwriting agreement, we have agreed to sell to the underwriter, and the
underwriter has agreed to purchase, at the public offering price less the underwriting discounts, the number of Units listed next to
its name in the following table:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white"><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><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">Number of</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Underwriter</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Units</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Aegis Capital Corp.</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

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<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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the terms and conditions set forth in the underwriting agreement, the underwriter has agreed to purchase all of the Units offered
by this prospectus (other than those covered by the option described below), if any are purchased.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 30.6pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
shares of common stock and Warrants offered hereby are expected to be ready for delivery on or about __________, 2022 against payment
in immediately available funds.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 30.6pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have granted the underwriter a 45-day option to purchase up to additional shares of common stock, representing 15% of the shares sold
in the offering and/or up to additional Warrants, representing 15% of the Warrants sold in the offering, solely to cover over-allotments,
if any. The purchase price to be paid per additional share will be equal to the public offering price of one Unit, less the purchase
price for the two Warrants included within the Unit and the underwriting discount. The purchase price to be paid per additional Warrant
will be $0.01. If this option is exercised in full to purchase shares of common stock only, the total price to the public will be $_____
and the total net proceeds, before expenses, to us will be $______. If this option is exercised in full to purchase Warrants only, the
total price to the public will be $_____ and the total net proceeds, before expenses, to us will be $_____.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriter is offering the shares of common stock and Warrants subject to various conditions and may reject all or part of any order.
The underwriter has advised us that the underwriter proposes initially to offer the Units to the public at the public offering price
set forth on the cover page of this prospectus and to dealers at a price less a concession not in excess of $ per Unit to brokers and
dealers. After the shares of common stock and Warrants are released for sale to the public, the underwriter may change the offering price,
the concession, and other selling terms at various times.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 30.6pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides information regarding the amount of the discounts and commissions to be paid to the underwriter by us, before
expenses:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 30.25pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Per<br />
    Unit</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Total
    Without<br /> Exercise of Underwriter&#8217;s<br /> Option</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Total
    With Full<br /> Exercise of Underwriter&#8217;s<br /> Option</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%"><span style="font-family: Times New Roman, Times, Serif">Public offering price</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Underwriting discounts and commissions (1)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Proceeds, before expenses, to us</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 30.25pt; 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%; background-color: white">
  <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">We
    have agreed to pay the underwriter a commission of 7% of the gross proceeds of this offering.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have also agreed to pay Aegis Capital Corp. (a) a non-accountable expense allowance equal to 1.0% of the gross proceeds raised in the
offering and (b) $100,000 for fees and expenses of legal counsel and other out-of-pocket expenses. We estimate the total expenses payable
by us for this offering will be approximately $3.0 million, which amount excludes underwriting discounts and commissions and the non-accountable
expense allowance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has agreed to issue to Aegis Capital Corp. or its designees warrants to purchase up to a total of 10.0% of the shares of common
stock sold in this offering (excluding the shares sold through the exercise of the over-allotment option). Such warrants and underlying
shares of common stock are included in this prospectus. The warrants are exercisable at $ per share (125% of the public offering price)
commencing on a date which is 180 days from the commencement of sales in the offering and expiring on a date which is no more than five
(5) years from the commencement of sales in the offering in compliance with FINRA Rule 5110. The warrants have been deemed compensation
by FINRA and are therefore subject to a 180 day lock-up pursuant to Rule 5110 of FINRA. The underwriter (or its permitted assignees under
the Rule) will not sell, transfer, assign, pledge, or hypothecate these warrants or the securities underlying these warrants, nor will
it engage in any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of
the warrants or the underlying securities for a period of 180 days from effectiveness. The warrants may be exercised as to all, or a
lesser number of shares of common stock, and will provide for cashless exercise and will contain provisions for &#8220;piggyback&#8221;
registration rights, for a period of no greater than seven (7) years from the commencement of sales in the offering in compliance with
FINRA Rule 5110. The Company will bear all fees and expenses attendant to registering the securities issuable on exercise of the warrants
other than underwriting commissions incurred and payable by the holders. The exercise price and number of shares issuable upon exercise
of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary cash dividend or the
Company&#8217;s recapitalization, reorganization, merger or consolidation. However, the warrant exercise price or underlying shares will
not be adjusted for issuances of shares of common stock at a price below the warrant exercise price.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have agreed to indemnify the underwriter against certain liabilities, including liabilities under the Securities Act of 1933, as amended.</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>


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<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>&#160;</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"><b>Lock-Up
Agreements</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to &#8220;lock-up&#8221; agreements, our executive officers and directors and holders of 10% or more our outstanding common stock, have
agreed, subject to limited exceptions, without the prior written consent of the underwriter not to directly or indirectly offer to sell,
sell, pledge or otherwise transfer or dispose of (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) any of shares 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 of our other securities or publicly disclose the intention to do any of the foregoing, for a period of 180 days
from the closing date of the Offering. We have agreed not to issue any shares of common stock or securities convertible into common stock,
subject to certain exceptions, for a period of 180 days from the closing date of the Offering without the consent of the underwriter.</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>&#160;</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"><b>Right
of First Refusal</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning
on the closing date of the Offering and ending twenty-four (24) months after the closing date of the Offering, the Company or any of
its subsidiaries (a) decides to finance or refinance any indebtedness, Aegis (or any affiliates designated by Aegis) shall have the right
to act as sole book-runner, sole manager, sole placement agent or sole agent with respect to such financing or refinancing; or (b) decides
to raise funds by means of a public offering (including at-the-market facility) or a private placement or any other capital raising financing
of equity, equity-linked or debt securities, Aegis (or any affiliate designated by Aegis) shall have the right to act as sole book-running
manager, sole underwriter or sole placement agent for such financing. If Aegis or one of its affiliates decides to accept any such engagement,
the agreement governing such engagement will contain, among other things, provisions for customary fees for transactions of similar size
and nature, but in no event will the fees be less than those outlined herein, and the provisions of this Agreement, including indemnification,
which are appropriate to such a transaction.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aegis
shall be entitled to underwriter&#8217;s commissions, non-accountable expenses, and underwriter&#8217;s warrants, in the same manner
as described above in this Offering, with respect to any public or private offering or other financing or capital raising transaction
of any kind (&#8220;Tail Financing&#8221;) to the extent that such financing or capital is provided to the Company by funds whom Aegis
had contacted during the engagement period or introduced to the Company during the engagement period, if such Tail Financing is consummated
at any time within the 5 month period following the expiration or termination of the engagement letter between the company and Aegis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7pt; text-align: justify; text-indent: 30.25pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Electronic
Offer, Sale and Distribution of Securities</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
prospectus in electronic format may be made available on the websites maintained by underwriter or selling group members. The underwriter
may agree to allocate a number of securities to selling group members for sale to its online brokerage account holders. Internet distributions
will be allocated by the underwriter and selling group members that will make internet distributions on the same basis as other allocations.
Other than the prospectus in electronic format, the information on these websites is not part of, nor incorporated by reference into,
this prospectus or the registration statement of which this prospectus forms a part, has not been approved or endorsed by us, and should
not be relied upon by investors.</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>Stabilization</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with this offering, the underwriter may engage in stabilizing transactions, over-allotment transactions, syndicate-covering
transactions, penalty bids and purchases to cover positions created by short sales.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stabilizing
transactions permit bids to purchase shares so long as the stabilizing bids do not exceed a specified maximum, and are engaged in for
the purpose of preventing or retarding a decline in the market price of the shares while the offering is in progress.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over-allotment
transactions involve sales by the underwriter of shares in excess of the number of shares the underwriter is obligated to purchase. This
creates a syndicate short position which may be either a covered short position or a naked short position. In a covered short position,
the number of shares over-allotted by the underwriter is not greater than the number of shares that they may purchase in the over-allotment
option. In a naked short position, the number of shares involved is greater than the number of shares in the over-allotment option. The
underwriter may close out any short position by exercising its over-allotment option and/or purchasing shares in the open market.</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>


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<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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Syndicate
covering transactions involve purchases of shares in the open market after the distribution has been completed in order to cover syndicate
short positions. In determining the source of shares to close out the short position, the underwriter will consider, among other things,
the price of shares available for purchase in the open market as compared with the price at which they may purchase shares through exercise
of the over-allotment option. If the underwriter sells more shares than could be covered by exercise of the over-allotment option and,
therefore, have a naked short position, the position can be closed out only by buying shares in the open market. A naked short position
is more likely to be created if the underwriter is concerned that after pricing there could be downward pressure on the price of the
shares in the open market that could adversely affect investors who purchase in the offering.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Penalty
bids permit the underwriter to reclaim a selling concession from a syndicate member when the shares originally sold by that syndicate
member are purchased in stabilizing or syndicate covering transactions to cover syndicate short positions.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
stabilizing transactions, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price
of our shares of common stock or preventing or retarding a decline in the market price of our shares of common stock. As a result, the
price of our common stock in the open market may be higher than it would otherwise be in the absence of these transactions. Neither we
nor the underwriter make any representation or prediction as to the effect that the transactions described above may have on the price
of our common stock. These transactions may be effected in the over-the-counter market or otherwise and, if commenced, may be discontinued
at any time.</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>Passive
market making</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with this offering, the underwriter and selling group members may engage in passive market making transactions in our common
stock on the Nasdaq Capital Market in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement
of offers or sales of the shares and extending through the completion of the distribution. A passive market maker must display its bid
at a price not in excess of the highest independent bid of that security. However, if all independent bids are lowered below the passive
market maker&#8217;s bid, then that bid must then be lowered when specified purchase limits are exceeded.</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>Other
Relationships</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriter and its affiliates may in the future provide various investment banking, commercial banking and other financial services
for us and our affiliates for which it may in the future receive customary fees.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_007"></span>LEGAL
MATTERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
validity of the securities offered by this prospectus has been passed upon for us by Sichenzia Ross Ference LLP, New York, New York.
Kaufman &amp; Canoles, P.C., Richmond, Virginia., has acted as counsel for the underwriter in connection with certain legal matters related
to this offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_008"></span>EXPERTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements of Citrine Global, Corp and its subsidiaries as of December 31, 2021 and 2020 and for each of the years
in the two-year period ended December 31, 2021, have been included herein in reliance upon the report of Somekh Chaikin, a member
firm of KPMG International independent registered public accounting firm, appearing elsewhere herein, and upon the authority of said
firm as experts in accounting and auditing..</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Na_009"></span>WHERE
YOU CAN FIND MORE INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><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, including exhibits and schedules, under the Securities Act that registers
the shares of our common stock to be sold in this offering. This prospectus does not contain all of the information contained in the
registration statement and the exhibits and schedules filed as part of the registration statement. For further information with respect
to us and our common stock, we refer you to the registration statement and the exhibits and schedules filed as part of the registration
statement. Statements contained in this prospectus as to the contents of any contract or any other document are not necessarily complete.
If a contract or document has been filed as an exhibit to the registration statement, we refer you to the copies of the contract or document
that has been filed. Each statement in this prospectus relating to a contract or document filed as an exhibit is qualified in all respects
by the filed exhibit.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
may read and copy all materials that we file with the SEC, including the registration statement and its exhibits and schedules, on the
website maintained by the SEC at www.sec.gov. Information contained on any website referenced in this prospectus does not and will not
constitute a part of this prospectus or the registration statement on Form S-1 of which this prospectus is a part.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also maintain a website at https://citrine-global.com/, at which you may access these materials free of charge as soon as reasonably
practicable after they are electronically filed with, or furnished to, the SEC. The information contained in, or that can be accessed
through, our website is not a part of, and is not incorporated into, this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should rely only on the information contained in this prospectus or to which we have referred you. We have not and the underwriter have
not authorized any person to provide you with different information or to make any representation not contained in this prospectus.</span></p>

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


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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"><b><span id="fin_001"></span>CITRINE
GLOBAL CORP.</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>&#160;</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">CONSOLIDATED
FINANCIAL STATEMENTS</span></p>

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

<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">AS
OF DECEMBER 31, 2021</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">IN
U.S. DOLLARS IN THOUSANDS</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: 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; padding-bottom: 1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.75in; 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; 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; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#Saa_001">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</a></b></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-2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
    FINANCIAL STATEMENTS:</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify"><a href="#ed_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Balance Sheets as of December 31, 2021 and 2020</span></a></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-3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify"><a href="#ed_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Operation and Comprehensive Loss for the years ended December 31, 2021 and 2020</span></a></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-4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify"><a href="#ed_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statements of Changes in Shareholders&#8217; Equity (Deficit) for the years ended December 31, 2021 and 2020</span></a></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-5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify"><a href="#ed_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Cash Flows for the years ended December 31, 2021 and 2020</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify"><a href="#ed_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to Consolidated Financial Statements</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-8
    &#8211; F-35</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><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: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="Saa_001"></span>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><img src="form10-k_007.jpg" alt="" /></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17
Ha&#8217;arba&#8217;a Street, PO Box 609</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel
Aviv 61006, Israel</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+972
3 684 8000</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; 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: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Report
of Independent Registered Public Accounting Firm</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>To
the Shareholders and the Board of Directors of Citrine Global Corp</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Opinion
on the Consolidated Financial Statements</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 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: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated balance sheets of Citrine Global Corp and subsidiaries (the Company) as of December 31, 2021
and 2020, the related consolidated statements of operations and comprehensive loss, changes in shareholders&#8217; equity (deficit),
and cash flows for each of the years in the two-year period ended December 31, 2021, and the related notes (collectively, the consolidated
financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial
position of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the years
in the two-year period ended December 31, 2021, in conformity with U.S. generally accepted accounting principles.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 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: 0; margin-bottom: 0; margin-left: 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 these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing
an opinion on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; 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: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Critical
audit matters are matters arising from the current period audit of the consolidated financial statements that were communicated or required
to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial
statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit
matters.</span></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Company&#8217;s auditor since 2022.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
7, 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">KPMG
Somekh Chaikin, an Israeli partnership and a member firm of the KPMG global organization of independent member firms affiliated with
KPMG International Limited, a private English company limited by guarantee</span></p>

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

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

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="ed_001"></span>CITRINE
GLOBAL CORP.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(U.S.
dollars in thousands except share and per share data)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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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    <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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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
accompanying notes are an integral part of the consolidated financial statements.</b></span></p>

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

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="ed_002"></span>CITRINE
GLOBAL CORP.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSOLIDATED
STATEMENTS OF OPERATION AND COMPREHENSIVE LOSS</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(U.S.
dollars in thousands except share and per share data)</span></p>

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

<table cellpadding="0" cellspacing="0" id="xdx_302_113_pn3n3_zfgbgJgdDyqh" summary="xdx: Statement - Consolidated Statements of Operation and Comprehensive Loss" 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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    <td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40D_eus-gaap--ComprehensiveIncomeNetOfTaxAbstract_iB_zGcJKoRZOr96" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Comprehensive loss:</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>
  <tr id="xdx_40F_eus-gaap--NetIncomeLoss_i01_mtCzO0f_maCz0FW_zKgrrd39gtt5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Net loss</td><td>&#160;</td>
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    <td style="text-align: left">Other comprehensive loss attributable to foreign currency translation</td><td>&#160;</td>
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    <td style="font-weight: bold; text-align: left">Comprehensive loss</td><td>&#160;</td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; 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 id="xdx_F03_zqOAwi1BAma2" style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(*)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b id="xdx_F1C_zLLFEixY0kzk"><ix:footnote id="Footnote000218" xml:lang="en-US">Less than $0.01</ix:footnote></b></span></td>
</tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
accompanying notes are an integral part of the consolidated financial statements.</b></span></p>

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


<!-- Field: Page; Sequence: 59; Value: 1 -->
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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-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="ed_003"></span>CITRINE
GLOBAL CORP.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS&#8217; EQUITY (DEFICIT)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(U.S.
dollars in thousands, except share and per share data)</span></p>

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

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  <tr id="xdx_43C_c20210101__20211231_eus-gaap--StockholdersEquity_iE_pn3n3_zTxZTdvlv3vj" style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: center"><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 id="xdx_F0A_zbFxnO3fUQRj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(*)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F11_ztLCs3n4QKxb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000423" xml:lang="en-US">Less than 1 thousand</ix:footnote></span></td>
</tr></table>

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

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

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="ed_004"></span>CITRINE
GLOBAL CORP.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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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    <td style="text-align: left">Change in fair value of marketable securities</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:MarketableSecuritiesRealizedGainLoss" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40F_eus-gaap--DeconsolidationGainOrLossAmount_i02N_di_msNCPBUzwje_z1d2Jxto2pY6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Gain from deconsolidation of a subsidiary (Note 1)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0464">-</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:DeconsolidationGainOrLossAmount" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">52</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_406_ecustom--ShareBasedPaymentToAServiceProvider_i02_maNCPBUzwje_zxVpeyQv7hff" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Share based payment to a service provider</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0467">-</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="CTGL:ShareBasedPaymentToAServiceProvider" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,422</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_ecustom--FairValueAdjustmentOfLiabilityInStockExchangeAgreement_i02N_di_msNCPBUzwje_z7mzUjWty0Q6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Fair value adjustment of liability in connection with stock exchange agreement (Note 8)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="CTGL:FairValueAdjustmentOfLiabilityInStockExchangeAgreement" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">58</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="CTGL:FairValueAdjustmentOfLiabilityInStockExchangeAgreement" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">72</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_ecustom--WaiverOfFeeByRelatedParties_i02N_di_msNCPBUzwje_zNxRyMAIkpka" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Management fee waiver by a related party</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0473">-</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="CTGL:WaiverOfFeeByRelatedParties" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">11</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i02B" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="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_407_eus-gaap--IncreaseDecreaseInAccountsReceivable_i03N_di_msNCPBUzwje_zRu3bdwwREoc" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Accounts receivable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0479">-</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:IncreaseDecreaseInAccountsReceivable" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_402_ecustom--IncreaseDecreasePrepaidShareBasedPaymentToServiceProvider_i03_maNCPBUzwje_z8wGNYKEAyR3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Prepaid share based payment to a service provider</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="CTGL:IncreaseDecreasePrepaidShareBasedPaymentToServiceProvider" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,737</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: xdx2ixbrl0483">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--IncreaseDecreaseInOperatingLeaseLiability_i03_maNCPBUzwje_zMxwbzHNq2v3" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net changes in operating leases</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0485">-</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:IncreaseDecreaseInOperatingLeaseLiability" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_404_eus-gaap--IncreaseDecreaseInDueFromRelatedParties_i03N_di_msNCPBUzwje_zfgbqYoOBQbc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Related parties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0488">-</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:IncreaseDecreaseInDueFromRelatedParties" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">11</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40A_eus-gaap--IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_i03N_di_msNCPBUzwje_zcgSO269SXrj" style="vertical-align: bottom; background-color: White">
    <td style="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:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">35</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:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">22</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40D_eus-gaap--IncreaseDecreaseInInventories_i03N_di_msNCPBUzwje_zAy19VhxSfc9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Inventory</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0494">-</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:IncreaseDecreaseInInventories" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">7</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_i03_maNCPBUzwje_znllrS1LOKxh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Accounts payable and accrued expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">589</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:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">258</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--IncreaseDecreaseInDeferredRevenue_i03_maNCPBUzwje_z7096BXgDcQb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Deferred revenue</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: xdx2ixbrl0500">-</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:IncreaseDecreaseInDeferredRevenue" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">5</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_408_eus-gaap--NetCashProvidedByUsedInOperatingActivities_i03T_mtNCPBUzwje_maCCERCz0KK_z2i2Cx1Q6Zkh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net cash 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">582</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">696</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td 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--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB" 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_400_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_i01N_di_msNCPBUz9ox_z9rc66ujWYC4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="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">252</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">6</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_409_eus-gaap--CashDivestedFromDeconsolidation_i01N_di_msNCPBUz9ox_zA9b0hb98Q3f" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net cash outflow from deconsolidation of a subsidiary (Appendix A)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0512">-</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:CashDivestedFromDeconsolidation" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">14</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_405_ecustom--InvestmentValuedUnderMeasurementAlternative_i01N_di_msNCPBUz9ox_zJnW2NJnH1ki" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Investment valued under the measurement alternative (Note 3)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0515">-</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="CTGL:InvestmentValuedUnderMeasurementAlternative" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">450</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_407_eus-gaap--RepaymentsOfShortTermDebt_i01N_di_msNCPBUz9ox_zAfl7UllmZx3" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Grant of short-term loan (Note 8)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:RepaymentsOfShortTermDebt" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15</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:RepaymentsOfShortTermDebt" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">145</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_403_eus-gaap--ProceedsFromSaleAndMaturityOfMarketableSecurities_i01_maNCPBUz9ox_zqfQT3sCjm9a" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Proceeds from sale of trading securities (Note 8A)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromSaleAndMaturityOfMarketableSecurities" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">389</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: xdx2ixbrl0522">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--PaymentsForProceedsFromShortTermInvestments_i01N_di_msNCPBUz9ox_z08RXHHHEEYk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Proceeds from repayments of short-term 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"><ix:nonFraction name="us-gaap:PaymentsForProceedsFromShortTermInvestments" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">164</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: xdx2ixbrl0525">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01T_mtNCPBUz9ox_maCCERCz0KK_zN1w1zsT6lr" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="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" unitRef="USD">286</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">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">615</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <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 id="xdx_40F_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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_403_eus-gaap--ProceedsFromRelatedPartyDebt_i01_maNCPBUz9Om_zDboxA2jIsNk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Proceeds from related parties&#8217; loans</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0533">-</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:ProceedsFromRelatedPartyDebt" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">154</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--ProceedsFromIssuanceOfCommonStock_i01_maNCPBUz9Om_zftCCMDvgLa5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Proceeds from issuance of Common Stock</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0536">-</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:ProceedsFromIssuanceOfCommonStock" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">177</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--ProceedsFromConvertibleDebt_i01_maNCPBUz9Om_z7iFFDixXeQf" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Proceeds from the issuance of convertible notes and
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
accompanying notes are an integral part of the consolidated financial statement</b></span></p>

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


<!-- Field: Page; Sequence: 61; Value: 1 -->
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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-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(U.S.
dollars in thousands)</span></p>

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

<table cellpadding="0" cellspacing="0" summary="xdx: Statement - Consolidated Statements of Cash Flows" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="2" style="text-align: left">&#160;</td><td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">Fair Value of convertible component in convertible loan</td><td>&#160;</td>
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    <td style="text-align: left">Extinguishment of convertible notes</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="CTGL:LongTermLiabilities" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">5</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40D_eus-gaap--DeconsolidationGainOrLossAmount_i01_zKbuuuESXEo8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <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">-</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">(14</td><td style="text-align: left">)</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>


<!-- Field: Page; Sequence: 62; Value: 1 -->
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<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="ed_005"></span>CITRINE
GLOBAL CORP.</span></p>

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

<p id="xdx_046_c20210101__20211231_ziC2RIBzVnlj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><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:BusinessDescriptionAndBasisOfPresentationTextBlock"><p id="xdx_802_eus-gaap--BusinessDescriptionAndBasisOfPresentationTextBlock_zi2oz3fJCS9h" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 56.7pt; text-align: justify; text-indent: -56.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
1 &#8211; <span id="xdx_82E_zqEvLqrC0Iob">GENERAL</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 56.7pt; text-align: justify; text-indent: -56.7pt"><span 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; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Citrine
Global, Corp. (&#8220;Citrine Global&#8221; or the &#8220;Company&#8221;) was incorporated under the laws of the State of Delaware on
May 26, 2010. The Company&#8217;s common stock is traded in the United States on the OTCQB market under the ticker symbol &#8220;CTGL.&#8221;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; 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-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock
Purchase Agreement</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 49.6pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 6, 2020, the Company&#8217;s predecessor company, TechCare Corp., a Delaware corporation (&#8220;TechCare&#8221;), and Citrine
S A L Investment &amp; Holdings Ltd., an Israeli corporation and a major shareholder of the Company (&#8220;Citrine S A L&#8221;), and
a group of related persons and entities (the &#8220;Citrine S A L Group&#8221;) entered into a Common Stock Purchase Agreement (the &#8220;Citrine
S A L Group Agreement&#8221;), which was later amended and restated on February 23, 2020 (the &#8220;AR Citrine S A L Group Agreement&#8221;).
Pursuant to the AR Citrine S A L Group Agreement, TechCare agreed to sell Citrine S A L Group and its group of business partners,
up to an aggregate of <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200222__20200223__us-gaap--TypeOfArrangementAxis__custom--ARCitrineAgreementMember__srt--RangeAxis__srt--MaximumMember_zNEtLG4rFjV8"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-02-222020-02-23_custom_ARCitrineAgreementMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">893,699,276</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of TechCare&#8217;s common stock, representing
approximately <span id="xdx_902_ecustom--PercentageOfSharesSold_pid_dp_c20200222__20200223__us-gaap--TypeOfArrangementAxis__custom--ARCitrineAgreementMember_ziEqrNSWplp8"><ix:nonFraction name="CTGL:PercentageOfSharesSold" contextRef="From2020-02-222020-02-23_custom_ARCitrineAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">95</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
of TechCare&#8217;s fully diluted capital, in two tranches, with the initial tranche of up to <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200222__20200223__us-gaap--TypeOfArrangementAxis__custom--ARCitrineAgreementMember__srt--RangeAxis__srt--MaximumMember__srt--StatementScenarioAxis__custom--InitialTrancheMember_zH7w9drQEAvl"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-02-222020-02-23_custom_ARCitrineAgreementMember_srt_MaximumMember_custom_InitialTrancheMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">452,063,196</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the TechCare&#8217;s common stock to
be sold conditioned upon (i) the resignation of the Company&#8217;s existing members of its board of directors (the &#8220;Board&#8221;),
consisting of Oren Traistman and Yossef De-Levy, (ii) the appointment of each of Ora Elharar Soffer (formerly Ora Meir Soffer), Ilan
Ben-Ishay and Ilanit Halperin as members of the Board, and (iii) the transfer of the TechCare&#8217;s signatory rights to all
Company bank accounts in the name of Citrine S A L Group&#8217;s nominee. In addition, the AR Citrine S A L Group Agreement provides
for the second tranche of up to the remaining number of shares of common stock that will result in Citrine S A L Group, owning <span id="xdx_908_ecustom--PercentageOfSharesSold_pid_dp_c20200222__20200223__us-gaap--TypeOfArrangementAxis__custom--ARCitrineAgreementMember__srt--StatementScenarioAxis__custom--SecondTrancheMember_zbOvYKLFq1vk"><ix:nonFraction name="CTGL:PercentageOfSharesSold" contextRef="From2020-02-222020-02-23_custom_ARCitrineAgreementMember_custom_SecondTrancheMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">95</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
of the TechCare&#8217;s fully diluted capital stock, to be sold conditioned upon the filing of the Company&#8217;s previously approved
amendment to its First Amended and Restated Certificate of Incorporation to increase the Company&#8217;s authorized capital.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 6, 2020, <span id="xdx_905_ecustom--CapitalStockDescription_c20200105__20200106__dei--LegalEntityAxis__custom--TraistmanRadziejewskiFundacjaLtdMember_zxo0CT1PnNkc" title="Capital stock description"><ix:nonNumeric contextRef="From2020-01-052020-01-06_custom_TraistmanRadziejewskiFundacjaLtdMember" name="CTGL:CapitalStockDescription">definitive agreements were executed for the sale of <span id="xdx_906_ecustom--PercentageOfSharesSold_pid_dp_c20200105__20200106__dei--LegalEntityAxis__custom--TraistmanRadziejewskiFundacjaLtdMember_z4qvwuwX0spi" title="Percentage of shares sold"><ix:nonFraction name="CTGL:PercentageOfSharesSold" contextRef="From2020-01-052020-01-06_custom_TraistmanRadziejewskiFundacjaLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">90</ix:nonFraction></span>% of the shares in Novomic Ltd. (&#8220;Novomic&#8221;) to Traistman
Radziejewski Fundacja Ltd. (&#8220;TRF&#8221;), which was completed on May 14, 2020 (the &#8220;Novomic Divestment&#8221;), and for the
issuance and sale of a number of shares equal after the issuance to 95% of the fully diluted capital stock of the Company to Citrine
S A L Group, which was amended on February 23, 2020, to provide for the issuance and sale of the shares in stages (the &#8220;Citrine
Global Transaction&#8221;). Shares of the Company were issued and sold in accordance with this amended agreement to Citrine S A L Group
on February 27, 2020, March 5, 2020, and, after the Company amended its Certificate of Incorporation to increase its authorized share
capital, on November 11, 2020.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; 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:ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock"><p id="xdx_891_eus-gaap--ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock_zsJyBYz88Zc5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the assets and liabilities of Novomic as of the deconsolidation date:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 49.6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B4_zpCTocK62ee8" style="display: none">SUMMARY OF DECONSOLIDATION OF A SUBSIDIARY</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 91%; margin-left: 0.6in">
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_495_20200106_zn3SeIJKzGHk" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</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>U.S.
                                            Dollars in thousands</b></span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents_iI_pn3n3_zWkwP25p7va3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%; text-align: justify">Cash and cash equivalents</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 18%; text-align: right"><ix:nonFraction name="us-gaap:DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents" contextRef="AsOf2020-01-06" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">14</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_ecustom--DisposalGroupIncludingDiscontinuedOperationWorkingCapital_iI_pn3n3_z85kezk5ReD5" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Working capital (excluding cash and cash equivalents), net (deficit)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="CTGL:DisposalGroupIncludingDiscontinuedOperationWorkingCapital" contextRef="AsOf2020-01-06" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">217</ix:nonFraction></td><td style="text-align: left">)</td></tr>
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    <td style="text-align: justify">Long term assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:DisposalGroupIncludingDiscontinuedOperationAssetsNoncurrent" contextRef="AsOf2020-01-06" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">156</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationNoncurrent_iNI_pn3n3_di_zKcfBjCHLEve" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">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:LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationNoncurrent" contextRef="AsOf2020-01-06" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40E_ecustom--TotalValueOfSubsidiary_iI_pn3n3_zX0XPHnG5g24" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total value of a subsidiary</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="CTGL:TotalValueOfSubsidiary" contextRef="AsOf2020-01-06" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">52</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Amounts received</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_982_eus-gaap--ProceedsFromDivestitureOfBusinesses_pn3n3_c20200105__20200106_zGm0J9OMrqu5" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0623">-</span></td><td style="text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_eus-gaap--DeconsolidationGainOrLossAmount_pn3n3_c20200105__20200106_zcZCS961Mv1l" title="Gain from deconsolidation of a subsidiary" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:DeconsolidationGainOrLossAmount" contextRef="From2020-01-052020-01-06" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">52</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8AC_zhq7dZOvU4w9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commencement
of new operations</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 3, 2020 the Company established a wholly owned new Israeli subsidiary: CTGL &#8211; Citrine Global Israel Ltd, (the &#8220;Israeli
Subsidiary&#8221;).</span></p>

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


<ix:exclude><!-- Field: Page; Sequence: 63; 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 -->8<!-- 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-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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: 0; margin-bottom: 0; margin-left: 56.7pt; text-align: justify; text-indent: -56.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
1 &#8211; GENERAL (cont&#8217;d)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 21, 2020, the Israeli Subsidiary began to work with certain Company shareholders, Beezz Home Technologies Ltd., in which Ora Elharar
Soffer, the Company&#8217;s chairperson and CEO holds shares, and Golden Holdings Neto Ltd., in which Ilan Ben-Ishai, a director
of the Company, holds shares, have been working towards establishing an Operational Innovation Center focuses on the medical
cannabis industry, CBD, hemp, botanical, food supplements and cosmetics products. The Company&#8217;s Board of Directors approved
the Israeli Subsidiary to proceed with preparations for entering into an agreement to incorporate a new company, named Cannovation Center
Israel Ltd. (&#8220;Cannovation&#8221;), with Beezz Home Technologies Ltd.and Golden Holdings Neto Ltd., and to accept limitations
on the Israeli Subsidiary&#8217;s rights in the Cannovation Center if and as mandated under Israeli regulations on the involvement of
foreign entities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 4, 2020, the Board of the Company approved for the Company and its Israeli Subsidiary to proceed with preparations for
investing in iBOT Israel Botanicals Ltd., an Israeli nutritional supplements&#8217; company developing and manufacturing botanical
formulas and nutritional supplements for custom &amp; contract manufacturing for leading botanical companies (&#8220;iBOT&#8221;).
iBOT has a manufacturing facility for a wide range of botanical formulations. iBOT&#8217;s manufacturing facility is approved
by the Israeli Ministry of Health and is GMP-certified, ISO9001-certified and HACCP certified by IQC. The principal shareholders and
control persons of iBOT are the Company&#8217;s Chief Executive Officer and a Company director. On August 4, 2020, our Board of
Directors approved for the Company and Citrine Global Israel to proceed with preparations for investing in iBOT. On August 9, 2021,
through our <span id="xdx_90F_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_c20200804__srt--OwnershipAxis__custom--IBOTIsraelBotanicalsLtdMember_z4zOxt3i53kk" title="Subsidiary ownership percentage"><ix:nonFraction name="us-gaap:MinorityInterestOwnershipPercentageByParent" contextRef="AsOf2020-08-04_custom_IBOTIsraelBotanicalsLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">60</ix:nonFraction></span>%
owned subsidiary Cannovation Center Israel, we entered into an agreement with iBOT pursuant to which iBOT agreed to manufacture a
line of nutritional supplements for Cannovation Center Israel, including packaging and storage. On September 29, 2021, we agreed to
advance to iBOT, up to $<span id="xdx_902_eus-gaap--ProceedsFromRelatedPartyDebt_pn3n3_c20210928__20210929__srt--OwnershipAxis__custom--IBOTIsraelBotanicalsLtdMember_zYzmwl2nZhLa" title="Advance to related party"><ix:nonFraction name="us-gaap:ProceedsFromRelatedPartyDebt" contextRef="From2021-09-282021-09-29_custom_IBOTIsraelBotanicalsLtdMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">50</ix:nonFraction>
thousands</span> with a 12 month maturity date and we transferred, as a first tranche, $<span id="xdx_904_eus-gaap--ProceedsFromRelatedPartyDebt_pn3n3_c20211007__20211008__srt--OwnershipAxis__custom--IBOTIsraelBotanicalsLtdMember__us-gaap--DebtInstrumentAxis__custom--FirstTrancheMember_z7aDu2ovMpBb" title="Debt transferred amount"><ix:nonFraction name="us-gaap:ProceedsFromRelatedPartyDebt" contextRef="From2021-10-072021-10-08_custom_IBOTIsraelBotanicalsLtdMember_custom_FirstTrancheMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15</ix:nonFraction> thousands</span>
on October 8, 2021. The loan bears interest at an effective annual interest rate of <span id="xdx_900_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_c20210929__srt--OwnershipAxis__custom--IBOTIsraelBotanicalsLtdMember_z6z79Km20oV2" title="Debt annual interest rate percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateEffectivePercentage" contextRef="AsOf2021-09-29_custom_IBOTIsraelBotanicalsLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12</ix:nonFraction></span>%
as and is convertible, at the option of Citrine Global, into equity shares of iBOT at conversion rate equal to the <i>lower </i>of
(i) <span id="xdx_909_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_pid_dp_c20210928__20210929__srt--OwnershipAxis__custom--IBOTIsraelBotanicalsLtdMember_zzBCfxTGRxnc" title="Debt discount capital raised percentage"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger" contextRef="From2021-09-282021-09-29_custom_IBOTIsraelBotanicalsLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction></span>%
discount to the most recent round of capital raised by iBOT during the term of the loan and (ii) the rate specified in the framework
agreement]. In addition, the agreement provided that our Israeli subsidiary is entitled to convert the outstanding loan, in whole or
in part, to satisfy payments of amounts owed to iBOT under the services agreements between the parties</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October 2021, iBOT granted to Citrine Global Group, a pre-emption right to any equity or equity linked securities that iBOT proposes
to issue to an unrelated third party with aggregate gross proceeds to the Company exceeding $1 million or which will result in a change
in control in iBOT following such issuance, then iBOT is to give to the Citrine Global Group written notice of such proposed issuance
and the relevant terms thereof and the Citrine Global Group shall have ten (10) days thereafter to determine if it elects to purchase
a minimum of 51% of the proposed issuance on the price and other terms specified in the notice sent by iBOT (the &#8220;Pre-Emption Right&#8221;).
If the Citrine Global Group elects to exercise the Pre-Emption Right, such purchase is to take place at no more than 90 days following
the expiration of the 10 day notice period to the Citrine Global Group. Any iBOT securities of the Pre-Emption Right that Citrine Global
Group elects to not purchase are to be sold by not later than 90 days following the end of the Citrine Global Group&#8217;s notice period
and if such shares are not sold to such third party within the 90 day period, the Pre-Emption right shall apply to any subsequent proposed
issuance. The preemption right does not apply to certain specified exceptions. </span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 20, 2020, the Israeli Subsidiary, Beezz Home Technologies Ltd., and Golden Holdings Neto Ltd. incorporated Cannovation. Israeli
Subsidiary holds <span id="xdx_909_ecustom--PercentageOfSharesHoldByCertainShareholders_pid_dp_c20200819__20200820__dei--LegalEntityAxis__custom--TheCannovationCenterMember_zElyMgtBdkBe"><ix:nonFraction name="CTGL:PercentageOfSharesHoldByCertainShareholders" contextRef="From2020-08-192020-08-20_custom_TheCannovationCenterMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">60</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
of Cannovation&#8217;s shares, while each of Beezz Home Technologies Ltd. and Golden Holdings Neto Ltd. holds 20% of its shares.
See note 4 for additional information.</span></p>

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

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

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

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

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

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

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

<p style="margin-top: 0; margin-bottom: 0; margin-left: 56.7pt; font-family: Times New Roman, Times, Serif; text-align: justify; text-indent: -56.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="margin-top: 0; margin-bottom: 0; margin-left: 0pt; font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
1 &#8211; GENERAL (cont&#8217;d)</span></p>

<p style="margin-top: 0; margin-bottom: 0; margin-left: 49.6pt; font-family: Times New Roman, Times, Serif; text-align: justify"><span 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; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock
split</b></span></p>
<p style="margin-top: 0; margin-bottom: 0; margin-left: 0.5in; font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="margin-top: 0; margin-bottom: 0; margin-left: 0.5in; font-family: Times New Roman, Times, Serif; 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-top: 0; margin-bottom: 0; margin-left: 0.5in; 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-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eus-gaap--StockholdersEquityReverseStockSplit_c20201121__20201122_zReKaW6BYCVg" title="Reverse stock split description"><ix:nonNumeric contextRef="From2020-11-212020-11-22" name="us-gaap:StockholdersEquityReverseStockSplit">On
November 22, 2020, certain of the Company&#8217;s stockholders representing more than <span id="xdx_90B_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20201122_zHNsvgABMkB4" title="Equity method investment, ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2020-11-22" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></span>% of the Company&#8217;s outstanding share capital
(the &#8220;Majority Consenting Stockholders&#8221;) approved an amendment to the Company&#8217;s Certificate of Incorporation (the &#8220;Reverse
Stock Split Certificate of Amendment&#8221;) in order to effect a reverse stock split of the Company&#8217;s common stock pursuant to
a range of between 40-to-1 and 100-to-1 (the &#8220;Reverse Stock Split&#8221;).</ix:nonNumeric></span> Pursuant to the Reverse Stock Split, each forty or one
hundred shares of common stock, as shall be determined by the Board at a later time, will be automatically converted, without any further
action by the stockholders, into one share of common stock. No fractional shares of common stock will be issued as the result of the
Reverse Stock Split. Instead, each stockholder of the Company will be entitled to receive one share of common stock in lieu of the fractional
share that would have resulted from the Reverse Stock Split. In addition, the Majority Consenting Stockholders also approved the elimination
of the Company&#8217;s entire authorized class of fifty million (<span id="xdx_903_ecustom--PreferredStockSharesUndesignated_iI_pid_c20201122_zgMMaOlhwWO5" title="Preferred stock shares undesignated"><ix:nonFraction name="CTGL:PreferredStockSharesUndesignated" contextRef="AsOf2020-11-22" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000,000</ix:nonFraction></span>) undesignated preferred stock, thereby reducing the total
number of shares of capital stock that the Company may issue from one billion five hundred fifty-thousand (<span id="xdx_909_ecustom--CapitalStockSharesIssued_iI_pid_c20201122__srt--RangeAxis__srt--MaximumMember_ziaBNFKhOjw5" title="Capital stock shares issued"><ix:nonFraction name="CTGL:CapitalStockSharesIssued" contextRef="AsOf2020-11-22_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,550,000,000</ix:nonFraction></span>) shares to one
billion five hundred thousand (<span id="xdx_90F_ecustom--CapitalStockSharesIssued_iI_pid_c20201122__srt--RangeAxis__srt--MinimumMember_z2EaT7Kc3cgg" title="Capital stock shares issued"><ix:nonFraction name="CTGL:CapitalStockSharesIssued" contextRef="AsOf2020-11-22_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,500,000,000</ix:nonFraction></span>) shares, all of which are designated as common stock (the &#8220;Certificate of Elimination&#8221;).
The Certificate of Elimination will be effective upon the filing with the Secretary of the State of Delaware, which was not completed
as of the date of this report&#8217;s filing. The Reverse Stock Split Certificate of Amendment will be effective upon receipt of approval
from the Financial Industry Regulatory Authority (&#8220;FINRA&#8221;) and the filing with the Secretary of the State of Delaware, both
of which were not completed as of the date of the approval of the financial statements.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><b>Financial support from shareholders</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 49.6pt; text-align: justify"><span 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; margin-left: 0.5in; text-align: justify">The Company has not yet to generate
revenues and is dependent on raising funds from its current shareholders or from other sources. On April 13, 2021, Citrine S A L,
on behalf of itself and its affiliates and related parties, has furnished the Company with an irrevocable letter of obligation to financially
support the Company until June 30, 2022. On March 17, 2022, Citrine S A L Investment &amp; Holding Ltd. extended this support
through June 30, 2023.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has no significant firm commitments that require it to remit cash, and can control the level of expenses it incurs.</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
Based on the Company&#8217;s current cash balances, and the irrevocable letter of obligation from Citrine S A L noted above, the Company
believes it has sufficient funds for its plans for the next twelve months from the issuance of these financial statements. As the Company
is embarking on its new activity as detailed herein, it is incurring losses. It cannot determine with reasonable certainty when and if
it will have sustainable profits.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; 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-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><b>Patent application</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 49.6pt; text-align: justify"></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 20, 2021, the Provisional Patent Application No: 63/257,673 for &#8220;PHARMACEUTICAL COMPOSITIONS AND METHODS FOR THE TREATMENT
OF SIDE-EFFECTS ASSOCIATED WITH THE USE OF CANNABIS, CANNABINOIDS AND RELATED PRODUCTS&#8221; was registered at the US Patent and Trademark
Office. The patent application describes certain side effects of cannabis use, the needs, technologies, and solutions to support medical
cannabis patients who experience side effects related to their cannabis treatment.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; 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-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><b>COVID-19 </b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 49.6pt; text-align: justify"></p>

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



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify">On March 11, 2020, the World Health
Organization declared the outbreak of a novel coronavirus (SARS-CoV-2) to be a global pandemic (COVID-19), which continues to spread
throughout the world. The COVID-19 pandemic is having significant effects on global markets, supply chains, businesses, and communities.
Specifically with respect to the Company, COVID-19 may impact various parts of its 2022 plans, operations and financial results,
including but not limited to difficulties in obtaining additional financing. <span style="background-color: white">The Company considered
the impact of COVID-19 on the estimates and assumptions and determined that there were no material adverse impacts on the consolidated
financial statements for the period ended December 31, 2021 and 2020.</span> The Company believes it is taking appropriate actions
to mitigate the negative impact, including by focusing its activities initially only within the country of Israel. However, the full
impact of COVID-19 is unknown and cannot be reasonably estimated as these events are still developing.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 49.6pt; 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-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><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:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock"><p id="xdx_801_eus-gaap--BasisOfPresentationAndSignificantAccountingPoliciesTextBlock_ztKMPXiMR9q1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
2 - <span id="xdx_829_zNJ0JYublm7f">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S.
GAAP&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; 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:ConsolidationPolicyTextBlock"><p id="xdx_840_eus-gaap--ConsolidationPolicyTextBlock_z6JwkOfv6iG8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principles
of Consolidation</b></span></p>

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



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify">The accompanying consolidated financial
statements include the accounts of Citrine Global and its Israeli Subsidiaries, CTGL - Citrine Global Israel Ltd and Cannovation. All
significant intercompany balances and transactions have been eliminated in consolidation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:UseOfEstimates"><p id="xdx_84D_eus-gaap--UseOfEstimates_zpovSkfL3xMc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use
of Estimates</b></span></p>

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



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify">The preparation of the financial
statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of
expenses during the reporting periods. Significant estimates include share-based compensation and fair value measurements of the convertible
notes. Actual results could differ from those estimates.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"><p id="xdx_840_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zRgL5ch20Uza" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Functional
Currency and Foreign Currency Translation and Transactions.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
May 14, 2020, the Company adopted the U.S. dollar as its functional currency. Prior to May 14, 2020, the functional currency of the Company
was the New Israeli Shekel (&#8220;NIS&#8221;). The change in functional currency of the Company is due to the increased exposure to
the U.S. dollar as a result of Sale of the Novomic as described in Note 1 above.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therefore,
the currency of the primary economic environment in which the operations of the Company and its subsidiaries are conducted is the U.S.
dollar.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions
denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing
at the dates of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange
rate prevailing at the balance sheet date. Non-monetary assets and liabilities are translated using the historical rate on the date of
the transaction. All exchange gains or losses arising from translation of these foreign currency transactions are included in net loss
for the year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 49.6pt; 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: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0; margin-bottom: 0; text-align: left">NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (cont.)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><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:CashAndCashEquivalentsPolicyTextBlock"><p id="xdx_842_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zR2SzovOLxOh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash,
</b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>cash equivalents and restricted cash</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
equivalents are short-term highly liquid investments which include short term bank deposits (up to three months from date of deposit),
that are not restricted as to withdrawals or use that are readily convertible to cash with maturities of three months or less as of the
date acquired.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted
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<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousands</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
collateral account for the Company&#8217;s rent agreement and is classified in current assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; 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 cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8A8_zvklGlDK7412" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 49.6pt; 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="CTGL:TradingSecuritiesAndShorttermLoanMeasuredAtFairValue"><p id="xdx_843_ecustom--TradingSecuritiesAndShorttermLoanMeasuredAtFairValue_z1qB9SdIqD12" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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of purchase and re-evaluates the fair value at each balance sheet date. As of December 31, 2020, all of the Company&#8217;s investments
in trading securities are classified as held for trade (see also Note 8). Therefore, the Company&#8217;s trading securities are recorded
at fair value on the balance sheet as well as the short-term loan measured at fair value according to the company&#8217;s election. Changes
in fair value of trading securities and short-term loan are recorded in financing income (expenses), net in the consolidated statement
of operations. The balance of the investments in trading securities as of December 31, 2021 is <span id="xdx_903_eus-gaap--TradingSecuritiesDebt_iI_dxL_c20211231_z4GkiuQ5lO5a" title="::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0668">zero</span></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-top: 0; margin-bottom: 0; margin-left: 49.6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 67; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CITRINE
GLOBAL CORP.</b></span></p>

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

<p style="font: 11pt/9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 49.6pt; text-align: justify"><b>&#160;</b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><b>NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
AND BASIS OF PRESENTATION (cont.)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><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="CTGL:InvestmentsValuedUnderMeasurementAlternativePolicyTextBlock"><p id="xdx_848_ecustom--InvestmentsValuedUnderMeasurementAlternativePolicyTextBlock_zfk1RGohyBvd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investments
valued under the measurement alternative</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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proprietary investments for which the Company does not have significant influence and fair value is not readily determinable. Accounting
Standard Update (&#8220;ASU&#8221;) 2016-01 requires equity securities to be recorded at cost and adjusted to fair value at each reporting
period. However, the guidance allows for a measurement alternative, which is to record investments at cost, less impairment, if any,
and subsequently adjust for observable price changes of identical or similar investments of the same issuer.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the lack of readily determinable fair values for such investments, for which the Company does not have significant influence, the
Company accounts for these investments under the measurement alternative at cost, less impairment.</span></p>

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

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock"><p id="xdx_843_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zgeng2g6uvS1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Impairment
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s long-lived assets are reviewed for impairment in accordance with ASC Topic 360, &#8220;Property, Plant and Equipment&#8221;,
whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets
to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to
be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by
which the carrying amount of the asset exceeds its fair value. No indicators of impairment have been identified as of December 31,
2020 and 2021.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:DerivativesPolicyTextBlock"><p id="xdx_846_eus-gaap--DerivativesPolicyTextBlock_zRfzFKIrKhw8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivative
instruments are recognized on the balance sheet at their fair value, with changes in the fair value recognized as a component of financial
expenses, net in the statements of operation.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
determined, derivative liabilities and assets are adjusted to reflect fair value at each reporting period end, with any increase or decrease
in the fair value being recorded in results of operations as an adjustment to fair value of derivatives.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_842_eus-gaap--IncomeTaxPolicyTextBlock_zhO7lU2h0R28" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deferred
income taxes</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for income taxes in accordance with ASC Topic 740, &#8220;Income Taxes&#8221;. Accordingly, deferred income taxes are
determined utilizing the asset and liability method based on the estimated future tax effects of differences between the financial accounting
and the tax bases of assets and liabilities under the applicable tax law. Deferred tax balances are computed using the enacted tax rates
expected to be in effect when these differences reverse. Valuation allowances in respect of deferred tax assets are provided for, if
necessary, to reduce deferred tax assets to amounts more likely than not to be realized.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for uncertain tax positions in accordance with ASC Topic 740-10, which prescribes detailed guidance for the financial
statement recognition, measurement and disclosure of uncertain tax positions recognized in an enterprise&#8217;s financial statements.
According to ASC Topic 740-10, tax positions must meet a more-likely-than-not recognition threshold. The Company&#8217;s accounting policy
is to classify interest and penalties relating to uncertain tax positions under income taxes, however the Company did not recognize such
items in its fiscal 2021 and 2020 financial statements and did not recognize any liability with respect to an unrecognized tax position
in its balance sheets.</span></p>

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

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

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

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 49.65pt; text-align: left"><b>&#160;</b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><b>NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
AND BASIS OF PRESENTATION (cont.)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ResearchAndDevelopmentExpensePolicy"><p id="xdx_840_eus-gaap--ResearchAndDevelopmentExpensePolicy_ztxHu4xpacCf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Research
and development expenses</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
and development expenses are charged to operations as incurred.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_84C_eus-gaap--EarningsPerSharePolicyTextBlock_zYDAWRd54A73" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basic
and diluted loss per ordinary share</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
loss per share of Common Stock is computed by dividing the loss for the period applicable to holders of shares of Common Stock, by the
weighted average number of shares of Common Stock outstanding during the period. Securities that may participate in dividends with the
shares of Common Stock (such as the convertible Preferred Stock) are considered in the computation of basic loss per share under the
two-class method. However, in periods of net loss, only the convertible Preferred Stock are considered, since such shares have a contractual
obligation to share in the losses of the Company.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
computing diluted loss per share, basic loss per share is adjusted to reflect the potential dilution that could occur upon the exercise
of potential shares. Accordingly, in periods of net loss, no potential shares are considered.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: left"><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:ShareBasedCompensationOptionAndIncentivePlansPolicy"><p id="xdx_847_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_z9ECXJvV7xu5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock-based
compensation</b></span></p>

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



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify">The Company measures and recognizes
the compensation expense for all equity-based payments based on their estimated fair values in accordance with ASC 718, &#8220;Compensation-Stock
Compensation&#8221;. Share-based payments including grants of stock options are recognized in the statement of operation as an
operating expense based on the fair value of the award at the date of grant. The fair value of stock options granted is estimated using
the Black-Scholes option-pricing model. The Company has expensed compensation costs, net of estimated forfeitures, applying the accelerated
vesting method, over the requisite service period or over the implicit service period.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 49.6pt; 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: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</span></p><p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><b>NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
AND BASIS OF PRESENTATION (cont.)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><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:FairValueMeasurementPolicyPolicyTextBlock"><p id="xdx_84F_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zZctC2axbLNj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair
value</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
value of certain of the Company&#8217;s financial instruments including cash, accounts receivable, accounts payable, accrued expenses,
and other accrued liabilities approximate cost because of their short maturities. The Company measures and reports fair value in accordance
with Accounting Standards Codification (&#8220;ASC&#8221;) 820, &#8220;Fair Value Measurements and Disclosure,&#8221; which defines fair
value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosures
about fair value measurements.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
value, as defined by ASC 820, is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value of an asset should reflect its highest and best use by market participants,
principal (or most advantageous) markets, and an in-use or an in-exchange valuation premise. The fair value of a liability should reflect
the risk of nonperformance, which includes, among other things, the Company&#8217;s credit risk.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valuation
techniques are generally classified into three categories: (i) the market approach; (ii) the income approach; and (iii) the cost approach.
The selection and application of one or more of the techniques may require significant judgment and are primarily dependent upon the
characteristics of the asset or liability, and the quality and availability of inputs. Valuation techniques used to measure fair value
under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 also provides fair value
hierarchy for inputs and resulting measurement as follows:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2: Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in
markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived
principally from or corroborated by observable market data for substantially the full term of the assets or liabilities; and</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3: Unobservable inputs for the asset or liability that are supported by little or no market activity, and that are significant to the
fair values.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
value measurements are required to be disclosed by the level within the fair value hierarchy in which the fair value measurements in
their entirety fall. Fair value measurements using significant unobservable inputs (in level 3 measurements) are subject to expanded
disclosure requirements including a reconciliation of the beginning and ending balances, separately presenting changes during the period
attributable to the following: (i) total gains or losses for the period (realized and unrealized), (ii) segregating those gains or losses
included in earnings, and (iii) a description of where those gains or losses included in earning are reported in the statement of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 49.6pt; 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: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</span></p><p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><b>NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
AND BASIS OF PRESENTATION (cont.)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, there are no financial assets or financial liabilities that are measured at fair value on a recurring basis. The
Company&#8217;s financial assets and liabilities as of December 31, 2020 that are measured at fair value on a recurring basis
by level within the fair value hierarchy are as follows:</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock"><p id="xdx_892_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zOruceR6aWj2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 49.6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B0_zy3rmYc9RkO3" style="display: none">SCHEDULE OF FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS</span></span></p>

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    <td colspan="2" id="xdx_490_20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zSjygY98bYsa" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level 1</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: White">
    <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><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">&#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 id="xdx_400_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iI_pn3n3_hus-gaap--DebtInstrumentAxis__custom--FairValueOfConvertibleComponentinConvertibleNotesMember_zFRlyKksFbl7" style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0703">-</span></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr id="xdx_40D_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iI_pn3n3_hus-gaap--DebtInstrumentAxis__custom--FairValueOfForwardOptionMember_zPl9YI6YeUOj" 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"><span style="-sec-ix-hidden: xdx2ixbrl0709">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">Total liabilities</td><td style="font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0713">-</span></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AF_zMoaPOKbhN24" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 49.6pt; 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:FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock"><p id="xdx_892_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock_zFWDsOzpoFbk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents the changes in fair value of the level 3 liabilities for the year ended December 31, 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 49.6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BB_zvtJIce9Svia" style="display: none">SCHEDULE OF CHANGES IN FAIR VALUE OF LIABILITIES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 91%; margin-left: 0.6in">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_4B7_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel3Member_z2EcrgnajQsf" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Changes in Fair value</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#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">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></tr>
  <tr id="xdx_43C_c20200101__20201231_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iS_pn3n3_zIbmHcrfBG6j" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Outstanding at January 1, 2020</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0720">-</span></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet_pn3n3_zSqOl2mh3Nya" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 82%; text-align: left">Fair value of issued level 3 assets</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:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet" contextRef="From2020-01-012020-12-31_us-gaap_FairValueInputsLevel3Member" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">145</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPeriodIncreaseDecrease_pn3n3_zG0MEcjaVUDi" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Changes in fair value</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:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPeriodIncreaseDecrease" contextRef="From2020-01-012020-12-31_us-gaap_FairValueInputsLevel3Member" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">20</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_437_c20210101__20211231_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iS_pn3n3_zA3wkYj9ryoi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Outstanding at January 1, 2021</td><td style="font-weight: bold">&#160;</td>
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  <tr id="xdx_43A_c20210101__20211231_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iS_pn3n3_zOuU6eXQKJa7" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Assets, Outstanding balance</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">Proceeds from repayment of short term loan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements" contextRef="From2021-01-012021-12-31_us-gaap_FairValueInputsLevel3Member" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">164</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_405_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPeriodIncreaseDecrease_pn3n3_zIu7ey399sme" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Interest and change in fair value of short-term loan measured at fair value</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:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPeriodIncreaseDecrease" contextRef="From2021-01-012021-12-31_us-gaap_FairValueInputsLevel3Member" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_43A_c20210101__20211231_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iE_pn3n3_zWhFXkJXeE2a" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Outstanding at December 31, 2021</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: xdx2ixbrl0734">-</span></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Assets, Outstanding balance</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">Classification of embedded conversion feature from liability to equity</td><td>&#160;</td>
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    <td style="text-align: left">Commitment for issuance of fixed number of ordinary shares</td><td>&#160;</td>
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  <tr id="xdx_436_c20210101__20211231_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_pn3n3_zm8LSC5I7xr" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Outstanding at December 31, 2021</td><td style="font-weight: bold">&#160;</td>
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  <tr id="xdx_43C_c20210101__20211231_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_pn3n3_zi5h423RXB01" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Outstanding balance</td><td style="font-weight: bold">&#160;</td>
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</table>

</ix:nonNumeric><p id="xdx_8A3_zjzYgjOwR124" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 71; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (cont.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 49.65pt; text-align: left"><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:ConcentrationRiskCreditRisk"><p id="xdx_846_eus-gaap--ConcentrationRiskCreditRisk_z9ym28LCkWu" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Concentrations
of credit risk</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents as well
as certain other current assets that do not amount to a significant amount. Cash and cash equivalents, which are primarily held in Dollars
and New Israeli Shekels, are deposited with major banks in Israel and United States. Management believes that such financial institutions
are financially sound and, accordingly, minimal credit risk exists with respect to these financial instruments. The Company does not
have any significant off-balance-sheet concentration of credit risk, such as foreign exchange contracts, option contracts or other foreign
hedging arrangements.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ContingentLiabilityReserveEstimatePolicy"><p id="xdx_843_eus-gaap--ContingentLiabilityReserveEstimatePolicy_z6T0fLjgAcH7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Contingencies</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company records accruals for loss contingencies arising from claims, litigation and other sources when it is probable that a liability
has been incurred and the amount can be reasonably estimated. These accruals are adjusted periodically as assessments change or additional
information becomes available. Legal costs incurred in connection with loss contingencies are expensed as incurred.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_84A_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zefDAYX02tn5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span id="xdx_867_zoefNSBetMx3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recent
Accounting Pronouncements</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 49.6pt; 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-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><i>Accounting Pronouncements Not
Yet Adopted</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 49.6pt; 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-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; 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, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging
Contracts in Entity s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity s Own Equity. ASU
2020-06 will simplify the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments
and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being separately recognized
from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (1)
those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a
derivative, and that do not qualify for a scope exception from derivative accounting and(2) convertible debt instruments issued with
substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 also amends the guidance for the derivatives
scope exception for contracts in an entity&#8217;s own equity to reduce form-over-substance-based accounting conclusions. ASU 2020-06
will be effective for public companies for fiscal years beginning after December 15, 2023, including interim periods within those fiscal
years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within
those fiscal years. The Company is currently evaluating the impact that the adoption of ASU 2020-06 will have on the Company&#8217;s
consolidated financial statement presentation or disclosures.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
new pronouncements issued but not effective as of December 31, 2021 are not expected to have a material impact on the Company&#8217;s
consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 49.65pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


<ix:exclude><!-- Field: Page; Sequence: 72; Value: 1 -->
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    <!-- Field: /Page --></ix:exclude>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF RESENTATION (cont.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 49.65pt; text-align: left"><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:PriorPeriodReclassificationAdjustmentDescription"><p id="xdx_847_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_ztr1RRkeDtka" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reclassification</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: left"><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: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
prior year figures have been reclassified to conform to be current year presentation.</span></p>

</ix:nonNumeric><p id="xdx_853_zmwVNPXNeoD3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 49.6pt; 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="CTGL:InvestmentsValuedUnderMeasurementAlternativeTextBlock"><p id="xdx_800_ecustom--InvestmentsValuedUnderMeasurementAlternativeTextBlock_zS7gTiGMH8z6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3 - <span id="xdx_82A_zMgDTKN8EAn2">INVESTMENT VALUED UNDER THE MEASUREMENT ALTERNATIVE</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 56.7pt; text-align: justify; text-indent: -56.7pt"><span 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; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 22, 2020, the Company entered into a share purchase agreement with Nanomedic Technologies Ltd., an Israeli private company and a
related party as further described below (&#8220;Nanomedic&#8221;) as part of an A-1 funding round open only to existing Nanomedic shareholders
and their affiliates. Nanomedic developed SpinCare&#8482;, a system that integrates electrospinning technology into a portable, bedside
device, offering immediate wound and burn care treatment. The Company paid $<span id="xdx_903_eus-gaap--PaymentsForRepurchaseOfPreferredStockAndPreferenceStock_pn3n3_c20200621__20200622__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NanomedicTechnologiesLtdMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__custom--AOnePreferredSharesMember_zy5lBaOvNKrb" title="Payments for purchase of preferred stock"><ix:nonFraction name="us-gaap:PaymentsForRepurchaseOfPreferredStockAndPreferenceStock" contextRef="From2020-06-212020-06-22_custom_NanomedicTechnologiesLtdMember_custom_SharePurchaseAgreementMember_custom_AOnePreferredSharesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">450</ix:nonFraction></span> thousand for A-1 preferred shares of Nanomedic and also
received warrants to purchase A-1 preferred shares. Such investment represents a holding of approximately <span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20200622__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--NanomedicTechnologiesLtdMember__us-gaap--TypeOfArrangementAxis__custom--SharePurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__custom--AOnePreferredSharesMember_zaSF13LqbXw5" title="Equity investment percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2020-06-22_custom_NanomedicTechnologiesLtdMember_custom_SharePurchaseAgreementMember_custom_AOnePreferredSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.3</ix:nonFraction></span>% in Nanomedic. The round
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beneficial shareholders of Nanomedic immediately prior to the A-1 funding round. Ilan Ben-Ishay, a director of the Company was already
a beneficial shareholder of Nanomedic immediately prior to the A-1 funding round. Ora Meir Soffer, chairperson and CEO of the Company,
was already a director of both Nanomedic and its Israeli parent company Nicast Ltd. immediately prior to the A-1 funding round, and she
was also already a beneficial shareholder of Nanomedic immediately prior to the A-1 funding round.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for the investment in Nanomedic in accordance with the provisions of ASC 321, &#8220;Investments - Equity Securities&#8221;,
and elected to use the measurement alternative therein. The investment will be re-measured upon future observable price change(s) in
orderly transaction(s) or upon impairment, if any.</span></p>

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


<ix:exclude><!-- Field: Page; Sequence: 73; 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 -->18<!-- 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-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><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:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_80C_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zl9cJ3SQqen3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
4 - <span id="xdx_825_zXBm8Qa7EYrg">PROPERTY AND EQUIPMENT, NET</span></b></span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_893_eus-gaap--PropertyPlantAndEquipmentTextBlock_zA1CmgbenOOd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 63.8pt; text-align: left; text-indent: -63.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b><span id="xdx_8BE_zbe6I69uBJSj" style="display: none">SCHEDULE
OF PROPERTY PLANT AND EQUIPMENT</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
  <tr style="display: none; vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A8_zDx28hk556G4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 63.8pt; text-align: justify; text-indent: -35.45pt"><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="text-align: justify; width: 0.25in">&#160;</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">&#160;</span></td>
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    <td style="text-align: justify">&#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>
    <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">On
    July 13, 2021, the Ministry of Economy of the Israeli government recommended to the Israel Land Authority (&#8220;ILA&#8221;) that
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    to build the Cannovation Center, at a subsidized price and exempt from a tender procedures typically required under Israeli law,
    to include factories, laboratories, logistics and a distribution center for the medical cannabis, and botanicals industries. As noted,
    Citrine Global owns 60% of the share capital of Cannovation, through the Israeli Subsidiary. The grant was initially awarded on December
    30, 2020 for 10,000 square meters of industrial land in Yeruham, Israel and was increased to 11,687 square meters on July 13, 2021.
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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; 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">
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    on the date of payment) to obtain the rights to the Land. The discounted amount paid is part of the grant by the Israeli
    government under government programs to encourage industrial development in Southern Israel. The amount remitted represents the sum
    total amount that Cannovation is required to pay as the purchase price for the Land. In addition, the Israeli Ministry of Economy
    is also expected to cover approximately 30% of the building and equipment expenses. Cannovation is also expected to benefit from
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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; 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>
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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>
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    of the Agreement. Typically, the initial time frame for completing the development is four (4) years, subject to extensions that
    the ILA may approve. Upon completion of the development within the time frames and other requirements specified in the Agreement,
    Cannovation will be entitled, subject to Israeli law, to long term lease agreement (49 years) to the Land (equivalent
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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; 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>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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    of related expenses to land costs.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="text-align: justify">&#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>
    <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="text-align: justify">&#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>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
    also note 12B.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 74; 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 -->19<!-- 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-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><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_80D_eus-gaap--DebtDisclosureTextBlock_zXQgbXc6HDYg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
5 &#8211; <span id="xdx_821_zQYU4y51eBY6">CONVERTIBLE NOTES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 56.7pt; text-align: justify; text-indent: -56.7pt"><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="text-align: justify; width: 0.25in">&#160;</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 1, 2020 the Company entered into a Convertible Note Purchase Agreement (the &#8220;CL Agreement&#8221;) with Citrine S A L , WealthStone
Private Equity Ltd, WealthStone Holdings Ltd, Golden Holdings Neto Ltd, Beezz Home Technologies Ltd, Citrine Biotech 5 LP, Citrine High
Tech 6 LP, Citrine High Tech 7 LP, Citrine 8 LP, Citrine 9 LP and Citrine Biotech 10 LP (together, the &#8220;Buyer&#8221;), all of which
are affiliated with the Company. Under the CL Agreement, the Buyer agreed to purchase and the Company agreed to issue and sell, for up
to an aggregate principal amount of up to $<span id="xdx_909_eus-gaap--DebtInstrumentPeriodicPaymentPrincipal_pn3n3_c20200330__20200402__dei--LegalEntityAxis__custom--BuyerMember__us-gaap--TypeOfArrangementAxis__custom--CLAgreementMember__us-gaap--DebtInstrumentAxis__custom--NotesMember_zxBfOMae9lU1"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" contextRef="From2020-03-302020-04-02_custom_BuyerMember_custom_CLAgreementMember_custom_NotesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,800</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousand, notes convertible into shares of Common
Stock of the Company (the &#8220;Notes&#8221;), with a drawdown period starting on April 1, 2020 and ending upon the earlier of (i) 6
months thereafter and (ii) the consummation of a public offering by the Company. The CL Agreement provides that the Notes will bear an
annual interest rate of six percent (<span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20200402__dei--LegalEntityAxis__custom--BuyerMember__us-gaap--TypeOfArrangementAxis__custom--CLAgreementMember__us-gaap--DebtInstrumentAxis__custom--NotesMember_zYSI6CVnliab"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-04-02_custom_BuyerMember_custom_CLAgreementMember_custom_NotesMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%)
and that the conversion price per share of Common Stock shall equal <span id="xdx_90C_ecustom--DebtInstrumentConvertibleConversionPricePercentage_iI_pid_dp_c20200402__dei--LegalEntityAxis__custom--BuyerMember__us-gaap--TypeOfArrangementAxis__custom--CLAgreementMember__us-gaap--DebtInstrumentAxis__custom--NotesMember_zyurDIy6FdA8" title="Conversion price percentage"><ix:nonFraction name="CTGL:DebtInstrumentConvertibleConversionPricePercentage" contextRef="AsOf2020-04-02_custom_BuyerMember_custom_CLAgreementMember_custom_NotesMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">85</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="text-align: justify">&#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>
    <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="text-align: justify">&#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>
    <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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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="text-align: justify">&#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>
    <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="text-align: justify">&#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>
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    under the CL Agreement, the Buyer shall be entitled to receive two types of warrants: A warrants and B warrants, with the A warrants
    exercisable at any time between 6 and 12 months after issuance for an exercise price per share equal to 1.25 times the average of
    the closing prices of the 3 trading days preceding the draw down, and the B warrants exercisable at any time between 6 and 24 months
    after issuance for an exercise price per share equal to 1.5 times the average of the closing prices of the 5 trading days preceding
    the draw down, and that the number of each of the A warrants and the B warrants issued will be equal to the draw down amount divided
    by the average of the closing prices of the 3 trading days preceding the draw down, and that these amended terms will apply in respect
    of all draw downs, including drawdowns made prior to the date of the amendment.</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="text-align: justify">&#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>
    <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="text-align: justify">&#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>
    <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>Conversion
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="text-align: justify">&#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>
    <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="text-align: justify">&#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>
    <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
    accordance with ASC 815-15-25 the conversion feature was considered an embedded derivative instrument, and is to be recorded
    at its fair value separately from the convertible notes, within current liabilities in the Company&#8217;s balance sheet. The conversion
    component is then marked to market at each reporting period with the resulting gains or losses shown in the statements of
    operations.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 49.6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 75; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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: 0; margin-bottom: 0; text-align: justify"><b>NOTE 5 &#8211; CONVERTIBLE
NOTES </b>(cont&#8217;d)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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

<ix:nonNumeric contextRef="From2021-01-012021-12-31" continuedAt="ConU000826-01" escape="true" name="us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock"><p id="xdx_89D_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_gL3SOSBPASOVA-CEEJ_zkwx4iUW8O6j" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the conversion feature (hereafter &#8220;Convertible Component&#8221;) was estimated using the Monte Carlo Simulation Model
to compute the Convertible Component&#8217;s fair value. The assumptions used to perform the Monte-Carlo simulation model were consistent
with those utilized in the Company&#8217;s Black-Scholes valuation for stock options are detailed below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 85.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B5_zGSZf3WtT4xj" style="display: none">SCHEDULE OF FAIR VALUE OF CONVERTIBLE FEATURE USING VALUATION ASSUMPTIONS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.75in">
  <tr style="vertical-align: bottom">
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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 id="xdx_F4A_zIKsAlHkLhZ6" style="text-align: justify">Conversion price</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_c20200612__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_fKCop_zVZ6okbwhgae" title="Conversion price" style="display: none"><span style="-sec-ix-hidden: xdx2ixbrl0841">-</span></span>
                                            <span style="font-size: 10pt">(*)</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"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_c20201231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_fKCop_zW2AlOQQ2Lf2" style="display: none"><span style="-sec-ix-hidden: xdx2ixbrl0842">-</span></span>
                                            <span style="font-size: 10pt">(*)</span></span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Underlying share price (U.S. dollars)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--SharePrice_iI_pid_c20200612__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zQLMa4PoQg7e" style="text-align: right"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2020-06-12_custom_BlackScholesOptionPricingModelMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.21</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eus-gaap--SharePrice_iI_pid_c20201231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_z8Y1NLdfdFC9" title="Underlying share price (U.S. dollars)" style="text-align: right"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2020-12-31_custom_BlackScholesOptionPricingModelMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.045</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: justify">Convertible notes amount</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_eus-gaap--ConvertibleNotesPayable_iI_pn3n3_c20200612__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zXINuVTDMbse" style="text-align: right"><ix:nonFraction name="us-gaap:ConvertibleNotesPayable" contextRef="AsOf2020-06-12_custom_BlackScholesOptionPricingModelMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,275</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eus-gaap--ConvertibleNotesPayable_iI_pn3n3_c20201231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zveLdoCW9Ugl" title="Convertible notes amount" style="text-align: right"><ix:nonFraction name="us-gaap:ConvertibleNotesPayable" contextRef="AsOf2020-12-31_custom_BlackScholesOptionPricingModelMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,275</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_pn3n3_zVfDa28adZLj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Fair value of the conversion feature (U.S. dollars in thousands)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" contextRef="From2020-06-112020-06-12_custom_BlackScholesOptionPricingModelMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">285</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:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" contextRef="From2020-01-012020-12-31_custom_BlackScholesOptionPricingModelMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">381</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 106.35pt; text-align: justify; text-indent: -28.35pt">&#160;</p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: right"><span id="xdx_F08_z77Un4ujYjL" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(*)</span></td><td style="text-align: justify"><span id="xdx_F1A_zyoZo8jgMIZi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000852" xml:lang="en-US">the conversion
price is <span id="xdx_907_ecustom--ConversionPricePercentage_iI_pid_dp_c20201231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zFpz5TjNFIfj" title="Conversion price percentage" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEZBSVIgVkFMVUUgT0YgQ09OVkVSVElCTEUgRkVBVFVSRSBVU0lORyBWQUxVQVRJT04gQVNTVU1QVElPTlMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><span id="xdx_90D_ecustom--ConversionPricePercentage_iI_pid_dp_c20200612__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zjuG3y9HvK51" title="Conversion price percentage" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEZBSVIgVkFMVUUgT0YgQ09OVkVSVElCTEUgRkVBVFVSRSBVU0lORyBWQUxVQVRJT04gQVNTVU1QVElPTlMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="CTGL:ConversionPricePercentage" contextRef="AsOf2020-12-31_custom_BlackScholesOptionPricingModelMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="CTGL:ConversionPricePercentage" contextRef="AsOf2020-06-12_custom_BlackScholesOptionPricingModelMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">85</ix:nonFraction></ix:nonFraction></span></span>% of the share price, during the period of 5 days preceding the conversion date.</ix:footnote></span></td>
</tr></table>

</ix:nonNumeric><p id="xdx_8A7_zWSYjxSaGYt6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Warrants</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
mentioned above, as part of the Amendment, the Company issued to the Buyer <span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_pid_c20211231__us-gaap--StatementEquityComponentsAxis__custom--WarrantAMember_zJ6cZY391tC6"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" contextRef="AsOf2021-12-31_custom_WarrantAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,589,172</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A warrants and <span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_pid_c20211231__us-gaap--StatementEquityComponentsAxis__custom--WarrantBMember_zEATFKL4LNG6"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" contextRef="AsOf2021-12-31_custom_WarrantBMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,589,172</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B warrants to purchase a total of <span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_pid_c20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zciAbj9CyLR"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" contextRef="AsOf2021-12-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,178,344</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Common Stock of the Company.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of such warrants as of the drawdowns dates was estimated at $<span id="xdx_90F_ecustom--FairValueOfWarrantIssued_pn3n3_c20200101__20201231_zeYAkVJTVxx5" title="Fair value of warrant issued"><ix:nonFraction name="CTGL:FairValueOfWarrantIssued" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">301,665</ix:nonFraction></span> using the Black-Scholes option-pricing model and is presented
within the consolidated statements of changes in shareholders equity (deficit).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; 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="CTGL:SummaryOfDataAndAssumptionsWarrantsTableTextBlock"><p id="xdx_898_ecustom--SummaryOfDataAndAssumptionsWarrantsTableTextBlock_zCKA3LAT3Gr6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following are the data and assumptions used:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 56.7pt; text-align: justify; text-indent: -56.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B0_zfWtG2yFL5Ec" style="display: none">SUMMARY OF WARRANTS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.75in">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">Warrants A</td><td>&#160;</td>
    <td colspan="2" id="xdx_490_20211231_zl6MrMtwH4L4">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantAMember_zwGBG9OfLkN7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%; text-align: justify">Common Stock price</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-12-31_us-gaap_MeasurementInputSharePriceMember_custom_WarrantAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.21</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantAMember_zEj8M9H0Svxg" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Expected volatility</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2021-12-31_us-gaap_MeasurementInputPriceVolatilityMember_custom_WarrantAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">65.31</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Expected term</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20211231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantAMember_zWYh2FLWpTlj" title="Fair value assumption, warrant contractual term (years)"><ix:nonNumeric contextRef="AsOf2021-12-31_us-gaap_MeasurementInputExpectedTermMember_custom_WarrantAMember" format="ixt-sec:duryear" name="us-gaap:WarrantsAndRightsOutstandingTerm">1</ix:nonNumeric></span>
                                            years</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantAMember_zaHopA2UIky2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Risk free rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2021-12-31_us-gaap_MeasurementInputRiskFreeInterestRateMember_custom_WarrantAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.17</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr id="xdx_406_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantAMember_zCxaQVNbM9xb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Expected dividend yield</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2021-12-31_us-gaap_MeasurementInputExpectedDividendRateMember_custom_WarrantAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 56.7pt; text-align: justify; text-indent: -56.7pt"><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: 90%; margin-left: 0.75in">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">Warrants B</td><td>&#160;</td>
    <td colspan="2" id="xdx_49E_20211231_z41O7ajxaCwk">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantBMember_zpXRwMZZZa14" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%; text-align: justify">Common Stock price</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-12-31_us-gaap_MeasurementInputSharePriceMember_custom_WarrantBMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.21</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantBMember_zuEYYd8OH6B3" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Expected volatility</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2021-12-31_us-gaap_MeasurementInputPriceVolatilityMember_custom_WarrantBMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">68.73</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Expected term</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20211231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantBMember_zaoUH0eubQm8" title="Fair value assumption, warrant contractual term (years)"><ix:nonNumeric contextRef="AsOf2021-12-31_us-gaap_MeasurementInputExpectedTermMember_custom_WarrantBMember" format="ixt-sec:duryear" name="us-gaap:WarrantsAndRightsOutstandingTerm">2</ix:nonNumeric></span>
                                            years</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantBMember_zuRRcJ5MO081" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Risk free rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2021-12-31_us-gaap_MeasurementInputRiskFreeInterestRateMember_custom_WarrantBMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.19</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr id="xdx_40B_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember__us-gaap--StatementEquityComponentsAxis__custom--WarrantBMember_zOSsAFP1PDZi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Expected dividend yield</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2021-12-31_us-gaap_MeasurementInputExpectedDividendRateMember_custom_WarrantBMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AF_z1gU6XtMLjkl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 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: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Convertible
Notes</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
drawdowns notice amount, net of the Conversion Component and the warrants amounts (hereafter &#8220;Convertible notes&#8221;), is $<span id="xdx_90F_eus-gaap--ConvertibleDebtNoncurrent_iI_pn3n3_c20200401_zT3HMdnGEJec" title="Convertible notes"><ix:nonFraction name="us-gaap:ConvertibleDebtNoncurrent" contextRef="AsOf2020-04-01" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">580</ix:nonFraction></span>
thousand as of the agreement date. The convertible notes are accounted for according to the effective interest method.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 85.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 76; 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 -->21<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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: 0; margin-bottom: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 5 &#8211; CONVERTIBLE
NOTES </b>(cont&#8217;d)</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; 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: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 12, 2021, the parties to the Convertible Note Purchase Agreement (the &#8220;CL Agreement&#8221;) amended the CL Agreement to (i)
change the annual interest on the Notes to nine percent (9%), applicable from January 1, 2021, (ii) ensure that the Company shall repay
the loans at the time it consummates an investment in the amount of at least $<span id="xdx_90B_ecustom--ProceedsFromInvestment_pn6n6_c20210401__20210412__us-gaap--TypeOfArrangementAxis__custom--CLAgreementMember_zvWflLWhjwDf" title="Proceeds from investment"><ix:nonFraction name="CTGL:ProceedsFromInvestment" contextRef="From2021-04-012021-04-12_custom_CLAgreementMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">5</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million in the Company&#8217;s securities, and
(iii) modify the exercise prices of each of the A Warrants and B Warrants to $<span id="xdx_902_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20210412__us-gaap--TypeOfArrangementAxis__custom--CLAgreementMember__us-gaap--AwardTypeAxis__custom--WarrantBMember_zdYdDtgXZGDh"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-04-12_custom_CLAgreementMember_custom_WarrantBMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.10</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share, and the term of the A Warrants and B Warrants be extended by one year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; 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: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company concluded that the change in term does not constitute a trouble debt restructuring. Thereafter, the Company applied the guidance
in ASC 470-50, Modifications and Extinguishments. The accounting treatment is determined by whether terms of the new debt and original
debt are substantially different.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
new debt and the old debt are considered &#8220;substantially different&#8221; pursuant to ASC 470-50 when the present value of the cash
flows under the terms of the new debt instrument is at least 10% different from the present value of the remaining cash flows under the
terms of the original instrument (including the incremental fair value resulting from the change in the terms of the warrants held by
the lender). If the original and new debt instruments are substantially different, the original debt is derecognized and the new debt
should be initially recorded at fair value, with the difference recognized as an extinguishment gain or loss. Based on the analysis,
the Company concluded that the change in terms should be accounted for as an extinguishment.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
extinguishment resulted in a loss of $<span id="xdx_90D_eus-gaap--GainsLossesOnExtinguishmentOfDebt_pn3n3_c20210401__20210412__us-gaap--TypeOfArrangementAxis__custom--CLAgreementMember_zFt31ylsJOhb"><ix:nonFraction name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="From2021-04-012021-04-12_custom_CLAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">620</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousands</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
(including of $<span id="xdx_903_eus-gaap--RelatedPartyCosts_pn3n3_c20210401__20210412__us-gaap--TypeOfArrangementAxis__custom--CLAgreementMember_zobScQggSgtl"><ix:nonFraction name="us-gaap:RelatedPartyCosts" contextRef="From2021-04-012021-04-12_custom_CLAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">361</ix:nonFraction>
thousands</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211; change in the fair value
of the warrants which is considered transaction cost).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the warrants was estimated using the Black-Scholes option pricing model. The assumptions used to perform the calculations
are detailed below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; 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:ScheduleOfAssumptionsUsedTableTextBlock"><p id="xdx_89B_eus-gaap--ScheduleOfAssumptionsUsedTableTextBlock_zRLiZm97Mjsh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
value of the warrants immediately before the change:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 85.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B1_zWv6bAbZJWu9" style="display: none">SCHEDULE OF FAIR VALUE OF WARRANT USING ASSUMPTIONS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%; margin-left: 0.6in">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Fair value of the warrants</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_499_20210101__20211231__srt--StatementScenarioAxis__custom--BeforeTheChangeMember__us-gaap--AwardTypeAxis__custom--AWarrantMember_zpQeN6zlaiY6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">A Warrant</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_49D_20210101__20211231__srt--StatementScenarioAxis__custom--BeforeTheChangeMember__us-gaap--AwardTypeAxis__custom--BWarrantMember_z2VUZ29WWO2c" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">B Warrant</td><td style="font-weight: bold">&#160;</td></tr>
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    <td style="width: 64%; text-align: justify">Expected volatility (%)</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:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2021-01-012021-12-31_custom_BeforeTheChangeMember_custom_AWarrantMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">150.5</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:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2021-01-012021-12-31_custom_BeforeTheChangeMember_custom_BWarrantMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">158.7</ix:nonFraction></td><td style="width: 1%; text-align: left">%</td></tr>
  <tr id="xdx_40C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_zZq4iZPTMG7" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Risk-free interest rate (%)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2021-01-012021-12-31_custom_BeforeTheChangeMember_custom_AWarrantMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.04</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:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2021-01-012021-12-31_custom_BeforeTheChangeMember_custom_BWarrantMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.08</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr id="xdx_404_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_zfxAtx402bN5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Expected dividend yield</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2021-01-012021-12-31_custom_BeforeTheChangeMember_custom_AWarrantMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.0</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:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2021-01-012021-12-31_custom_BeforeTheChangeMember_custom_BWarrantMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.0</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Contractual term (years)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20210101__20211231__srt--StatementScenarioAxis__custom--BeforeTheChangeMember__us-gaap--AwardTypeAxis__custom--AWarrantMember_z5kc2I7tbdJb" title="Contractual term (years)"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_BeforeTheChangeMember_custom_AWarrantMember" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">0.18</ix:nonNumeric></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_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20210101__20211231__srt--StatementScenarioAxis__custom--BeforeTheChangeMember__us-gaap--AwardTypeAxis__custom--BWarrantMember_zCX2DxRDXI55" title="Contractual term (years)"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_BeforeTheChangeMember_custom_BWarrantMember" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">1.18</ix:nonNumeric></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: justify">Conversion price</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_pid_dtY_c20211231__srt--StatementScenarioAxis__custom--BeforeTheChangeMember__us-gaap--AwardTypeAxis__custom--AWarrantMember_zENJXpOxEzdj" title="Conversion price"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" contextRef="AsOf2021-12-31_custom_BeforeTheChangeMember_custom_AWarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.26</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_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_pid_dtY_c20211231__srt--StatementScenarioAxis__custom--BeforeTheChangeMember__us-gaap--AwardTypeAxis__custom--BWarrantMember_zQnWfev5rW54"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" contextRef="AsOf2021-12-31_custom_BeforeTheChangeMember_custom_BWarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.31</ix:nonFraction></span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Underlying share price (U.S. dollars)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90F_eus-gaap--SharePrice_iI_pid_dtY_c20211231__srt--StatementScenarioAxis__custom--BeforeTheChangeMember__us-gaap--AwardTypeAxis__custom--AWarrantMember_zyxfUt637UY7" title="Underlying share price (U.S. dollars)"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-12-31_custom_BeforeTheChangeMember_custom_AWarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.07</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_903_eus-gaap--SharePrice_iI_pid_dtY_c20211231__srt--StatementScenarioAxis__custom--BeforeTheChangeMember__us-gaap--AwardTypeAxis__custom--BWarrantMember_zUarvr1XnOii" title="Underlying share price (U.S. dollars)"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-12-31_custom_BeforeTheChangeMember_custom_BWarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.07</ix:nonFraction></span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_pn3n3_zCliUq77BWB9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Fair value (U.S. dollars in thousands)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" contextRef="From2021-01-012021-12-31_custom_BeforeTheChangeMember_custom_AWarrantMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3</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:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" contextRef="From2021-01-012021-12-31_custom_BeforeTheChangeMember_custom_BWarrantMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">121</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 10.05pt; 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: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
value of the warrants immediately after the change:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 85.05pt; 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: 80%; margin-left: 0.6in">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Fair value of the warrants</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_49E_20210101__20211231__srt--StatementScenarioAxis__custom--AfterTheChangeMember__us-gaap--AwardTypeAxis__custom--AWarrantMember_zEcZmFMJUf8e" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">A Warrant</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_493_20210101__20211231__srt--StatementScenarioAxis__custom--AfterTheChangeMember__us-gaap--AwardTypeAxis__custom--BWarrantMember_zjh0yT3HhuI6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">B Warrant</td><td style="font-weight: bold">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_zBa4bUPF76Tf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: justify">Expected volatility (%)</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:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2021-01-012021-12-31_custom_AfterTheChangeMember_custom_AWarrantMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">158.7</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:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2021-01-012021-12-31_custom_AfterTheChangeMember_custom_BWarrantMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">158.7</ix:nonFraction></td><td style="width: 1%; text-align: left">%</td></tr>
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    <td style="text-align: justify">Risk-free interest rate (%)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8A4_ziAf3YKvJl07" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 77; 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>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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: 0; margin-bottom: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
5 &#8211; CONVERTIBLE NOTES </b>(cont&#8217;d)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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="text-align: justify; width: 0.25in">&#160;</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    June 24, 2021, the Company received from Citrine 8 LP, a related party, a convertible loan of $<span id="xdx_90F_eus-gaap--ProceedsFromLoans_pn3n3_c20210623__20210624__dei--LegalEntityAxis__custom--Citrine8LPMember_zeeWCCTwMt4d"><ix:nonFraction name="us-gaap:ProceedsFromLoans" contextRef="From2021-06-232021-06-24_custom_Citrine8LPMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">350</ix:nonFraction>
    thousands</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">made under and pursuant to
    the CL Agreement. Citrine agreed to honor a Draw Down Notice for, and advanced to the Company, $<span id="xdx_905_eus-gaap--ProceedsFromLoans_pn3n3_c20210623__20210624__dei--LegalEntityAxis__custom--Citrine8LPMember_zjMMsPShs7Se"><ix:nonFraction name="us-gaap:ProceedsFromLoans" contextRef="From2021-06-232021-06-24_custom_Citrine8LPMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">350</ix:nonFraction>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="text-align: justify">&#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>
    <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="text-align: justify">&#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>
    <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>Convertible
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="text-align: justify">&#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>
    <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="text-align: justify">&#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>
    <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
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    June 24, 2021 were consistent with those utilized in the Company&#8217;s Black-Scholes valuation for stock options are detailed below:</span></td></tr>
  </table>
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%; margin-left: 0.6in">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: justify">Expected volatility (%)</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Risk-free interest rate (%)</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>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Expected dividend yield</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>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Contractual term (years)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_901_eus-gaap--DebtSecuritiesAvailableForSaleTerm_iI_dtY_c20210624__dei--LegalEntityAxis__custom--Citrine8LPMember__us-gaap--ValuationTechniqueAxis__custom--MonteCarloSimulationModelMember_zntwKCIyRpP1"><ix:nonNumeric contextRef="AsOf2021-06-24_custom_Citrine8LPMember_custom_MonteCarloSimulationModelMember" format="ixt-sec:duryear" name="us-gaap:DebtSecuritiesAvailableForSaleTerm">1.5</ix:nonNumeric></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 style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td id="xdx_F4F_znRW8fiVPFcl" style="text-align: justify">Conversion price</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_c20210624__dei--LegalEntityAxis__custom--Citrine8LPMember__us-gaap--ValuationTechniqueAxis__custom--MonteCarloSimulationModelMember_fKCop_zlMOtmwV0cW4" title="Conversion price" style="display: none"><span style="-sec-ix-hidden: xdx2ixbrl0955">-</span></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 style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Underlying share price (US dollars)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uUSDPShares_c20210624__dei--LegalEntityAxis__custom--Citrine8LPMember__us-gaap--ValuationTechniqueAxis__custom--MonteCarloSimulationModelMember_zUuedLtqA2S3" title="Underlying share price (US dollars)" style="text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentMeasurementInput" contextRef="AsOf2021-06-24_custom_Citrine8LPMember_custom_MonteCarloSimulationModelMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.03</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">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Convertible notes amount</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eus-gaap--DebtInstrumentFairValue_c20210624__dei--LegalEntityAxis__custom--Citrine8LPMember__us-gaap--ValuationTechniqueAxis__custom--MonteCarloSimulationModelMember_pp0p0" title="Convertible notes amount" style="text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentFairValue" contextRef="AsOf2021-06-24_custom_Citrine8LPMember_custom_MonteCarloSimulationModelMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">397</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">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Fair value of the conversion feature (US dollars in thousands)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eus-gaap--ConvertibleDebtFairValueDisclosures_c20210624__dei--LegalEntityAxis__custom--Citrine8LPMember__us-gaap--ValuationTechniqueAxis__custom--MonteCarloSimulationModelMember_pp0p0" title="Fair value of the conversion feature (US dollars)" style="text-align: right"><ix:nonFraction name="us-gaap:ConvertibleDebtFairValueDisclosures" contextRef="AsOf2021-06-24_custom_Citrine8LPMember_custom_MonteCarloSimulationModelMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">117</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">&#160;</td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 106.35pt; text-align: justify; text-indent: -28.35pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 106.35pt; text-align: justify; text-indent: -28.35pt"></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">
<tr style="vertical-align: top; text-align: left">
  <td id="xdx_F07_zyfbDmp63ub" style="width: 0.25in">(*)</td>
  <td id="xdx_F1D_zOQy3XKcLL6"><ix:footnote id="Footnote000962" xml:lang="en-US">the conversion price is 85% of the share price, during the period of 5 days preceding the conversion date.</ix:footnote></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 106.35pt; text-align: justify; text-indent: -28.35pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.6in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><p id="xdx_8A3_z8dKmN8Docfg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Warrants</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of such warrants granted as part of the June 24 agreement was estimated at $<span id="xdx_905_eus-gaap--FairValueAdjustmentOfWarrants_pn3n3_c20210623__20210624_z1OCpOm1Xpx5"><ix:nonFraction name="us-gaap:FairValueAdjustmentOfWarrants" contextRef="From2021-06-232021-06-24" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">404</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousands</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
using the Black-Scholes option-pricing model and recorded as additional paid-in capital on the balance sheet.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; 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_custom_Citrine8LPMember" escape="true" name="us-gaap:ScheduleOfAssumptionsUsedTableTextBlock"><p id="xdx_899_eus-gaap--ScheduleOfAssumptionsUsedTableTextBlock_hdei--LegalEntityAxis__custom--Citrine8LPMember_zsNMVRMlT5D8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
assumptions used to perform the calculations are detailed below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BE_zHVoBPwzO4I8" style="display: none">SCHEDULE OF FAIR VALUE OF WARRANT USING ASSUMPTIONS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%; margin-left: 0.6in">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="2" id="xdx_49E_20210623__20210624__dei--LegalEntityAxis__custom--Citrine8LPMember__us-gaap--AwardTypeAxis__custom--BWarrantMember_zD5MmvZpKF2e" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">B Warrant</td><td style="font-weight: bold">&#160;</td></tr>
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    <td style="width: 64%; text-align: justify">Expected volatility (%)</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:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2021-06-232021-06-24_custom_Citrine8LPMember_custom_AWarrantMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">156.8</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:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2021-06-232021-06-24_custom_Citrine8LPMember_custom_BWarrantMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">156.8</ix:nonFraction></td><td style="width: 1%; text-align: left">%</td></tr>
  <tr id="xdx_404_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_z0SXFbUKp9bi" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Risk-free interest rate (%)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2021-06-232021-06-24_custom_Citrine8LPMember_custom_AWarrantMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.37</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:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2021-06-232021-06-24_custom_Citrine8LPMember_custom_BWarrantMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.59</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr id="xdx_40F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_zyOvyWoU37wc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Expected dividend yield</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2021-06-232021-06-24_custom_Citrine8LPMember_custom_AWarrantMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.0</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:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2021-06-232021-06-24_custom_Citrine8LPMember_custom_BWarrantMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.0</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Contractual term (years)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20210623__20210624__dei--LegalEntityAxis__custom--Citrine8LPMember__us-gaap--AwardTypeAxis__custom--AWarrantMember_zLybxOoRQAe3" title="Contractual term (years)"><ix:nonNumeric contextRef="From2021-06-232021-06-24_custom_Citrine8LPMember_custom_AWarrantMember" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">2.5</ix:nonNumeric></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_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20210623__20210624__dei--LegalEntityAxis__custom--Citrine8LPMember__us-gaap--AwardTypeAxis__custom--BWarrantMember_zW9kTRwQWUEh" title="Contractual term (years)"><ix:nonNumeric contextRef="From2021-06-232021-06-24_custom_Citrine8LPMember_custom_BWarrantMember" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">3.5</ix:nonNumeric></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: justify">Conversion price</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_pid_dtY_c20210624__dei--LegalEntityAxis__custom--Citrine8LPMember__us-gaap--AwardTypeAxis__custom--AWarrantMember_zX6z78RnHyy7" title="Conversion price"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" contextRef="AsOf2021-06-24_custom_Citrine8LPMember_custom_AWarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.1</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_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_pid_dtY_c20210624__dei--LegalEntityAxis__custom--Citrine8LPMember__us-gaap--AwardTypeAxis__custom--BWarrantMember_zCJTLn8FWTJ4" title="Conversion price"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" contextRef="AsOf2021-06-24_custom_Citrine8LPMember_custom_BWarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.1</ix:nonFraction></span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Underlying share price (U.S. dollars)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_900_eus-gaap--SharePrice_iI_pid_dtY_c20210624__dei--LegalEntityAxis__custom--Citrine8LPMember__us-gaap--AwardTypeAxis__custom--AWarrantMember_z0sfXH2Po84h" title="Underlying share price (U.S. dollars)"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-06-24_custom_Citrine8LPMember_custom_AWarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.03</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_904_eus-gaap--SharePrice_iI_pid_dtY_c20210624__dei--LegalEntityAxis__custom--Citrine8LPMember__us-gaap--AwardTypeAxis__custom--BWarrantMember_zq7RTQ1Kw9Lk" title="Underlying share price (U.S. dollars)"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-06-24_custom_Citrine8LPMember_custom_BWarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.03</ix:nonFraction></span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_pn3n3_zIhKzKbPejSe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Fair value (U.S. dollars in thousands)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" contextRef="From2021-06-232021-06-24_custom_Citrine8LPMember_custom_AWarrantMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">184</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:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" contextRef="From2021-06-232021-06-24_custom_Citrine8LPMember_custom_BWarrantMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">220</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AC_zGrXS2WRIz97" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 60.75pt; text-align: justify; text-indent: 24.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>


<ix:exclude><!-- Field: Page; Sequence: 78; 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-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(U.S.
dollars in thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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: 0; margin-bottom: 0; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
5 &#8211; CONVERTIBLE NOTES </b>(cont&#8217;d)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fair
Value Proportional Allocation for the June 24 Loan</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the note was estimated at $<span id="xdx_90C_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20210624_zmkSCdoy0sd8"><ix:nonFraction name="us-gaap:ConvertibleDebtFairValueDisclosures" contextRef="AsOf2021-06-24" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">308</ix:nonFraction>
thousands</span></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">
The note is accounted for according to the effective interest method.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; 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_893_eus-gaap--ScheduleOfDebtTableTextBlock_zYD0XIVXBoQ2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the above, the fair value proportion allocation as of June 24, 2021 was as follows:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 67.6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B1_ztRXwGr41E2i" style="display: none">SCHEDULE
OF FAIR VALUE OF DEBT</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-left: 0.6in">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><div style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June
                                            24, 2021</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(US
                                            dollars in thousands)</span></p> </div></td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: justify">Conversion Component</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--DebtInstrumentFairValue_iI_pn3n3_c20210624__us-gaap--DebtInstrumentAxis__custom--ConversionComponentMember_zBRrub5k99ga" style="width: 20%; text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentFairValue" contextRef="AsOf2021-06-24_custom_ConversionComponentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">117</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Warrants</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eus-gaap--DebtInstrumentFairValue_iI_pn3n3_c20210624__us-gaap--DebtInstrumentAxis__custom--WarrantsMember_z46hj5TpqWDe" style="text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentFairValue" contextRef="AsOf2021-06-24_custom_WarrantsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">172</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Convertible Notes</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_980_eus-gaap--DebtInstrumentFairValue_iI_pn3n3_c20210624__us-gaap--DebtInstrumentAxis__custom--ConvertibleNotesMember_znTLD9ttwPsd" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentFairValue" contextRef="AsOf2021-06-24_custom_ConvertibleNotesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">61</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Total</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--DebtInstrumentFairValue_iI_pn3n3_c20210624_zekjIJAb5oA5" style="text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentFairValue" contextRef="AsOf2021-06-24" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">350</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A8_zwx6Y3YrKD3l" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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: top">
    <td style="text-align: justify; width: 0.25in">&#160;</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">On
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 75pt; 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: 0.75in; 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">(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">Extension
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confirming
    the agreement of <span id="xdx_907_eus-gaap--DebtInstrumentDescription_pdp0_c20210811__20210813__us-gaap--TypeOfArrangementAxis__custom--CLAgreementMember_z0P2GjYdkKb1"><ix:nonNumeric contextRef="From2021-08-112021-08-13_custom_CLAgreementMember" name="us-gaap:DebtInstrumentDescription">the
    holders of the Outstanding CL Notes to honor draw down notice for balance of remainder of the $1,800 thousands originally
    committed to under the CL Agreement (i.e., $280 thousands) through March 31, 2022.</ix:nonNumeric></span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 128.7pt; text-align: justify"><span 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; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company concluded that the change in term constitutes a trouble debt restructuring, due to its financial condition and the
relief that the abovementioned changes provided.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> A new effective interest rate was established
based on the carrying value of the debt and the revised cash flows.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the abovementioned amendment on August 13, 2021, the conversion component is qualifying for the scope exception under ASC 815-10-15-74(a).
In accordance with ASC 815-15-35-4, since the embedded conversion option in the convertible debt no longer meets the bifurcation criteria,
the fair value of the conversion component, in the amount of $<span id="xdx_90A_eus-gaap--DebtInstrumentConvertibleBeneficialConversionFeature_pp0p0_c20210811__20210813_zc8g8Q4QkBE3" title="Conversion price"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleBeneficialConversionFeature" contextRef="From2021-08-112021-08-13" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">670,224</ix:nonFraction></span>, was reclassified from short-term liability to shareholders equity
at that date.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Conversion
feature </i>In accordance with ASC 815-15-25, the conversion feature was considered embedded derivative instrument, and is to be recorded
at its fair value separately from the convertible notes, within current liabilities in the Company&#8217;s balance sheet. The conversion
component is then marked to market each reporting period with the resulting gains or losses shown in the statements of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 79; 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>
    <!-- Field: /Page --></ix:exclude>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
5 &#8211; CONVERTIBLE NOTES </b>(cont&#8217;d)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the conversion feature (hereafter &#8220;Convertible Component&#8221;) was estimated using the Monte-Carlo simulation model
to compute the Convertible Component&#8217;s fair value. The assumptions used to perform the Monte-Carlo simulation model were consistent
with those utilized in the Company&#8217;s Black-Scholes valuation for stock options are detailed below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_C0D_gL3SOSBPASOVA-CEEJ_zT4NF2a6swli"><ix:continuation continuedAt="ConU000826-02" id="ConU000826-01">&#160;</ix:continuation></span></b><span id="xdx_C06_gL3SOSBPASOVA-CEEJ_zMo4hXlEhNXa"><ix:continuation continuedAt="ConU000826-03" id="ConU000826-02"><span style="display: none"></span></ix:continuation></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Loan
                                            #1 that was amended on August 13, 2021:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 48.6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_304_134_z4WS0tegk5qk" summary="xdx: Disclosure - SCHEDULE OF FAIR VALUE OF CONVERTIBLE FEATURE USING VALUATION ASSUMPTIONS (Details)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%; margin-left: 0.6in">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_493_20210801__20210813__us-gaap--FinancialInstrumentAxis__custom--LoanOneMember_zhbueHp6fVec" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">August 13, 2021</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_491_20200101__20201231__us-gaap--FinancialInstrumentAxis__custom--LoanOneMember_zetB7NB4KWje" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2020</td><td style="font-weight: bold">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_zL28qWJJc3h1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 56%; text-align: justify">Expected volatility (%)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 18%; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2021-08-012021-08-13_custom_LoanOneMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">149.04</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: 18%; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2020-01-012020-12-31_custom_LoanOneMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">164.43</ix:nonFraction></td><td style="width: 1%; text-align: left">%</td></tr>
  <tr id="xdx_40E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_zCnVl6GTp9vk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Risk-free interest rate (%)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2021-08-012021-08-13_custom_LoanOneMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.05</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:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2020-01-012020-12-31_custom_LoanOneMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.1</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr id="xdx_400_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_zEOAEVG5m9f1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Expected dividend yield</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2021-08-012021-08-13_custom_LoanOneMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.0</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:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2020-01-012020-12-31_custom_LoanOneMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.0</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Contractual term (years)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20210801__20210813__us-gaap--FinancialInstrumentAxis__custom--LoanOneMember_zb7AdJ0sD0ba" title="Contractual term (years)"><ix:nonNumeric contextRef="From2021-08-012021-08-13_custom_LoanOneMember" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">0.34</ix:nonNumeric></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_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20200101__20201231__us-gaap--FinancialInstrumentAxis__custom--LoanOneMember_zI9LdkdaH2K7" title="Contractual term (years)"><ix:nonNumeric contextRef="From2020-01-012020-12-31_custom_LoanOneMember" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">0.95</ix:nonNumeric></span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td id="xdx_F4A_ztt2vSvRHll6" style="text-align: justify">Conversion price</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_c20210813__us-gaap--FinancialInstrumentAxis__custom--LoanOneMember_fKCop_zBRKSpSZj4Vb" title="Conversion price" style="display: none"><span style="-sec-ix-hidden: xdx2ixbrl1022">-</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(*)</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_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_c20201231__us-gaap--FinancialInstrumentAxis__custom--LoanOneMember_fKCop_zkODNHOS4o75" style="display: none"><span style="-sec-ix-hidden: xdx2ixbrl1023">-</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(*)</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Underlying share price (U.S. dollars)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_909_eus-gaap--SharePrice_iI_pid_c20210813__us-gaap--FinancialInstrumentAxis__custom--LoanOneMember_zJTEVhMKzV4i" title="Underlying share price (U.S. dollars)"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-08-13_custom_LoanOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.05</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_905_eus-gaap--SharePrice_iI_pid_c20201231__us-gaap--FinancialInstrumentAxis__custom--LoanOneMember_zN6eoB6ViPHc" title="Underlying share price (U.S. dollars)"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2020-12-31_custom_LoanOneMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.045</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="text-align: justify">Convertible notes amount</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eus-gaap--ConvertibleNotesPayable_iI_pn3n3_c20210813__us-gaap--FinancialInstrumentAxis__custom--LoanOneMember_zfmyYg89Snnh" title="Convertible notes amount" style="text-align: right"><ix:nonFraction name="us-gaap:ConvertibleNotesPayable" contextRef="AsOf2021-08-13_custom_LoanOneMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,312</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eus-gaap--ConvertibleNotesPayable_iI_pn3n3_c20201231__us-gaap--FinancialInstrumentAxis__custom--LoanOneMember_zCB8BKlLC4k4" title="Convertible notes amount" style="text-align: right"><ix:nonFraction name="us-gaap:ConvertibleNotesPayable" contextRef="AsOf2020-12-31_custom_LoanOneMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,275</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_pn3n3_zkjHbg2Mvoc6" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Fair value of the conversion feature (U.S. dollars in thousands)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" contextRef="From2021-08-012021-08-13_custom_LoanOneMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">379</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:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" contextRef="From2020-01-012020-12-31_custom_LoanOneMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">381</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 106.35pt; text-align: justify; text-indent: -28.35pt"><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: 90%; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.25in"><span id="xdx_F0A_zTaGyIc01Sbe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(*)</span></td>
  <td style="text-align: justify"><span id="xdx_F16_zWoUjsLyQq16" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001035" xml:lang="en-US">the conversion price is <span id="xdx_90A_ecustom--ConversionPricePercentage_iI_pid_dp_c20200612__us-gaap--FinancialInstrumentAxis__custom--LoanOneMember_zg9wjO34rI69"><ix:nonFraction name="CTGL:ConversionPricePercentage" contextRef="AsOf2020-06-12_custom_LoanOneMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">85</ix:nonFraction></span>% of the share price, during the
period of 5 days preceding the conversion date</ix:footnote></span></td></tr>
</table>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Loan
#2 that was amended on August 13, 2021:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 49.65pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" id="xdx_30A_134_zOLd5drm1qcf" summary="xdx: Disclosure - SCHEDULE OF FAIR VALUE OF CONVERTIBLE FEATURE USING VALUATION ASSUMPTIONS (Details)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%; margin-left: 0.6in">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_498_20210801__20210813__us-gaap--FinancialInstrumentAxis__custom--LoanTwoMember_z6vJ7VM7vE6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">August 13, 2021</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_496_20210623__20210624__us-gaap--FinancialInstrumentAxis__custom--LoanTwoMember_zWFV3zbB0ky2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 24, 2021</td><td style="font-weight: bold">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_zJYqUbRyf97c" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 56%; text-align: justify">Expected volatility (%)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 18%; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2021-08-012021-08-13_custom_LoanTwoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">151.48</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: 18%; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2021-06-232021-06-24_custom_LoanTwoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">156.8</ix:nonFraction></td><td style="width: 1%; text-align: left">%</td></tr>
  <tr id="xdx_40F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_zKsd7eCCKjx2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Risk-free interest rate (%)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2021-08-012021-08-13_custom_LoanTwoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.13</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:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2021-06-232021-06-24_custom_LoanTwoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.17</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr id="xdx_401_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_zBRbYLPYNFi8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Expected dividend yield</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2021-08-012021-08-13_custom_LoanTwoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.0</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:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2021-06-232021-06-24_custom_LoanTwoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.0</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Contractual term (years)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20210801__20210813__us-gaap--FinancialInstrumentAxis__custom--LoanTwoMember_zhbRBXdBTvol"><ix:nonNumeric contextRef="From2021-08-012021-08-13_custom_LoanTwoMember" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">1.36</ix:nonNumeric></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_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20210623__20210624__us-gaap--FinancialInstrumentAxis__custom--LoanOneMember_zJgOgF236kR"><ix:nonNumeric contextRef="From2021-06-232021-06-24_custom_LoanOneMember" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">1.5</ix:nonNumeric></span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td id="xdx_F41_zq4mW0ict0R8" style="text-align: justify">Conversion price</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_c20210813__us-gaap--FinancialInstrumentAxis__custom--LoanTwoMember_fKCop_zTS5m9YDXW89" style="display: none"><span style="-sec-ix-hidden: xdx2ixbrl1048">-</span></span>
                                            <span style="font-size: 10pt">(*)</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"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_c20210624__us-gaap--FinancialInstrumentAxis__custom--LoanTwoMember_fKCop_zM4Jr8dSn3ye" style="display: none"><span style="-sec-ix-hidden: xdx2ixbrl1049">-</span></span>
                                            <span style="font-size: 10pt">(*)</span></span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Underlying share price (U.S. dollars)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90B_eus-gaap--SharePrice_iI_pid_c20210813__us-gaap--FinancialInstrumentAxis__custom--LoanTwoMember_zjFA7B0KCK78"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-08-13_custom_LoanTwoMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.05</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_907_eus-gaap--SharePrice_iI_pid_c20210624__us-gaap--FinancialInstrumentAxis__custom--LoanTwoMember_zKm0DlYqkA09"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-06-24_custom_LoanTwoMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.3</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="text-align: justify">Convertible notes amount</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--ConvertibleNotesPayable_iI_pn3n3_c20210813__us-gaap--FinancialInstrumentAxis__custom--LoanTwoMember_z4iWjM2PXdce" style="text-align: right"><ix:nonFraction name="us-gaap:ConvertibleNotesPayable" contextRef="AsOf2021-08-13_custom_LoanTwoMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">397</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eus-gaap--ConvertibleNotesPayable_iI_pn3n3_c20210624__us-gaap--FinancialInstrumentAxis__custom--LoanTwoMember_z5Ry7tVEBtTl" style="text-align: right"><ix:nonFraction name="us-gaap:ConvertibleNotesPayable" contextRef="AsOf2021-06-24_custom_LoanTwoMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">397</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_pn3n3_z4kMm2SoQXYf" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Fair value of the conversion feature (U.S. dollars in thousands)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" contextRef="From2021-08-012021-08-13_custom_LoanTwoMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">115</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:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" contextRef="From2021-06-232021-06-24_custom_LoanTwoMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">117</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 106.35pt; text-align: justify; text-indent: -28.35pt"><span 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; margin-left: 106.35pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">
<tr style="vertical-align: top; text-align: left">
  <td id="xdx_F02_zgeMJKqrU66d" style="width: 0.25in">(*)</td>
  <td id="xdx_F10_zLQLXOng4Agc"><ix:footnote id="Footnote001057" xml:lang="en-US">the conversion price is <span id="xdx_903_ecustom--ConversionPricePercentage_iI_pid_dp_c20200612__us-gaap--FinancialInstrumentAxis__custom--LoanTwoMember_zFRM4d9qk1Cl" title="Conversion price percentage"><ix:nonFraction name="CTGL:ConversionPricePercentage" contextRef="AsOf2020-06-12_custom_LoanTwoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">85</ix:nonFraction></span>% of the share price, during the period of 5 days preceding the conversion date.</ix:footnote></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 106.35pt; text-align: justify; text-indent: -28.35pt"><span 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; margin-left: 0.5in; text-align: justify"><span id="xdx_C02_gL3SOSBPASOVA-CEEJ_zBWXWbgvN9ug" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:continuation id="ConU000826-03">&#160;</ix:continuation></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the abovementioned amendment on August 13, 2021, the conversion component is qualifying for the scope exception under ASC 815-10-15-74(a).
In accordance with ASC 815-15-35-4, since the embedded conversion option in the convertible debt no longer meets the bifurcation criteria,
the fair value of the conversion component, in the amount of $<span id="xdx_90C_eus-gaap--ShortTermBorrowings_iBI_pn3n3_c20211231_zkRmJeYnJDDe"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">670</ix:nonFraction>
thousands</span></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">
was reclassified from short-term liability to shareholders equity at that date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 80; 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>
    <!-- Field: /Page --></ix:exclude>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><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_807_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zofKa41Dz1k4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
6 &#8211; <span id="xdx_824_zH5geIAe17R5">SHAREHOLDERS&#8217; EQUITY</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 56.7pt; text-align: justify; text-indent: -56.7pt"><span 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; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Description
of the rights attached to the Shares in the Company:</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common
Stock:</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
share of Common Stock entitles the holder to one vote, either in person or by proxy, at meetings of stockholders. The holders of Common
Stock are not permitted to vote their shares cumulatively. Accordingly, the holders of the Company&#8217;s Common Stock who hold, in
the aggregate, more than fifty percent of the total voting rights can elect all of the directors and, in such event, the holders of the
remaining minority shares will not be able to elect any of such directors. The vote of the holders of a majority of the issued and outstanding
shares of Common Stock entitled to vote thereon is sufficient to authorize, affirm, ratify or consent to such act or action, except as
otherwise provided by law.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Transactions:</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 29, 2020, holders of <span id="xdx_904_eus-gaap--ConversionOfStockSharesConverted1_pid_c20200128__20200129__us-gaap--StatementClassOfStockAxis__custom--RedeemableConvertibleSeriesAPreferredStockMember_zJUXVJxYH6nd"><ix:nonFraction name="us-gaap:ConversionOfStockSharesConverted1" contextRef="From2020-01-282020-01-29_custom_RedeemableConvertibleSeriesAPreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,344,828</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">redeemable convertible Series A Preferred Stock,
converted their shares into <span id="xdx_90C_eus-gaap--ConversionOfStockSharesIssued1_c20200128__20200129__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_pdd"><ix:nonFraction name="us-gaap:ConversionOfStockSharesIssued1" contextRef="From2020-01-282020-01-29_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,344,828</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Common Stock .</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
terms of the transaction for the issuance of <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20200222__20200223__us-gaap--TypeOfArrangementAxis__custom--ARCitrineAgreementMember__srt--RangeAxis__srt--MaximumMember_zbbRjO7DTeC3" title="Number of common stock shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-02-222020-02-23_custom_ARCitrineAgreementMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">893,699,276</ix:nonFraction></span> shares of Common Stock in total are described in Note 1 above. During February
and March 2020, the Company issued <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20200201__20200229__srt--TitleOfIndividualAxis__custom--InvestorsMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zLfUab26SBGd" title="Number of common stock shares issued"><span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20200301__20200331__srt--TitleOfIndividualAxis__custom--InvestorsMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zu9wnNJGH3e4"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-02-012020-02-29_custom_InvestorsMember_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-03-012020-03-31_custom_InvestorsMember_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">432,996,555</ix:nonFraction></ix:nonFraction></span></span> shares of Common Stock, par value $<span id="xdx_90A_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20200229__srt--TitleOfIndividualAxis__custom--InvestorsMember_zzgo1SqxlO9l" title="Common stock, par value"><span id="xdx_90A_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20200331__srt--TitleOfIndividualAxis__custom--InvestorsMember_z56AGvUkm9s4" title="Common stock, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2020-02-29_custom_InvestorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2020-03-31_custom_InvestorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></ix:nonFraction></span></span>, to investors in respect of the transaction
described in Note 1 above, for a total consideration of $45 thousand, and on November 12, 2020, the Company issued the remaining <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20201110__20201112__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zjGDdVLzyL22" title="Number of common stock shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-11-102020-11-12_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">445,702,721</ix:nonFraction></span>
shares of Common Stock pursuant to the terms of the transaction for the issuance of <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200222__20200223__us-gaap--TypeOfArrangementAxis__custom--ARCitrineAgreementMember__srt--RangeAxis__srt--MaximumMember_zZr1YFZ8PHw2" title="Number of common stock shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-02-222020-02-23_custom_ARCitrineAgreementMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">893,699,276</ix:nonFraction></span> shares of Common Stock in total are described
in Note 1 above.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 5, 2020 the Company issued <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_pid_c20200304__20200305__srt--TitleOfIndividualAxis__custom--LegalAdvisorMember_zYS6oGHIpoWf"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2020-03-042020-03-05_custom_LegalAdvisorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">15,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Common Stock to its legal advisor in
respect of legal consulting services, with respect to the Citrine Global Transaction as well as other legal services, as agreed between
the parties. The Company estimated the fair value of the shares issued based on the share price at the grant date at $<span id="xdx_902_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_pn3n3_c20200304__20200305__srt--TitleOfIndividualAxis__custom--LegalAdvisorMember_z3hWgNTO8CSi"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueIssuedForServices" contextRef="From2020-03-042020-03-05_custom_LegalAdvisorMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,785</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousand. During the years ended December 31,
2021 and 2020 the Company recorded share based compensation expense of $<span id="xdx_909_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20210101__20211231__srt--TitleOfIndividualAxis__custom--LegalAdvisorMember_ztVOZhtUSlde"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31_custom_LegalAdvisorMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,034</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousands</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
and $<span id="xdx_900_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20200101__20201231__srt--TitleOfIndividualAxis__custom--LegalAdvisorMember_zIe7Bn9eTiw"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2020-01-012020-12-31_custom_LegalAdvisorMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,751</ix:nonFraction>
thousands</span></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">
respectively, among general and administrative expenses.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 11, 2020, the Company issued additional <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20201110__20201111__srt--TitleOfIndividualAxis__custom--LegalAdvisorMember_ziTeAWdG0LAi"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2020-11-102020-11-11_custom_LegalAdvisorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">13,222,082</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Common Stock to its legal advisor pursuant
to the above agreement. The Company estimated the fair value of the shares issued based on the share price at the grant date at $<span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_pn3n3_c20201110__20201111__srt--TitleOfIndividualAxis__custom--LegalAdvisorMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember_zdhgGiNzHxpf"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueIssuedForServices" contextRef="From2020-11-102020-11-11_custom_LegalAdvisorMember_custom_AgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,218</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousand. During the years ended December 31,
2021 and 2020 the Company recorded share based compensation expense of $<span id="xdx_902_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20210101__20211231__srt--TitleOfIndividualAxis__custom--LegalAdvisorMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember_zGAmhmtnHBQ7"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31_custom_LegalAdvisorMember_custom_AgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">703</ix:nonFraction>
thousands</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_90F_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20200101__20201231__srt--TitleOfIndividualAxis__custom--LegalAdvisorMember__us-gaap--TypeOfArrangementAxis__custom--AgreementMember_zTiuGJAnCmof"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2020-01-012020-12-31_custom_LegalAdvisorMember_custom_AgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,515</ix:nonFraction>
thousands</span></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">
respectively, among general and administrative expenses.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 14, 2020 the Company amended its Certificate of Incorporation to reflect the increase of its authorized capital by one billion shares
of Common Stock</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 11, 2020, the Company issued <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20201110__20201111__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zZ4nwr1yHxI5" title="Fair value of shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2020-11-102020-11-11_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,411,104</ix:nonFraction></span> shares of Common Stock to its Chief Financial Officer. The Company estimated the fair
value of the shares issued based on the share price at the grant date at $<span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_pn3n3_c20200101__20201231__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zJfWN8MKjVse" title="Fair value of service"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueIssuedForServices" contextRef="From2020-01-012020-12-31_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">155</ix:nonFraction></span> thousand and recorded a share based compensation expense
in the year ended December 31, 2020.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--StockholdersEquityReverseStockSplit_c20201007__20201008_zXrL84DVNAZg" title="Reverse stock split"><ix:nonNumeric contextRef="From2020-10-072020-10-08" name="us-gaap:StockholdersEquityReverseStockSplit">On
October 8, 2020, the Board approved a reverse stock split of the Company&#8217;s authorized, issued and outstanding shares of Common
Stock, at a ratio between 1-for-40 to 1-for-100, subject to the approval of the Company&#8217;s stockholders (the &#8220;Reverse Stock
Split&#8221;). The final ratio of the Reverse Stock Split will be determined by the Board at a later date.</ix:nonNumeric></span> Since such reverse stock split
was not approved yet as of the approval date of these financial statements, it is not reflected in any share information disclosed within
these financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 49.6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 81; 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-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 8, 2020, the Board approved an amendment to its Certificate of Incorporation to remove from its authorized capital stock of
the Company the fifty million <span id="xdx_90B_eus-gaap--PreferredStockSharesAuthorized_iNI_pid_di_c20201108__us-gaap--StatementEquityComponentsAxis__custom--UndesignatedPreferredStockMember_ztGGt7vdxC54" title="Preferred stock, shares authorized">(<ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2020-11-08_custom_UndesignatedPreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000,000</ix:nonFraction>)</span> shares of undesignated Preferred Stock, subject to the approval of the Company&#8217;s stockholders.
No shares of Preferred Stock are currently outstanding, and such removal and cancellation would remove the authority of the Board or
any authorized committee thereof to provide for the issuance of shares of Preferred Stock without further approval of the Company&#8217;s
stockholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 49.6pt; 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_807_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zU5Ehns3uNnk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
7 &#8211; <span id="xdx_826_zhcCH4vcqOh3">STOCK OPTIONS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 56.7pt; text-align: justify; text-indent: -56.7pt"><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">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">On August 15, 2021, the Company&#8217;s board of directors determined to increase the number of shares reserved for issuance under the 2018 Stock Incentive Plan to <span id="xdx_901_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_c20210815__us-gaap--AwardTypeAxis__custom--TwoThousandEighteenStockIncentivePlanMember_zYHlxz4xdWd2" title="Number of shares reserved for issuance"><ix:nonFraction name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" contextRef="AsOf2021-08-15_custom_TwoThousandEighteenStockIncentivePlanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">90,000,000</ix:nonFraction> </span>shares of common stock thereunder and recommended to the Company shareholders to approve the increase in the pool. The Board also determined to grant to each of Ilanit Halperin and David Kretzmer, directors of the Company, a grant of options to purchase <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward_pid_c20210814__20210815__srt--TitleOfIndividualAxis__custom--DavidKretzmerMember_zg2I4nNUc3i" title="Granted options purchase"><span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward_pid_c20210814__20210815__srt--TitleOfIndividualAxis__custom--IlanitHalperinMember_zSQD9CFpWT85" title="Granted options purchase"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward" contextRef="From2021-08-142021-08-15_custom_DavidKretzmerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward" contextRef="From2021-08-142021-08-15_custom_IlanitHalperinMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">9,425,680</ix:nonFraction></ix:nonFraction></span></span> shares of common stock, and Doron Birger, a Company director, options to purchase <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward_pid_c20210814__20210815__srt--TitleOfIndividualAxis__custom--DoronBirgerMember_z8ZAwXchdCK" title="Stock options purchase"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward" contextRef="From2021-08-142021-08-15_custom_DoronBirgerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,365,420</ix:nonFraction></span> shares, in each case at per share exercise price of $<span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased_iI_pid_c20210815_z3IBNBsIQ6Me" title="Stock option exercise price"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased" contextRef="AsOf2021-08-15" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.05</ix:nonFraction></span> per share, provided, that such grant is subject to approval by the shareholders of the increase in the plan pool. The options vest over a two year period, in eight (8) equal installments, with the first instalment vesting on the third month anniversary of each individual&#8217;s start date and each further instalment on each subsequent third month anniversary, where the start date is, in the case of Ilanit Halperin February 27, 2020, in the case of Doron Birger September 20, 2020 and in the case of David Kretzmer is March 1, 2021, subject to such individual&#8217;s continued service with the Company.</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">&#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">On
    December 29, 2021 the Company&#8217;s board of directors approved the grants of the options.</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
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    a volatility factor of <span id="xdx_90B_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionExpectedVolatilityRate_pid_dp_c20211228__20211229_zYgLlRxD1uj" title="Volatility factor"><ix:nonFraction name="CTGL:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionExpectedVolatilityRate" contextRef="From2021-12-282021-12-29" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">152.1</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%,
    dividend yields of <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_c20211228__20211229_zYKtOoQWgAK7" title="Dividend yields"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2021-12-282021-12-29" 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">%
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    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">years. The Company estimated the fair value
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    thousands.</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total share based compensation
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    thousands</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The remaining expense of
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">&#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">The
    following table presents the Company&#8217;s stock option activity for employees and directors of the Company for the years ended
    December 31, 2021 and 2020:</span></td></tr>
  </table>
<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock"><p id="xdx_894_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zmHRsykDmkL4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B0_z0iawldAgJll" style="display: none">SCHEDULE OF STOCK OPTION ACTIVITY</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.75in">
  <tr style="vertical-align: bottom">
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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="text-align: justify">Granted</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20200101__20201231__srt--TitleOfIndividualAxis__custom--EmployeesAndDirectorsMember_z8P0umDKNZdf" title="Number of Options, Granted" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1131">-</span></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 style="text-align: justify">Exercised</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_c20200101__20201231__srt--TitleOfIndividualAxis__custom--EmployeesAndDirectorsMember_zZhXd6bC6ofi" title="Number of Options, Exercised" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1135">-</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 style="text-align: justify">Forfeited or expired</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Outstanding at December 31, 2020</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20210101__20211231__srt--TitleOfIndividualAxis__custom--EmployeesAndDirectorsMember_zF4l9colmpk2" title="Number of Options outstanding, beginning balance" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2020-12-31_custom_EmployeesAndDirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">46,762</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20210101__20211231__srt--TitleOfIndividualAxis__custom--EmployeesAndDirectorsMember_zVAcvD07BAa" title="Weighted Average Exercise Price outstanding, beginning balance" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2020-12-31_custom_EmployeesAndDirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0011</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Granted</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20210101__20211231__srt--TitleOfIndividualAxis__custom--EmployeesAndDirectorsMember_zqEOJU67hW8d" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2021-01-012021-12-31_custom_EmployeesAndDirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">23,582,200</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20210101__20211231__srt--TitleOfIndividualAxis__custom--EmployeesAndDirectorsMember_zB4FC3EFyk1f" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2021-01-012021-12-31_custom_EmployeesAndDirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.05</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: justify">Exercised</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_c20210101__20211231__srt--TitleOfIndividualAxis__custom--EmployeesAndDirectorsMember_z8aNrfJaUITc" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1148">-</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--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20210101__20211231__srt--TitleOfIndividualAxis__custom--EmployeesAndDirectorsMember_zte1iqWTNOk4" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1149">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Forfeited or expired</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20210101__20211231__srt--TitleOfIndividualAxis__custom--EmployeesAndDirectorsMember_zfWmriZJaMHc" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1150">-</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 id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20210101__20211231__srt--TitleOfIndividualAxis__custom--EmployeesAndDirectorsMember_z6Bc2K4YyMw6" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1151">-</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: justify">Outstanding at December 31, 2021</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20210101__20211231__srt--TitleOfIndividualAxis__custom--EmployeesAndDirectorsMember_zct6fkbFFXS1" title="Number of Options, outstanding, ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2021-12-31_custom_EmployeesAndDirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">23,628,962</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 id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20210101__20211231__srt--TitleOfIndividualAxis__custom--EmployeesAndDirectorsMember_z8uwyqUx0bz9" title="Weighted Average Exercise Price, ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2021-12-31_custom_EmployeesAndDirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.05</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Number of options exercisable at December 31, 2021</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_pid_c20210101__20211231__srt--TitleOfIndividualAxis__custom--EmployeesAndDirectorsMember_zTFRui5KF95f" title="Options exercisable, ending balance" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" contextRef="AsOf2021-12-31_custom_EmployeesAndDirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">15,672,670</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_pid_c20210101__20211231__srt--TitleOfIndividualAxis__custom--EmployeesAndDirectorsMember_zwdHnt4QPKE6" title="Weighted Average Exercise Price, Options exercisable, ending balance" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" contextRef="AsOf2021-12-31_custom_EmployeesAndDirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.05</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AD_zDbQvkUvn4vb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
intrinsic value of options outstanding and exercisable at December 31, 2021 totaled $<span id="xdx_90D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iI_pn3n3_c20211231_zI792ll4I0e9" title="Options outstanding and exercisable, intrinsic value"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1</ix:nonFraction></span> thousand.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2020, an amount <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20201001__20201231_zzuNxU8p2Qlg" title="Shares issued for granted to service"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2020-10-012020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">28,222,082</ix:nonFraction></span> shares were granted to a service provider and <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20201001__20201231__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zrd0uFA6XE38"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2020-10-012020-12-31_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,411,104</ix:nonFraction></span> shares were granted to the Chief Financial Officer,
see note 6 above.</span></p>
<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfShareBasedCompensationActivityTableTextBlock"><p id="xdx_890_eus-gaap--ScheduleOfShareBasedCompensationActivityTableTextBlock_z0mCDS4evkRd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">The
stock options outstanding as of March 31, 2022, have been separated into exercise prices, as follows:</span></p>

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OF STOCK OPTIONS OUTSTANDING</span><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; display: none; border-collapse: collapse; width: 93%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
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    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_982_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20220101__20220331_zgFiTmQvey1l" title="Weighted average remaining contractual life" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1">4.75</ix:nonNumeric></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></p>

</ix:nonNumeric><p id="xdx_8AB_zbOvTHnCwcW1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 82; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><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="CTGL:AgreementsWithIntelicannaLtdTextBlock"><p id="xdx_805_ecustom--AgreementsWithIntelicannaLtdTextBlock_zIhqm2do8Qeb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
8 &#8211; <span id="xdx_82D_zXPIKWiX6Ng2">AGREEMENTS WITH INTELICANNA LTD</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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="width: 0.25in">&#160;</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    May 31, 2020, the Company entered into a strategic partnership with Intelicanna Ltd., an Israeli medical cannabis company listed
    on the Tel Aviv Stock Exchange with ticker symbol INTL (&#8220;Intelicanna&#8221;), via a share exchange agreement (the &#8220;Share
    Exchange Agreement&#8221;) and an agreement for future issuance of shares (the &#8220;Agreement for Future Issuance of Shares&#8221;).
    <span id="xdx_909_ecustom--DescriptionOnAgreementTerms_c20200530__20200531__dei--LegalEntityAxis__custom--IntelicannaLtdMember__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember_zZeXVrAseTV7"><ix:nonNumeric contextRef="From2020-05-302020-05-31_custom_IntelicannaLtdMember_custom_ShareExchangeAgreementMember" name="CTGL:DescriptionOnAgreementTerms">The
    Share Exchange Agreement provides that (i) the number of shares each party issues to the other will be calculated by dividing $500
    thousand by the volume weighted average price (VWAP) of the issuing party&#8217;s shares in the three trading days preceding the
    signing of the agreement, (ii) the issuance by Intelicanna will take place upon, and subject to, receipt of approval from the Tel
    Aviv Stock Exchange, and the issuance by the Company will follow immediately thereafter, and (iii) the parties may not sell the shares
    within the first six months after issuance, and thereafter the parties may sell the shares issued to them if the shares become registered
    through a prospectus approved by the relevant securities authority, or under an exemption provided by applicable securities law,
    subject to a limit on the number of shares either party may sell per day. The Agreement for future Issuance of Shares provides that
    a fall in a share price of a party, not exceeding 20%, measured six months after issuance of shares by both parties pursuant the
    Share Exchange Agreement, will be offset by the issuance of additional shares to the other party to bring up to $500 thousand the
    total value of the shares issued to the other party. On August 15, 2021, the Company&#8217;s board of directors determined that it
    is required to issue to Intelicanna 619,589 shares of the Company&#8217;s common stock and has authorized the issuance of
    such shares to Intelicanna. As of December 31, 2021, the common stock have not been issued yet. As such, the Company recorded an
    additional $14 thousands to be issued to Intellicanna.</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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>
    <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>&#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>
    <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
    September 17, 2020 the Company issued to Intelicanna <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_pid_c20200916__20200917__dei--LegalEntityAxis__custom--IntelicannaLtdMember_zJcREtva11Ak" title="Number of ordinary shares exchanged"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" contextRef="From2020-09-162020-09-17_custom_IntelicannaLtdMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,143,470</ix:nonFraction></span> shares of Common Stock in exchange for <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20200916__20200917__dei--LegalEntityAxis__custom--IntelicannaLtdMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zElXsN62hsN6" title="Number of shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-09-162020-09-17_custom_IntelicannaLtdMember_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">619,589</ix:nonFraction></span> of Intelicanna&#8217;s
    ordinary shares. The Company measures its investment in Intelicanna at fair value through profit or loss at level 2. The fair value
    reflects the value of Intelicanna&#8217;s stock price less discounts for lack of marketability since the parties may not sell the
    shares within the first six months after issuance. During the period, the change in traded securities&#8217; fair value was in the
    amount of approximately $<span id="xdx_90C_eus-gaap--EquitySecuritiesFvNi_iI_pn3n3_c20200917__dei--LegalEntityAxis__custom--IntelicannaLtdMember_zfiQVTCzRUa" title="Fair value of change in traded securities"><ix:nonFraction name="us-gaap:EquitySecuritiesFvNi" contextRef="AsOf2020-09-17_custom_IntelicannaLtdMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">50</ix:nonFraction></span> thousand.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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>
    <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>&#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>
    <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
    fair value of such shares exchange agreement was estimated using the Black-Scholes option-pricing model and is presented among current
    liabilities within the Company&#8217;s consolidated balance sheet.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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>
    <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>&#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>
    <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
    following are the data and assumptions used as of the balance sheet date related to future potential issuance of shares as describe
    above for potential fall in share price of a party, not exceeding 20%:</span></td></tr>
  </table>
<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="CTGL:ScheduleOfFairValueOfSharesExchangeAgreementTableTextBlock"><p id="xdx_897_ecustom--ScheduleOfFairValueOfSharesExchangeAgreementTableTextBlock_zZtSpFKVFYr1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 67.6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B6_zDJAWdvmrT39" style="display: none">SCHEDULE OF FAIR VALUE OF SHARES EXCHANGE AGREEMENT</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-left: 0.6in">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">Derivative related to Intelicanna&#8217;s shares</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2020</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 74%; text-align: justify">Common Stock price</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--SharePrice_iI_pid_c20201231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember__us-gaap--StatementEquityComponentsAxis__custom--DerivativeRelatedToIntelicannaSharesMember_zm7Qg3gXEiv2" title="Common stock price, shares" style="width: 22%; text-align: right"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2020-12-31_us-gaap_MeasurementInputSharePriceMember_custom_DerivativeRelatedToIntelicannaSharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.83</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Expected volatility</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Conversion price (U.S. dollars)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--DerivativeLiabilityMeasurementInput_iI_uPure_c20201231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementConversionPriceInputMember__us-gaap--StatementEquityComponentsAxis__custom--DerivativeRelatedToIntelicannaSharesMember_z0f5n0aBaBbk" title="Fair value of shares, measurement input, percentage" style="text-align: right"><ix:nonFraction name="us-gaap:DerivativeLiabilityMeasurementInput" contextRef="AsOf2020-12-31_custom_MeasurementConversionPriceInputMember_custom_DerivativeRelatedToIntelicannaSharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.64</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Expected term</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--FairValueAssumptionSharesContractualTermYears_dtM_c20200101__20201231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--StatementEquityComponentsAxis__custom--DerivativeRelatedToIntelicannaSharesMember_zdAqOAKuh2bg" title="Fair value assumption, shares contractual term (years)"><ix:nonNumeric contextRef="From2020-01-012020-12-31_us-gaap_MeasurementInputExpectedTermMember_custom_DerivativeRelatedToIntelicannaSharesMember" format="ixt-sec:durmonth" name="CTGL:FairValueAssumptionSharesContractualTermYears">3.1</ix:nonNumeric></span>
                                            months</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: justify">Risk free rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20201231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--StatementEquityComponentsAxis__custom--DerivativeRelatedToIntelicannaSharesMember_zChaWfPzIVK5" title="Fair value of shares, measurement input, percentage" style="text-align: right"><ix:nonFraction name="us-gaap:DerivativeLiabilityMeasurementInput" contextRef="AsOf2020-12-31_us-gaap_MeasurementInputRiskFreeInterestRateMember_custom_DerivativeRelatedToIntelicannaSharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.09</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Expected dividend yield</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eus-gaap--DerivativeLiabilityMeasurementInput_iI_uPure_c20201231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember__us-gaap--StatementEquityComponentsAxis__custom--DerivativeRelatedToIntelicannaSharesMember_zLSLlnDC4gwf" title="Fair value of shares, measurement input, percentage" style="text-align: right"><ix:nonFraction name="us-gaap:DerivativeLiabilityMeasurementInput" contextRef="AsOf2020-12-31_us-gaap_MeasurementInputExpectedDividendRateMember_custom_DerivativeRelatedToIntelicannaSharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Fair value of the derivative (U.S. dollars in thousands)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_pn3n3_c20201231__us-gaap--StatementEquityComponentsAxis__custom--DerivativeRelatedToIntelicannaSharesMember_ztVG1nonIxak" title="Fair value of the derivative" style="text-align: right"><ix:nonFraction name="us-gaap:DerivativeFairValueOfDerivativeLiability" contextRef="AsOf2020-12-31_custom_DerivativeRelatedToIntelicannaSharesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">28</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 74.7pt; text-align: justify; text-indent: -56.7pt"><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: 70%; margin-left: 0.6in">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">Derivative related to Citrine Global&#8217;s shares</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2020</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 74%; text-align: justify">Common Stock price</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_982_eus-gaap--SharePrice_iI_pid_c20201231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember__us-gaap--StatementEquityComponentsAxis__custom--DerivativeRelatedToCitrineGlobalsSharesMember_zKiSM0CixK71" title="Common stock price, shares" style="width: 22%; text-align: right"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2020-12-31_us-gaap_MeasurementInputSharePriceMember_custom_DerivativeRelatedToCitrineGlobalsSharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.046</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Expected volatility</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20201231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--StatementEquityComponentsAxis__custom--DerivativeRelatedToCitrineGlobalsSharesMember_zqTyxSRsS6Ai" title="Fair value of shares, measurement input, percentage" style="text-align: right"><ix:nonFraction name="us-gaap:DerivativeLiabilityMeasurementInput" contextRef="AsOf2020-12-31_us-gaap_MeasurementInputPriceVolatilityMember_custom_DerivativeRelatedToCitrineGlobalsSharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">125.19</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Conversion price (U.S. dollars)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20201231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputConversionPriceMember__us-gaap--StatementEquityComponentsAxis__custom--DerivativeRelatedToCitrineGlobalsSharesMember_zUTM2zuP8Kxf" title="Fair value of shares, measurement input, percentage" style="text-align: right"><ix:nonFraction name="us-gaap:DerivativeLiabilityMeasurementInput" contextRef="AsOf2020-12-31_us-gaap_MeasurementInputConversionPriceMember_custom_DerivativeRelatedToCitrineGlobalsSharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.2</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Expected term</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--FairValueAssumptionSharesContractualTermYears_dtM_c20200101__20201231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__us-gaap--StatementEquityComponentsAxis__custom--DerivativeRelatedToCitrineGlobalsSharesMember_zWQiree1Du5k" title="Fair value assumption, shares contractual term (years)"><ix:nonNumeric contextRef="From2020-01-012020-12-31_us-gaap_MeasurementInputExpectedTermMember_custom_DerivativeRelatedToCitrineGlobalsSharesMember" format="ixt-sec:durmonth" name="CTGL:FairValueAssumptionSharesContractualTermYears">3.1</ix:nonNumeric></span>
                                            months</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: justify">Risk free rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20201231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--StatementEquityComponentsAxis__custom--DerivativeRelatedToCitrineGlobalsSharesMember_zM6tJIeAbs5g" title="Fair value of shares, measurement input, percentage" style="text-align: right"><ix:nonFraction name="us-gaap:DerivativeLiabilityMeasurementInput" contextRef="AsOf2020-12-31_us-gaap_MeasurementInputRiskFreeInterestRateMember_custom_DerivativeRelatedToCitrineGlobalsSharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.09</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Expected dividend yield</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eus-gaap--DerivativeLiabilityMeasurementInput_iI_uPure_c20201231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember__us-gaap--StatementEquityComponentsAxis__custom--DerivativeRelatedToCitrineGlobalsSharesMember_zPoC5QUkFvoj" title="Fair value of shares, measurement input, percentage" style="text-align: right"><ix:nonFraction name="us-gaap:DerivativeLiabilityMeasurementInput" contextRef="AsOf2020-12-31_us-gaap_MeasurementInputExpectedDividendRateMember_custom_DerivativeRelatedToCitrineGlobalsSharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Fair value of the derivative (U.S. dollars in thousands)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--DerivativeFairValueOfDerivativeLiability_iI_pn3n3_c20201231__us-gaap--StatementEquityComponentsAxis__custom--DerivativeRelatedToCitrineGlobalsSharesMember_zRKGXXWc48Gg" title="Fair value of the derivative" style="text-align: right">(<ix:nonFraction name="us-gaap:DerivativeFairValueOfDerivativeLiability" contextRef="AsOf2020-12-31_custom_DerivativeRelatedToCitrineGlobalsSharesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">100</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A9_zwiCQRpNB887" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 83; 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 -->28<!-- 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-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between
August 3 &#8211; 9, 2021, the Company sold to an unrelated third party in an off market transaction <span id="xdx_90F_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20210803__20210809__dei--LegalEntityAxis__custom--IntelicannaLtdMember_z4qwzRf6WXAa"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2021-08-032021-08-09_custom_IntelicannaLtdMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">619,589</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary shares of Intelicanna Ltd., an Israeli
medical cannabis company listed on the Tel Aviv Stock Exchange (&#8220;Intelicanna&#8221;), for aggregate gross proceeds to the Company
of <span id="xdx_903_ecustom--AggregateGrossproceedsOfOrdinaryShares_pid_uShares_c20210803__20210809__dei--LegalEntityAxis__custom--IntelicannaLtdMember_ziWIjjsot1Y4" title="Aggregate gross proceeds of ordinary shares"><ix:nonFraction name="CTGL:AggregateGrossproceedsOfOrdinaryShares" contextRef="From2021-08-032021-08-09_custom_IntelicannaLtdMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,261,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NIS (approximately $<span id="xdx_901_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pn3n3_c20210803__20210809__dei--LegalEntityAxis__custom--IntelicannaLtdMember_z4I0PdEWDnC2"><ix:nonFraction name="us-gaap:SaleOfStockConsiderationReceivedOnTransaction" contextRef="From2021-08-032021-08-09_custom_IntelicannaLtdMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">389</ix:nonFraction>
thousands</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">based on the current exchange
rate). Following the sale, the Company no longer holds any Intelicanna shares. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 85.05pt; 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="text-align: justify; width: 0.25in">&#160;</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; text-align: justify">Furthermore, on June 25, 2020, <span id="xdx_901_ecustom--DescriptionOnAgreementTerms_c20200624__20200625__dei--LegalEntityAxis__custom--CitrineGlobalIsraelLtdMember__us-gaap--TypeOfArrangementAxis__custom--ServicesAgreementMember_zzTJ8NMLKbs8" title="Description of agreement terms"><ix:nonNumeric contextRef="From2020-06-242020-06-25_custom_CitrineGlobalIsraelLtdMember_custom_ServicesAgreementMember" name="CTGL:DescriptionOnAgreementTerms">the
    Israeli Subsidiary entered into a services agreement with Intelicanna to provide business development and consulting services to
    Intelicanna, including assistance with raising financing (the &#8220;Services Agreement&#8221;) (references in this paragraph to the
    Company include the Israeli Subsidiary). The terms of the Services Agreement include: (1) the Company will, for a period of 18
    months, assist Intelicanna to raise up to NIS <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn6n6_uILS_c20200624__20200625__dei--LegalEntityAxis__custom--CitrineGlobalIsraelLtdMember__us-gaap--TypeOfArrangementAxis__custom--ServicesAgreementMember_zEdJkYWkqwtj" title="Number of shares issued, value"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2020-06-242020-06-25_custom_CitrineGlobalIsraelLtdMember_custom_ServicesAgreementMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="ILS">15</ix:nonFraction></span>
    million for Intelicanna&#8217;s working capital purposes, whether through issuance of convertible securities or any other means; all
    sums raised must be approved in advance by the Company, and in accordance with a business plan presented to the Company from time to
    time; the Company will have no obligation under the Services Agreement to invest in Intelicanna, and no liability if its efforts to
    source financing for Intelicanna are unsuccessful; (2) in the event Intelicanna raises funds through assistance from the Company,
    the Company will be entitled to (i) cash consideration equal to 5% of any amount raised, whether directly from the Company, or from
    any of its affiliates or any unrelated third party, and (ii) options to acquire a number of shares of Intelicanna equal to 5% of the
    amount raised divided by the Exercise Price; the &#8220;Exercise Price&#8221; will be the price per share at which the amount was
    raised, or if it was not raised through issuance of shares, the price per share at which Intelicanna last raised funds through
    issuance of shares; and (3) for one or more periods of at least 90 days, each time at Intelicanna&#8217;s request which the Company
    may accept or decline at its discretion, the Company will provide business development and strategy-building services, including:
    consulting on strategy and business plan; assistance defining financing needs; helping identify ways to develop potential sources of
    finance; and ongoing consulting support to Intelicanna&#8217;s management team and board. Intelicanna will pay the Company a fee of
    NIS <span id="xdx_905_ecustom--FeeForServiceRendered_pp0p0_uILS_c20200624__20200625__dei--LegalEntityAxis__custom--CitrineGlobalIsraelLtdMember__us-gaap--TypeOfArrangementAxis__custom--ServicesAgreementMember_znyz6gELT1nj" title="Fee for service rendered"><ix:nonFraction name="CTGL:FeeForServiceRendered" contextRef="From2020-06-242020-06-25_custom_CitrineGlobalIsraelLtdMember_custom_ServicesAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="ILS">2,500</ix:nonFraction></span>
    per day for such services.</ix:nonNumeric></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="text-align: justify">&#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>
    <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="text-align: justify">&#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>
    <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
    October 5, 2021 the Company and Intelicanna mutually terminated the Service Agreement.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="text-align: justify">&#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>
    <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="text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">C<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">Also
    on June 25, 2020, <span id="xdx_906_ecustom--DescriptionOnAgreementTerms_c20200624__20200625__dei--LegalEntityAxis__custom--IntelicannaLtdMember__us-gaap--TypeOfArrangementAxis__custom--ServicesAgreementMember" title="Description on agreement terms"><ix:nonNumeric contextRef="From2020-06-242020-06-25_custom_IntelicannaLtdMember_custom_ServicesAgreementMember" name="CTGL:DescriptionOnAgreementTerms">the
    Company and the Israeli Subsidiary entered into an agreement to grant Intelicanna Ltd. (&#8220;Intelicanna&#8221;) New Israeli
    Shekel (&#8220;NIS&#8221;) <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_pn6n6_uILS_c20200624__20200625__us-gaap--TypeOfArrangementAxis__custom--AgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--IntelicannaLtdMember_zncxgyqnVEr4" title="Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value" style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue" contextRef="From2020-06-242020-06-25_custom_AgreementMember_custom_IntelicannaLtdMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="ILS">1</ix:nonFraction></span>
    million in cash (approximately $<span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_pn3n3_c20200624__20200625__us-gaap--TypeOfArrangementAxis__custom--AgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--IntelicannaLtdMember_zat1t9XREdKi" title="Cash in direct financing for working capital purposes"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue" contextRef="From2020-06-242020-06-25_custom_AgreementMember_custom_IntelicannaLtdMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">290</ix:nonFraction></span>
    thousand) in direct financing for working capital purposes. The financing will bear <span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_c20200625__us-gaap--TypeOfArrangementAxis__custom--AgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--IntelicannaLtdMember_z4MFQUtcVdak" title="Debt instrument started percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-06-25_custom_AgreementMember_custom_IntelicannaLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6</ix:nonFraction>%</span>
    annual interest, and Intelicanna will make additional payments equal to 6% of its gross revenues from the date the financing was
    received and until the date Intelicanna&#8217;s aggregate gross revenues reach NIS <span id="xdx_904_eus-gaap--GrossProfit_pn6n6_uILS_c20200624__20200625__us-gaap--TypeOfArrangementAxis__custom--AgreementsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--IntelicannaLtdMember_z53HcBQrxLB9" title="Gross Profit"><ix:nonFraction name="us-gaap:GrossProfit" contextRef="From2020-06-242020-06-25_custom_AgreementsMember_custom_IntelicannaLtdMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="ILS">2</ix:nonFraction></span>
    million (approximately $<span id="xdx_900_eus-gaap--GrossProfit_pn3n3_c20200624__20200625__us-gaap--TypeOfArrangementAxis__custom--AgreementsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--IntelicannaLtdMember_zn9G69dSkRu" title="Gross Profit"><ix:nonFraction name="us-gaap:GrossProfit" contextRef="From2020-06-242020-06-25_custom_AgreementsMember_custom_IntelicannaLtdMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">600</ix:nonFraction></span>
    thousand).If the total of the 6% interest plus the additional payments would result in a return of less than <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--IntelicannaLtdMember_zmYMbaiA1O75" title="Debt instrument started percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-12-31_custom_IntelicannaLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12</ix:nonFraction>%</span>
    per year to the Company, the interest would be increased to bring the total return to 12%. Every three months Intelicanna must pay
    the interest, and after 12 months, it must repay the capital, plus the total of the additional payments due, plus any outstanding
    interest, and it must pay interest of 2% per month on any late payments, provided, however, that until the foregoing obligations are
    paid in full, Intelicanna must pay 50% of its gross revenues to the Company upon receipt. If Intelicanna does not pay all amounts
    due within 18 months, it shall, at the Company&#8217;s option, issue to the Company a number of its shares equal to NIS <span id="xdx_900_eus-gaap--PaymentsForLoans_pn5n6_uILS_c20200624__20200625__us-gaap--TypeOfArrangementAxis__custom--ServicesAgreementMember__dei--LegalEntityAxis__custom--IntelicannaLtdMember_zdeUrTfcRUP1" title="Repaid loan amount"><ix:nonFraction name="us-gaap:PaymentsForLoans" contextRef="From2020-06-242020-06-25_custom_IntelicannaLtdMember_custom_ServicesAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="ILS">1.5</ix:nonFraction></span>
    million (approximately $<span id="xdx_906_eus-gaap--PaymentsForLoans_pn4n6_c20200624__20200625__us-gaap--TypeOfArrangementAxis__custom--ServicesAgreementMember__dei--LegalEntityAxis__custom--IntelicannaLtdMember_z5nIKfLsYJcg" title="Repaid loan amount"><ix:nonFraction name="us-gaap:PaymentsForLoans" contextRef="From2020-06-242020-06-25_custom_IntelicannaLtdMember_custom_ServicesAgreementMember" format="ixt:numdotdecimal" decimals="-4" scale="6" unitRef="USD">0.45</ix:nonFraction></span>
    million) divided by the lower of (i) volume weighted average price (VWAP) of the three trading days prior to the lapse of the 18
    months, and (ii) VWAP of the three trading days prior to the signing of the financing agreement.</ix:nonNumeric></span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 67.6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 84; 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-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financing must be paid by the Company to Intelicanna within 30 days of signing the financing agreement, subject to completion of due
diligence to the Company&#8217;s satisfaction and to Intelicanna receiving a commercial growing license. </span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 9, 2020, the Company transferred to Intelicanna NIS <span id="xdx_90A_eus-gaap--PaymentsForLoans_pn3n3_uILS_c20200708__20200709__us-gaap--TypeOfArrangementAxis__custom--ServicesAgreementMember__dei--LegalEntityAxis__custom--IntelicannaLtdMember_zwmWiN2zdMx7" title="Payments for loan"><ix:nonFraction name="us-gaap:PaymentsForLoans" contextRef="From2020-07-082020-07-09_custom_ServicesAgreementMember_custom_IntelicannaLtdMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="ILS">500</ix:nonFraction></span> thousand (approximately $<span id="xdx_903_eus-gaap--PaymentsForLoans_pn3n3_c20200708__20200709__us-gaap--TypeOfArrangementAxis__custom--ServicesAgreementMember__dei--LegalEntityAxis__custom--IntelicannaLtdMember_z2LaMdt1dih4" title="Payments for loan"><ix:nonFraction name="us-gaap:PaymentsForLoans" contextRef="From2020-07-082020-07-09_custom_ServicesAgreementMember_custom_IntelicannaLtdMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">145</ix:nonFraction></span> thousand) on account of the above loan. The
Company elected the fair value option to account for the short-term loan.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, Intelicanna repaid the full principal of the loan together with <span id="xdx_905_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--IntelicannaLtdMember_z9FZMOmvFVIb" title="Debt instrument started percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-12-31_custom_IntelicannaLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12</ix:nonFraction></span>% interest, which amounted to NIS <span id="xdx_909_eus-gaap--PaymentsForLoans_pn3n3_uILS_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--IntelicannaLtdMember_zrVkyc5wl36k" title="Repaid loan amount"><ix:nonFraction name="us-gaap:PaymentsForLoans" contextRef="From2021-01-012021-12-31_custom_IntelicannaLtdMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="ILS">46</ix:nonFraction></span> thousand
(approximately $<span id="xdx_90C_eus-gaap--PaymentsForLoans_pn3n3_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--IntelicannaLtdMember_zY0jyfseqmIk" title="Repaid loan amount"><ix:nonFraction name="us-gaap:PaymentsForLoans" contextRef="From2021-01-012021-12-31_custom_IntelicannaLtdMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">14</ix:nonFraction></span> thousand).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ilanit
Halperin, a director and the Chief Financial Officer of the Company, is also the Chief Financial Officer of Intelicanna. Doron Birger,
a director at the Company, is also the chairman of the board of directors of Intelicanna, effective March 30, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 49.6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_80A_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zdtO6jg13Mi7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
9 &#8211; <span id="xdx_826_zVNSbldZFQ1d">RELATED PARTIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 56.7pt; text-align: justify; text-indent: -56.7pt"><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: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Transactions and balances with related parties</b></span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock"><p id="xdx_894_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_zfcXNnuXBFi2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 78pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b><span id="xdx_8B4_zHAVKZ9LpcOc" style="display: none">SCHEDULE
OF TRANSACTIONS AND BALANCES WITH RELATED PARTIES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.75in">
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    <td style="text-align: left">&#160;</td><td>&#160;</td>
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                                            ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
                                            31</b></span></p> </div></td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <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 colspan="2" style="text-align: right">&#160;</td><td>&#160;</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><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="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>
    <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>&#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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<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 id="xdx_F03_zpCoRcP7A555" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(**)</span></td><td style="text-align: justify"><span id="xdx_F19_ziu3YQszoul" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001290" xml:lang="en-US">Less
                                            </ix:footnote></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">than
                                            </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 thousand</span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 78pt; text-align: justify; text-indent: -21.3pt"><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: 0; margin-bottom: 0; margin-left: 78pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<ix:exclude><!-- Field: Page; Sequence: 85; Value: 1 -->
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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-top: 0; margin-bottom: 0; margin-left: 78pt; text-align: justify; text-indent: -21.3pt"><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: 0; margin-bottom: 0; margin-left: 78pt; text-align: justify; text-indent: -21.3pt"></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CITRINE
                                            GLOBAL CORP.</span></p>

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

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

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


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Balances with related parties:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 78pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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  <tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
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    <td style="text-align: left"><b>Current Assets:</b></td><td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td><td>&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td>
    <td id="xdx_98C_eus-gaap--ShortTermInvestments_iI_pn3n3_c20211231_znEioQqSimJg" title="Short term loan" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:ShortTermInvestments" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15</ix:nonFraction></td><td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td><td>&#160;</td></tr>
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    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td><td>&#160;</td></tr>
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    <td style="text-align: left">Accounts payable </td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_iI_pn3n3_c20211231_z2sIVYrXDiOb" title="Accounts payable" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">20</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">Accrued compensation</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_983_eus-gaap--WorkersCompensationLiabilityCurrent_iI_pn3n3_c20211231_zVEbJH3fGpwa" title="Accrued compensation" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:WorkersCompensationLiabilityCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">838</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_984_eus-gaap--WorkersCompensationLiabilityCurrent_iI_pn3n3_c20201231_zcKo2m0kaiGd" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1303">-</span></td><td style="text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A2_zSGSvJHP3vq2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 74.7pt; 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="width: 0.25in">&#160;</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>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commencing
                                            in February 2020, Ora Elharar Soffer, CEO and Chairperson of the Board, was entitled to a
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                                            thousands </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
                                            certain reimbursements for traveling, lodging and other expenses on behalf of the Company,
                                            the payment of such compensation was deferred until the Company consummates an investment
                                            of at least $<span id="xdx_906_eus-gaap--Investments_iI_pn5n6_c20200229__srt--TitleOfIndividualAxis__custom--OraElhararSofferMember_ziEeyWVc4953" title="Investment"><ix:nonFraction name="us-gaap:Investments" contextRef="AsOf2020-02-29_custom_OraElhararSofferMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.8</ix:nonFraction></span> million in the Company&#8217;s securities.</span></p>
                                                                              <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
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                                                                              <p style="margin-top: 0; margin-bottom: 0"></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <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>&#160;</td>
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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">In addition, on August 15, 2021, the board of directors
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <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>&#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>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December, 31, 2021, and 2020, an
amount of $</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--CompensationEarned_iI_pp0p0_c20211231__srt--TitleOfIndividualAxis__custom--MrBenIshayMember_zwDK6SbkCG9"><ix:nonFraction name="CTGL:CompensationEarned" contextRef="AsOf2021-12-31_custom_MrBenIshayMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">86</ix:nonFraction></span>
thousands and $<span id="xdx_907_ecustom--CompensationEarned_iI_pp0p0_c20201231__srt--TitleOfIndividualAxis__custom--MrBenIshayMember_zUeinDScgko7"><ix:nonFraction name="CTGL:CompensationEarned" contextRef="AsOf2020-12-31_custom_MrBenIshayMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">34</ix:nonFraction></span> thousand, respectively </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">representing
compensation earned by Mr. Ben-Ishay.</span></p>
                                                                              <p style="margin-top: 0; margin-bottom: 0"></p></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0; margin-left: 0"></p>

<ix:exclude><!-- Field: Page; Sequence: 86; 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 -->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="margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: center">&#160;</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="width: 0.25in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><b>E.</b></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Commencing in May 2020, Ms. Halperin, CFO of the Company,
    was entitled to a monthly fee of an additional $<span id="xdx_900_eus-gaap--DueFromRelatedParties_iI_pn3n3_c20200531__srt--TitleOfIndividualAxis__custom--MsHalperinMember_zf5F1kix2Upd" title="Advances to a reated party"><ix:nonFraction name="us-gaap:DueFromRelatedParties" contextRef="AsOf2020-05-31_custom_MsHalperinMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4</ix:nonFraction></span> thousands, resulting in an aggregate monthly fee (from the February 2020 agreement
    as detailed above) of $<span id="xdx_90F_ecustom--CompensationEarned_iI_pn3n3_c20200531__srt--TitleOfIndividualAxis__custom--MsHalperinMember_zbgLqTLqbnCa"><ix:nonFraction name="CTGL:CompensationEarned" contextRef="AsOf2020-05-31_custom_MsHalperinMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7</ix:nonFraction></span> thousands, the payment of such compensation was deferred until the Company consummates an investment
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <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>&#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"><b></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In addition, on August 15, 2021, the board of directors
    of Cannovation determined to adjust the compensation of the chief financial officer, Ilanit Halperin at Cannovation, to $<span id="xdx_904_eus-gaap--DueFromRelatedParties_iI_pn3n3_c20210815__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zeRVzf5K7cLk" title="Advances to a reated party"><ix:nonFraction name="us-gaap:DueFromRelatedParties" contextRef="AsOf2021-08-15_srt_ChiefFinancialOfficerMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4</ix:nonFraction></span> thousands
    per month, in each case retroactive to July 1, 2021. These amounts would be paid at such time as Cannovation shall become
    due and payable from, and such time as Cannovation shall have, available funds therefor and as part of the operating
    budget for a minimum period of 18 months.</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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>
    <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>&#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>
    <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
    of December, 31, 2021, and 2020, an
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    thousands and $<span id="xdx_906_ecustom--CompensationEarned_iI_pn3n3_c20201231__srt--TitleOfIndividualAxis__custom--MsHalperinMember_zBeobp2d3sg4"><ix:nonFraction name="CTGL:CompensationEarned" contextRef="AsOf2020-12-31_custom_MsHalperinMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">66</ix:nonFraction></span> thousand, respectively,</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">representing
    compensation earned by Ms. Halperin.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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>
    <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>&#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"><b>F.</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">Commencing
    in March 2021, Adv. David Kretzmer, a director, is entitled to a monthly fee of $<span id="xdx_90D_eus-gaap--DueFromRelatedParties_iI_pn3n3_c20210331__srt--TitleOfIndividualAxis__custom--DavidKretzmerMember_zyxUTFjUTdo1"><ix:nonFraction name="us-gaap:DueFromRelatedParties" contextRef="AsOf2021-03-31_custom_DavidKretzmerMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousand</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    and certain reimbursements for traveling lodging and vehicle expenses on behalf of the Company, the payment of such compensation
    was deferred until the Company consummates an investment of at least $<span id="xdx_90F_eus-gaap--Investments_iI_pn5n6_c20210331__srt--TitleOfIndividualAxis__custom--DavidKretzmerMember_zzliE2Xt6V9l"><ix:nonFraction name="us-gaap:Investments" contextRef="AsOf2021-03-31_custom_DavidKretzmerMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.8</ix:nonFraction></span> million in the Company&#8217;s securities.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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>
    <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>&#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>
    <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
addition, on August 15, 2021, <span id="xdx_90E_ecustom--CompensationDescription_c20210814__20210815__srt--TitleOfIndividualAxis__custom--DavidKretzmerMember_z6qNMa3EuBf" title="Compensation description"><ix:nonNumeric contextRef="From2021-08-142021-08-15_custom_DavidKretzmerMember" name="CTGL:CompensationDescription">the
board of directors of Cannovation determined to adjust the compensation of David Kretzmer, a director at Cannovation, to
$2 thousands per month, in each case retroactive to July 1, 2021. These amounts would be paid at such time as Cannovation shall
become due and payable from, and such time as Cannovation shall have, available funds therefor and as part of the operating budget for
a minimum period of 18 months.</ix:nonNumeric> </span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <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>&#160;</td>
    <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">As of December, 31, 2021, an amount of $<span id="xdx_906_ecustom--CompensationEarned_iI_pn3n3_c20211231__srt--TitleOfIndividualAxis__custom--DavidKretzmerMember_z4mYPlYCeVoa" title="Compensation earned"><ix:nonFraction name="CTGL:CompensationEarned" contextRef="AsOf2021-12-31_custom_DavidKretzmerMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">82</ix:nonFraction></span> thousands
    representing compensation earned by Adv. David Kretzmer.</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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>
    <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>&#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"><b>G.</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">On
August 15, 2021, <span id="xdx_905_ecustom--AwardBonusPercentageDescription_c20210814__20210815_zXydNvR8WuJ7" title="Award bonus percentage description">the board determined to
award a bonus to the Company&#8217;s Chairperson of the Board, CEO, CFO, officers, directors and senior management equal to two percent
(<ix:nonFraction name="CTGL:AwardBonusPercentageDescription" contextRef="From2021-08-142021-08-15" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Pure">2</ix:nonFraction>%) of any capital raise, subject to prior repayment of the outstanding convertible loans and so long as the payment thereof would be
from available funds and part of the Company&#8217;s operating budget for a minimum period of 18 months. In addition, the Board agreed
to a bonus Company&#8217;s Chairperson of the Board, CEO, CFO, officers, directors and senior management of 2% from operating profits
which will become payable upon the fulfillment of certain specified targets that the Board will establish, subject to prior repayment
of the outstanding convertible loans and so long as the payment thereof would be from available funds and as part of the Company&#8217;s
operating budget for a minimum period of 18 months.</span></span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <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>&#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"><b>H.</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">On
    August 9, 2021, through its <span id="xdx_90C_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20210809__dei--LegalEntityAxis__custom--IBOTIsraelBotanicalsLtdMember_zFXLqVbFXGGi" title="Equity investment percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2021-08-09_custom_IBOTIsraelBotanicalsLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">60</ix:nonFraction></span>% owned subsidiary Cannovation Center Israel, the Company entered into an agreement with iBOT, pursuant
    to which iBOT agreed to manufacture a line of nutritional supplements for Cannovation, including packaging and storage
    (the &#8220;Manufacturing Agreement&#8221;). Under the Manufacturing Agreement, the parties will agree on the compensation terms
    for each manufacturing order that Cannovation submits to iBOT It is intended that the price payable to iBOT will be based on the
    cost of manufacture plus a specified premium to be fixed at the time of each order.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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>
    <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>&#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"><b>I.</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">On
    September 29, 2021, Citrine Global advanced to iBOT, a related party, a loan of $<span id="xdx_908_eus-gaap--DueFromRelatedParties_iI_pn3n3_c20210929__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--IBOTMember_zuBviQ4dNJRi"><ix:nonFraction name="us-gaap:DueFromRelatedParties" contextRef="AsOf2021-09-29_custom_IBOTMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">50</ix:nonFraction>
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    at an effective annual interest rate of <span id="xdx_907_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_c20210928__20210929__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--IBOTMember_zbzWXTbg9dSk" title="Annual interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateDuringPeriod" contextRef="From2021-09-282021-09-29_custom_IBOTMember" 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">%
    as and is convertible, at the option of Citrine Global, into equity shares of iBOT at conversion rate equal to the lower of (i) <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_c20210929__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--IBOTMember_zVNpWWWpKv75" title="Discount rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateEffectivePercentage" contextRef="AsOf2021-09-29_custom_IBOTMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
    discount to the most recent round of capital raised by iBOT during the term of the loan and (ii) the rate specified in the framework
    agreement. In addition, Citrine Global is entitled to convert the outstanding loan, in whole or in part, to satisfy payments of amounts
    owed to iBOT under the services agreements between the parties. On October 8, 2021 the Company transferred a first tranche of
    $<span id="xdx_909_eus-gaap--ProceedsFromRelatedPartyDebt_pn3n3_c20211007__20211008__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--IBOTMember_zfr7d2PVl1L5" title="Proceeds from related party debt"><ix:nonFraction name="us-gaap:ProceedsFromRelatedPartyDebt" contextRef="From2021-10-072021-10-08_custom_IBOTMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15</ix:nonFraction></span> thousands.</span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0; margin-left: 0"></p>

<ix:exclude><!-- Field: Page; Sequence: 87; 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="margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

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

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


<p style="margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</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="width: 0.25in">&#160;</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"><b>J.</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">On
    November, 2021, the Company, Cannovation and CTGL &#8211; Citrine Global Israel Ltd., on the one hand (collectively
    the &#8220;Citrine Global Group&#8221;), and iBOT, on the other hand, entered into an Exclusive Strategic Collaboration and Alliance
    Agreement (the &#8220;Exclusive Rights Agreement&#8221;) pursuant to which iBOT granted to the Citrine Global Group, jointly and
    individually, exclusive world-wide rights, solely with respect to the cannabis market, to iBOT&#8217;s botanical formulas
    and nutritional supplements, including, the development, manufacture, distribution and sale of such products. The exclusive rights
    include the right of any of the Citrine Global Group to grant rights thereunder to third parties so long as such third parties shall
    agree to be bound by terms consistent with those contained in this Agreement. In consideration of the grant of the rights under the
    Exclusive Rights Agreement, Citrine Global Group granted to iBOT the exclusive right to manufacture in State of Israel (consistent
    with the terms of the Manufacturing Agreement) the botanical products. In addition, so long as iBOT is in compliance with the terms
    of this Agreement, in the event that the Citrine Global Group determines to manufacture botanical products outside of Israel, then
    iBOT is to be afforded the opportunity to perform such manufacturing for the Citrine Group at iBOT&#8217;s facility in Israel provided
    that iBOT complies with all of the terms and conditions relating to such manufacturing project, including the price per unit, delivery
    schedules, packaging requirements regulation and other relevant terms.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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>
    <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>
    <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">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> See also Note 5.</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 74.7pt; text-align: justify; text-indent: -0.25in"><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_80D_eus-gaap--IncomeTaxDisclosureTextBlock_z2quasWINSC8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10 &#8211; <span id="xdx_82E_zBAs6USm5vch">INCOME TAX</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 63.8pt; text-align: left; text-indent: -63.8pt"><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="text-align: justify; width: 0.25in">&#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">United
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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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  <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">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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</table>

<p style="margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0; margin-left: 0"></p>

<ix:exclude><!-- Field: Page; Sequence: 88; Value: 1 -->
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<p style="margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>

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

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

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

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    <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><span style="font-size: 10pt">Composition of loss for
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<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="CTGL:ScheduleofCompositionofLossTableTextBlock"><p id="xdx_89D_ecustom--ScheduleofCompositionofLossTableTextBlock_zeEU6rHDiWv1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: center"><span id="xdx_8BD_zkGu3noPASXh" style="display: none">SCHEDULE OF COMPOSITION OF LOSS</span></p>

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</ix:nonNumeric><p id="xdx_8A3_zZL1eeenk6ol" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: center">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 78pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="CTGL:IncomeTaxReconciliationFairValueAdjustments" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">41</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Tax in respect of differences in corporate tax rates</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncomeTaxReconciliationRepatriationOfForeignEarnings" contextRef="From2021-01-012021-12-31" 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:IncomeTaxReconciliationRepatriationOfForeignEarnings" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1</ix:nonFraction></td><td style="text-align: left">)</td></tr>
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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:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">610</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"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">214</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--IncomeTaxExpenseBenefit_iT_pn3n3_zGxFeOxlo1p1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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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"><span style="-sec-ix-hidden: xdx2ixbrl1390">-</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"><span style="-sec-ix-hidden: xdx2ixbrl1391">-</span></td><td style="text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8AC_zNrawFGuQAEj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 78pt; text-align: justify"><span 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; margin-left: 78pt; 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; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
                                            taxes result primarily from temporary differences in the recognition of certain revenue and
                                            expense items for financial and income tax reporting purposes. Significant components of
                                            the Company&#8217;s future tax assets are as follows:</span></td></tr></table>
<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"><p id="xdx_891_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zAxplVJH9Ou1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 78pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B4_zU40hYKXo6Qf" style="display: none">SCHEDULE OF DEFERRED TAX ASSETS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: left">C</td><td style="font-weight: bold">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="text-align: left">&#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">Year ended December 31</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"></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">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><b>U.S. Dollars in thousands</b></td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Composition of deferred tax assets:</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
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    <td style="width: 64%; text-align: left">Non capital loss carry forwards</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_400_ecustom--DeferredTaxAssetsProvisionForOtherTimingDifferences_iI_pn3n3_maDTALNz5xv_zuwry0iK9Eeh" 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"><span style="-sec-ix-hidden: xdx2ixbrl1399">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pn3n3_di_msDTALNz5xv_ztHk3ZvV5lek" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">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:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">972</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:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">362</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iTI_pn3n3_mtDTALNz5xv_zosxLbNIw1Tb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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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"><span style="-sec-ix-hidden: xdx2ixbrl1404">-</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"><span style="-sec-ix-hidden: xdx2ixbrl1405">-</span></td><td style="text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A8_zt6NOGI4wqG4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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: 0; margin-bottom: 0; margin-left: 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-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"></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; 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">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">Roll
    forward of valuation allowance</span></td></tr>
  </table>
<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="CTGL:ScheduleofRollForwardofValuationAllowanceTableTextBlock"><p id="xdx_899_ecustom--ScheduleofRollForwardofValuationAllowanceTableTextBlock_zuDYI7zBIOr5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><b>&#160;<span id="xdx_8B9_zw1KaN2X4Trd" style="display: none">SCHEDULE OF ROLL FORWARD OF VALUATION ALLOWANCE</span></b></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
  <tr style="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">U.S. Dollars in thousands</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%">Balance at January 1, 2020</td><td style="width: 2%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td id="xdx_986_eus-gaap--DeferredTaxAssetsValuationAllowance_iS_pn3n3_c20200101__20201231_zkcD1L1tZO6k" title="Balance" style="width: 18%; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2019-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,041</ix:nonFraction></td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Sale of subsidiary</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_988_eus-gaap--IncomeLossFromSubsidiariesTaxExpenseBenefit_pn3n3_c20200101__20201231_z2WymM0pWmMh" title="Sale of subsidiary" style="font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:IncomeLossFromSubsidiariesTaxExpenseBenefit" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,893</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Income tax expense</td><td style="font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td id="xdx_982_eus-gaap--CurrentIncomeTaxExpenseBenefit_pn3n3_c20200101__20201231_zWoXXdfOoOv4" title="Income tax expense" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:CurrentIncomeTaxExpenseBenefit" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">214</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Balance at December 31, 2020</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_985_eus-gaap--DeferredTaxAssetsValuationAllowance_iS_pn3n3_c20210101__20211231_zOLqQHaf9pc4" title="Balance" style="font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">362</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Income tax expense</td><td style="font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--CurrentIncomeTaxExpenseBenefit_pn3n3_c20210101__20211231_zp0QaBp3QGQe" title="Income tax expense" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:CurrentIncomeTaxExpenseBenefit" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">610</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Balance at December 31, 2021</td><td style="font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td id="xdx_982_eus-gaap--DeferredTaxAssetsValuationAllowance_iE_pn3n3_c20210101__20211231_z2RBFLGqSiGb" title="Balance" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">972</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A8_zdQadb03owM8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><b>&#160;</b></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:EarningsPerShareTextBlock"><p id="xdx_80C_eus-gaap--EarningsPerShareTextBlock_zWvH9LHImUWb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
11 &#8211; <span id="xdx_821_zbrTNK1gyB6f">LOSS PER ORDINARY SHARE</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.75in; text-align: justify"><span 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; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
loss per share is computed by dividing net loss by the weighted average number of shares outstanding during the year. The weighted average
number of shares of Common Stock used in computing basic and diluted loss per ordinary share for the years ended December 31, 2021 and
2020, are as follows:</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock"><p id="xdx_895_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zVqnUYZtEM7c" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B7_zmT2xvP4wh65" style="display: none">SCHEDULE OF BASIC AND DILUTED LOSS PER ORDINARY SHARE</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: left">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: left">&#160;</td><td>&#160;</td></tr>
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    <td style="width: 64%; text-align: left">Weighted average number of shares of Common Stock outstanding attributable to ordinary shareholders</td><td style="width: 2%">&#160;</td>
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    <td id="xdx_F43_zItooEye31Pl" style="text-align: left">Total weighted average number of shares of Common Stock related to outstanding options, excluded from the calculations of diluted loss per share (*)</td><td>&#160;</td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.75in; 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 id="xdx_F09_zrt3xZD5q4Sa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(*)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F17_zn1LzDN5x5o5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001430" xml:lang="en-US">The
                                            effect of the inclusion of options and convertible loans in 2021 and 2020 is anti-dilutive.</ix:footnote></span></td>
</tr></table>

</ix:nonNumeric><p id="xdx_8AD_zp8pEd8DBqAg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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 -->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-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><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:SubsequentEventsTextBlock"><p id="xdx_806_eus-gaap--SubsequentEventsTextBlock_zbx30HSeacZd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
12 &#8211; <span id="xdx_827_z3clzSs7os5b">SUBSEQUENT EVENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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: top">
    <td style="text-align: justify; width: 0.25in">&#160;</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    January 5, 2022, Citrine 9 LP, one of the Buyer entities (hereinafter &#8220;Citrine 9&#8221;) agreed to honor a Draw Down Notice
    (as defined in the Convertible Note Agreement) for, and has advanced to the Company, $<span id="xdx_900_eus-gaap--ProceedsFromLoans_pn3n3_c20220104__20220105__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zHLzbzVYg0Cd"><ix:nonFraction name="us-gaap:ProceedsFromLoans" contextRef="From2022-01-042022-01-05_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">180</ix:nonFraction>
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    on the same terms and conditions as are specified in the Convertible Note Agreement (see note 5A above). The maturity date of the
    loan is the earlier of July 31, 2023 or at such time as the Company shall have consummated an investment of at least $<span id="xdx_904_eus-gaap--ProceedsFromContributedCapital_pn6n6_c20220104__20220105__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zGROsGBHuBOk"><ix:nonFraction name="us-gaap:ProceedsFromContributedCapital" contextRef="From2022-01-042022-01-05_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">5</ix:nonFraction>
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    The principal and interest payment on the Note shall be made in New Israeli Shekels (NIS) at the conversion rate which was in effect
    on the date on which the loan was advanced.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="text-align: justify">&#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>
    <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="text-align: justify">&#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>
    <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
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    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Series A warrants and <span id="xdx_909_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20220105__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__custom--SeriesBWarrantMember_zH6NtT553lBi" title="Warrant outstanding"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2022-01-05_us-gaap_SubsequentEventMember_custom_SeriesBWarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,666,667</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Series B warrants for shares of common stock,
    where the Series A warrants are exercisable beginning July 5, 2022 through July 5, 2024 and the Series B warrants are exercisable
    beginning July 5, 2022 through July 5, 2025, in each case at an exercise price of $<span id="xdx_903_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20220105__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__custom--SeriesBWarrantMember_zxeYst7bjx47" title="Warrant exercise price"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2022-01-05_us-gaap_SubsequentEventMember_custom_SeriesBWarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.05</ix:nonFraction></span> per share.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="text-align: justify">&#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>
    <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="text-align: justify">&#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>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
    on January 5, 2022, the Company and the Buyers entered into the Fourth Amendment to the Convertible Note Agreement pursuant to which
    the following was agreed to:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 67.6pt; text-align: justify"><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: 0.75in; 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">(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">The
    principal and accrued interest on all outstanding loans shall be made in New Israeli Shekels (NIS) at the conversion rate which was
    in effect on the date on which the loan was advanced;</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">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    conversion price on all outstanding notes under the Convertible Note Agreement has been adjusted to a conversion price of $<span id="xdx_904_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20220105__us-gaap--TypeOfArrangementAxis__custom--ConvertibleNoteAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zD8etTiipa05" title="Conversion price per share"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2022-01-05_custom_ConvertibleNoteAgreementMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.05</ix:nonFraction></span> per
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    exercise price on all outstanding warrants issued in connection with advances made under the Convertible Note Agreement has been
    adjusted to an exercise price of $<span id="xdx_905_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20220105__us-gaap--TypeOfArrangementAxis__custom--ConvertibleNoteAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zQrf2fqohxC7" title="Warrant exercise price"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2022-01-05_custom_ConvertibleNoteAgreementMember_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.05</ix:nonFraction></span> per share.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 103.6pt; 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="text-align: justify; width: 0.25in">&#160;</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    February 8, 2022, Cannovation Ltd received from ILA a counter-signed development agreement to purchase rights for long term
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <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="text-align: justify">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CITRINE
GLOBAL, CORP.</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">CONDENSED
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<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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OF MARCH 31, 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">U.S.
DOLLARS IN THOUSANDS</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TABLE
OF CONTENTS</span></p>

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

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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"><b>CONDENSED
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">F-37</td></tr>
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    <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"><a href="#a_002">Condensed consolidated statements of operations and comprehensive loss for three months ended March 31, 2022 and 2021 (unaudited)</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">F-38</td></tr>
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    <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"><a href="#a_003">Condensed consolidated statements of stockholders&#8217; deficit for the three months period ended March 31, 2022 and 2021(unaudited)</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-39</span></td></tr>
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    <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"><a href="#a_004">Condensed 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; vertical-align: bottom; text-align: center">F-40</td></tr>
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    <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"><a href="#a_005">Notes to unaudited condensed consolidated financial statements</a></span></td>
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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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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GLOBAL, CORP.</span></p>

<p style="font: bold 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; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">CONDENSED
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<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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<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>The
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<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>


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<p style="font: bold 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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS</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">(U.S.
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<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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  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-weight: bold; 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><td>&#160;</td>
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    <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>
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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>
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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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<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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
accompanying notes are an integral part of the condensed consolidated financial statements.</b></span></p>

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

<p style="font: bold 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"><span id="a_003"></span>CITRINE
GLOBAL, CORP.</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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS&#8217; EQUITY (DEFICIT)</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">(U.S.
dollars in thousands, except share and per share data)</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 cellpadding="0" cellspacing="0" id="xdx_307_114_pn3n3_zNyuYSH8nCLf" summary="xdx: Statement - Consolidated Statements of Changes in Shareholders&apos; Equity (Deficit)" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
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<tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times 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 colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><div style="font: 10pt Times New Roman, Times, Serif; padding: 0in 0in 1pt; margin-top: 0pt; margin-bottom: 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"></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>Accumulated
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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"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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  <tr id="xdx_430_c20220101__20220331_eus-gaap--StockholdersEquity_iS_zXemz64v9Gac" 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: 28%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BALANCE
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<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>The
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<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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GLOBAL, CORP.</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">CONDENSED
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<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">(U.S.
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    <td style="font-weight: bold; text-align: justify">Supplemental disclosure of cash flow information:</td><td>&#160;</td>
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    <td style="text-align: left; padding-bottom: 2.5pt">Fair Value of convertible component in convertible loan</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="text-align: left; padding-bottom: 2.5pt">Warrants issued in connection with convertible notes</td><td style="padding-bottom: 2.5pt">&#160;</td>
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<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>The
accompanying notes are an integral part of the condensed consolidated financial statements.</b></span></p>

<p style="font: bold 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>


<!-- Field: Page; Sequence: 95; Value: 1 -->
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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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: bold 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"><span id="a_005"></span>CITRINE
GLOBAL, CORP.</span></p>

<p id="xdx_046_c20220101__20220331_zShDltudQFU" 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">NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 56.7pt; text-align: justify; text-indent: -56.7pt"><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:BusinessDescriptionAndBasisOfPresentationTextBlock"><p id="xdx_801_eus-gaap--BusinessDescriptionAndBasisOfPresentationTextBlock_zmv7UsSzPua1" style="font: bold 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">NOTE
1 - <span id="xdx_82B_zhPwROZI9trd">GENERAL</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Citrine
Global, Corp. (&#8220;Citrine Global&#8221; or the &#8220;Company&#8221;) was incorporated under the laws of the State of Delaware on
May 26, 2010. The Company&#8217;s common stock is traded in the United States on the OTCQB market under the ticker symbol &#8220;CTGL.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 3, 2020 the Company established a wholly owned new Israeli subsidiary: CTGL &#8211; Citrine Global Israel Ltd, (the &#8220;Israeli
Subsidiary&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 21, 2020, the Israeli Subsidiary began to work with certain Company shareholders, Beezz Home Technologies Ltd., in which Ora Elharar
Soffer, the Company&#8217;s chairperson and CEO holds shares, and Golden Holdings Neto Ltd., in which Ilan Ben-Ishai, a director of the
Company, holds shares, have been working towards establishing an Operational Innovation Center focuses on the medical cannabis industry,
CBD, hemp, botanical, food supplements and cosmetics products. The Company&#8217;s Board of Directors approved the Israeli Subsidiary
to proceed with preparations for entering into an agreement to incorporate a new company, named Cannovation Center Israel Ltd. (&#8220;Cannovation&#8221;),
with Beezz Home Technologies Ltd.and Golden Holdings Neto Ltd., and to accept limitations on the Israeli Subsidiary&#8217;s rights in
the Cannovation Center if and as mandated under Israeli regulations on the involvement of foreign entities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 4, 2020, the Board of the Company approved for the Company and its Israeli Subsidiary to proceed with preparations for investing
in iBOT Israel Botanicals Ltd., an Israeli nutritional supplements&#8217; company developing and manufacturing botanical formulas and
nutritional supplements for custom &amp; contract manufacturing for leading botanical companies (&#8220;iBOT&#8221;). iBOT has a manufacturing
facility for a wide range of botanical formulations. iBOT&#8217;s manufacturing facility is approved by the Israeli Ministry of Health
and is GMP-certified, ISO9001-certified and HACCP certified by IQC. The principal shareholders and control persons of iBOT are the Company&#8217;s
Chief Executive Officer and a Company director. On August 4, 2020, the Board of Directors approved for the Company and Citrine
Global Israel to proceed with preparations for investing in iBOT. On August 9, 2021, through the <span id="xdx_901_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20200809__srt--OwnershipAxis__custom--IBOTIsraelBotanicalsLtdMember_z1WeU0MlyM54" title="Noncontrolling interest, ownership percentage"><ix:nonFraction name="us-gaap:MinorityInterestOwnershipPercentageByParent" contextRef="AsOf2020-08-09_custom_IBOTIsraelBotanicalsLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">60</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
owned subsidiary Cannovation Center Israel, the Company entered into an agreement with iBOT pursuant to which iBOT agreed to manufacture
a line of nutritional supplements for Cannovation Center Israel, including packaging and storage. On September 29, 2021, the Company
agreed to advance to iBOT, up to $<span id="xdx_906_eus-gaap--ProceedsFromRelatedPartyDebt_pn3n3_c20210928__20210929__srt--OwnershipAxis__custom--IBOTIsraelBotanicalsLtdMember_z7BwucdMhL2e" title="Proceeds from related party debt"><ix:nonFraction name="us-gaap:ProceedsFromRelatedPartyDebt" contextRef="From2021-09-282021-09-29_custom_IBOTIsraelBotanicalsLtdMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">50</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousands with a 12 month maturity date and the
Company transferred, as a first tranche, $<span id="xdx_901_eus-gaap--ProceedsFromRelatedPartyDebt_pn3n3_c20211007__20211008__srt--OwnershipAxis__custom--IBOTIsraelBotanicalsLtdMember__us-gaap--DebtInstrumentAxis__custom--FirstTrancheMember_za7M1AeW13y3" title="Proceeds from related party debt"><ix:nonFraction name="us-gaap:ProceedsFromRelatedPartyDebt" contextRef="From2021-10-072021-10-08_custom_IBOTIsraelBotanicalsLtdMember_custom_FirstTrancheMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousands on October 8, 2021. The loan bears
interest at an effective annual interest rate of <span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210929__srt--OwnershipAxis__custom--IBOTIsraelBotanicalsLtdMember_zHp34ihAa30i" title="Debt instrument, interest rate, effective Percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateEffectivePercentage" contextRef="AsOf2021-09-29_custom_IBOTIsraelBotanicalsLtdMember" 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">%
as and is convertible, at the option of Citrine Global, into equity shares of iBOT at conversion rate equal to the lower of (i) <span id="xdx_90A_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_pid_dp_uPure_c20210928__20210929__srt--OwnershipAxis__custom--IBOTIsraelBotanicalsLtdMember_zidu8OLqnfz5" title="Debt discount rate"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger" contextRef="From2021-09-282021-09-29_custom_IBOTIsraelBotanicalsLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
discount to the most recent round of capital raised by iBOT during the term of the loan and (ii) the rate specified in the framework
agreement]. In addition, the agreement provided that the Israeli subsidiary is entitled to convert the outstanding loan, in whole
or in part, to satisfy payments of amounts owed to iBOT under the services agreements between the parties</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October 2021, iBOT granted to Citrine Global Group, a pre-emption right to any equity or equity linked securities that iBOT proposes
to issue to an unrelated third party with aggregate gross proceeds to the Company exceeding $1 million or which will result in a change
in control in iBOT following such issuance, then iBOT is to give to the Citrine Global Group written notice of such proposed issuance
and the relevant terms thereof and the Citrine Global Group shall have ten (10) days thereafter to determine if it elects to purchase
a minimum of 51% of the proposed issuance on the price and other terms specified in the notice sent by iBOT (the &#8220;Pre-Emption Right&#8221;).
If the Citrine Global Group elects to exercise the Pre-Emption Right, such purchase is to take place at no more than 90 days following
the expiration of the 10 day notice period to the Citrine Global Group. Any iBOT securities of the Pre-Emption Right that Citrine Global
Group elects to not purchase are to be sold by not later than 90 days following the end of the Citrine Global Group&#8217;s notice period
and if such shares are not sold to such third party within the 90 day period, the Pre-Emption right shall apply to any subsequent proposed
issuance. The preemption right does not apply to certain specified exceptions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 20, 2020, the Israeli Subsidiary, Beezz Home Technologies Ltd., and Golden Holdings Neto Ltd. incorporated Cannovation. Israeli
Subsidiary holds <span id="xdx_903_ecustom--PercentageOfSharesHoldByCertainShareholders_pid_dp_uPure_c20200819__20200820__dei--LegalEntityAxis__custom--TheCannovationCenterMember_zzEFTO6QGtr6" title="Percentage of shares hold by certain shareholders"><ix:nonFraction name="CTGL:PercentageOfSharesHoldByCertainShareholders" contextRef="From2020-08-192020-08-20_custom_TheCannovationCenterMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">60</ix:nonFraction></span>% of Cannovation&#8217;s shares, while each of Beezz Home Technologies Ltd. and Golden Holdings Neto Ltd. holds 20%
of its shares. See note 4 for additional information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: bold 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">CITRINE
GLOBAL, CORP.</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">NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; text-align: justify"><span 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
1 - GENERAL  (cont.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock
split</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.45in; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--StockholdersEquityReverseStockSplit_c20201121__20201122_zGrm0e6XhsU" title="Reverse stock split description"><ix:nonNumeric contextRef="From2020-11-212020-11-22" name="us-gaap:StockholdersEquityReverseStockSplit">On
November 22, 2020, certain of the Company&#8217;s stockholders representing more than <span id="xdx_908_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20201122_zw7dSaf2nJqi" title="Equity method investment, ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2020-11-22" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></span>% of the Company&#8217;s outstanding share capital
(the &#8220;Majority Consenting Stockholders&#8221;) approved an amendment to the Company&#8217;s Certificate of Incorporation (the &#8220;Reverse
Stock Split Certificate of Amendment&#8221;) in order to effect a reverse stock split of the Company&#8217;s common stock pursuant to
a range of between 40-to-1 and 100-to-1 (the &#8220;Reverse Stock Split&#8221;).</ix:nonNumeric></span> Pursuant to the Reverse Stock Split, each forty or one
hundred shares of common stock, as shall be determined by the Board at a later time, will be automatically converted, without any further
action by the stockholders, into one share of common stock. No fractional shares of common stock will be issued as the result of the
Reverse Stock Split. Instead, each stockholder of the Company will be entitled to receive one share of common stock in lieu of the fractional
share that would have resulted from the Reverse Stock Split. In addition, the Majority Consenting Stockholders also approved the elimination
of the Company&#8217;s entire authorized class of fifty million (<span id="xdx_902_ecustom--PreferredStockSharesUndesignated_iI_pid_c20201122_zocEICUSwY9f" title="Preferred stock shares undesignated"><ix:nonFraction name="CTGL:PreferredStockSharesUndesignated" contextRef="AsOf2020-11-22" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000,000</ix:nonFraction></span>) undesignated preferred stock, thereby reducing the total
number of shares of capital stock that the Company may issue from one billion five hundred fifty-thousand (<span id="xdx_903_ecustom--CapitalStockSharesIssued_iI_pid_c20201122__srt--RangeAxis__srt--MaximumMember_zwTYANBhY5Rg" title="Capital stock shares issued"><ix:nonFraction name="CTGL:CapitalStockSharesIssued" contextRef="AsOf2020-11-22_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,550,000,000</ix:nonFraction></span>) shares to one
billion five hundred thousand (<span id="xdx_906_ecustom--CapitalStockSharesIssued_iI_pid_c20201122__srt--RangeAxis__srt--MinimumMember_z0mTxyCQEPSb" title="Capital stock shares issued"><ix:nonFraction name="CTGL:CapitalStockSharesIssued" contextRef="AsOf2020-11-22_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,500,000,000</ix:nonFraction></span>) shares, all of which are designated as common stock (the &#8220;Certificate of Elimination&#8221;).
The Certificate of Elimination will be effective upon the filing with the Secretary of the State of Delaware, which was not completed
as of the date of this report&#8217;s filing. The Reverse Stock Split Certificate of Amendment will be effective upon receipt of approval
from the Financial Industry Regulatory Authority (&#8220;FINRA&#8221;) and the filing with the Secretary of the State of Delaware, both
of which were not completed as of the date of the approval of the financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.45in; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
support from shareholders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 44.6pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has not yet to generate revenues and is dependent on raising funds from its current shareholders or from other sources. On April
13, 2021, Citrine S A L, on behalf of itself and its affiliates and related parties, has furnished the Company with an irrevocable letter
of obligation to financially support the Company until June 30, 2022. On March 17, 2022, Citrine S A L Investment &amp; Holding Ltd.
extended this support through June 30, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.45in; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has no significant firm commitments that require it to remit cash, and can control the level of expenses it incurs. Based on
the Company&#8217;s current cash balances, and the irrevocable letter of obligation from Citrine S A L noted above, the Company believes
it has sufficient funds for its plans for the next twelve months from the issuance of these financial statements. As the Company is embarking
on its new activity as detailed herein, it is incurring losses. It cannot determine with reasonable certainty when and if it will have
sustainable profits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.45in; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>COVID-19</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 44.6pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 11, 2020, the World Health Organization declared the outbreak of a novel coronavirus (SARS-CoV-2) to be a global pandemic (COVID-19),
which continues to spread throughout the world. The COVID-19 pandemic is having significant effects on global markets, supply chains,
businesses, and communities. Specifically with respect to the Company, COVID-19 may impact various parts of its 2022 plans, operations
and financial results, including but not limited to difficulties in obtaining additional financing. The Company considered the impact
of COVID-19 on the estimates and assumptions and determined that there were no material adverse impacts on the consolidated financial
statements for the period ended December 31, 2021 and 2020. The Company believes it is taking appropriate actions to mitigate the negative
impact, including by focusing its activities initially only within the country of Israel. However, the full impact of COVID-19 is unknown
and cannot be reasonably estimated as these events are still developing.</span></p>

</ix:nonNumeric><p id="xdx_814_zWu0pBYABdF8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.45in; 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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CITRINE
GLOBAL, CORP.</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">NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 56.7pt; text-align: justify; text-indent: -56.7pt"><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:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock"><p id="xdx_800_eus-gaap--BasisOfPresentationAndSignificantAccountingPoliciesTextBlock_zIvDYyP5HrN4" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE
2 - <span id="xdx_820_zfN06EOiy2n7">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-align: left; text-indent: 0in"><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="CTGL:UnauditedInterimFinancialStatementsPolicyTextBlock"><p id="xdx_84E_ecustom--UnauditedInterimFinancialStatementsPolicyTextBlock_zojjq2TUtuU1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86F_zHMl643qFvN4">Unaudited
Interim Financial Statements</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiary, prepared in
accordance with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) and with the instructions
to Form 10-Q. In the opinion of management, the financial statements presented herein have not been audited by an independent registered
public accounting firm but include all material adjustments (consisting of normal recurring adjustments) which are, in the opinion of
management, necessary for a fair statement of the financial condition, results of operations and cash flows for the  three months
ended March 31, 2022. However, these results are not necessarily indicative of results for any other interim period or for the year ended
December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
information and footnote disclosures normally included in financial statements in accordance with generally accepted accounting principles
have been omitted pursuant to the rules of the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;). These financial statements
should be read in conjunction with the financial statements and notes thereto contained in the Company&#8217;s Annual Report on Form
10-K for the year ended December 31, 2021.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:UseOfEstimates"><p id="xdx_848_eus-gaap--UseOfEstimates_zFcFQyAJB6la" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86A_zwYziPPwigx7">Use
of Estimates</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements
and the reported amounts of expenses during the reporting periods. Significant estimates include fair value estimates of derivative liabilities
and assets. Actual results could differ from those estimates.</span></p>

</ix:nonNumeric><p id="xdx_855_zuD0o7L1UeEk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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GLOBAL, CORP.</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">NOTES
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; 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"><b>NOTE
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; 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:FairValueMeasurementPolicyPolicyTextBlock"><p id="xdx_849_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zeHNS8GiCZXe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86C_z2qJoA9VWSWf">Fair
value</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
value of certain of the Company&#8217;s financial instruments including cash, accounts receivable, accounts payable, accrued expenses,
and other accrued liabilities approximate cost because of their short maturities. The Company measures and reports fair value in accordance
with Accounting Standards Codification (&#8220;ASC&#8221;) 820, &#8220;Fair Value Measurements and Disclosure,&#8221; which defines fair
value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosures
about fair value measurements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
value, as defined by ASC 820, is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value of an asset should reflect its highest and best use by market participants,
principal (or most advantageous) markets, and an in-use or an in-exchange valuation premise. The fair value of a liability should reflect
the risk of nonperformance, which includes, among other things, the Company&#8217;s credit risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valuation
techniques are generally classified into three categories: (i) the market approach; (ii) the income approach; and (iii) the cost approach.
The selection and application of one or more of the techniques may require significant judgment and are primarily dependent upon the
characteristics of the asset or liability, and the quality and availability of inputs. Valuation techniques used to measure fair value
under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 also provides fair value
hierarchy for inputs and resulting measurement as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; 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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CITRINE
GLOBAL, CORP.</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">NOTES
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; 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"><b>NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (cont.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair
value (cont.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2: Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in
markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived
principally from or corroborated by observable market data for substantially the full term of the assets or liabilities; and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3: Unobservable inputs for the asset or liability that are supported by little or no market activity, and that are significant to the
fair values.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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value measurements are required to be disclosed by the level within the fair value hierarchy in which the fair value measurements in
their entirety fall. Fair value measurements using significant unobservable inputs (in level 3 measurements) are subject to expanded
disclosure requirements including a reconciliation of the beginning and ending balances, separately presenting changes during the period
attributable to the following: (i) total gains or losses for the period (realized and unrealized), (ii) segregating those gains or losses
included in earnings, and (iii) a description of where those gains or losses included in earning are reported in the statement of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; 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_8A8_zBrdBXUGFnil" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; 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:FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock"><p id="xdx_892_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock_zZS7XMMYBuz" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; 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-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; text-align: justify"><span id="xdx_8B5_zShiKeKB2aBf" style="display: none">SCHEDULE OF CHANGES IN FAIR VALUE OF LIABILITIES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: center"><b>US$ in thousands</b></td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Liabilities:</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_pn3n3_zrLoVgR9Esp3" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40D_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_pn3n3_zCajgscVjoi3" style="display: none; vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: center"><span style="-sec-ix-hidden: xdx2ixbrl1834">-</span></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
<tr id="xdx_408_ecustom--FairValueOfInitialRecognitionOfEquityComponentAsPartOfModificationInLoanTerms_pn3n3_z7PV9PrfeNnh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_404_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues_pn3n3_zDfJYIaPcyYj" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40F_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease_pn3n3_zE2z45Os4DK1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Changes in fair value</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_408_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_pn3n3_zGSFW1boxFV5" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Outstanding at March 31, 2022</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 style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><ix:nonFraction name="us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" contextRef="AsOf2022-03-31_us-gaap_FairValueInputsLevel3Member" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">397</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_pn3n3_zbjwKznDILsc" style="display: none; vertical-align: bottom; background-color: White">
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</table>

</ix:nonNumeric><p id="xdx_8A6_zv6FyI1kaF12" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; 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: 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 -->45<!-- 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: bold 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">CITRINE
GLOBAL, CORP.</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">NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)</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: normal 10pt Times New Roman, Times, Serif">&#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>NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (cont.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; 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:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_849_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zlbH6NzmITSg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86F_zD0xiSS7N7sf">Recent
Accounting Pronouncements</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 1, 2021, the Company early adopted ASU No. 2020-06, Debt&#8212;Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives
and Hedging&#8212;Contracts in Entity&#8217;s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an
Entity&#8217;s Own Equity (ASU 2020-06), which simplifies the accounting for convertible instruments by reducing the number of accounting
models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings
per share for convertible instruments and requires the use of the if-converted method. The new standard was effective for us beginning
January 1, 2022, with early adoption permitted. The adoption of this new standard is not expected to have a material impact on the
consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
new pronouncements issued but not effective as of March 31, 2022 are not expected to have a material impact on the Company&#8217;s consolidated
financial statements.</span></p>

</ix:nonNumeric><p id="xdx_85B_zmLxbazOgMc9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 63.8pt; text-align: left; text-indent: -63.8pt"><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:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"><p id="xdx_804_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zsFULnhPLb6b" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3 &#8211; <span id="xdx_829_zwXprC6VkGn6">STOCK OPTIONS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 56.7pt; text-align: justify; text-indent: -56.7pt"><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:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock"><p id="xdx_894_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zgNstkNQRVai" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents the Company&#8217;s stock option activity for employees and directors of the Company for the year ended March
31, 2022:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 56.7pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BA_zYt5QK8VZpYk" style="display: none">SCHEDULE OF STOCK OPTION ACTIVITY</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#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">Number of Options</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">Weighted Average Exercise Price ($)</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="width: 60%; text-align: justify">Outstanding at December 31, 2021</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20220101__20220331__srt--TitleOfIndividualAxis__custom--EmployeesAndDirectorsMember_z7OKPxZxsiyb" title="Number of Options outstanding, beginning balance" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2021-12-31_custom_EmployeesAndDirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">23,628,962</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 id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20220101__20220331__srt--TitleOfIndividualAxis__custom--EmployeesAndDirectorsMember_zxUVpoxyMDP1" title="Weighted Average Exercise Price outstanding, beginning balance" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2021-12-31_custom_EmployeesAndDirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.05</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Granted</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20220101__20220331__srt--TitleOfIndividualAxis__custom--EmployeesAndDirectorsMember_zudHZzwI47nb" title="Number of Options, Granted" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1856">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20220101__20220331__srt--TitleOfIndividualAxis__custom--EmployeesAndDirectorsMember_zHdm9pm7W9Aa" title="Weighted Average Exercise Price, Granted" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1858">-</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: justify">Exercised</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_c20220101__20220331__srt--TitleOfIndividualAxis__custom--EmployeesAndDirectorsMember_zGHHGDaCnY8" title="Number of Options, Exercised" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1860">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20220101__20220331__srt--TitleOfIndividualAxis__custom--EmployeesAndDirectorsMember_z3WqDhRR31Zk" title="Weighted Average Exercise Price, Exercised" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1862">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Forfeited or expired</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_pid_c20220101__20220331__srt--TitleOfIndividualAxis__custom--EmployeesAndDirectorsMember_zgzIQDtReP4j" title="Number of Options, Forfeited or expired" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1864">-</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 id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20220101__20220331__srt--TitleOfIndividualAxis__custom--EmployeesAndDirectorsMember_z5i4n4KsXpBj" title="Weighted Average Exercise Price, Forfeited or expired" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1866">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 2.5pt">Outstanding at March 31, 2022</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20220101__20220331__srt--TitleOfIndividualAxis__custom--EmployeesAndDirectorsMember_z6YPyJIFWWI1" title="Number of Options, outstanding, ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2022-03-31_custom_EmployeesAndDirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">23,628,962</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">&#160;</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20220101__20220331__srt--TitleOfIndividualAxis__custom--EmployeesAndDirectorsMember_zuEJc8qpN7s5" title="Weighted Average Exercise Price, ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2022-03-31_custom_EmployeesAndDirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.05</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 2.5pt">Number of options exercisable at March 31, 2022</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_pid_c20220101__20220331__srt--TitleOfIndividualAxis__custom--EmployeesAndDirectorsMember_zeAO7kHqDOJ4" title="Options exercisable, ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" contextRef="AsOf2022-03-31_custom_EmployeesAndDirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">18,324,767</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">&#160;</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_pid_c20220101__20220331__srt--TitleOfIndividualAxis__custom--EmployeesAndDirectorsMember_zAKt9dKvE2ic" title="Weighted Average Exercise Price, Options exercisable, ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" contextRef="AsOf2022-03-31_custom_EmployeesAndDirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.05</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8AB_z5mDU7Q9Zle9" 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>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfShareBasedCompensationActivityTableTextBlock"><p id="xdx_895_eus-gaap--ScheduleOfShareBasedCompensationActivityTableTextBlock_z8gS55ZgUxe5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
stock options outstanding as of March 31, 2022, have been separated into exercise prices, as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span id="xdx_8BE_zcMSe9hFRvjj" style="display: none">SCHEDULE
OF STOCK OPTIONS OUTSTANDING</span><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: 93%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Exercise price</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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</ix:nonNumeric><p id="xdx_8A2_zziarStrpXh6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 68.05pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation
expense recorded by the Company in respect of its stock-based compensation awards for the period ended March 31, 2022 was $<span id="xdx_908_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20220101__20220331_zrGByQHfHSUa" title="General and administrative expense"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">27</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousands</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
and are included in General and Administrative expenses in the Statements of Operations.</span></p>

</ix:nonNumeric><p id="xdx_81C_zC0FNHf6VJbf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 56.7pt; text-align: justify; text-indent: -56.7pt"><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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: bold 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">CITRINE
GLOBAL, CORP.</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">NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; 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="CTGL:EventsDuringPeriodDisclosureTextBlock"><p id="xdx_80C_ecustom--EventsDuringPeriodDisclosureTextBlock_zh1gPfJbOEj5" 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"><b>NOTE
4 &#8211; <span id="xdx_829_z875YQ5ArgUl">EVENTS DURING THE PERIOD</span> </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 49.6pt; 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="width: 0.25in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.25in"><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">On
    January 5, 2022, Citrine 9 LP, one of the Buyer entities (hereinafter &#8220;Citrine 9&#8221;) agreed to honor a Draw Down Notice
    (as defined in the Convertible Note Agreement) for, and has advanced to the Company, $<span id="xdx_908_eus-gaap--ProceedsFromLoans_pn3n3_c20220104__20220105_zlLLm7vJTaR8" title="Proceeds from Loans"><ix:nonFraction name="us-gaap:ProceedsFromLoans" contextRef="From2022-01-042022-01-05" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">180</ix:nonFraction></span> thousands on the same terms and conditions
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    as the Company shall have consummated an investment of at least $<span id="xdx_900_eus-gaap--ProceedsFromContributedCapital_pn6n6_c20220104__20220105_zE0BTEnC67yj" title="Proceeds from contributed capital"><ix:nonFraction name="us-gaap:ProceedsFromContributedCapital" contextRef="From2022-01-042022-01-05" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">5</ix:nonFraction></span> million in Company securities. The annual interest on the loan
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  </table>
<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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
provided for under the terms of the Convertible Note Agreement, Citrine 9 will be issued <span id="xdx_903_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20220105__us-gaap--StatementEquityComponentsAxis__custom--SeriesAWarrantMember_zcVlLpjxFml" title="Class of warrant or right, issued"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2022-01-05_custom_SeriesAWarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,666,667</ix:nonFraction></span> Series A warrants and <span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20220105__us-gaap--StatementEquityComponentsAxis__custom--SeriesBWarrantMember_zUxsun2hwRTf" title="Class of warrant or right, issued"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2022-01-05_custom_SeriesBWarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,666,667</ix:nonFraction></span> Series
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Series B warrants are exercisable beginning July 5, 2022 through July 5, 2025</ix:nonNumeric></span>, in each case at an exercise price of $<span id="xdx_901_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20220105__us-gaap--StatementEquityComponentsAxis__custom--SeriesBWarrantMember_z7qfCpXS1mb3" title="Warrant exercise price"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2022-01-05_custom_SeriesBWarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.05</ix:nonFraction></span> per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 46.35pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company allocated the proceeds received to the freestanding components &#8211; the convertible loan, A Warrants and B Warrants, based
on their relative fair values, since all three components will not be subsequently measured at fair value (see below),</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 46.35pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Conversion
feature </i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with ASC 815-15-25 the conversion feature was considered a liability classified embedded derivative instrument, and
is to be recorded at its fair value separately from the convertible notes, within non-current liabilities in the Company&#8217;s
balance sheet. The conversion component is then remeasured at fair value at each reporting period with the resulting gains or
losses shown in the statements of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 46.35pt; text-align: justify"><span 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: 0.5in; 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-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the convertible component was estimated by third party appraiser as weighted average of the two possible scenarios of the
total convertible notes amount conversion (each, 50% probability):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 46.35pt; 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" continuedAt="ConU001923-01" escape="true" name="CTGL:ScheduleOfFairValueAssumptionsUsedTableTextBlock"><p id="xdx_89F_ecustom--ScheduleOfFairValueAssumptionsUsedTableTextBlock_gL3SOAUTTB-LWBOI_zGuvQAwBq44c" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
scenario in which the convertible loan would be converted prior to its maturity (scenario 1) was estimated by the appraiser using the
Black-Scholes option pricing model, to compute the fair value of the derivative and to market the fair value of the derivative at each
balance sheet date. The following are the data and assumptions used as of issuance dates and as of the balance sheet date:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 46.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_zLXsRrbzRjka" style="display: none">SCHEDULE OF FAIR VALUE OF CONVERTIBLE FEATURE USING VALUATION ASSUMPTIONS</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
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    <td colspan="2" id="xdx_49F_20220331_zBsTW4uAnPAk" 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></tr>
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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: rgb(204,238,255)">
    <td style="text-align: justify">Share price (U.S. dollars)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Exercise price (U.S. dollars)</td><td>&#160;</td>
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  <tr id="xdx_403_ecustom--FairValueOfConversionFeature_iI_pn3n3_hsrt--StatementScenarioAxis__custom--Scenario1Member_zKXfaARCk0gk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Fair value of the conversion feature (U.S. dollars in thousands)</td><td>&#160;</td>
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  </table><div style="clear: both"></div>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 46.35pt; 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 -->47<!-- 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CITRINE
GLOBAL, CORP.</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">NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 46.35pt; text-align: justify"><span 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
4 &#8211; EVENTS DURING THE PERIOD  (cont.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 46.35pt; text-align: left">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
scenario in which the Company would raise at least $<span id="xdx_90C_eus-gaap--ProceedsFromConvertibleDebt_pn6n6_c20220101__20220331__srt--StatementScenarioAxis__custom--Scenario2Member_zDnkqpPYDm19" title="Proceeds from convertible loan"><ix:nonFraction name="us-gaap:ProceedsFromConvertibleDebt" contextRef="From2022-01-012022-03-31_custom_Scenario2Member" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">5</ix:nonFraction></span> million prior to conversion of the convertible loan (scenario 2) was estimated
by the appraiser using the Black-Scholes option pricing model, to compute the fair value of the derivative and to market the fair value
of the derivative at each balance sheet date. The following are the data and assumptions used as of issuance dates and as of the balance
sheet date:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 46.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 1in">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_492_20220105_zMY9yJyJzQn8" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">January 5, 2022</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" id="xdx_493_20220331_zu4p3SsRYX58" 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></tr>
  <tr id="xdx_402_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_hsrt--StatementScenarioAxis__custom--Scenario2Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_zVM537rm1oQc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: justify">Dividend yield (%)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentMeasurementInput" contextRef="AsOf2022-01-05_custom_Scenario2Member_us-gaap_MeasurementInputExpectedDividendRateMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0</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: 16%; text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentMeasurementInput" contextRef="AsOf2022-03-31_custom_Scenario2Member_us-gaap_MeasurementInputExpectedDividendRateMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0</ix:nonFraction></td><td style="width: 1%; text-align: left">%</td></tr>
  <tr id="xdx_40A_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_hsrt--StatementScenarioAxis__custom--Scenario2Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zmJ4Smm05Ftb" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Risk-free interest rate (%)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentMeasurementInput" contextRef="AsOf2022-01-05_custom_Scenario2Member_us-gaap_MeasurementInputRiskFreeInterestRateMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.40</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:DebtInstrumentMeasurementInput" contextRef="AsOf2022-03-31_custom_Scenario2Member_us-gaap_MeasurementInputRiskFreeInterestRateMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">1.35</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Expected term (years)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_903_eus-gaap--DebtInstrumentTerm_dtY_c20220104__20220105__srt--StatementScenarioAxis__custom--Scenario2Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zRgCTYkZhcr9" title="Expected term (years)"><ix:nonNumeric contextRef="From2022-01-042022-01-05_custom_Scenario2Member_us-gaap_MeasurementInputExpectedTermMember" format="ixt-sec:duryear" name="us-gaap:DebtInstrumentTerm">0.99</ix:nonNumeric></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_90C_eus-gaap--DebtInstrumentTerm_dtY_c20220101__20220331__srt--StatementScenarioAxis__custom--Scenario2Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_znZ3y1sv9Ip9" title="Expected term (years)"><ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_Scenario2Member_us-gaap_MeasurementInputExpectedTermMember" format="ixt-sec:duryear" name="us-gaap:DebtInstrumentTerm">0.75</ix:nonNumeric></span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_hsrt--StatementScenarioAxis__custom--Scenario2Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputOptionVolatilityMember_z8sc7if2TRZ6" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Volatility</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentMeasurementInput" contextRef="AsOf2022-01-05_custom_Scenario2Member_us-gaap_MeasurementInputOptionVolatilityMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">158</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:DebtInstrumentMeasurementInput" contextRef="AsOf2022-03-31_custom_Scenario2Member_us-gaap_MeasurementInputOptionVolatilityMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">158.30</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Share price (U.S. dollars)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_906_eus-gaap--SharePrice_iI_pid_c20220105__srt--StatementScenarioAxis__custom--Scenario2Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_zU6VLAB7L6ij" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2022-01-05_custom_Scenario2Member_us-gaap_MeasurementInputSharePriceMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.025</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_90D_eus-gaap--SharePrice_iI_pid_c20220331__srt--StatementScenarioAxis__custom--Scenario2Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_zboA14bz0zh8" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2022-03-31_custom_Scenario2Member_us-gaap_MeasurementInputSharePriceMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.022</ix:nonFraction></span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Exercise price (U.S. dollars)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90E_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uUSDPShares_c20220105__srt--StatementScenarioAxis__custom--Scenario2Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExercisePriceMember_z9906IJvKL8" title="Debt instrument measurement input"><ix:nonFraction name="us-gaap:DebtInstrumentMeasurementInput" contextRef="AsOf2022-01-05_custom_Scenario2Member_us-gaap_MeasurementInputExercisePriceMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.05</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_901_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uUSDPShares_c20220331__srt--StatementScenarioAxis__custom--Scenario2Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExercisePriceMember_zM9ZlQkVIqU9" title="Debt instrument measurement input"><ix:nonFraction name="us-gaap:DebtInstrumentMeasurementInput" contextRef="AsOf2022-03-31_custom_Scenario2Member_us-gaap_MeasurementInputExercisePriceMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.05</ix:nonFraction></span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_ecustom--FairValueOfConversionFeature_iI_pn3n3_hsrt--StatementScenarioAxis__custom--Scenario2Member_zJ9QfUszLhy6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Fair value of the conversion feature U.S. dollars in thousands)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="CTGL:FairValueOfConversionFeature" contextRef="AsOf2022-01-05_custom_Scenario2Member" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">40</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="CTGL:FairValueOfConversionFeature" contextRef="AsOf2022-03-31_custom_Scenario2Member" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">27</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A0_zNPsukDbwud4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 46.35pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the convertible component was estimated by the third-party appraiser after giving effect to the weighted average of the
two possible scenarios as of issuance dates was $<span id="xdx_903_ecustom--FairValueOfConvertibleComponent_pn3n3_c20220101__20220331__srt--StatementScenarioAxis__custom--Scenario1Member_zzhUB9TDJQ5d" title="Fair value of the convertible component"><ix:nonFraction name="CTGL:FairValueOfConvertibleComponent" contextRef="From2022-01-012022-03-31_custom_Scenario1Member" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">41</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousands</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
and as of March 31, 2022 was $<span id="xdx_903_ecustom--FairValueOfConvertibleComponent_pn3n3_c20220101__20220331__srt--StatementScenarioAxis__custom--Scenario2Member_zCkPnusZwx08" title="Fair value of the convertible component"><ix:nonFraction name="CTGL:FairValueOfConvertibleComponent" contextRef="From2022-01-012022-03-31_custom_Scenario2Member" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">35</ix:nonFraction> thousands</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-top: 0pt; margin-bottom: 0pt; margin-left: 46.35pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Warrants</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 63.8pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the warrants as of the drawdowns dates was estimated at $<span id="xdx_90E_eus-gaap--FairValueAdjustmentOfWarrants_pn3n3_c20220101__20220331_zF4OwxZtIA62" title="Fair value of the warrants"><ix:nonFraction name="us-gaap:FairValueAdjustmentOfWarrants" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">255</ix:nonFraction>
thousands </span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">using the Black-Scholes option-pricing
model and is presented within the consolidated statements of changes in shareholders equity (deficit).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 46.35pt; 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="CTGL:SummaryOfWarrantsTableTextBlock"><p id="xdx_892_ecustom--SummaryOfWarrantsTableTextBlock_zbnzf6Pw1Kp9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following are the data and assumptions used:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 46.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BD_zgV6afMH0rxa" style="display: none">SUMMARY OF WARRANTS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 1in">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_401_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputOptionVolatilityMember_zOVmB0yhJsH2" style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Share price (U.S. dollars)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Exercise price (U.S. dollars)</td><td>&#160;</td>
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  <tr id="xdx_401_ecustom--FairValueOfConversionFeatureWarrants_iI_pn3n3_zGEBYpwjrte3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Fair value of the conversion feature (U.S. dollars in thousands)</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 56.7pt; text-align: justify; text-indent: -56.7pt"><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: 85%; margin-left: 1in">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">Warrants B</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_492_20220331__us-gaap--AwardTypeAxis__custom--BWarrantMember_z2DLSjFfOFw5">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_zK47yBmT2k07" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%; text-align: justify">Dividend yield (%)</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_403_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_ztlIkmHUNuWh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Risk-free interest rate (%)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Expected term (years)</td><td>&#160;</td>
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  <tr id="xdx_405_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputOptionVolatilityMember_z73DluPJ5L3a" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Volatility</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Share price (U.S. dollars)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Exercise price (U.S. dollars)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_905_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uUSDPShares_c20220331__us-gaap--AwardTypeAxis__custom--BWarrantMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExercisePriceMember_zmIySM5auxWl" title="Warrant measurement input"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstandingMeasurementInput" contextRef="AsOf2022-03-31_custom_BWarrantMember_us-gaap_MeasurementInputExercisePriceMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.05</ix:nonFraction></span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_ecustom--FairValueOfConversionFeatureWarrants_iI_pn3n3_z4cHSuTGDPDc" 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="CTGL:FairValueOfConversionFeatureWarrants" contextRef="AsOf2022-03-31_custom_BWarrantMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">136</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A4_zHlB8OQPMbHe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 56.7pt; text-align: justify; text-indent: -56.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 103; 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>
    <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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CITRINE
GLOBAL, CORP.</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">NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 46.35pt; text-align: justify"><span 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
4 &#8211; EVENTS DURING THE PERIOD  (cont.)</b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 46.35pt; 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; margin-left: 0.5in; text-align: justify"><i>Fair
Value Proportional Allocation</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.25pt; text-align: justify; text-indent: 28.35pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify">The
fair value of the note was estimated at $<span id="xdx_90F_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20220105_zbnXo5Hw6by2" title="Fair value of conversion feature"><ix:nonFraction name="us-gaap:ConvertibleDebtFairValueDisclosures" contextRef="AsOf2022-01-05" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">154</ix:nonFraction></span> thousands. The note is accounted for according to the effective interest method.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 67.6pt; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="CTGL:ScheduleOfFairValueOfDebtTableTextBlock"><p id="xdx_89C_ecustom--ScheduleOfFairValueOfDebtTableTextBlock_z6qOPg5qeZRb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify">Based
on the above, the fair value proportion allocation as of January 5, 2022 was as follows:</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 67.6pt; text-align: justify">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 67.6pt; text-align: justify"><span id="xdx_8BD_ziH3kP4LT06j" style="display: none">SCHEDULE OF FAIR VALUE OF DEBT</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td style="font-size: 11pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_491_20220105_zTew0eqSHswb" style="border-bottom: Black 1.5pt solid; text-align: center"><div style="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June
                                            24, 2021</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(US
                                            dollars in thousands)</p> </div></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--DebtInstrumentFairValue_iI_pn3n3_hus-gaap--DebtInstrumentAxis__custom--ConversionComponentMember_zAZn9IVoS8Ni" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 72%; text-align: justify; text-indent: -0.15in; padding-left: 0.15in">Conversion Component</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 24%; text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentFairValue" contextRef="AsOf2022-01-05_custom_ConversionComponentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">48</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--DebtInstrumentFairValue_iI_pn3n3_hus-gaap--DebtInstrumentAxis__custom--WarrantsMember_zu1IVTAuDO45" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; text-indent: -0.15in; padding-left: 0.15in">Warrants</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentFairValue" contextRef="AsOf2022-01-05_custom_WarrantsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">100</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--DebtInstrumentFairValue_iI_pn3n3_hus-gaap--DebtInstrumentAxis__custom--ConvertibleNotesMember_z1IyKKYL2IXd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -0.15in; padding-left: 0.15in">Convertible Notes</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentFairValue" contextRef="AsOf2022-01-05_custom_ConvertibleNotesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">32</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--DebtInstrumentFairValue_iI_pn3n3_zunvnKn0YMrd" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; text-indent: -0.15in; padding-left: 0.15in">Total</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentFairValue" contextRef="AsOf2022-01-05" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">180</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A1_zPClVsBg4fme" 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">
    <td style="width: 0.25in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
    on January 5, 2022, the Company and the  related entities who are the signatory lenders (hereinafter the &#8220;Buyers&#8221;)
    under the Convertible Loan Agreement dated as of April 1, 2020 (the &#8220;CL Agreement&#8221;) with the Company entered into
    the Fourth Amendment to the CL Agreement pursuant to which the following was agreed to:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 46.35pt; 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: left; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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    in New Israeli Shekels (NIS) at the conversion rate in effect on the date on which the loan was advanced;</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: left"><span style="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">(ii)</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; text-align: left"><span style="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">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    exercise price on all outstanding warrants issued in connection with advances made under the CL Agreement was adjusted
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 75pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company concluded that the change in terms does not give rise to a trouble debt restructuring, as no &#9;concession was given
to the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 46.35pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therefore,
the Company went on to assess the whether the terms of the modified note are substantially different. The Company concluded that
the change in terms should be accounted for as a debt extinguishment.debt extinguishment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 46.35pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the abovementioned amendment on January 5, 2022, the conversion component is qualifying for the scope exception under ASC 815-10-15-74(a).
In accordance with ASC 815-15-35-4, since the embedded conversion option in the convertible debt meets the bifurcation criteria, the
fair value of the conversion component calculated as of January 5, 2022, in the amount of $<span id="xdx_909_eus-gaap--DebtInstrumentConvertibleBeneficialConversionFeature_pn3n3_c20220104__20220105_zm4TuvjKTuB1" title="Fair value of the conversion"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleBeneficialConversionFeature" contextRef="From2022-01-042022-01-05" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">162</ix:nonFraction></span></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">was reclassified from shareholders equity
to short-term liability at that date. As of March 31, 2022, the fair value of the convertible component was estimated at $<span id="xdx_90F_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20220331_zwUbApDTlOB7"><ix:nonFraction name="us-gaap:ConvertibleDebtFairValueDisclosures" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">361</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
Changes in fair value were recorded as interest expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 46.35pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Conversion
feature </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 46.35pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with ASC 815-15-25 the conversion feature was considered an embedded derivative instrument, and is to be recorded at its fair
value separately from the convertible notes, within non-current liabilities in the Company&#8217;s balance sheet. The conversion
component is then remeasured at fair value at each reporting period with the resulting gains or losses shown in the statements
of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 63.8pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the convertible component was estimated by third party appraiser as weighted average of the two possible scenarios of the
total convertible notes amount conversion (each, 50% probability):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 46.35pt; text-align: justify"><span 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: 46.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 104; 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 -->49<!-- 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-top: 0pt; margin-bottom: 0pt; margin-left: 46.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CITRINE
                                            GLOBAL, CORP.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 46.35pt; text-align: justify"><span 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"><b>NOTE
4 &#8211; EVENTS DURING THE PERIOD (cont.)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 46.35pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_C0A_gL3SOAUTTB-LWBOI_z0HaYeXWBY85"><ix:continuation continuedAt="ConU001923-02" id="ConU001923-01">The
scenario in which the convertible loan would be converted prior to its maturity (scenario 1) was estimated by the appraiser using the
Black-Scholes option pricing model, to compute the fair value of the derivative and to market the fair value of the derivative at each
balance sheet date. The following are the data and assumptions used as of issuance dates and as of the balance sheet date:</ix:continuation></span></span></p>

<div id="xdx_C0D_gL3SOAUTTB-LWBOI_zHjjcKGA0jP7"><ix:continuation continuedAt="ConU001923-03" id="ConU001923-02"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 46.35pt; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" id="xdx_301_134_zHHfcg3DwC62" summary="xdx: Disclosure - SCHEDULE OF FAIR VALUE OF CONVERTIBLE FEATURE USING VALUATION ASSUMPTIONS (Details)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 1in">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_493_20200615_zzIouo9KvWz6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 15, 2020 convertible loans</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" id="xdx_499_20210401_zAo0CSdFJNtc" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">April 1, 2021 convertible loans</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#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">March 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40C_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_hsrt--StatementScenarioAxis__custom--Scenario1Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_zbYRHdVVoJPc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: justify">Dividend yield (%)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentMeasurementInput" contextRef="AsOf2020-06-15_custom_Scenario1Member_us-gaap_MeasurementInputExpectedDividendRateMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_40D_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_hsrt--StatementScenarioAxis__custom--Scenario1Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zEgXh65CwCAh" 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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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90C_eus-gaap--DebtInstrumentTerm_dtY_c20210401__20210401__srt--StatementScenarioAxis__custom--Scenario1Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_ztLvxFAng8U3"><ix:nonNumeric contextRef="From2021-04-012021-04-01_custom_Scenario1Member_us-gaap_MeasurementInputExpectedTermMember" format="ixt-sec:duryear" name="us-gaap:DebtInstrumentTerm">1.33</ix:nonNumeric></span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_hsrt--StatementScenarioAxis__custom--Scenario1Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputOptionVolatilityMember_z5p0zK9HxlTf" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Volatility</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Share price (U.S. dollars)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Exercise price (U.S. dollars)</td><td>&#160;</td>
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  <tr id="xdx_40C_ecustom--FairValueOfConversionFeature_iI_pn3n3_hsrt--StatementScenarioAxis__custom--Scenario1Member_zuy6GzSpLCyf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Fair value of the conversion feature (U.S. dollars in thousands)</td><td>&#160;</td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 46.35pt; text-align: justify"><span 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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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of the derivative at each balance sheet date. The following are the data and assumptions used as of issuance dates and as of the balance
sheet date:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 46.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="display: none; vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">Volatility</td><td>&#160;</td>
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  <tr id="xdx_408_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_hsrt--StatementScenarioAxis__custom--Scenario2Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputOptionVolatilityMember_zD4fmCOai0L7" style="display: none; vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Share price (U.S. dollars)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Exercise price (U.S. dollars)</td><td>&#160;</td>
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    <td style="text-align: left">Fair value of the conversion feature (U.S. dollars in thousands)</td><td>&#160;</td>
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  </table>

</ix:continuation></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 46.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_C04_gL3SOAUTTB-LWBOI_zyP8cy95wQ8b"><ix:continuation id="ConU001923-03">&#160;</ix:continuation></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the convertible component was estimated by the third-party appraiser after giving effect to the weighted average of the
two possible scenarios as of March 31, 2022 was $<span id="xdx_90D_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20220331__srt--StatementScenarioAxis__custom--Scenario1Member_zfareIjDMtz2"><ix:nonFraction name="us-gaap:ConvertibleDebtFairValueDisclosures" contextRef="AsOf2022-03-31_custom_Scenario1Member" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">289</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousands</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
and $<span id="xdx_903_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20220331__srt--StatementScenarioAxis__custom--Scenario2Member_zpz0DPcf7T94" title="Fair value of conversion estimated value"><ix:nonFraction name="us-gaap:ConvertibleDebtFairValueDisclosures" contextRef="AsOf2022-03-31_custom_Scenario2Member" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">72</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 46.35pt; 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="width: 0.25in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.25in"><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">On
    February 8, 2022, Cannovation Ltd received from the Israel Land Authority (&#8220;ILA&#8221;) a counter-signed development agreement
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">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">On
    February 15, 2022, the Company signed an investor relations service agreement with a consultant pursuant to which the Company agreed
    to pay the consultant a monthly retainer of $<span id="xdx_908_eus-gaap--PaymentsForRent_c20220213__20220215__us-gaap--TypeOfArrangementAxis__custom--ServiceAgreementMember_z1VmN8WTriRj" title="Manthly payment" class="xdx_phnt_RGlzY2xvc3VyZSAtIEVWRU5UUyBEVVJJTkcgVEhFIFBFUklPRCAoRGV0YWlscyBOYXJyYXRpdmUpAA__"><ix:nonFraction name="us-gaap:PaymentsForRent" contextRef="From2022-02-132022-02-15_custom_ServiceAgreementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,000</ix:nonFraction></span> and in addition, to issue the consultant <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_pid_c20220213__20220215__us-gaap--TypeOfArrangementAxis__custom--ServiceAgreementMember__srt--TitleOfIndividualAxis__custom--ConsultantMember_zTiJCpoq9EB4" title="Number of restricted common stock, shares" class="xdx_phnt_RGlzY2xvc3VyZSAtIEVWRU5UUyBEVVJJTkcgVEhFIFBFUklPRCAoRGV0YWlscyBOYXJyYXRpdmUpAA__"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross" contextRef="From2022-02-132022-02-15_custom_ServiceAgreementMember_custom_ConsultantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,800,000</ix:nonFraction></span> restricted shares of common
    stock, to be issued in three tranches. In the event that the agreement is terminated prior to the issuance date, the remaining share
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  </table>
</ix:nonNumeric><p id="xdx_81E_zZIS0L3s58Q7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 56.7pt; text-align: justify; text-indent: -56.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- 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 -->50<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

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

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CITRINE
GLOBAL, CORP.</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">NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 56.7pt; text-align: justify; text-indent: -56.7pt"><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:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_80B_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zpTgxkCcoP3b" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
5 &#8211; <span id="xdx_821_zMnhHrSJAR1e">RELATED PARTIES</span></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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Transactions and balances with related parties</b></span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock"><p id="xdx_89B_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_zd4SKQkpmT46" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 78pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BA_zg2zEeaUv2wd" style="display: none">SCHEDULE OF TRANSACTIONS AND BALANCES WITH RELATED PARTIES</span><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
  <tr style="display: none; vertical-align: bottom">
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&#160;</td>
    <td id="xdx_498_20220101__20220331_zIgVQFn3GDkj" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</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_zfKb9mQPMVZ2" 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 style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="font-weight: bold; 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><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
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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">&#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="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--PrepaidExpenseCurrent_iI_pn3n3_c20220331__us-gaap--BalanceSheetLocationAxis__custom--CurrentAssetsMember_zFWYcHcM0saj" title="Prepaid Expenses" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:PrepaidExpenseCurrent" contextRef="AsOf2022-03-31_custom_CurrentAssetsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">18</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="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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    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td title="Total Non-Current Assets" style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; 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">Convertible notes</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_986_eus-gaap--ConvertibleLongTermNotesPayable_iI_pn3n3_c20220331__us-gaap--BalanceSheetLocationAxis__custom--NonCurrentLiabilitiesMember_zTziaJciamni" title="Convertible notes, Non Current" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:ConvertibleLongTermNotesPayable" contextRef="AsOf2022-03-31_custom_NonCurrentLiabilitiesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,655</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 id="xdx_984_eus-gaap--ConvertibleLongTermNotesPayable_iI_pn3n3_c20210331__us-gaap--BalanceSheetLocationAxis__custom--NonCurrentLiabilitiesMember_zpVko4VzmSgi" title="Convertible notes, Non Current" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2133">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric></ix:nonNumeric><p id="xdx_81C_zghl8fmpljva" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 46.35pt; 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: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><img src="forms-1_001.jpg" alt="" style="height: 96px; width: 228px" /></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 14pt"><b>Units</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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: 0; margin-bottom: 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: 0; margin-bottom: 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: 0; margin-bottom: 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: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>Citrine
Global, Corp.</b></span></p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#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="width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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: 0; margin-bottom: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART
II</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; 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%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    13.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
    Expenses of Issuance and Distribution</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth all costs and expenses, other than underwriting discounts and commissions, paid or payable by the Registrant
in connection with the sale of the common stock being registered. All amounts shown are estimates except for the SEC registration fee
and the FINRA filing fee:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; 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%; background-color: white; 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 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">Amount
    Paid<br />
    or to be Paid</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 82%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC
    Registration Fee</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</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;&#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%"><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">FINRA
    Filing Fee</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">*<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial
    Nasdaq Listing Fee</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
    Fees and Expenses</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td></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">Accounting
    Fees and Expenses</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer
    Agent and Registrar Fees and Expenses</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td></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">Miscellaneous
    Fees and Expenses</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="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">&#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"><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: #CCEEFF">
    <td style="font: 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 4.5pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="border-bottom: black 4.5pt 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"><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: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
To be filed by amendment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; 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%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    14.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Indemnification
    of Directors and Officers </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Delaware General Corporation Law authorizes corporations to limit or eliminate, subject to certain conditions, the personal liability
of directors to corporations and their stockholders for monetary damages for breach of their fiduciary duties. Our amended and restated
certificate of incorporation, limits the liability of our directors to the fullest extent permitted by Delaware law. In addition, upon
the closing of this offering, we will enter into indemnification agreements with all of our directors and named executive officers whereby
we will agree to indemnify those directors and officers to the fullest extent permitted by law, including indemnification against expenses
and liabilities incurred in legal proceedings to which the director or officer was, or is threatened to be made, a party by reason of
the fact that such director or officer is or was a director, officer, employee or agent of ours, provided that such director or officer
acted in good faith and in a manner that the director or officer reasonably believed to be in, or not opposed to, our best interests.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also maintain a general liability insurance policy, which covers certain liabilities of directors and officers of our company arising
out of claims based on acts or omissions in their capacities as directors or officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have been advised that in the opinion of the SEC, insofar as indemnification for liabilities arising under the Securities Act may be
permitted to our directors, officers and other persons pursuant to the foregoing provisions, or otherwise, such indemnification is against
public policy as expressed in the Securities Act and is therefore unenforceable. In the event a claim for indemnification against such
liabilities (other than payment of expenses incurred or paid by a director or officer in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or other person in connection with the securities being registered, we will, unless
in the opinion of our counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question of whether such indemnification is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; 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%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    15.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recent
    Sales of Unregistered Securities</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set
forth below is information regarding shares of common stock, convertible notes and warrants issued, and options granted, by us within
the past three years that were not registered under the Securities Act. Also included is the consideration, if any, received by us for
such shares, convertible notes, warrants and options, and information relating to the section of the Securities Act, or rule of the Securities
and Exchange Commission, under which exemption from registration was claimed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summarizes all sales of unregistered securities by us within the past three years:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">(i)
On January 29, 2020, holders of&#160;10,344,828&#160;redeemable convertible Series A Preferred Stock, converted their shares
into 10,344,828 shares of Common Stock.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; 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: 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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 27, 2020 and March 5, 2020, we issued
432,996,555 shares of common stock to Citrine S A L Investment &amp; Holdings Ltd. and its group of related persons and entities. The
agreement under which the shares were issued provided for the issuance of 893,699,276 shares of common stock in total in consideration
for $150,000, however, the Company was unable to complete the issuance of all these shares at that time because the Company did not have
sufficient authorized capital to issue such shares of common stock. On November 12, 2020, the Company issued the remaining shares of
common stock (i.e., 460,702,721 shares).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 5, 2020 the Company issued 15,000,000 shares
of common stock to its legal advisor for legal consulting services.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(iv) On November 11, 2020,
the Company issued additional 13,222,082 shares of Common Stock to its legal advisor.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 19, 2020, we issued our Convertible Promissory
Note in the principal amount of $170,000 to Citrine Hi Tech 7 LP due July 31, 2023 and warrants for 11,178,344 shares of common stock
exercisable at a per share exercise price of $0.05. The principal and interest on the note is convertible at a per share conversion price
of $0.05.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><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; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 15, 2020, we issued our Convertible Promissory
Note in the principal amount of $900,000 to Citrine 9 LP due July 31, 2023 and warrants for _______shares of common stock exercisable
at a per share exercise price of $0.05. The principal and interest on the note is convertible at a per share conversion price of $0.05.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 17, 2020 the Company issued to Intelicanna
2,143,470 shares of common stock in exchange for 619,589 of Intelicanna&#8217;s ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 20, 2021, we issued our Convertible Promissory
Note in the principal amount of $350,000 to Citrine 8 LP due July 31, 2023 and warrants for 21,000,210 shares of common stock
exercisable at a per share exercise price of $0.05. The principal and interest on the note is convertible at a per share conversion price
of $0.05.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(ix) On January 5, 2022, we
issued our Convertible Promissory Note in the principal amount of $180,000 to Citrine 9 LP due July 31, 2023 and warrants for 13,333,334
shares of common stock exercisable at a per share exercise price of $0.05. The principal and interest on the note is convertible at a
per share conversion price of $0.05</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the foregoing, we relied upon the exemption from registration provided by Section 4(a)(2) under the Securities Act of
1933, as amended, for transactions not involving a public offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; 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%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    16.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibits
    and Financial Statement Schedules</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 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%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
the Exhibit Index included immediately prior to the signature page to this registration statement, which is incorporated by reference
herein.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
financial statement schedules are provided because the information called for is not required or is shown either in the financial statements
or notes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; 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%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><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 registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such
indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim
for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer
or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer
or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned Registrant hereby undertakes that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part
of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule
424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared
effective.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial bona fide offering thereof.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf
by the undersigned, thereunto duly authorized in the City of Herzliya, State of Israel, on June 28, 2022</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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    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
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    Ora Elharar Soffer</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">Title:&#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: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities
and on the dates indicated</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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>
    <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>
    <td style="font: 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="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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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">(Principal
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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>
    <td style="font: 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">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">
    <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/
    Ilanit Halperin</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">&#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">Director
    and Chief Financial Officer</span></td>
    <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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
    28, 2022</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ilanit
    Halperin</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">&#160;</span></td>
    <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; vertical-align: bottom; 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; vertical-align: bottom; 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">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Ilan Ben-Ishay</i></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">&#160;</span></td>
    <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">Director</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
    28, 2022</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">Ilan
    Ben-Ishay</span></td>
    <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>
    <td style="font: 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">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Doron Birger</i></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">&#160;</span></td>
    <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">Director</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
    28, 2022</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Doron
    Birger</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">&#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">&#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></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><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">&#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">&#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></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    David Kretzmer</i></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">&#160;</span></td>
    <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">Director</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
    28, 2022</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">David
    Kretzmer</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">&#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">&#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></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<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; text-transform: uppercase"><b>&#160;</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; text-transform: uppercase"><b>EXHIBIT
INDEX</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; text-transform: uppercase"><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="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.65in; vertical-align: bottom"><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>Exhibit</b></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>No.</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left; width: 0.1in; vertical-align: bottom"><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; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><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"><span style="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">Form
    of Underwriting Agreement*</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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">3.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1498067/000149315219004104/ex3-1.htm" style="-sec-extract: exhibit">First Amended and Restated Certificate of Incorporation of the Registrant, effective as of January 9, 2019 (incorporated by reference to the annual report on Form 10-K filed by the Company on March 28, 2019)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">3.2</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex3-2.htm">Amendment to First Amended and
    Restated Certificate of Incorporation of the Registrant</a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1498067/000149315219004104/ex3-2.htm" style="-sec-extract: exhibit">Amended and Restated Bylaws of the Registrant, effective as of November 2018 (incorporated by reference to the annual report on Form 10-K filed by the Company on March 28, 2019).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">4.1</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1498067/000149315222009403/ex4-2.htm" style="-sec-extract: exhibit">Convertible Promissory Note Dated June 21, 2021 (incorporated by reference to the annual report on Form 10-K filed by the Company on April 8, 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">4.2</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1498067/000149315222009403/ex4-3.htm" style="-sec-extract: exhibit">Convertible Promissory Note Dated December 28, 2021 (incorporated by reference to the annual report on Form 10-K filed by the Company on April 8, 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
    Opinion of Sichenzia Ross Ference 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">10.1+</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1498067/000149315218004338/ex10-1.htm" style="-sec-extract: exhibit">2017 Employee Incentive Plan (incorporated by reference from our Form 10-K filed April 2, 2018).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">10.2+</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3+</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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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"><a href="https://www.sec.gov/Archives/edgar/data/1498067/000149315220003094/ex10-1.htm" style="-sec-extract: exhibit">Amended and Restated Common Stock Purchase Agreement between the Registrant, Citrine S A L Investment &amp; Holdings Ltd. and others dated February 23, 2020 (incorporated by reference to the Current Report on Form 8-K filed by the Company on February 27, 2020).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">10.7</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1498067/000149315220005685/ex10-1.htm" style="-sec-extract: exhibit">Convertible Note Purchase Agreement between the Registrant, Citrine S A L Investment &amp; Holdings Ltd. and others dated April 1, 2020 (incorporated by reference to the Current Report on Form 8-K filed by the Company on April 2, 2020).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">
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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"><a href="https://www.sec.gov/Archives/edgar/data/1498067/000149315221008866/ex10-9.htm" style="-sec-extract: exhibit">Form of Amendment 2 to Convertible Note Purchase Agreement between the Registrant, Citrine S A L Investment &amp; Holdings Ltd. and others dated April 12, 2021 (incorporated by reference to the annual report on Form 10-K filed by the Company on April 15, 2021).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">
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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"><a href="https://www.sec.gov/Archives/edgar/data/1498067/000149315221008866/ex10-10.htm" style="-sec-extract: exhibit">Share Exchange Agreement between the Registrant and Intelicanna Ltd., dated May 31, 2020 (Hebrew version) (incorporated by reference to the annual report on Form 10-K filed by the Company on April 15, 2021).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">10.11</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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/1498067/000149315221008866/ex10-11.htm" style="-sec-extract: exhibit">Form of Subscription Agreement between the Registrant and Nanomedic Technologies Ltd., dated June 22, 2020 (incorporated by reference to the annual report on Form 10-K filed by the Company on April 15, 2021).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">10.12</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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/1498067/000149315221008866/ex10-12.htm" style="-sec-extract: exhibit">Loan Agreement between the Registrant, CTGL &#8211; Citrine Global Israel Ltd. and Intelicanna Ltd., dated June 25, 2020 (Hebrew version) (incorporated by reference to the annual report on Form 10-K filed by the Company on April 15, 2021).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">10.13+</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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/1498067/000149315221008866/ex10-13.htm" style="-sec-extract: exhibit">Consulting Agreement between the Registrant and Ora Elharar Soffer, dated July 2020 (incorporated by reference to the annual report on Form 10-K filed on April 15, 2021).</a> </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">10.14+</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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/1498067/000149315221008866/ex10-14.htm" style="-sec-extract: exhibit">Consulting Agreement between the Registrant and Ilanit Halperin, dated July 2020 (incorporated by reference to the annual report on Form 10-K filed on April 15, 2021)..</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">
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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"><a href="https://www.sec.gov/Archives/edgar/data/1498067/000149315221008866/ex10-15.htm" style="-sec-extract: exhibit">Consulting Agreement between the Registrant and Ilan Ben-Ishay, dated July 2020 (incorporated by reference to the annual report on Form 10-K filed on April 15, 2021)..</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">10.16</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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/1498067/000149315222009403/ex10-16.htm" style="-sec-extract: exhibit">Third Amendment to the Convertible Note Purchase Agreement between the Registrant, Citrine SAL and Other (incorporated by reference to the annual report on Form 10-K filed on April 8, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">10.17</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="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">Form
    of Warrant for 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"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.18</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; text-align: justify"><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; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Warrant Agency Agreement *</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></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; text-align: justify"><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"><a href="ex21.htm">Subsidiaries</a></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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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">
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[{"type": "S-1", "sequence": "1", "filename": "forms-1.htm", "secsgml_size_bytes": 2593973}]
{"company-data": {"conformed-name": "CITRINE GLOBAL, CORP.", "cik": "0001498067", "assigned-sic": "7372", "irs-number": "980663823", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-265874", "film-number": "221050277"}, "business-address": {"street1": "2 JABOTINSKY ST., ATRIUM TOWER", "street2": "RAMAT GAN", "city": "TEL AVIV", "state": "L3", "zip": "6721503", "phone": "972-73-7600341"}, "mail-address": {"street1": "2 JABOTINSKY ST., ATRIUM TOWER", "street2": "RAMAT GAN", "city": "TEL AVIV", "state": "L3", "zip": "6721503"}, "former-company": [{"former-conformed-name": "TechCare Corp.", "date-changed": "20170118"}, {"former-conformed-name": "BREEDIT CORP.", "date-changed": "20140106"}, {"former-conformed-name": "PROGAMING PLATFORMS CORP", "date-changed": "20100802"}]}
As
Filed with Securities and Exchange Commission on June 28, 2022
Registration N0. 333- __________
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
S-1
REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933
CITRINE
GLOBAL, CORP.
(Exact
name of registrant as specified in its charter)
Delaware
2833
68-0080601
(State
                                            or other jurisdiction
of
                                            incorporation or organization)
(Primary
    Standard Industrial
Classification Code Number)
(I.R.S.
                                            Employer
Identification
                                            Number)
4
Haogen Street
Herzliya
,
,
4655102
, Israel
+
972
98851422
(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)
Business
Filings Incorporated
108
West 13th St., City of Wilmington
County
of Newcastle, Delaware 19801
(800)
981-7183
(Name,
address, including zip code, and telephone number, including area code, of agent for service)
Copies
to:
Gregory
                                            Sichenzia
Sichenzia
    Ross Ference LLP
1185
    Avenue of the Americas
New
    York, NY 10036
(212)
    930-9700
David
                                            Aboudi
Aboudi
    Legal Group PPLC
745
    Fifth Avenue
New
    York, NY 101051
(646)
    768-4285
Anthony
                                            W. Basch
J.
    Britton Williston
Kaufman
    & Canoles, P.C.
2236
    Cunningham Drive
Hampton,
    VA2366
(757)
    224-2900
Approximate
date of commencement of proposed sale to the public
: As soon as practicable after the effective date of this registration
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 pursuant
to Section 7(a)(2)(B) of the Securities Act. ☐
The
registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the
registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective
in accordance with Section 8(a) of the Securities Act or until the registration statement shall become effective on such date as the
Commission, acting pursuant to said Section 8(a), may determine.
THE
INFORMATION IN THIS PRELIMINARY PROSPECTUS IS NOT COMPLETE AND MAY BE CHANGED. THESE SECURITIES MAY NOT BE SOLD UNTIL THE REGISTRATION
STATEMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS PRELIMINARY PROSPECTUS IS NOT AN OFFER TO SELL NOR DOES
IT SEEK AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
PROSPECTUS
(SUBJECT TO COMPLETION) DATED [           ], 2022
CITRINE
GLOBAL, CORP.
We
are offering                 units (the "Units"), each Unit consisting of one share of common stock, par value $0.0001, and two warrants
(the "Warrants"), each Warrant exercisable for one share of common stock, in a firm commitment underwritten offering. The
Warrants will have an exercise equal to 100% of the public offering price per Unit and a term of five years. The offering also includes
the shares of common stock issuable from time to time upon exercise of the Warrants.
Our
common stock is quoted on the OTCQB tier of OTC Markets Group, Inc., or OTCQB, under the symbol "CTGL." On _________, 2022,
the last reported sale price for our common stock as reported on the OTCQB was $______ per share.
We
have applied to list our common stock on The Nasdaq Stock Market (the "Nasdaq") under the symbol "CTGL." No assurance
can be given that our application will be approved. This offering is subject to our application being approved.
We have applied
to list the Warrants on the Nasdaq Capital Market under the symbol "CTGLW." No assurance can be given that a trading market
will develop for the Warrants.
Investing
in our common stock involves a high degree of risk. See "Risk Factors" beginning on page 9.
Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined
if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
Per
    Unit
Total
Public
    offering price
$
$
Underwriting
    discounts and commissions (1)
$
$
Proceeds,
    before expenses, to us
$
$
(1)
Does
                                                                     not include a non-accountable expense allowance equal to 1.0% of the public offering price payable to the underwriter. In addition,
                                                                     we have agreed to issue warrants to the underwriter in an amount equal to 10% of the aggregate number of shares of common stock sold
                                                                     in this offering (excluding the shares sold through the exercise of the over-allotment option). See the section titled
                                                                     "Underwriting" beginning on page 51 of this prospectus for additional disclosure regarding underwriter compensation
                                                                     and offering expenses.
We
have granted the underwriter a 45-day option to purchase up
to             additional shares of common stock, representing 15% of
the shares sold in the offering and/or up to              additional
Warrants, representing 15% of the Warrants sold in the offering, solely to cover over-allotments, if any. The purchase price to be
paid per additional share will be equal to the public offering price of one Unit, less the purchase price for the two Warrants
included within the Unit and the underwriting discount. The purchase price to be paid per additional Warrant will be $             .
The
underwriter expects that the delivery of the shares of common stock and the Warrants will be made on or about             , 2022.
Aegis
Capital Corp.
The
date of this prospectus is _____, 2022
TABLE
OF CONTENTS
Page
    No.
PROSPECTUS
    SUMMARY
4
THE
    OFFERING
7
RISK
    FACTORS
9
SPECIAL
    NOTE REGARDING FORWARD-LOOKING STATEMENTS
18
USE
    OF PROCEEDS
19
DIVIDEND
    POLICY
19
CAPITALIZATION
20
DILUTION
20
MANAGEMENT'S
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
21
BUSINESS
25
MANAGEMENT
40
EXECUTIVE COMPENSATION
43
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
47
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
46
DESCRIPTION OF CAPITAL STOCK
50
UNDERWRITING
51
LEGAL MATTERS
54
EXPERTS
54
WHERE YOU CAN FIND ADDITIONAL INFORMATION
54
INDEX TO FINANCIAL STATEMENTS
F-1
We
have not authorized anyone to provide any information or to make any representations other than those contained in this prospectus or
in any free writing prospectuses we have prepared. We take no responsibility for, and can provide no assurance as to the reliability
of, any other information that others may give you. This prospectus is an offer to sell only the shares offered hereby, but only under
circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of its
date.
For
investors outside the United States: We have not, and the underwriter has not, 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. Persons
outside of the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating
to, the offering of the shares of common stock and the distribution of this prospectus outside of the United States.
Market
and Other Industry Data
Unless
otherwise indicated, market data and certain industry forecasts used throughout this prospectus were obtained from various sources, including
internal surveys, market research, consultant surveys, publicly available information and industry publications and surveys. Industry
surveys, publications, consultant surveys and forecasts generally state that the information contained therein has been obtained from
sources believed to be reliable, but that the accuracy and completeness of such information is not guaranteed. We have not independently
verified any of the data from third-party sources nor have we ascertained the underlying economic assumptions relied upon therein. Similarly,
internal surveys, industry forecasts and market research, which we believe to be reliable based upon our management's knowledge
of the industry, have not been independently verified. The future performance of the industry and markets in which we operate and intend
to operate is necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in
the sections titled "Risk Factors" and "Special Note Regarding Forward-looking Statements" and elsewhere in this
prospectus. These and other factors could cause results to differ materially from those expressed in these publications and reports.
3
PROSPECTUS
SUMMARY
This
summary highlights selected information contained elsewhere in this prospectus and does not contain all the information that you should
consider before making your investment decision. Before investing in our common stock, you should carefully read this entire prospectus,
including the information set forth under the "Risk Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" sections of this prospectus and our consolidated financial statements and the accompanying
notes included in this prospectus. Except as otherwise indicated herein or as the context otherwise requires, references in this prospectus
to "Citrine Global," the "Company," "we," "us," and "our" refer to Citrine
Global, Corp. and our consolidated subsidiaries, including our wholly-owned subsidiary, CTGL-Citrine Global Israel Ltd. and to our partially
owned subsidiary Cannovation Center Israel Ltd.;
Business
overview
We
are a plant-based wellness & pharma solutions company. Our business activity is primarily composed of developing wellness and pharma
solutions, focused on science backed plant-based products to improve quality of life and complementary solutions for balancing side effects
caused by using medicines, treatments, or an unbalanced lifestyle.
The
global health and wellness market is expected to reach USD 7.6 trillion by 2030, growing at a CAGR of 5.5% from 2021 to 2030
1
with
growing awareness of health and wellness solutions for improving people's quality of life
2
. We are witnessing a global
movement of health and wellbeing becoming a priority for the public, further emphasized by the recent global COVID-19 pandemic. There
is increasing recognition that people need to take charge of their own health, improve their quality of life, use natural products, and
balance side effects caused by medicines and treatment
3
.
We
believe the power of plant-based solutions from nature can help improve people's health and quality of life.
We
seek to bring to the market wellness and pharma innovative products, such as food supplements, healthy snacks, healthy beverages and
natural cosmetics, to help improve people's health and quality of life and complementary products that aim to balance selected
side effects associated with medicines, treatments or an unbalanced lifestyle. Research shows that complementary products can balance
side effects associated with medicinal use or treatments. For example, probiotics, natural food supplements are recommended as a complementary
product to balance side effects associated with the use of antbiotics
4
.
Leveraging
technology and research, we are focused on developing products portfolio based on rigorous scientific research ranging from synergistic
botanicals, herbal extract tinctures, medicinal mushrooms together with plant extracts, vitamins, minerals, botanical formulations from
seeds, roots, bark, fruits and a wide variety of plants that contain substances with health-supportive effects. Such supportive effects
include, but aren't limited to, enhancing oral care, anti-inflammatory properties, relaxation, sleep enhancement, energizing, mood
and body balancing, and alleviating side effects.
Our
strategy is to bring to market, on a global scale, innovative plant-based wellness and pharma solutions, covering the whole spectrum
from innovation, research and development, product development, infrastructure for production and manufacturing, distribution, marketing
and sales.
Our
headquarters and top executives are based in Israel, where we operate via our 100%-owned-subsidiary "CTGL Citrine Global Israel
Ltd." and 60%-owned "Cannovation Center Israel Ltd."
Our
mission is to leverage the power of plant-based solutions from nature to help
improve people's health and quality of life
We
created multi-strategy solutions to realize our mission, the highlights of which include the following:
Developing
& Bringing Plant-Based Wellness & Pharma Products to Market
We
are developing plant-based solutions which include products for improving quality of life and complementary solutions for balancing selected
side effects caused by using medicines, cannabis, treatments, or an unbalanced lifestyle. In December 2021 we finalized the development
of dozens of proprietary formulations in multiple form factors under the brand name of Green Side by Side™ for the wellness industry.
1
Research, P., 2022.
Health and Wellness Market Size to Hit USD 7,656.7 Bn by 2030
.
                                            [online] GlobeNewswire News Room.
2
NielsenIQ. 2022.
An inside look into the 2021 global consumer health and wellness
revolution
. [online]
3
Sullivan, F., 2022.
Increasing Health Consciousness Among Consumers to Shift
the Global Prebiotic Ingredients Market
. [online] Prnewswire.com.
4
N.A.Kerna, 2018,
A complementary medicine approach to augmenting antibiotic therapy current practices in the use of probiotics
during antibiotic therapy,
International Journal of Complementary & Alternative Medicine
4
The
Green Side by Side™ product line includes herbals, medicinal mushrooms, vitamins, minerals, and a variety of researched plants
known for their healing qualities that contain substances with different anti-inflammatory properties and a variety of health-supportive
effects that are relaxing, sleep enhancing, energizing, mood and body balancing, enhancing oral care alleviating side effects, and more.
Green
Side by Side products are manufactured in Israel in a GMP-certified manufacturing facility approved by the Israeli Ministry of Health.
In
Q1 2022 we launched in the Israeli market several products from the Green Side by Side product line. We started our initial launch with
a local partner, an Israeli medical cannabis company, focusing on the SmokLy series, a line of sprays for the oral cavity to support
people with oral cavity dryness (xerostomia), a common side effect experienced by many cannabis users. The local partner distributes
the products to medical cannabis pharmacies as complementary products to medical cannabis users. Following an initial trial period, we
plan to expand our distribution efforts in the Israeli market for the Green Side by Side product line with retail, pharmacy chains and
natural products' distributors in Israel. We also plan to distribute the Green Side by Side product line in the United States and
worldwide with local partners consistent with local regulations.
We
believe Green Side by Side is positioned to capture market share in the nutritional supplements market that is expected to reach $625
billion by 2030
5
.
IP
and Research & Development Strategy
Our
IP strategy and R&D roadmap include building our patent portfolio, conducting clinical studies, advancing products through regulatory
approvals.
Leveraging
technology and research, we continue to innovate, developing solutions that combine botanical formulations, herbal extracts, tinctures,
sprays, and other natural delivery methods with a variety of researched plants known for their healing qualities.
We
seek to bring to the wellness and pharma market innovative products to improve quality of life and complementary solutions for balancing
selected side effects caused by medicines, treatments, cannabis, aging, stress, or an unbalanced lifestyle. Our mission includes developing
plant-based medicines for the botanical and plant-derived drug market that is expected to reach $53 billion by 2026
6
.
Treating
Side Effects Caused by Medicines, Treatments, or an Unbalanced Lifestyle
A
broad range of medicines and treatments have common side effects such as dryness in the oral cavity (xerostomia), headaches, dizziness,
drowsiness, fatigue, nausea, vomiting, lack of concentration, and impaired appetite.
We
are researching and developing complementary solutions to address the need to balance selected effects through wellness solutions, as
well as clinically planning to develop plant-based pharmaceutical solutions.
The
public health impact of potential harm associated with medicines and treatments is a growing area of investigation, given the expanding
pharma industry and widespread availability of drugs and different medical treatments around the world. For example, exploring the relationship
between drug side-effects and therapeutic indications demonstrates that
69% of drugs have between 10 and 100 different side effects
7
.
We
filed a provisional patent application with the US Patent and Trademark Office to address the side effects of cannabis use titled "Pharmaceutical
Compositions and Methods for the Treatment of Side-Effects Associated with the Use of Cannabis, Cannabinoids and Related Products"
patent No: 63/257,673. Research shows that nearly 70% of cannabis users experience constant dry mouth and 20% percent of the elderly
suffer from xerostomia as a side effect of their medications
8
.
We
developed the SmokLy
TM
series which is intended to balance the dry mouth side effect (xerostomia) that may result from using
medicines, cannabis, smoking or treatments. The SmokLy contains plant extracts distilled from seeds, roots, bark, fruits with active
anti-inflammatory substances that encourage saliva production and taste in the oral cavity. We are developing a broad array of plant-based
wellness and pharma complementary solutions to address selected side effects caused by medicines, cannabis, treatments, or an unbalanced
lifestyle.
5
Research, P., 2022.
Nutritional
                                            Supplements Market to Hit US$ 624.7 Billion by 2030
.
                                            [online] GlobeNewswire News Room.
6
2018-2026,
G. and 2018-2026, G., 2022.
Botanical and Plant Derivative Drug Market - Global Forecast 2018-2026
.
[online]
7
P. Zhang, F. Wang, J. Hu, and R. 2013, Exploring the Relationship Between Drug Side-Effects and Therapeutic Indications, PubMed
Central, PMCID: PMC3900166; PMID: 24551427
8
Harpreet, S., Joseph, K., Wafaa, S. and Seunghee, C., 2019. Impact of Cannabis on the Port
of Entry-Oral Tissues: An Overview.
International Journal of Oral and Dental Health
,
5(3).
5
Green
Vision Center Production & Innovation Center for Plant-Based Wellness & Pharma Products
The
Green Vision Center is part of our strategy to create plant-based solutions covering all the infrastructure, facilities, and activities
required for developing, manufacturing, and bringing to market innovative plant-based wellness and pharma products.
As
demand for plant-based products in industries ranging from wellness, to pharma, to cosmetics, to food continues to increase, Green Vision
Center will provide all facilities needed for bringing to market plant-based wellness and pharma products.
In
February of 2022, we completed the acquisition of 125,000 sq ft (11,687 sq meters or approximately three acres), of industrial land in
Yerucham, a city in southern Israel, to build
Green Vision Center Israel
with the Israeli government support. Approximately 90%
of the acquisition cost was provided by Israeli government programs that encourage industrial development and includes additional grants
and tax incentives. Green Vision Center israel will include approximately 65,000 sq. ft. (approximately 5,800 sqm) a first-of-its-kind
center that combines:
●
Manufacturing
    facilities for botanicals and nutritional supplements
●
Manufacturing
    facilities for pharma plant-based products & botanical drugs
●
Manufacturing
    facilities for healthy snacks & beverages
●
Manufacturing
    facilities for plant-based cosmetics
●
Manufacturing
    facilities for medical cannabis and related products
●
R&D
    laboratories for development, clinical studies, and quality control testing
●
Distribution
    and global logistics center
●
Management
    and consultant offices
●
Conference,
    training & visitor center
Green
Vision Center Israel was designed by Avner Sher, one of Israel's most highly regarded architects. Its design includes a unique
roof in the shape of a lotus flower and will be built with solar panels and according to ecological green principles of saving energy.
The
center will be constructed by a professional project construction company that will oversee the aspects of the building including interfacing
with sub-contractors and obtaining the requisite building permits and other required authorizations.
Our
mission is to become a leading worldwide production and innovation center and bring together partners, market leaders, companies, technologies,
and scientific collaborations from Israel and around the world.
A
core part of our strategy includes building a worldwide network with local teams, partners, subsidiaries, Green Vision Centers, strategic
partnerships, collaborations, and mergers & acquisitions of technology and distribution companies. Initially, we are planning to
build infrastructure for business development and sales with local teams in North America and Europe.
Risks
Related to Our Business
Investing
in our common stock involves substantial risk. You should carefully consider all of the information in this prospectus before investing
in our common stock, including the risks related to this offering and our common stock, our business and industry, our intellectual property,
our financial results, and our need for financing, each as described under the section titled "Risk Factors" and elsewhere
in this prospectus.
Corporate
Information
Our
principal executive offices are located at 4 Haogen Street, Herzliya, Israel and our telephone number is
+97298851422
.
We maintain a website at www.
Citrine-Global.
com, to which we regularly post copies of our press releases as well as additional
information about us. Our filings with the Securities and Exchange Commission, or SEC, are available free of charge through the website
as soon as reasonably practicable after being electronically filed with or furnished to the SEC. Information contained on, or accessible
through, our website does not constitute a part of this prospectus or our other filings with the SEC, 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
shares of our common stock.
6
THE
OFFERING
Common
    Stock currently
issued
    and outstanding:
942,568,006
    shares of common stock.
Units
    offered
by
    us:
.
    _________ Units, each consisting of one share of common stock and two Warrants, each Warrant exercisable for one share of common
    stock. The shares of common stock and Warrants that are part of the Units are immediately separable and will be issued separately
    in this offering. The Warrants are exercisable immediately, have an exercise price equal to 100% of the public offering price of
    one Unit, and expire five years after the date of issuance.
Common
    Stock Outstanding
After
    this Offering:
___________
    shares of common stock, or ___________ shares of common stock if the underwriter exercises in full the over-allotment option to purchase
    additional shares of common stock.
Overallotment
    Option:
We
    have granted the underwriter an option to purchase from us, up to ________________ shares of common stock and/or up to ________additional
    Warrants, within 45 days from the date of this prospectus to cover over-allotments, if any.
Underwriter's
    Warrants:
We
    will issue to Aegis Capital Corp., the underwriter, or its permitted designees warrants to purchase up to ___________ shares of common
    stock. The underwriter's warrants will have an exercise price of 125% of the public offering price per share, will be exercisable
    on the date of issuance and will expire five years from the effective date of the registration statement of which this prospectus
    forms a part.
Use
    of Proceeds:
We
    estimate that the net proceeds from this offering will be approximately $________ (or approximately $________ if the underwriter
    exercises its over-allotment option ‌in full), after deducting underwriting discounts and commissions and the estimated offering
    expenses payable by us.
We
    intend to use the net proceeds of this offering for repayment of debt and general corporate purposes. See "Use of Proceeds"
    for additional information.
Lockups
Our
    directors and executive officers and holders of 10% or more of our outstanding common stock, will agree with the underwriter not
    to offer for sale, issue, sell, contract to sell, pledge or otherwise dispose of any of our common stock or securities convertible
    into common stock for a period of 180 days after the date of this prospectus. The Company will agree not to issue any shares of common
    stock or securities convertible into common stock, subject to certain exceptions, for a period of 180 days after the date of this
    prospectus without the consent of the underwriter. See "Underwriting."
Risk
    Factors:
Investing
    in our common stock involves substantial risk. You should read the "Risk Factors" section beginning on page 9 and
    other information included in this prospectus for a discussion of factors to consider carefully before deciding to invest in our
    securities/
Reverse
    Stock
Split:
Prior
    to completion of this offering, we will complete a reverse split of our common stock in a ratio of between
50-to-1
    and 700-to-1. All share numbers in this registration statement will be adjusted to give effect to the reverse split, except as otherwise
    indicated.
Trading
    Symbol:
Our
    common stock is quoted on the OTCQB under the symbol "CTGL." We have applied to list our common stock on The Nasdaq Stock
    Market (the "Nasdaq") under the symbol "CTGL" and our Warrants under "CTGLW".
The
number of shares of our common stock to be outstanding immediately after this excludes, as of such date, the following:
●
23,582,200
    shares of our common stock issuable upon exercise of stock options to be issued to certain of our officers, directors and employees,
    effective as of the date of this prospectus under our 2018 Equity Incentive Plan;
●
66,417,800
    shares of our common stock that are available for future issuance under our 2018 Equity Incentive Plan;
●
__________
    shares of common stock issuable upon conversion of convertible promissory notes held by third parties as of the effective date of
    this prospectus. See "Certain Relationships and Related Transactions";
●
45,511,888
    shares of common stock issuable upon exercise of warrants held by the holders of the above referenced convertible notes;
●
_____
                                            shares of common stock issuable upon the exercise of the Warrants to purchase shares of our
                                            common stock to be issued to the investors in this offering, based on an assumed public offering
                                            price of $____ per Unit; and
_______
                                            shares of common stock issuable upon the exercise of the warrants to purchase shares of our
                                            common stock to be issued to the
underwriter
    in connection with this offering, based on an assumed initial public offering price of $____ per share.
7
SUMMARY
FINANCIAL DATA
The
following tables summarize our financial data for the periods presented and should be read together with the sections of this prospectus
titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations,"
and our consolidated financial statements and related notes thereto appearing elsewhere in this prospectus. The following summary data
as of and for the three months ended March 31, 2022 and 2021 have been derived from our unaudited consolidated financial statements
and footnotes included elsewhere in this prospectus. The following summary data as of and for the years ended December 31,
2021 have been derived from our consolidated financial statements and footnotes included elsewhere in this prospectus. Our historical
results are not necessarily indicative of our future results or of the results we expect in the future.
Consolidated
Balance Sheet data (US dollars, in thousands):
March 31,
December 31,
2022
2021
2021
2020
Cash, cash equivalents and restricted cash
$
302
289
$
280
206
Total assets
$
1,091
1,277
$
1,055
3,105
Total liabilities
$
3,284
1,975
$
2,495
1,702
Accumulated deficit
$
(24,486
)
(21,342
)
$
(23,757
)
(19,241
)
Total stockholders' equity (deficit)
$
(2,193
)
(698
)
$
(1,440
)
1,403
Consoldiated
Statement of Operations and Comprehensive Loss Data (US dollars, in thousands):
March
    31,
December
    31,
2022
2021
2021
2020
Revenue
$
-
-
-
12
Total operating expenses
$
(340
)
(1,975
)
(3,335
)
(8,317
)
loss from operations
$
(340
)
(1,975
)
(3,335
)
(8,317
)
Net loss
$
(729
)
(2,100
)
(4,516
)
(8,639
)
8
RISK
FACTORS
Investing
in our common stock involves a high degree of risk. Before you invest in our common stock, you should carefully consider the following
risks, as well as general economic and business risks, and all of the other information contained in this registration statement. Any
of the following risks could harm our business, operating results and financial condition and cause the trading price of our common stock
to decline, which would cause you to lose all or part of your investment.
Risks
to Financial position
We
have a limited operating history and if we are not successful in continuing to grow our business, then we may have to scale back or even
cease our ongoing business operations.
We
have a limited operating history. Our operations will be subject to all the risks inherent in the establishment of a developing enterprise
and the uncertainties arising from the absence of a significant operating history. As of March 31, 2022, we have not generated revenues
and there can be no assurance that we will ever be profitable. If our business plan is not successful, and we are not able to operate
profitably, investors may lose some or all of their investment in our company.
We
expect to incur losses for the foreseeable future as we continue the implementation of our business plan. If we fail to generate revenue
and eventually become profitable, or if we are unable to fund our continuing losses, our shareholders could lose all or a substantial
part of their investment.
Until
we can generate a sufficient amount of product revenue to finance our cash requirements, which we may never achieve, we expect to finance
our cash needs primarily through public or private equity offerings, debt financings or through the establishment of possible strategic
alliances. We cannot be certain that additional funding will be available on acceptable terms, or at all. If we are not able to secure
additional equity funding when needed, we may have to delay, reduce the scope of, or eliminate one or more of our clinical studies, development
programs or future commercialization initiatives.
In
addition, any additional equity funding that we do obtain will dilute the ownership held by our existing security holders.. Any debt
financing that we obtain in the future could involve substantial restrictions on activities and creditors could seek a pledge of some
or all of our assets. We have not identified potential sources for such financing that we will require, and we do not have commitments
from any third parties to provide any future debt financing. If we fail to obtain funding as needed, we may be forced to cease or scale
back operations, and our results, financial condition and stock price would be adversely affected.
We
may never achieve profitability.
We
are unable to accurately predict the timing or amount of future revenue or expenses or when, or if, we will be able to achieve profitability.
We have financed our operations primarily through issuance and sale of equity and equity linked securities. The size of our future net
losses will depend, in part, on the rate of growth or contraction of our expenses and the level and rate of growth, if any, of our revenues.
We expect to continue to expend substantial financial and other resources on, among other things:
●
sales
    and marketing, including expanding our indirect sales organization and marketing programs;
●
planning
    and conducting clinical trials to obtain regulatory approval/clearance for the commercialization of our products;
●
expansion
    of our operations and infrastructure, both domestically and internationally; and
●
general
    administration, including legal, accounting and other expenses related to being a public company.
If
we are unable to successfully commercialize our products or if revenue from any of our products that receives marketing approval is insufficient,
we will not achieve profitability. Furthermore, even if we successfully commercialize our products, our planned investments may not result
in increased revenue or growth of our business. We may not be able to generate net revenues sufficient to offset our expected cost increases
and planned investments in our business. As a result, we may incur significant losses for the foreseeable future, and may not be able
to achieve and sustain profitability. If we fail to achieve and sustain profitability, then we may not be able to achieve our business
plan, fund our business or continue as a going concern.
Currency
exchange rate fluctuations affect our results of operations, as reported in our financial statements.
We
incur expenses in U.S. Dollars and in NIS but our functional currency is the U.S. dollar. However, a significant portion of our headcount
related expenses, consisting principally of salaries and related personnel expenses as well as R&D consulting services, leases and
certain other operating expenses, are denominated in NIS. This foreign currency exposure gives rise to market risk associated with exchange
rate movements of the U.S. dollar against the NIS. Furthermore, we anticipate that a material portion of our expenses will continue to
be denominated in NIS.
In
addition, increased international sales in the future may result in greater foreign currency denominated sales, increasing our foreign
currency risk. If we are not able to successfully hedge against the risks associated with currency fluctuations, our financial condition
and results of operations could be adversely affected. which could adversely affect our financial condition and results of operations
9
Risks
Related to Our Business and Industry and Regulatory Process
Our
failure to manage growth effectively could impair our business.
Our
business strategy envisions a period of rapid growth that may put a strain on our administrative and operational resources and funding
requirements. Our ability to effectively manage growth will require us to continue to expand the capabilities of our operational and
management systems and to attract, train, manage, and retain qualified personnel. There can be no assurance that we will be able to do
so, particularly if losses continue and we are unable to obtain sufficient financing. If we are unable to successfully manage growth,
our business, prospects, financial condition, and results of operations could be adversely affected.
Our
plans are dependent upon key individuals and the ability to attract qualified personnel.
In
order to execute our business plan, we will be dependent on Ora Meir Soffer, our Chief Executive Officer and Director. The loss of Ms.
Meir Soffer could have a material adverse effect upon our business prospects. Moreover, our success continues to depend to a significant
extent on our ability to identify, attract, hire, train and retain qualified professional, creative, technical and managerial personnel.
Competition
for such personnel is intense, and there can be no assurance that we will be successful in identifying, attracting, hiring, training,
and retaining such personnel in the future. If we are unable to hire, assimilate and retain qualified personnel in the future, our business,
operating results, and financial condition could be materially adversely effected. We may also depend on third party contractors and
other partners to assist with the execution of our business plan. There can be no assurance that we will be successful in either attracting
and retaining qualified personnel, or creating arrangements with such third parties. The failure to succeed in these endeavors would
have a material adverse effect on our ability to consummate our business plans.
Failure
in the Company's information technology systems, including by cybersecurity attacks or other data security incidents, could significantly
disrupt its operations.
Our
operations depend, in part, on the continued performance of our information technology systems. Our information technology systems are
potentially vulnerable to physical or electronic break-ins, computer viruses and similar disruptions. Failure of our information technology
systems could adversely affect our business, profitability, and financial condition. Although we have information technology security
systems, a successful cybersecurity attack or other data security incident could result in the misappropriation and/or loss of confidential
or personal information, create system interruptions, or deploy malicious software that attacks our systems. It is possible that we not
notice a cybersecurity attack for some period. The occurrence of a cybersecurity attack or incident could result in business interruptions
from the disruption of the Company's information technology systems, or negative publicity resulting in reputational damage with
its shareholders and other stakeholders and/or increased costs to prevent, respond to or mitigate cybersecurity events. In addition,
the unauthorized dissemination of sensitive personal information or proprietary or confidential information could expose the Company
or other third parties to regulatory fines or penalties, litigation, and potential liability, or otherwise harm its business.
We
may grow through mergers or acquisitions, which strategy may not be successful or, if successful, may produce risks in successfully integrating
and managing the merged companies or acquisition and may dilute our stockholders.
As
part of our growth strategy, we may pursue mergers and acquisitions of entities and/or assets that we believe will have synergistic and/or
other value to us. We currently have no agreements or understandings to merge with or acquire any entity and/or assets, and may not find
suitable merger or acquisition opportunities. Mergers and acquisitions involve numerous risks, any of which could harm our business,
including, without limitation:
●
difficulties in integrating the operations, technologies, existing contracts, accounting processes and personnel of the target and realizing
the anticipated synergies of the combined businesses;
●
difficulties in supporting and transitioning customers of the target company;
●
diversion of financial and management resources from existing operations;
●
the price we pay or other resources that we devote may exceed the value we realize, or the value we could have realized if we had allocated
the purchase price or other resources to another opportunity;
10
●
entering new markets or areas in which we have limited or no experience;
●
potential loss of key associates and customers from either our business or the target's business;
●
assumption of unanticipated problems or latent liabilities of the target; and
●
the inability to generate sufficient revenue to offset acquisition costs.
Mergers
and acquisitions also frequently result in the recording of goodwill and other intangible assets, which are subject to potential impairments
in the future and that could harm our financial results. In addition, if we finance acquisitions by issuing convertible debt or equity
securities, our existing stockholders may be diluted, which could affect the market price of our common shares. As a result, if we fail
to properly evaluate mergers, acquisitions or investments, we may not achieve the anticipated benefits of any such merger or acquisition,
and we may incur costs in excess of what we anticipate. The failure to successfully evaluate and execute mergers, acquisitions or investments
or otherwise adequately address these risks could materially harm our business, financial condition and results of operations.
We
may be subject to product liability claims which may have a material adverse effect on our business
Through
our subsidiary Cannovation Center Israel, we developed the 'Green Side by Side' product line containing natural and herbal
formulas based on researched and science-based plants, herbal extracts, mushrooms and other natural ingredients.
The
Green Side By side product lines are manufactured in Israel in iBOT Israel Botanicals Ltd, iBOT being a related party with which we have
manufacturing and strategic cooperation agreements, under a GMP-certified manufacturing facility approved by the Israeli Ministry of
Health.
In the future we plan to develop additional products which may be subject to different regulations
for manufacturing, depending on country and product. As these products are designed to be ingested by humans, we face an inherent risk
of exposure to product liability claims, regulatory action and litigation if our products are alleged to have caused significant loss
or injury. In addition, the manufacture and sale of cannabis products involve the risk of injury to consumers due to tampering by unauthorized
third parties or product contamination. Previously unknown adverse reactions resulting from human consumption of cannabis products alone
or in combination with other medications or substances could occur. We may be subject to various product liability claims, including,
among others, that the products produced by us caused injury or illness, include inadequate instructions for use or include inadequate
warnings concerning possible side effects or interactions with other substances. A product liability claim or regulatory action against
us could result in increased costs, could adversely affect our reputation with our clients and consumers generally, and could have a
material adverse effect on the business, financial condition and operating results of the Company. There can be no assurances that we
will be able to obtain or maintain product liability insurance on acceptable terms or with adequate coverage against potential liabilities.
The inability to obtain sufficient insurance coverage on reasonable terms or to otherwise protect against potential product liability
claims could prevent or inhibit the commercialization of products.
Product
recalls may harm our reputation.
Manufacturers
and distributors of products are sometimes subject to the recall or return of their products for a variety of reasons, including product
defects, such as contamination, unintended harmful side effects or interactions with other substances, packaging safety and inadequate
or inaccurate labeling disclosure. If any of our products are recalled due to an alleged product defect or for any other reason, we could
be required to incur the unexpected expense of the recall and any legal proceedings that might arise in connection with the recall. We
may lose a significant amount of sales and may not be able to replace those sales at an acceptable margin or at all. In addition, a product
recall may require significant management attention. Although we have detailed procedures in place for testing finished products, there
can be no assurance that any quality, potency or contamination problems will be detected in time to avoid unforeseen product recalls,
regulatory action or lawsuits. Additionally, if one of the products produced by the Company were subject to recall, the image of that
product and the Company could be harmed. A recall for any of the foregoing reasons could lead to decreased demand for products produced
by the Company and could have a material adverse effect on the results of operations and financial condition of the Company. Additionally,
product recalls may lead to increased scrutiny of the operations of the Company by any applicable regulatory agencies, requiring further
management attention and potential legal fees and other expenses.
Our
officers and directors may be subject to conflict of interest.
The
Company may be subject to various potential conflicts of interest because of the fact that some of its officers and directors may be
engaged in a range of business activities. In addition, the Company's executive officers and directors may devote time to their
outside business interests, so long as such activities do not materially or adversely interfere with their duties to the Company. In
some cases, the Company's executive officers and directors may have fiduciary obligations associated with these business interests
that interfere with their ability to devote time to the Company's business and affairs and that could adversely affect the Company's
operations. These business interests could require significant time and attention of the Company's executive officers and directors.
11
In
addition, the Company may also become involved in other transactions which conflict with the interests of certain directors and the officers
who may from time to time deal with persons, firms, institutions or companies with which the Company may be dealing, or which may be
seeking investments similar to those desired by it. The interests of these persons could conflict with those of the Company. In addition,
from time to time, these persons may be competing with the Company for available investment opportunities. Conflicts of interest, if
any, will be subject to the procedures and remedies provided under applicable laws. In particular, in the event that such a conflict
of interest arises at a meeting of the Company's directors, a director who has such a conflict will abstain from voting for or
against the approval of such participation or such terms. In accordance with applicable laws, the directors of the Company are required
to act honestly, in good faith and in the best interests of the Company.
We
face significant competition in the market.
We
face intense competition from other companies, some of which can be expected to have more financial resources and manufacturing and marketing
experience than the Company. Increased competition by larger and better financed competitors could materially and adversely affect the
business, financial condition and results of operations of the Company
We
may not be able to obtain adequate insurance coverage and in the case of liability the lack of adequate insurance may have a material
adverse effect on our business.
We
have insurance to protect our assets, operations and employees. While we believe our insurance coverage addresses all material risks
to which may be exposed and is adequate and customary in our current state of operations, such insurance is subject to coverage
limits and exclusions and may not be available for the risks and hazards to which the Company is exposed. In addition, no assurance
can be given that such insurance will be adequate to cover the Company's liabilities or will be generally available in the
future or, if available, that premiums will be commercially justifiable. If the Company were to incur substantial liability and such
damages were not covered by insurance or were in excess of policy limits, or if the Company were to incur such liability at a time
when it is not able to obtain liability insurance, its business, results of operations and financial condition could be materially
adversely affected.
Research
and development and product obsolescence may impair our ability to compete in our target market.
Rapidly
changing markets, technology, emerging industry standards and frequent introduction of new products characterize our business. The introduction
of new products embodying new technologies, including new manufacturing processes, and the emergence of new industry standards may render
our planned product offerings obsolete, less competitive or less marketable. The process of developing our planned products is complex
and requires significant continuing costs, development efforts and third party commitments The Company's failure to develop new
technologies and products and the obsolescence of existing technologies could adversely affect our business, financial condition and
operating results. The Company's success will depend, in part, on its ability to continue to enhance its existing technologies,
develop new technology that addresses the increasing sophistication and varied needs of the market, and respond to technological advances
and emerging industry standards and practices on a timely and cost-effective basis. The development of the Company's proprietary
technology entails significant technical and business risks. The Company may not be successful in using its new technologies or exploiting
its niche markets effectively or adapting its businesses to evolving customer or medical requirements or preferences or emerging industry
standards.
It
may be difficult to enforce a judgment of a U.S. court against us and our executive officers and directors and the Israeli experts named
in this prospectus in Israel or the United States, to assert U.S. securities laws claims in Israel or to serve process on our executive
officers and directors and these experts.
While
we were incorporated in Delaware, substantially all of our executive officers and directors reside outside of the United States, and
all of our assets and most of the assets of these persons are located outside of the United States. Therefore, a judgment obtained against
us, or any of these persons, including a judgment based on the civil liability provisions of the U.S. federal securities laws, may not
be collectible in the United States and may not be enforced by an Israeli court. It also may be difficult for you to effect service of
process on these persons in the United States or to assert U.S. securities law claims in original actions instituted in Israel. Additionally,
it may be difficult for an investor, or any other person or entity, to initiate an action with respect to U.S. securities laws in Israel.
Israeli courts may refuse to hear a claim based on an alleged violation of U.S. securities laws reasoning that Israel is not the most
appropriate forum in which to bring such a claim. In addition, even if an Israeli court agrees to hear a claim, it may determine that
Israeli law and not U.S. law is applicable to the claim. If U.S. law is found to be applicable, the content of applicable U.S. law must
be proven as a fact by expert witnesses, which can be a time consuming and costly process. Certain matters of procedure will also be
governed by Israeli law. There is little binding case law in Israel that addresses the matters described above. As a result of the difficulty
associated with enforcing a judgment against us in Israel, you may not be able to collect any damages awarded by either a U.S. or foreign
court.
The
continuing prevalence of the COVID-19 pandemic may adversely affect our operations and our capital raising efforts.
In
late 2019, a novel strain of Coronavirus, also known as COVID-19, was reported in Wuhan, China. While initially the outbreak was largely
concentrated in China, it has now spread globally. Many countries around the world, have significant governmental measures implemented
to control the spread of the virus, including temporary closure of businesses, severe restrictions on travel and the movement of people,
limited access to nursey homes, hospitals and other medical institutes and other material limitations on the conduct of business. These
measures have resulted in work stoppages and other disruptions. Our research and development activities, sales and marketing efforts,
as well as our ability to perform clinical trials (if needed) depend, in part, on attendance at in-person meetings, industry conferences
and other events, facility visiting, and as a result some of our sales and marketing activities have been halted.
12
The
extent to which the coronavirus impacts our operations will depend on future developments, which are highly uncertain and cannot be predicted
with confidence, including the duration and severity of the outbreak, and the actions that may be required to contain the coronavirus
or treat its impact. In particular, the continued spread of the coronavirus globally, could have a material adverse impact on our operations
and workforce, including our marketing and sales activities and ability to raise additional capital, and our ability to perform clinical
trials, which in turn could have a material adverse impact on our business, financial condition and results of operation.
We
intend to rely on third parties to conduct clinical trials (if needed). If these third parties do not meet our deadlines or otherwise
conduct the trials as required, our clinical trials programs could be delayed or unsuccessful and we may not be able to obtain regulatory
approval for or commercialize our product candidates when expected or at all.
We
may conduct clinical trials on our products. We do not have the ability to conduct all aspects of our clinical trials ourselves. We may
rely upon medical institutions, clinical investigators and contract research organizations, or CROs, and consultants to conduct these
trials in accordance with our clinical protocols. Our future CROs, investigators and other third parties play a significant role in the
conduct of these trials and the subsequent collection and analysis of data from the clinical trials.
There
is no guarantee that any CROs, investigators and other third parties upon which we rely for administration and conduct of clinical trials
will devote adequate time and resources to such trials or perform as contractually required. If any of these third parties fail to meet
expected deadlines, fail to adhere to our clinical protocols or otherwise perform in a substandard manner, our clinical trials may be
extended, delayed or terminated. If any of these clinical trial sites terminate for any reason, we may experience the loss of follow-up
information on patients enrolled in our ongoing clinical trials unless we are able to transfer the care of those patients to another
qualified clinical trial site. In addition, principal investigators for any clinical trials we conduct may serve as scientific advisors
or consultants to us from time to time and receive cash or equity compensation in connection with such services. If these relationships
and any related compensation result in perceived or actual conflicts of interest, the integrity of the data generated at the applicable
clinical trial site may be jeopardized.
We
will be subject to regulation of plant-based nutritional supplements, botanicals, cannabis, cosmetics and pharmaceuticals.
Our
products, solutions and Green Vision Center activities are subject to rules and regulations pertaining to plant-based nutritional supplements,
botanicals, cannabis, cosmetics, and pharmaceuticals, as applicable. The company cannot predict the time required to secure all appropriate
regulatory approvals or the extent of testing and documentation that may be required by governmental authorities. Any delays in obtaining,
or failure to obtain, regulatory approvals would significantly delay the development of markets and products and could have a material
adverse effect on the business, results of operations and financial condition of the Company.
Cannabis
remains illegal under U.S. federal law.
As
of June 2022, cannabis is legal for recreational use in 18 states and legal for medical use in 37 states. On a federal level, all cannabis
remains illegal. The federal government classifies cannabis, along with heroin and cocaine, as a Schedule I drug with a high potential
for abuse and little to no medical benefit. Despite the development of a regulated cannabis industry under the laws of certain states,
these state laws regulating medical and adult cannabis use are in conflict with the Federal Controlled Substances Act, which classifies
cannabis as a Schedule I controlled substance and makes cannabis use and possession illegal on a national level. The United States Supreme
Court has ruled that the Federal government has the right to regulate and criminalize cannabis, even for medical purposes, and thus Federal
law criminalizing the use of cannabis preempts state laws that regulate its use. During President Biden's first year in office,
Attorney General Merrick Garland rescinded two key memos that were part of the Trump Administration's stated regulatory reform
agenda: the Sessions Memo, which prohibited Department of Justice (DOJ) components from issuing "guidance documents" that
effectively bound the public without undergoing notice-and-comment rulemaking, and the Brand Memo, which prohibited the DOJ from using
noncompliance with DOJ's or other agencies' nonbinding guidance documents as a basis for affirmative civil enforcement actions.
Calling the procedures laid out in the Sessions and Brand memos "overly restrictive," Attorney General Garland replaced these
memos with the Garland memo, which largely makes it easier for the DOJ to issue guidance and to rely on its own or other agencies'
guidance documents in enforcement actions. The Sessions Memo rescinded the Cole Memo which was adopted by the Obama administration as
a policy of noninterference with cannabis-friendly state laws. The Sessions Memo shifted federal policy from a hands-off approach adopted
by the Obama administration to permitting federal prosecutors across the country to decide how to prioritize resources to regulate cannabis
possession, distribution and cultivation in states where cannabis use is regulated. With these changes in policy with every administration,
there can be no assurance that federal prosecutors will not prosecute and dedicate resources to regulate cannabis possession, distribution
and cultivation in states where cannabis use is regulated which may cause states to reconsider their regulation of cannabis which would
have a detrimental effect on the cannabis industry.
13
Results
of preclinical studies and earlier clinical trials are unpredictive.
We
may suffer significant setbacks in our preclinical and clinical trials, and we cannot be certain nor predict such setbacks. This may
result from the fact that preclinical and clinical data may be susceptible to varying interpretations and analyses, some products may
perform well preclinical studies and clinical trials but fail regulatory approval. This may lead to prolonged development time and adverse
effect on commercialization.
Risks
Related to our Intellectual Property
If
we are unable to obtain and maintain intellectual property protection for our product offerings, or if the scope of the intellectual
property protection we obtain is not sufficiently broad, our competitors could develop and commercialize products similar or identical
to ours, and our ability to successfully commercialize our products may be impaired.
Our
ability to compete successfully will depend in part on our ability to obtain and enforce patent protection for our products, preserve
our trade secrets and operate without infringing the proprietary rights of third parties. Filing, prosecuting, and defending patents
on our products and other technologies in all countries throughout the world would be prohibitively expensive and time-consuming, and
the laws of some foreign countries may not protect our rights to the same extent as the laws of the United States. We may not be able
to file, prosecute, maintain, enforce, or license all necessary or desirable patents or patent applications at a reasonable cost or in
a timely manner, or in all jurisdictions, or at all, or may choose not to do any of the foregoing.
In
October 2021 we filed a provisional patent application on certain aspects of our Green product line and this provisional patent application,
or any future provisional patent application on certain aspects of our products, is not eligible to become an issued patent until, among
other things, we file a non-provisional patent application within 12 months of the filing date of the applicable provisional patent application.
In cases where we have not obtained, or decided not to obtain, patent protection for certain of our inventions, we may not be able to
prevent third parties from practicing our inventions or from selling or importing tests made using our inventions in and into the United
States or other jurisdictions.
Moreover,
while we have applied for a patent that protect aspects of our products in the United States, we cannot assure you that our intellectual
property position, will not be challenged or that all patents for which we have applied will be issued on a timely basis or at all, or
that such patents will protect our technology, in whole or in part, or be issued in a form that will provide us with meaningful protection,
prevent competitors from competing with us, or otherwise provide us with any competitive advantage. Although patents are presumed valid
and enforceable upon issuance, a patent may be challenged as to its inventorship, scope, validity, or enforceability.
Patent
applications in the United States and other jurisdictions are typically not published until 18 months after filing, or in some cases
not at all. Therefore, we cannot know with certainty whether we were the first to make the invention claimed in our pending patent application,
or that we were the first to file for patent protection of such inventions. As a result, the issuance, scope, validity, enforceability,
and commercial value of our patent rights are uncertain. Given the amount of time required for the development, testing, and regulatory
review of new products, patents protecting such products might expire before or shortly after such products are commercialized. As a
result, any patent portfolio we develop may not provide us with sufficient rights to exclude others from commercializing products similar
or identical to ours.
We
may be sued by third parties for alleged infringement of their proprietary rights, which could adversely affect our business, results
of operations and financial condition.
There
is often litigation between competing companies relying on their respective technologies based on allegations of infringement or other
violations of intellectual property rights. Our future success depends, in part, on not infringing the intellectual property rights of
others. We may be unaware of the intellectual property rights of others that may cover some or all of our technology. Any such claims
or litigation could cause us to incur significant expenses and, if successfully asserted against us, could require that we pay substantial
damages or ongoing royalty payments, prevent us from offering some portion of our products, or require that we comply with other unfavorable
terms. We may also be obligated to indemnify our customers or channel partners in connection with any such litigation and to obtain licenses
or modify our products, which could further exhaust our resources. Patent infringement, trademark infringement, trade secret misappropriation
and other intellectual property claims and proceedings brought against us, whether successful or not, could harm our brand, business,
results of operations and financial condition. Litigation is inherently uncertain, and any judgment or injunctive relief entered against
us or any adverse settlement could negatively affect our business, results of operations and financial condition. In addition, litigation
can involve significant management time and attention and be expensive, regardless of the outcome. During the course of litigation, there
may be announcements of the results of hearings and motions and other interim developments related to the litigation. If securities analysts
or investors regard these announcements as negative, the trading price of our common stock may decline.
14
We
may become involved in lawsuits to protect or enforce our patents, which could be expensive, time consuming and unsuccessful.
If
we attempt enforcement of our patents or other intellectual property rights, we may be subject or party to claims, negotiations or complex,
protracted litigation. These claims and any resulting lawsuits, if resolved adversely to us, could subject us to significant liability
for damages, impose temporary or permanent injunctions against our solutions or business operations, or invalidate or render unenforceable
our intellectual property
Intellectual
property disputes and litigation, regardless of merit, can be costly and disruptive to our business operations by diverting attention
and energies of management and key technical personnel, and by increasing our costs of doing business. Such litigation, regardless of
its success, could seriously harm our reputation with our channel partners, business partners and patients and in the industry at large.
Some of our competitors may be able to sustain the costs of complex patent or intellectual property litigation more effectively than
we can because they have substantially greater resources. Any of the foregoing could adversely affect our operating results.
Risks
Relating to Our Israel Operations
Our
development efforts are headquartered in Israel and, therefore, our results may be adversely affected by economic restrictions imposed
on, and political and military instability in, Israel.
Our
development headquarters, which houses substantially all of our research and development team, including engineers, machinists, researchers,
and clinical and regulatory personnel as well as the facility of our contract manufacturer and final assembly are located in Israel.
Our employees, service providers, directors and officers are residents of Israel. Accordingly, political, economic and military conditions
in Israel and the surrounding region may directly affect our business. Any hostilities involving Israel or the interruption or curtailment
of trade within Israel or between Israel and its trading partners could materially and adversely affect our business, financial condition
and results of operations and could make it more difficult for us to raise capital. Although we plan to maintain inventory in the United
States and Germany, an extended interruption could materially and adversely affect our business, financial condition and results of operations.
Recent
political uprisings, social unrest and violence in various countries in the Middle East and North Africa, including Israel's neighbors
Egypt and Syria, are affecting the political stability of those countries. This instability may lead to deterioration of the political
relationships that exist between Israel and these countries and has raised concerns regarding security in the region and the potential
for armed conflict. Our commercial insurance does not cover losses that may occur as a result of an event associated with the security
situation in the Middle East. Any losses or damages incurred by us could have a material adverse effect on our business. In addition,
Iran has threatened to attack Israel and is widely believed to be developing nuclear weapons. Iran is also believed to have a strong
influence among parties hostile to Israel in areas that neighbor Israel, such as the Syrian government, Hamas in Gaza and Hezbollah in
Lebanon. Any armed conflicts, terrorist activities or political instability in the region could materially and adversely affect our business,
financial condition and results of operations.
Our
operations and the operations of our contract manufacturer may be disrupted as a result of the obligation of Israeli citizens to perform
military service.
Many
Israeli citizens are obligated to perform one month, and in some cases more, of annual military reserve duty until they reach the age
of 45 (or older, for reservists with certain occupations) and, in the event of a military conflict, may be called to active duty. In
response to terrorist activity, there have been periods of significant call-ups of military reservists. It is possible that there will
be additional military reserve duty call-ups in the future. Some of our employees, consultants and employees of the manufacturer of our
products, are required to perform annual military reserve duty in Israel and may be called to active duty at any time under emergency
circumstances. Our operations and the operations of our manufacturer could be disrupted by such call-ups.
Our
sales may be adversely affected by boycotts of Israel.
Several
countries, principally in the Middle East, restrict doing business with Israel and Israeli companies, and additional countries may impose
restrictions on doing business with Israel and Israeli companies whether as a result of hostilities in the region or otherwise. In addition,
there have been increased efforts by activists to cause companies and consumers to boycott Israeli goods based on Israeli government
policies. Such actions, particularly if they become more widespread, may adversely impact our ability to sell our products.
Risks
Related to this Offering and Ownership of Our Securities
The
planned reverse stock split may not result in a proportional increase in the per share price of our common stock.
The
effect of our planned reverse stock split on the market price for our common stock cannot be accurately predicted. In particular, we
cannot assure you that the prices for shares of the common stock after the reverse stock split will increase proportionately to prices
for shares of our common stock immediately before the reverse stock split. The market price of our common stock may also be affected
by other factors which may be unrelated to the reverse stock split or the number of shares outstanding.
15
Furthermore,
even if the market price of our common stock does rise following the reverse stock split, we cannot assure you that the market price
of our common stock immediately after the proposed reverse stock split will be maintained for any period of time. Moreover, because some
investors may view the reverse stock split negatively, we cannot assure you that the reverse stock split will not adversely impact the
market price of our common stock. Accordingly, our total market capitalization after the reverse stock split may be lower than the market
capitalization before the reverse stock split.
A
certain group of the Company's stockholders may exert significant influence over its affairs, including the outcome of matters
requiring stockholder approval.
Currently,
a certain group of stockholders, including our Chairperson and Chief Executive Officer, Ora Elharar Soffer (directly and through Beezz
Home Technologies Ltd and Citrine S A L Investment & Holdings Ltd) and others, collectively own a majority of the issued and outstanding
shares of the Company. As a result, such individuals will have the ability, acting together, to control the election of the Company's
directors and the outcome of corporate actions requiring stockholder approval, such as: (i) a merger or a sale of the Company, (ii) a
sale of all or substantially all of its assets, and (iii) amendments to its certificate of incorporation. This concentration of voting
power and control could have a significant effect in delaying, deferring or preventing an action that might otherwise be beneficial to
the Company's other stockholders and be disadvantageous to the Company's stockholders with interests different from those
individuals. Certain of these individuals also have significant control over the Company's business, policies and affairs as officers
or directors of the Company. Therefore, you should not invest in reliance on your ability to have any control over the Company.
Our
executive officers and directors own, in the aggregate, beneficially own approximately 54% of our outstanding common stock as of the
date of this filing. As a result, these persons, acting together, would be able to significantly influence all matters requiring stockholder
approval, including the election and removal of directors, any merger, consolidation, sale of all or substantially all of our assets,
or other significant corporate transactions.
You
may experience future dilution as a result of future equity offerings.
Our
certificate of incorporation authorizes the issuance of a maximum of 1,500,000,000 shares of common stock. Any additional financings
effected by us may result in the issuance of additional securities without stockholder approval and the substantial dilution in the percentage
of common stock held by our then existing stockholders. In order to raise additional capital, we may in the future offer additional shares
of our common stock or other securities convertible into or exchangeable for our common stock at prices that may be higher or lower than
the price per share in this offering, and investors purchasing shares or other securities in the future could have rights superior to
purchases in this offering or other existing stockholders. Also, we have reserved 90,000,000 shares of common stock for issuance pursuant
to future awards under the 2018 Equity Incentive Plan. The issuance of such additional shares of common stock, or securities convertible
or exchangeable into common stock, may cause the price of our common stock to decline. Additionally, if all or a substantial portion
of these shares are resold into the public markets then the trading price of our common stock may decline.
If
securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our stock price
and trading volume could decline.
The
trading market for our common stock will depend in part on the research and reports that securities or industry analysts publish about
us or our business, which research and reports are not and would not be subject to our control. We currently do not have and may never
obtain research coverage by securities analysts, and industry analysts that currently cover us may cease to do so. If no securities analysts
commence coverage of our company, or if industry analysts cease coverage of our company, the trading price for our stock could be materially
and adversely impacted. In the event we obtain securities analyst coverage, if one or more of the analysts who cover us downgrade our
stock or publish inaccurate or unfavorable research about our business, our stock price may be materially and adversely impacted. If
one or more of these analysts cease coverage of our company or fail to publish reports on us regularly, demand for our stock could decrease,
which might cause our stock price and trading volume to decline.
We
do not intend to pay dividends for the foreseeable future.
We
have never declared or paid cash dividends on our capital stock nor are we under any obligation to declare or pay such cash dividends.
We currently intend to retain any future earnings to fund our operations and the development and growth of our business, and we do not
expect to declare or pay any dividends in the foreseeable future. Our future ability to pay cash dividends on our capital stock may be
limited by any future debt instruments or preferred securities. As a result, you may only receive a return on your investment in our
common stock if the market price of our common stock increases to a price above the price you paid for them and you sell such shares.
16
A
significant portion of our total outstanding shares are restricted from immediate resale but may be sold into the market in the future.
This could cause the market price of our common stock to drop significantly, even if our business is doing well.
Sales
of a substantial number of shares of our common stock in the public market could occur at any time. If our stockholders sell, or the
market perceives that our stockholders intend to sell, substantial amounts of our common stock in the public market, the market price
of our common stock could decline significantly.
Of
the 942,568,006 shares of our common stock issued and outstanding as of June 28, 2022, of which 125,816,474 shares are freely
tradable without restriction by stockholders who are not our affiliates and
816,751,532
shares are "restricted securities" as defined in Rule 144.
In
addition, we filed a registration statement on Form S-8 registering the issuance of 90,000,000 shares of common stock reserved for issuance
under our 2018 Equity Incentive Plan. Shares registered under this registration statement on Form S-8 are available for sale in the public
market subject to vesting arrangements and exercise of options and the restrictions of Rule 144 in the case of our affiliates.
Since
we have broad discretion in how we use the proceeds from this offering, we may use the proceeds in ways with which you disagree.
We
have not allocated the net proceeds from this offering for any specific purpose, except, $_______ to repay debt. Accordingly, our management
will have significant flexibility in applying the net proceeds of this offering, including for any of the purposes 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 proceeds are being used in ways you
would agree with or ways which are likely to increase the value of your investment. Because of the number and variability of factors
that will determine our use of our net proceeds from this offering, their ultimate use may vary substantially from their currently intended
use. It is possible that we will use the net proceeds in a way that does not yield a favorable, or any, return for our company or your
investment. The failure of our management to use such funds effectively could have a material adverse effect on our business, financial
condition, operating results and cash flow.
There
is a limited market for our securities, which may make it more difficult to dispose of our securities and we may fail to sustain trading
on Nasdaq, which could make it more difficult for investors to sell their shares.
Our
common stock is quoted on OTCQB, under the symbol "CTGL," and, to date, has traded on a limited basis. We have applied to
list our common stock on Nasdaq under the symbol "CTGL." If our application is not approved, we will not complete this offering.
In the event this offering is completed and our common stock is listed on the Nasdaq Capital Market, there is no assurance an active
trading market for our common stock will develop or be sustained or that we will remain eligible for continued listing on the Nasdaq
Capital Market.
If
you purchase our securities in this offering, you will incur immediate and substantial dilution in the book value of your shares. You
will experience further dilution if we issue additional equity or equity-linked securities in the future.
The
public offering price per share of our common stock and warrants 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 in this
offering, at the assumed public offering price of $______ per share, which is the last reported sale price of our common stock on the
OTCQB on ____________, 2022, and after deducting the estimated underwriting discounts and commissions 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 may experience,
see "Dilution."
No
public market for our Warrants currently exists, and an active public trading market may not develop or be sustained following this offering.
Prior
to this offering, there has been no public market for our Warrants. Although we have applied to list our common stock and Warrants on
the Nasdaq Capital Market, an active public trading market for our Warrants may not develop following the completion of this offering
or, if developed, it may not be sustained. The lack of an active market may impair your ability to sell your securities at the time you
wish to sell them or at a price that you consider reasonable. The lack of an active market may also reduce the fair value of your securities.
An inactive market for our common stock may also impair our ability to raise capital to continue to fund operations by selling shares
and may impair our ability to acquire other companies or technologies by using our shares as consideration.
The
Warrants are speculative in nature.
The
Warrants will be exercisable for five years from the date of initial issuance at an initial exercise price equal to 100% of the public
offering price per
Unit
set forth on the cover page of this prospectus. There can be no
assurance that the market price of the common stock will ever equal or exceed the exercise price of the Warrants. In the event that our
common stock price does not exceed the exercise price of the Warrants during the period when the Warrants are exercisable, a holder of
Warrants may be unable to profit from exercising such warrants before they expire.
17
Sales
of a significant number of shares of our common stock in the public markets, or the perception that such sales could occur, could depress
the market price of our common stock.
Sales
of a substantial number of shares of our common stock in the public markets could depress the market price of our common stock and impair
our ability to raise capital through the sale of additional equity securities. We, our directors and our executive officers have agreed
not to sell, dispose of or hedge any common stock or securities convertible into or exchangeable for shares of common stock during the
period from the date of this prospectus continuing through and including the date 180 days after the date of this prospectus, subject
to certain exceptions. The underwriter may, in its discretion, release the restrictions on any such shares at any time without notice.
See "Underwriting." We cannot predict the effect that future sales of our common stock would have on the market price of
our common stock.
If
the price of our common stock fluctuates significantly, your investment could lose value.
Our
common stock is quoted on the OTCQB, under the symbol "CTGL," and, to date, has traded on a limited basis. We have applied
to list our common stock on Nasdaq under the symbol "CTGL." We cannot assure you that an active public market will continue
for our common stock. If an active public market for our common stock does not continue, the trading price and liquidity of our common
stock will be materially and adversely affected. If there is a thin trading market or "float" for our stock, the market price
for our common stock may fluctuate significantly more than the stock market as a whole. Without a large float, our common stock would
be less liquid than the stock of companies with broader public ownership and, as a result, the trading prices of our common stock may
be more volatile. In addition, in the absence of an active public trading market, investors may be unable to liquidate their investment
in us. Furthermore, the stock market is subject to significant price and volume fluctuations, and the price of our common stock could
fluctuate widely in response to several factors, including, but not limited to:
●
our
    quarterly or annual operating results;
●
changes
    in our earnings estimates or the failure to accurately forecast and appropriately plan our expenses;
●
failure
    to achieve our growth expectations;
●
failure
    to attract new customers or retain existing customers;
●
the
    effect of increased or variable competition on our business;
●
additions
    or departures of key or qualified personnel;
●
failure
    to adequately protect our intellectual property;
●
costs
    associated with defending claims, including intellectual property infringement claims and related judgments or settlements;
●
changes
    in governmental or other regulations affecting our business;
●
our
    compliance with governmental or other regulations affecting our business; and
●
changes
    in global or regional industry, general market, or economic conditions.
The
stock market has experienced extreme price and volume fluctuations in recent years that have significantly affected the quoted prices
of the securities of many companies, including companies in our industry. The changes may not be possible to predict and often appear
to occur without regard to specific operating performance. The price of our common stock could fluctuate based upon factors that have
little or nothing to do with our company and these fluctuations could materially reduce our stock price.
Delaware
law contains provisions that could discourage, delay, or prevent a change in control of the Company, prevent attempts to replace or remove
current management and reduce the market price of its common stock
.
Provisions
in the Company's certificate of incorporation and bylaws may discourage, delay or prevent a merger or acquisition involving the
Company that its stockholders may consider favorable. For example, the Company is subject to the anti-takeover provisions of the Delaware
General Corporation Law ("DGCL"). Under these provisions, if anyone becomes an "interested stockholder," the
Company may not enter into a "business combination" with that person for three years without special approval, which could
discourage a third party from making a takeover offer and could delay or prevent a change in control of the Company. An "interested
stockholder" is, generally, a stockholder who owns 15% or more of the Company's outstanding voting stock or an affiliate
of the Company who has owned 15% or more of the Company's outstanding voting stock during the past three years, subject to certain
exceptions as described in the DGCL.
SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
prospectus includes forward-looking statements. Forward-looking statements give current expectations or forecasts of future events or
our future financial or operating performance. We may, in some cases, use words such as "anticipate," "believe,"
"could," "estimate," "expect," "intend," "may," "plan," "potential,"
"predict," "project," "should," "will," "would" or the negative of those
terms, and similar expressions that convey uncertainty of future events or outcomes to identify these forward-looking statements.
18
These
forward-looking statements reflect our management's beliefs and views with respect to future events, are based on estimates and
assumptions as of the date of this prospectus and are subject to risks and uncertainties, many of which are beyond our control, that
could cause our actual results to differ materially from those in these forward-looking statements. We discuss many of these risks in
greater detail in this prospectus under "
Risk Factors
." Moreover, 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. Given these uncertainties, you should not place undue reliance on these forward-looking statements.
We
undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments
or otherwise, except as may be required by applicable laws or regulations.
USE
OF PROCEEDS
We
estimate that our net proceeds from this offering will be approximately $____________ after deducting underwriting discounts and commissions
and estimated offering expenses payable by us. If the option to purchase additional shares is exercised in full, we estimate that our
net proceeds will be approximately $___________.
We
currently expect that we will use the net proceeds from this offering, together with our existing cash and cash equivalents, to repay
approximately $__ million of debt and for other general corporate purposes. This debt matures _______ and has an interest rate of ___%.
We
believe that our existing cash and cash equivalents, along with the net proceeds from this offering, together with interest on cash balances,
will be sufficient to fund our operating expenses and capital expenditure requirements through at least the next twelve months. The amount
and timing of our actual expenditures will depend upon numerous factors, including the progress of our continuing product research, development,
the timing and results of our product launch, as well as any collaborations that we may enter into with third parties, and any unforeseen
delays or cash needs.
Our
expected use of the net proceeds from this offering represents our current intentions based upon our present plans and business conditions.
The amounts and timing of our actual use of net proceeds will vary depending on numerous factors, including the progress of our continuing
product research, development, the timing and results of our product launch, as well as any collaborations that we may enter into with
third parties, and any unforeseen delays or cash needs. As a result, our management will have broad discretion in the application of
the net proceeds, and investors will be relying on our judgment regarding the application of the net proceeds of this offering. In addition,
we might decide to postpone or not pursue these certain of these activities if the net proceeds from this offering and the other sources
of cash are less than, or do not last as long as, expected. We have no current understandings, agreements or commitments for any material
acquisitions or licenses of any products, businesses or technologies.
Pending
their use, we plan to invest the net proceeds from this offering in short- and intermediate-term, interest-bearing obligations, investment-grade
instruments, certificates of deposit or direct or guaranteed obligations of the U.S. government.
MARKET
FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
Market
Information
Our
common stock is currently quoted on the OTCQB under the symbol "CTGL" where it continues to trade on a very limited basis.
We have applied to list our common stock on Nasdaq under the symbol "CTGL."
Stockholders
As
of June 28, 2022, there were 110 stockholders of record of our common stock.
DIVIDEND
POLICY
We
have never declared nor paid any cash dividends on our capital stock. We do not intend to pay cash dividends on our common stock for
the foreseeable future, and currently intend to retain any future earnings to fund our operations and the development and growth of our
business. Any future determination to declare and pay dividends will be made at the discretion of our board of directors and will depend
on various factors, including applicable laws, our results of operations, our financial condition, our capital requirements, general
business conditions, our future prospects and other factors that our board of directors may deem relevant. Investors should not purchase
our common stock with the expectation of receiving cash dividends.
19
CAPITALIZATION
The
following table sets forth our cash and cash equivalents and capitalization as of March 31, 2022.
●
on
    an actual basis; and
●
on
    an as adjusted basis to give effect to (i) our sale of shares of common stock in this offering at ‌the assumed public offering
    price of $_____ per share, , after deducting estimated underwriting discounts and commissions and estimated offering expenses payable
    by us, and (ii) the repayment of approximately $__ million of principal and accrued interests under the outstanding third party loans.
The
as adjusted information below is illustrative only and our capitalization following the closing of this offering will be adjusted based
on the actual public offering price and other terms of this offering determined at pricing. You should read this information together
with our financial statements and the related notes thereto included elsewhere in this prospectus and the information set forth under
the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere
in this prospectus.
As
    of March 31, 2022
Actual
As
    Adjusted
Cash, cash
    equivalents
$
293,000
Convertible notes
$
1,655,000
Stockholders' equity:
Common stock, $0.0001 par value; 1,500,000,000
    shares authorized, 942,568,006 shares issued and outstanding, actual; ______________ shares authorized, shares issued and outstanding,
    as adjusted
94,000
Additional paid-in capital
22,043,000
Stock to be issued
44,000
Accumulated
    deficit
(24,486,000
)
Accumulated
    other comprehensive income
112,000
Total
    stockholders' equity (deficit)
$
(2,193,000
)
Each
$1.00 increase (decrease) in the assumed public offering price of $____ per share would increase (decrease) the as adjusted amount of
cash and cash equivalents, additional paid-in capital, total stockholders' equity (deficit) and total capitalization by approximately
$______ million, 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 the estimated underwriting discounts and commissions and estimated offering expenses payable by us. We may also increase
or decrease the number of shares we are offering. Each increase (decrease) of 100,000 shares in the number of shares we are offering
would increase (decrease) the as adjusted amount of cash and cash equivalents, additional paid-in capital, total stockholders'
equity and total capitalization by approximately $____ million, assuming that the assumed public offering price remains the same, and
after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. The as adjusted information
discussed above is illustrative only and will be adjusted based on the actual public offering price and other terms of this offering
determined at pricing.
DILUTION
If
you invest in our common stock, your interest will be diluted immediately to the extent of the difference between the 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, our historical net tangible book value was $(___________) or $(_____) per share of common stock. Historical net tangible
book value per share represents the amount of our total tangible assets less total liabilities, divided by ___________, the number of
shares of common stock outstanding on December 31, 2021.
After
giving effect to the sale of ____________ of shares of our common stock in this offering at the assumed public offering price of $______
per share, which is the last reported sale price of our common stock on the OTCQB Market on _______________, 2022, after deducting estimated
underwriting discounts and commissions and estimated offering expenses payable by us, our net tangible book value as of March, 2022 would
have been $______ or $______ per share. This amount represents an immediate increase in net tangible book value of $___ per share to
our existing stockholders. Investors purchasing our common stock in this offering will have paid $______ more than the as adjusted net
tangible book value per share after this offering.
20
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
$
Increase
    in net tangible book value per share attributable to new investors
$
Net
    tangible book value per share after the offering
Dilution
    per share to new investors
Each
$1.00 increase (decrease) in the assumed public offering price of $______ per share would increase (decrease) our net tangible book value
after this offering by approximately $__ per share, and increase (decrease) the dilution per share to new investors by approximately
$___ per share, after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us, and
assuming no exercise of the underwrites' over-allotment option in full.
If
the underwriter exercises its over-allotment option in full in this offering, the as adjusted net tangible book value after the offering
would be $_____ per share, the increase in as adjusted net tangible book value per share to existing stockholders would be $____ per
share and the dilution per share to new investors would be $______ per share.
MANAGEMENT'S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Management's
Discussion and Analysis of Financial Condition and Results of Operations
You
should read the following discussion and analysis in conjunction with our unaudited condensed consolidated financial statements and the
notes to those financial statements for the three months ended March 31, 2022 and 2021 and consolidated financial statements and notes
to those financial statements for the years ended December 31, 2021 and 2020 included elsewhere in this prospectus. This discussion contains
forward-looking statements based upon current expectations that involve risks and uncertainties. See "Special Note Regarding Forward-Looking
Statements." Our actual results may differ materially from those contained in or implied by any forward-looking statements.
Components
of Operating Results
The
following discussion summarizes the key factors our management believes are necessary for an understanding of our consolidated financial
statements.
Revenues
We
have not generated any revenues from product sales as of March 31, 2022.
Research
and Development Expenses
The
process of researching and developing our products is lengthy, unpredictable, and subject to many risks. We expect to continue incurring
expenses for the next several years for research and development as we continue to develop products and innovative solutions . We are
unable, with any certainty, to estimate either the costs or the timelines in which those expenses will be incurred. Our current development
plans focus on the development of
plant-based solutions
including
Green Side by Side Products
.
Our
research and development costs include costs are composed of:
●
internal recurring costs, such as personnel-related and consultants costs (salaries, employee benefits, equity compensation and other
costs), materials and supplies, facilities and maintenance costs attributable to research and development functions; and
●
fees paid to external parties who provide us with contract services, such as preclinical testing, manufacturing and related testing and
clinical trial activities.
Marketing
Marketing
expenses consist primarily of salaries, employee benefits, equity compensation, and other personnel-related costs associated with executive
and other support staff. Other significant marketing expenses include the costs associated with professional fees to develop our marketing
strategy.
General
and Administrative Expenses
General
and administrative expenses consist primarily of salaries, employee benefits, equity compensation, and other personnel-related costs
associated with executive, administrative and other support staff. Other significant general and administrative expenses include the
costs associated with professional fees for accounting, auditing, insurance costs, consulting and legal services, along with facility
and maintenance costs attributable to general and administrative functions.
21
Financial
Expenses
Financial
expenses consist primarily impact of exchange rate derived from
re-measurement of monetary balance sheet items denominated in non-dollar
currencies. Other financial expenses include bank's fees and interest on long term loans
.
Results
of Operations
Comparison
of the Three Months Ended March 31, 2022 compared to the Three Months Ended March 31, 2021
The
following table presents our results of operations for the three months ended March 31, 2022 and 2021
Three Months
    Ended
March
    31
2022
2021
Revenues
-
-
Cost of sales
-
-
Operating
    loss
-
-
Research and development expenses
(25,000
)
-
Marketing, general and
    administrative expenses
(315,000
)
(1,975,000
)
Operating
    loss
(340,000
)
(1,975,000
)
Income (expenses) related
    to convertible loan terms
(379,000
)
(122,000
)
Other financing expenses,
    net
(10,000
)
(3,000
)
Net
    loss
(729,000
)
(2,100,000
)
Revenues.
Revenues for the three months ended March 31, 2022 and 2021 were $nil.
Research
and Development.
Research and development expenses for the three months ended March 31, 2022 were $25,000 compared to $nil for
the three months ended March 31, 2021 The increase is mainly attributable to expenses related to the development of our Green Botanical
product line.
Marketing,
general and Administrative Expenses.
Marketing, general and administrative expenses consist primarily of professional services,
share-based compensation expenses and other non-personnel related expenses such as legal expenses. Marketing, general and administrative
expenses decreased from $1,975,000 for the three months ended March 31, 2021 to $315,000 for the three months ended March 31, 2022. The
decrease in our marketing, general and administrative expenses is mainly attributable to the decrease in our non-cash share-based compensation
expenses offset by increase in professional services expenses.
Financing
Expenses, Net.
Financing expenses, net for the three months ended March 31, 2022 were $389,000 compared to $125,000 for the three
months ended March 31, 2021. The reason for the increase in financial expenses, net was due to $379,000 of expenses related to convertible
loan terms.
Net
Loss
. Net loss for the three months ended March 31, 2022 was $34,000 and is attributable to the reasons discussed above.
Comparison
of the Year Ended December 31, 2021 compared to the Year Ended  December 31, 2020
Year Ended
December
    31,
2021
2020
U.S.
    Dollars in thousands
Revenues
-
12
Cost of sales
-
(14
)
Operating
    loss
-
(2
)
Research and development expenses
(96
)
(17
)
Marketing, general and administrative expenses
(3,239
)
(8,350
)
Gain from deconsolidation
    of a subsidiary
-
52
Operating
    loss
(3,335
)
(8,317
)
Financing expenses,
    net
(1,181
)
(322
)
Net
    loss
(4,516
)
(8,639
)
22
During
the twelve months ended December 31, 2021, the Company had no revenue, compared to $12,000 in 2020. The decrease in our revenues is mainly
attributable to our selling 90% of the shares we held in Novomic Ltd. ("Novomic") and focusing on our new strategy and business
activity, and, therefore, ceasing to consolidate the financial statements of Novomic.
The
Company's research and development expenses increased to $96,000 composed of ongoing research and development expenses during the
twelve months ended December 31, 2021, compared to approximately $17,000 during the prior year. The increase is mainly attributable to
expenses related to the development of our Green Botanical product line.
The
Company's marketing, general and administrative expenses during the year ended December 31, 2021, were $3,239,000 compared to $8,350,000
during the year ended December 31, 2020. The decrease in our marketing, general and administrative expenses is mainly attributable to
the decrease in our non-cash share-based compensation expenses.
During
the twelve months ended December 31, 2021, the Company incurred financial expenses of $1,181,000, as compared to financial expenses of
$322,000 during the year ended December 31, 2020. The reason for the increase in financial expense was due to $620,000 of loss from extinguishment
in connection with convertible loan restructuring.
As
a result of the above, the Company incurred a net loss of approximately $4,516,000 during the twelve months ended December 31, 2021 as
compared to a net loss of approximately $8,639,000 in 2020.
Financial
Condition, Liquidity and Capital Resources
Liquidity
is the ability of an enterprise to generate adequate amounts of cash to meet its needs for cash requirements. At March 31, 2022, we had
current assets of $386,000 compared to total current assets of $349,000 as of December 31, 2021. At March 31, 2022, we had current liabilities
of $1,232,000 as compared to $1,064,000 as of December 31, 2021. At March 31, 2022, we had total liabilities of $3,097,000 as compared
to $2,495,000 as of December 31, 2021. The increase is mainly attributed to the increase in the balance of accounts payables and accrued
expenses and the balance of convertible component in convertible notes.
At
March 31, 2022, we had a cash balance of $293,000 compared to the cash balance of $270,000 as of December 31, 2021.
At
March 31, 2022, we had a working capital deficiency of $846,000 as compared with a working capital deficiency of $715,000 at December
31, 2021.
On
January 5, 2022, Citrine 9 LP (hereinafter "Citrine 9"), one of the related partnership entities (collectively, the "Buyers")
that entered into the Convertible Loan Agreement dated as of April 1, 2020, as subsequently amended (the "Convertible Loan Agreement")
agreed to honor a Draw Down Notice (as defined in the Convertible Note Agreement) for, and advanced to the Company, $180,000 on the same
terms and conditions as are specified in the Convertible Note Agreement. The maturity date of the loan is the earlier of July 31, 2023
or at such time as the Company shall have consummated an investment of at least $5 million in Company securities. The terms of the advances
under the Convertible note agreement were previously disclosed by the Company in Current Reports on Form 8-K filed on each of April 21,
April 23, June 12, 2020 and June 24, 2021. The annual interest on the loan continues to be nine percent (9%). The principal and interest
payment on the Note shall be made in New Israeli Shekels (NIS) at the conversion rate which was in effect on the date on which the loan
was advanced.
As
provided for under the terms of the Convertible Note Agreement, Citrine 9 will be issued 6,666,667 Series A warrants and 6,666,667 Series
B warrants for shares of common stock, where the Series A warrants are exercisable beginning July 5, 2022 through July 5, 2024 and the
Series B warrants are exercisable beginning July 5, 2022 through July 5, 2025, in each case at an exercise price of $0.5 per share.
Additionally,
on January 5, 2022, the Company and the Buyers entered into the Fourth Amendment to the Convertible Note Agreement pursuant to which
the following was agreed to:
(i)
The
                                            repayment of the principal and accrued interest on all outstanding loans shall be made in
                                            New Israeli Shekels (NIS) at the exchange rate which was in effect on the date on which the
                                            loan was advanced;
(ii)
The
                                            conversion price on all outstanding notes under the Convertible Note Agreement has been adjusted
                                            to a conversion price of $0.05 per share
(iii)
The
                                            exercise price on all outstanding warrants issued in connection with advances made under
                                            the Convertible Note Agreement has been adjusted to an exercise price of $0.05 per share.
23
Based
on our current cash balances, we believe that we have sufficient funds for its plans for the next twelve months. As the Company is embarking
on its activities as detailed herein, it is incurring losses. It cannot determine with reasonable certainty when and if it will have
sustainable profits.
The
Company's balance sheet as of December 31, 2021 reflects total assets of approximately $1,055,000 consisting mainly cash and cash
equivalents in the amount of approximately $270,000, and investments valued under the measurement alternative in the amount of approximately
$450,000. The Company's balance sheet as of December 31, 2020, reflects total assets of approximately $3,105,000 consisting mainly
of cash and cash equivalents in the amount of approximately $206,000, prepaid share based payment to a service provider in the amount
of approximately $1,737,000, trading securities in the amount of approximately $522,000 and a short-term loan measured at fair value
in the amount of approximately $165,000. The decrease is related mainly to prepaid share-based payment, investment valued under the measurement
alternative and trading securities.
As
of December 31, 2021, the Company had total current liabilities of approximately $1,064,000 consisting of approximately $838,000 in accrued
compensation and accounts payable and accrued expenses in the amount of approximately $226,000. As of December 31, 2020, the Company
had total current liabilities of approximately $1,702,000 consisting mainly of convertible notes in the amount of approximately $773,000,
accrued compensation in the amount of approximately $304,000 and accounts payable and accrued expenses in the amount of approximately
$172,000.
As
of December 31, 2021, the Company had negative working capital in the amount of approximately $715,000, compared to positive working
capital in the amount of approximately $947,000 at December 31, 2020.
The
Company's total liabilities as of December 31, 2021 and 2020 were approximately $2,495,000 and $1,702,000 respectively.
During
the twelve months ended December 31, 2021, the Company used approximately $582,000 in its operating activities. This resulted in operating
expenses of approximately $3,335,000, net of non-cash items mainly composed of a decrease in prepaid share based payment to a service
provider of approximately $1,737,000, loss from extinguishment in connection with convertible loan restructuring of approximately $620,000,
interest accrued on convertible loan of approximately $333,000 and increase in account payables of $589,000.
During
the twelve months ended December 31, 2020, the Company used approximately $696,000 in its operating activities. This resulted in operating
expenses of approximately $8,315,000, net of non-cash items comprised mainly of an increase in stock-based compensation of approximately
$7,422,000, interest accrued on convertible loan of approximately $287,000 and increase in account payables of $258,000.
During
the twelve months ended December 31, 2021, the Company's cash provided by investing activities amounted to $286,000, consisting
mainly of $389,000 from sale of trading securities and $164,000 from repayments of short term loan. During the year ended December 31,
2020, the Company's cash used in investing activities amounted to $615,000 mainly as a result of $450,000 investment valued under
the measurement alternative and $145,000 of short term loan.
During
the twelve months ended December 31, 2021, the Company's net cash provided by financing activities was $350,000 composed of proceeds
from the issued convertible notes, as compared to net cash provided by financing activities for the year ended December 31, 2020 of approximately
$1,170,000 proceeds from the issued convertible notes, $177,000 proceeds from issuance of common stock and $154,000 proceeds from related
parties' loans.
Off-Balance
Sheet Arrangements
The
Company has no off-balance sheet arrangements.
Recently
issued accounting pronouncements
Recently
issued accounting pronouncements are described in the notes to our financial statements for the three months ended March 31, 2022 and
2021 and for the years ended December 31, 2021 and 2020, which are included herein.
Critical
Accounting Policies
Our
significant accounting policies are described in the notes to our consolidated financial statements for the three months ended March
31, 2022 and 2021 and for the years ended December 31, 2021 and 2020 and which included in the financial reports attached to this registration
statement.
24
BUSINESS
Description
of our Business and Industry Background
:
We
are a plant-based wellness & pharma solutions company. Our business activity is primarily composed of developing wellness and pharma
solutions, focused on science backed plant-based products to improve quality of life and complementary solutions for balancing side effects
caused by using medicines, treatments, or an unbalanced lifestyle.
The
global health and wellness market is expected to reach USD 7.6 trillion by 2030, growing at a CAGR of 5.5% from 2021 to 2030
9
with
growing awareness of health and wellness solutions for improving people's quality of life
10
.
We
are witnessing a global movement of health and wellbeing becoming a priority for the public, further emphasized by the global COVID-19
pandemic. There is increasing recognition that people need to take charge of their own health, improve their quality of life, use natural
products, and balance side effects caused by medicines and treatment
11
.
We
believe the power of plant-based solutions from nature can help improve people's health and quality of life.
We
seek to bring to the market wellness and pharma innovative products, such as food supplements, healthy snacks, healthy beverages and
natural cosmetics, to help improve people's health and quality of life and complementary products that aim to balance selected
side effects associated with medicines, treatments or an unbalanced lifestyle. Research shows that complementary products can balance
side effects associated with medicinal use or treatments. For example, probiotics, natural food supplements are recommended as complementary
product to balance side effects associated with the use of antbiotics
12
.
We
have built an end-to-end strategy to bring to market innovative plant-based wellness and pharma solutions covering the whole spectrum
from innovation, research and development, product development, infrastructure for production and manufacturing, distribution, and marketing
and sales on a global scale.
Leveraging
technology and research, we are focused on developing a products portfolio based on rigorous scientific research ranging from synergistic
botanicals, herbal extract, tinctures, medicinal mushrooms together with plant extracts, vitamins, minerals, botanical formulations from
seeds, roots, bark, fruits, and a wide variety of plants that contain substances with health-supportive effects. Such supportive effects
include, but are not limited to, enhancing oral care, anti-inflammatory properties, relaxation, sleep enhancement, energizing, mood and
body balancing, and alleviating side effects.
Our
strategy is to bring to market, on a global scale, innovative plant-based wellness and pharma solutions. Covering the whole spectrum
from innovation, research and development, product development, infrastructure for production and manufacturing, distribution, marketing
and sales.
Our
headquarters and top executives are based in Israel, where we operate via our 100%-owned-subsidiary "CTGL Citrine Global Israel
Ltd." and 60%-owned "Cannovation Center Israel Ltd."
We
have strategic alliance and manufacturing agreements with iBOT Israel Botanicals, nutritional supplements' company and GMP-certified
manufacturing facility approved by the Israeli Ministry of Health. As part of our activity with iBOT Israel Botanicals we are developing
and manufacturing our product line including the Green Side by Side product line.
Our
presence in Israel combined with our close contacts with leading universities, researchers, companies, shareholders and governmental
support, which powers us to access the latest technologies, talent, and innovation to bring innovative solutions to the global market.
Our
mission is to leverage the power of plant-based solutions from nature to help improve people's health and quality of life.
We
created multi-strategy solutions to realize our mission, the highlights of which include the following:
9
Research, P., 2022.
Health and Wellness
                                            Market Size to Hit USD 7,656.7 Bn by 2030
. [online]
                                            GlobeNewswire News Room.
10
NielsenIQ. 2022.
An inside look into the 2021 global consumer health and wellness
revolution
. [online]
11
Sullivan, F., 2022.
Increasing Health Consciousness Among Consumers to Shift the
Global Prebiotic Ingredients Market
. [online] Prnewswire.com.
12
N.A.Kerna, 2018,
A complementary medicine approach to augmenting antibiotic therapy current practices in the use of probiotics
during antibiotic therapy,
International Journal of Complementary & Alternative Medicine
25
Developing
& Bringing Plant-Based Wellness & Pharma Products to Market:
The
plant-based products market is booming with health-conscious consumers spending more on natural products, ranging from nutraceuticals,
natural superfoods, beverages, cosmetics, to legal cannabis and the evolving market of botanical and plant-derived drugs. The COVID-19
pandemic has left a lasting impression on consumer behavior, particularly in relation to plant-based nutrition and natural immunity boosters
13
.
Here
are the various growing plant-based product global market segments
●
The
    nutritional supplements market is expected to reach USD 624.7 billion by 2030
14
.
●
The
    superfoods market is expected to reach USD 287.7 billion by 2027
15
.
●
The
    legal cannabis market is expected to reach USD 70.6 billion by 2028
16
.
●
The
    botanical and plant-derived drug market is expected to reach USD 53 billion by 2026
17
.
●
The
    natural cosmetics market is expected to reach USD 20.8 billion by 2027
18
.
We
are basing our efforts on technologies to create research and innovation, developing plant-based solutions which include products for
improving quality of life and complementary solutions for balancing selected side effects caused by using medicines, cannabis, treatments,
or an unbalanced lifestyle.
About
Side Effects Caused by Using Medicines, Treatments or an Unbalanced Lifestyle
Side
effects are unexpected reactions which may result from using medicines and treatments. There are common side effects, such as dryness
in the oral cavity (xerostomia), headaches, dizziness, drowsiness, fatigue, nausea, vomiting, lack of concentration, and impaired appetite
that are associated with the use of medicines and treatments
19
.
The
public health impact of harms associated with medicines and treatments is a growing area of investigation, given the expanding pharma
industry and widespread availability of drugs and different medical treatments around the world. Current evidence suggests that use of
medicines is associated with side effects. Exploring the relationship between drug side-effects and therapeutic indications demonstrates
that 69% of drugs have between 10 and 100 different side effects; 22% of drugs have more than 100 side-effects; only 9% of drugs have
less than 10 side-effects (Please see Figure 1 below)
20
13
Sullivan, F., 2022.
Increasing
                                            Health Consciousness Among Consumers to Shift the Global Prebiotic Ingredients Market
.
                                            [online] Prnewswire.com.
14
Research, P., 2022.
Nutritional Supplements Market to Hit US$ 624.7 Billion
by 2030
. [online] GlobeNewswire News Room.
15
Research,
I., 2022.
Global Superfoods Market Size is Projected To Reach US$ 287.75 Billion by 2027 | Superfoods Market Store,
Delivery Options, Emerging Trends 2022 | Segmentation by Product Type, Applications, Regions, & Key-Players (ADM, Ardent Mills,
Bunge)
. [online] GlobeNewswire News Room.
16
Grandviewresearch.com. 2022.
Legal Marijuana Market Size Worth $70.6 Billion By
2028
.
17
2018-2026, G. and 2018-2026, G., 2022.
Botanical and Plant Derivative Drug
Market - Global Forecast 2018-2026
. [online] Inkwood Research.
18
Mynewsdesk. 2022.
Vegan Cosmetics Market is Growing at 6.9% CAGR, Market Size,
Share, Statistics, Cosmetics Industry Trends, Leading Company Profiles, Forecast & Estimations to 2027
.
19
U.S. Food and Drug Administration. 2022.
Learning about Side Effects
.
20
P. Zhang, F. Wang, J. Hu, and R. 2013, Exploring the Relationship Between Drug Side-Effects and Therapeutic Indications, PubMed
Central, PMCID: PMC3900166; PMID: 24551427
26
Figure
1: Exploring drug side-effects: 69% of drugs have between 10
and
100 different side effects
*Illustration
Taken from: PubMed – Exploring the Relationship Between Drug Side-
Effects
and Therapeutic Indications
21
Treatment
of side-effects, or adverse drug reactions, has become a healthcare concern. The new market of Pharmacovigilance, also known as drug
safety – the pharmaceutical science relating to the collection, detection, assessment, monitoring, and prevention of adverse effects
with pharmaceutical products – is developing and expected to reach $12.48 Billion in 2027. Driving this are increasing public awareness
and demand for safer medications and increasing government initiatives to promote drug safety around the globe
22
.
Natural
plant-based products show great promise in improving quality of life and can be used as complementary products to balance side effects.
Antibiotics and probiotics are an excellent use case.
Antibiotics are important for treating bacterial infections; however, they
can sometimes cause side effects such as diarrhea, liver disease and changes to the gut microbiota. Using probiotics during and after
a treatment with antibiotics can help reduce the risk of diarrhea and restore the gut microbiota to a healthy state
23
.
Addressing
a significant market need, we included in our strategy the development of plant based complementary solutions through wellness as well
as clinically developing plant-based pharmaceutical products to address the need to balance selected effects and support people who experience
side effects from using medicines, cannabis, and various treatments.
Oral
Cavity Dry-Mouth -Xerostomia -Side-Effect
Research
has shown that a possible side effect of using cannabis
24
, smoking, or using medications, or treatments is oral cavity dryness
(xerostomia). It is important to maintain the saliva level in the mouth to prevent problems and damage, as saliva plays a key role in
maintaining health in the oral cavity. Saliva contains calcium and phosphorous which protects teeth, helps the digestive system, prevents
bad smell through balancing the acidity that comes from food and bacteria, has enzymes that help break down food, washes food scraps
and bacteria, and helps speech as pronunciation of movements and syllables is done with saliva and tongue.
Following
investigation, we developed the
SmokLy
TM
series of sprays that target to balance the dry mouth side effect (xerostomia)
that may result from using medicines, cannabis, smoking or treatments. The SmokLy contains plant extracts distilled from seeds, roots,
bark, fruits with active anti-inflammatory substances that encourage saliva production and taste in the oral cavity.
21
P. Zhang, F. Wang, J. Hu, and R. 2013, Exploring the Relationship Between Drug Side-Effects
                                            and Therapeutic Indications, PubMed Central, PMCID: PMC3900166; PMID: 24551427 [online]
22
Pharmacovigilance Market Size to Reach 12.48 Billion in 2027 | Industry Trend - Rising Prevalence of Chronic Diseases Worldwide,
Increasing Cases of Adverse Drug Reactions and Drug Toxicity and High Consumption of Drugs in Developed Economies, 2022, Bio Space Article
[online]
23
Healthline. 2022.
What You Should Eat During and After Antibiotics
.
[online]
27
Side
Effects from Cannabis Use
Following
thorough investigation of cannabis' side effects,
we filed a provisional patent application
titled "PHARMACEUTICAL COMPOSITIONS AND METHODS FOR THE TREATMENT OF SIDE-EFFECTS ASSOCIATED WITH THE USE OF CANNABIS, CANNABINOIDS
AND RELATED PRODUCTS", patent No: 63/257,673 in the U.S. Patent & Trademark Office.
There
are currently over 200 million cannabis users worldwide and an increased interest in cannabis as a medicine in recent years
25
.
Cannabis was approved for medical use showing benefit
in serious medical conditions including cancer, multiple sclerosis, Parkinson's, epilepsy, chronic pain, and post trauma
26
.
Research indicates that some medical cannabis users experience side effects during their cannabis treatment, which may cause them to
discontinue treatment despite good clinical outcomes achieved with the cannabis treatment
27
.
According
to the Mayo Clinic in the US these are the most reported side effects in association with cannabis use
28
:
●
Headaches
●
Dry
    mouth and dry eyes
●
Lightheadedness
    and dizziness
●
Drowsiness
●
Fatigue
●
Nausea
    and vomiting
●
Disorientation
●
Hallucinations
●
Increased
    heart rate
●
Increased
    appetite
●
Impaired
    attention, judgement, and coordination
●
Worsened
    manic symptoms in people who have bipolar disorder
●
Increased
    risk of depression or worsen depression symptoms
●
Increased
    risk of psychosis in people who have schizophrenia
●
Impaired
    memory and cognitive function
●
Harmful
    cardiovascular effects, such as high blood pressure
●
Worsened
    respiratory conditions
●
Adverse
                                            interactions including with alcohol and anticoagulants.
Figure
2: schematic representation of side effects associated with the use of cannabis
*Illustration
Taken from: Positive Choices Educational Program
29
Our
Plant-based products
We
believe the power of plant-based solutions from nature can improve people's health and quality of life. Leveraging technology and
research, we are developing plant-based solutions targeting to improve quality of life and complementary products to balance selected
side effects caused by medicines, cannabis, treatments, or an unbalanced lifestyle.
Green
Side by Side™ Product Line:
Figure
3: The Green Side by Side™ Product Line
25
Statista. 2022.
Cannabis users worldwide number by region 2011-2019 | Statista
.
[online]
26
2017. The Health Effects of Cannabis and Cannabinoids.
27
Kudahl, B., Berg, M., Posselt, C., Nordentoft, M. and Hjorthøj, C., 2021. Medical
cannabis and cannabis-based medicine show both potential efficacy and potential harms: Cross-sectional comparison with controls on self-rated
and interviewer-rated outcomes within the Danish pilot program on medical cannabis.
Complementary Therapies in Clinical Practice
,
45, p.101476.
28
Mayo Clinic. 2022.
What you can expect from medical marijuana
.
[online]
29
Positive Choices. 2022.
Cannabis: Factsheet
. [online]
28
We
developed a wellness plant-based product line under the brand name of Green Side by Side™ .
The
Green Side by Side™ includes wellness plant-based product line for improving quality of life and complementary products for balancing
selected side effects caused by medicines, cannabis, treatments, or an unbalanced lifestyle.
We
believe the Green Side by Side is positioned to capture market share in the nutritional supplements market that is expected to reach
$625 billion by 2030
30
.
In
December 2021 we finalized the first development of dozens of researched plant-based products under our wellness Green Side by Side™
product line in multiple form factors, such as sprays, powders, tablets, capsules, and tinctures. We used innovative technologies and
experience to create the products combining a variety of well researched plants including herbal extracts, medicinal mushrooms, vitamins,
minerals and variety of researched plants known for their healing qualities that contain substances with different anti-inflammatory
properties and a variety of health-supportive effects that are relaxing, sleep enhancing, energizing, mood and body balancing, enhancing
oral care and alleviating side effects .
In
Q1 2022 we launched in the Israeli market several products from the Green Side by Side product line. We started our initial launch with
a local partner, an Israeli medical cannabis company, focusing on the SmokLy series, a line of sprays for the oral cavity to support
people with oral cavity dryness (xerostomia), a common side effect experienced by many cannabis users. The local partner distributes
the products to medical cannabis pharmacies as complementary products to medical cannabis users. Following an initial trial period, we
plan to expand our distribution efforts in the Israeli market for the Green Side by Side product line with retail, pharmacy chains and
natural products' distributors in Israel. We also plan to distribute the Green Side by Side product line in the United States and
worldwide with local partners consistent with local regulations.
The
products are manufactured in Israel in iBOT Israel Botanicals Ltd under a GMP-certified manufacturing facility approved by the Israeli
Ministry of Health.
Our
strategy is to offer a variety of family lines in various categories.
1.
Oral Cavity Care Family Line
SmokLy
Product Family Line targets to balance oral cavity dryness side effect.
The Oral Cavity Care Family Line includes the SmokLy
TM
series of sprays for the oral cavity targeting to balance the dry mouth side effect (xerostomia) that may result from using medicines,
cannabis, smoking or treatments.
Benefits of the SmokLy series:
■
Contain
    plant extracts distilled from seeds, roots, bark, fruits with active anti-inflammatory substances that encourage saliva production,
    taste and can promote saliva production and moisture in the oral cavity.
■
Convenient
    to use by spraying into the oral cavity
■
Come
    in 7 different flavors: lemon, strawberry, passion fruit, aniseed, mango, maple and mint
2.
The Medicinal Mushrooms Family Line:
Medicinal
Mushrooms Family Line targets to balance important body systems.
The
Medicinal Mushrooms Family Line is based on researched medicinal mushrooms that have been used for thousands of years in traditional
medicine and have been proven to be efficient for various medicinal uses. Medicinal Mushrooms were found to have a wide potential in
the treatment and prevention of diseases, including protection of the heart, antioxidant activity, balancing and strengthening the immune
and digestive systems, lowering cholesterol and balancing blood sugar. Furthermore, it has been shown to protect other important organs
such as the liver, with anti-cancer activity.
30
Research, P., 2022.
Nutritional Supplements Market to Hit US$ 624.7 Billion by
2030
. [online] GlobeNewswire News Room.
29
The
Medicinal Mushrooms Family Line includes synergistic combinations of research-based medicinal mushrooms and herbs composed in an herbalist
method and made of purely natural ingredients.
The
products contain dry form, concentrated powders and extracts of mushrooms and herbals researched and found to benefit headaches, changes
in blood pressure, anxiety, fatigue, and sleep disorders. We are harnessing the power of medicinal mushrooms for restoring nutritional
balance and strengthening the immune system and other body systems.
3.
Booster Family Line
Booster
Family Line targets to provide energy and strength.
The Booster Family Line contains unique research-based ingredients and herbal
extracts with a high concentration of antioxidants composed in an herbalist method. The Booster Family Line products create a synergistic
combination of researched plants and natural ingredients that have been shown to have health supportive anti-inflammatory properties,
which strengthen the immune system and contribute to an improved overall feeling. Imbalance in the body, resulting from poor diet and
unhealthy lifestyle, chronic diseases, weakness of the immune system, and side effects of medicines and treatments may lead to recurrent
infections, chronic coughing, weakness, and gastrointestinal disorders. The Booster Family Line includes herbal syrups that are suitable
for morning drinking preventively and target to support daily overload as energy and booster products.
4.
Balance & Calm Family Line
Balance
& Calm Family Line for mood and body balancing.
The Balance & Calm Family Line contains research-based herbal formulas composed
in an herbalist method including powders and extracts of researched plants that have been demonstrated to have health supporting effects
of calming the digestive system, reducing anxiety and fatigue, and improving sleep quality.
The
Balance & Calm Family Line serves as support for the digestive system, balancing and strengthening the body, calming and improving
sleep quality. Modern lifestyles that include many tasks and heavy stress, with a non-optimal diet, can lead to fatigue, restlessness,
pain, and a particularly sensitive digestive system. All of these can also be side effects of taking various medications and having an
unbalanced lifestyle. Continuous stress releases toxic substances in the body, which over time can cause significant health problems.
Studies showed that reducing stress improves sleep quality through affecting the nervous system. The Balance & Calm Family Line targets
to restore and maintain emotional and body balance and calm the digestive and other systems of the body.
5.
Personal Protection Family Line:
Personal
Protection Family Line targets to prevent contagion with viruses and bacteria.
The Personal Protection Family Line contains research-based
balanced combinations of plants, vitamins and minerals composed in an herbalist method, which together form a shell that supports the
proper functioning of many body systems, giving an incentive to the immune system and preventing contagion with viruses and bacteria.
In the current reality of pandemics, such as COVID-19, and the widespread use of medicines and treatments we believe it is important
to balance and nurture different body systems and to strengthen the immune system.
Our
IP Strategy and R&D Roadmap
Our
IP strategy and R&D roadmap include developing plant-based wellness and pharma solutions, building our patent portfolio, conducting
clinical trials, advancing products through regulatory approvals, and bringing innovative products to market.
Currently
we have a provisional patent application, and as part of our IP strategy, we plan to build a patent portfolio. We are also considering
purchasing patents and IP .
Our
straegy includes developing wellness, OTC products and plant-based medicines for the botanical and plant-derived drug market including:
●
Developing
    products portfolio based on rigorous scientific research ranging from synergistic botanicals, herbal extract tinctures, medicinal
    mushrooms together with plant extracts, botanical formulations from seeds, roots, bark, fruits and a wide variety of plants that
    contain substances with health-supportive effects. Such supportive effects include, but aren't limited to, enhancing oral care,
    anti-inflammatory properties, relaxation, sleep enhancement, energizing, mood and body balancing and alleviating side effects.
●
Researching
    plant-based medicines for the botanical and plant-derived drug market. Botanical drugs are derivative of medicinal plants and may
    contain algae, plant-based substances and fungi. Botanical and plant derived drugs help in the treatment of various diseases, such
    as central nervous system disorders, infectious diseases, cardiovascular diseases, and respiratory diseases and are available in
    various forms, such as pills, tablets, and injections. The key factors driving this market are growing applications in diseases,
    growing FDA approvals and a dedicated Botanical Drugs Approval pathway, technological development in the manufacturing process, and
    rising demand for and focus on traditional and natural source medicines
31
.
30
Our
research and development program includes:
●
Developing
    wellness plant-based product portfolio across the range from scientific and research-based plants, such as herbal extracts, medicinal
    mushrooms, and other natural ingredients
●
Developing
    complementary products portfolio for balancing selected side effects caused by medicines, treatments, cannabis, aging, stress, and
    an unbalanced lifestyle
●
Expanding
    the Green Side by Side
TM
product line
●
Researching
    and developing pharma solutions with the mission of developing plant-based medicines and botanical drugs
●
Building
    patent portfolio
●
Building
    clinical trials program & portfolio
●
Registering
    products for regulatory approval
●
Building
    the infrastructure for production and innovation centers to leverage IP & competitive advantage in developing and manufacturing
    wellness to pharma plant-based products
●
Currently
    the Green Side by Side product line does not include any cannabis, cannabinoid, or cannabis related components. However, pending
    changes in the regulatory and market landscape, we may consider developing cannabis, cannabinoid, and related products
.
Provisional
Patent Application
In
October 2021 we filed a provisional patent application for "PHARMACEUTICAL COMPOSITIONS AND METHODS FOR THE TREATMENT OF SIDE-EFFECTS
ASSOCIATED WITH THE USE OF CANNABIS, CANNABINOIDS AND RELATED PRODUCTS", patent No: 63/257,673 in the U.S. Patent & Trademark
Office. The patent application describes certain side effects of cannabis use, the needs, technologies and solutions to support medical
cannabis users who experience side effects related to their cannabis treatment.
Green
Vision Center
TM
Production and Innovation Center for Plant-based Wellness & Pharma Products
Green
Vision Center
is part of our strategy to create end-to-end plant-based solutions covering all the infrastructure, facilities, and
activities required for developing, manufacturing, and bringing to market innovative plant-based wellness and pharma products.
Figure
5: Green Vision Center Israel Building Demonstration
All
image rights are reserved to the Company and are for illustration purposes only and do not bind the company.
31
Green
Vision Center Israel
In
February of 2022, we completed the acquisition from the Israel Lands Authority (ILA) of 125,000 sq ft (11,687 sq meters or approximately
three acres( of industrial land in Yerucham, a city in southern Israel, to build Green Vision Center Israel. Approximately 90% of the
acquisition cost was provided by Israeli government programs that encourage industrial development and includes additional grants and
tax incentives.
Green
Vision Center israel will include ~ 65,000 sq. ft. (~ 5,800 sqm) a first-of-its-kind center's infrastructure and facilities will
be focused on the development and production of wellness & pharma plant-based products and planned to include:
●
Manufacturing
    facilities for botanicals and nutritional supplements
●
Manufacturing
    facilities for pharma plant-based products & botanical drugs
●
Manufacturing
    facilities for healthy snacks & beverages
●
Manufacturing
    facilities for plant-based cosmetics
●
Manufacturing
    facilities for medical cannabis and related products
●
R&D
    laboratories for development, clinical studies, and quality control testing
●
Distribution
    and global logistics center
●
Management
    and consultant offices
●
Conference
    , training & visitor center
Green
Vision Center Israel: Planned Divisions and Internal Design
Figure
6: Green Vision Center Israel Planned Internal Design
**All
image rights are reserved to the Company and are for illustration purposes only and do not bind the company
Green
Vision Center Israel was designed by Avner Sher, one of Israel's most highly regarded architects . Its design includes a unique
roof in the shape of a lotus flower and will be built with solar panels and according to ecological green principles of saving energy.
The
center will be constructed by a professional project construction company and sub-contractors that will oversee all aspects of the building
including interfacing and obtaining all facilities and products relevant licenses and regulatory approvals, the requisite building permits
and other required authorizations.
32
Our
Business Model for the Green Vision Center includes:
●
Production
    & sales of our branded products;
●
Production
    & services to third parties;
●
Full
    turnkey solutions for all the services that the center can provide, including R&D, QA, production, market positioning, and sales;
●
Partnerships
    and collaborations with international companies in the wellness and pharma industries that are interested in establishing an innovation
    and production infrastructure in Israel;
●
Mergers
    & acquisitions and strategic partnership activities; and
●
Partnerships
    based on models of profit sharing.
Our
mission is to become a leading worldwide production and innovation center for natural plant-based products and health, wellness, and
pharma solutions and to bring partners, market leaders, companies, technologies, and scientific collaborations from Israel and around
the world.
Israel
as a Source of Innovation
Our
presence in Israel combined with our close contacts with leading universities, researchers and companies empowers us to access the latest
technologies, talent, and innovations and bring them to the global market.
We
chose to focus on Israel for the following reasons:
●
Israel
    is well positioned as a leader in technology with a critical mass of technology companies, researchers, and scientists
32
.
●
Israel
    is considered a pharma powerhouse and a world leader in clinical trials due to its advanced regulatory environment and local experience
33
.
●
The
    Israeli government views technological innovation a major growth engine for the Israeli economy and supports it.
●
Our
    headquarters, top executives and strategic partners are based in Israel, where we have been operating for years and have a strong
    network with Israeli companies, universities, labs, entrepreneurs, and businesses.
●
We
    acquired land in the south of Israel, backed by government support, to build the Green Vision Center™, a first-of-its-kind
    production and innovation center for plant-based wellness & pharma products.
Creating
a Global Network & Growth Strategy
A
core part of our strategy includes building a worldwide network with local teams, partners, subsidiaries, Green Vision Centers, strategic
partnerships, collaborations, and mergers & acquisitions of technology and distribution companies.
Initially,
we are planning to build infrastructure for business development and sales with local teams in North America and Europe.
Our
strategy includes various business models that are intended to bring new products to market leveraging, and thereby, maximizing company's
value, building the company's intellectual property and growth strategy that includes mergers & acquisitions of technology
and distribution companies.
Go
to Market Strategy and Prospective Revenue Sources
The
plant-based wellness & pharma market is booming, with health-conscious consumers spending more on natural products ranging from nutraceuticals,
natural superfoods, beverages, and cosmetics to legal cannabis and the evolving market of botanical and plant-derived drugs.
●
The
    nutritional supplements market is expected to reach USD 624.7 billion by 2030
34
.
●
The
    superfoods market is expected to reach USD 287.7 billion by 2027
35
.
●
The
    legal cannabis market is expected to reach USD 70.6 billion by 2028
36
●
The
    botanical and plant-derived drug market is expected to reach USD 53 billion by 2026
37
.
●
The
    natural cosmetics market is expected to reach USD 20.8 billion by 2027
38
.
37
2018-2026, G. and 2018-2026, G., 2022. Botanical and Plant Derivative Drug Market - Global Forecast 2018-2026. [online] Inkwood
Research.
32
PwC-Startup Nation Central Report Explores Israel's Multinational Innovation Ecosystem
33
Portfolio of Israeli companies Life science and Clean-tech sectors October 2020
34
Research, P., 2022.
Nutritional Supplements Market to Hit US$ 624.7 Billion
by 2030
. [online] GlobeNewswire News Room.
35
NielsenIQ. 2022.
An inside look into the 2021 global consumer health and wellness
revolution
. [online]
36
Grandviewresearch.com. 2022.
Legal Marijuana Market Size Worth $70.6 Billion
By 2028
. [online]
37
2018-2026, G. and 2018-2026, G., 2022.
Botanical and Plant Derivative Drug
Market - Global Forecast 2018-2026
. [online] Inkwood Research.
38
Mynewsdesk. 2022.
Vegan Cosmetics Market is Growing at 6.9% CAGR, Market Size,
Share, Statistics, Cosmetics Industry Trends, Leading Company Profiles, Forecast & Estimations to 2027
.
[online]
33
The
wellness products are sold through different distribution channels which include online digital direct sales, online retailer websites,
physical shops and retailers including food, drug, and mass merchandise retail networks. We are currently focused on building a B2B distribution
network worldwide with select local partners who will be handling import, distribution, marketing, and sales while adhering with local
regulations.
Our
strategy for generating revenue in the near term and future include:
●
Sales of our proprietary
  products including Green Side by Side product line
●
Commercialization and licensing
  our future IP, products & brands.
●
Mergers & acquisitions
  and strategic partnership activities
Competition
The
wellness and pharma industries are very crowded and competitive. Many companies, from startups to corporate giants, operate in these
spaces.
Plant-based
wellness sector: Nutritional supplements
The
Nutritional supplements and OTC wellness products markets are growing thanks to increased attention to natural prodcuts, health and prevention
by the consumers and increased health care costs and search for alternatives to cure specific problems.
Some
of the key players in this market are Herbalife Nutrition Ltd., Amway Corp., Abbott, Arkopharma, Bayer AG, Glanbia PLC, Pfizer Inc.,
ADM, and Ayanda
39
.
Botanical
Drugs
The
botanical and plant-derived drug market is expected to reach $53 billion by 2026.
Botanical
drugs are derivative of medicinal plants and may contain algae, plant-based substances and fungi. Botanical and plant derived drugs help
in the treatment of various diseases, such as central nervous system disorders, infectious diseases, cardiovascular diseases, and respiratory
diseases and are available in various forms, such as pills, tablets, and injections.
The
key factors driving this market are:
●
Growing
    applications of Botanical drugs in diseases
●
Growing
    FDA approvals and a dedicated Botanical Drugs Approval pathway
●
Technological
    development in the manufacturing process,
●
Rising
    demand for and focus on traditional and natural source medicines
40
.
Large
companies are involved in this market with the major players including Bayer AG, Boehringer Ingelheim International GmbH, F. Hoffmann
La Roche Ltd., Jazz Pharmaceuticals Plc, Johnson and Johnson Inc., Merck KGaA, Mitsubishi Chemical Corp., Novartis AG, Sanofi SA, and
Tilray Inc.
41
.
39
MarketView Research: Dietary Supplements Market Size, Share & Trends Analysis Report
                                            By Ingredient (Vitamins, Minerals), By Form, By Application, By End User, By Distribution
                                            Channel, By Region, And Segment Forecasts, 2022 - 2030
40
2018-2026, G. and 2018-2026, G., 2022. Botanical and Plant Derivative Drug Market - Global Forecast 2018-2026. [online] Inkwood
Research.
41
Technavio Report: Botanical and Plant-Derived Drugs Market by Type and Geography - Forecast and Analysis 2022-2026
34
We
have differentiated ourselves through our end-to-end strategy of bringing to market innovative plant-based wellness and pharma products
covering the whole spectrum from research, product development, building the infrastructure, manufacturing, and marketing. We built the
following strategy and unique business model that can support our ability to remain competitive:
●
We
    are leveraging technology and research and focus on developing plant-based wellness and pharma solutions to improve quality of life
    and complementary products for balancing selected side effects caused by medicines and treatments, cannabis, aging, stress, and an
    unbalanced lifestyle
●
We
    have the ability to develop innovative products and solutions that meet customer and market needs
●
We
    develop our IP strategy by building patent portfolio, conducting clinical studies, and obtaining regulatory approvals
●
We
    have a leading experienced team and partners with proven track record in technology, high-tech and biotech and proven experience
    in bringing companies to global success
●
Our
    presence in Israel combined with our close contacts with leading universities, researchers and companies powers us with the latest
    technologies, talent, and innovation and to offer innovative solutions to the global market.
●
Potential
    partnerships and other collaborations with international companies in the wellness and pharma industries
The
Health & Wellness Industries Global Market Size and Potential:
The
global health and wellness market is expected to reach USD 7.6 trillion by 2030, growing at a CAGR of 5.5% from 2021 to 2030. The hectic,
unbalanced lifestyle has resulted in the prevalence of lack of proper diet and sleep, stress, depression, anxiety, cancer, diabetes,
and various other health related issues. Lack of proper diet has resulted in the reduced intake of essential nutrients and minerals required
for the healthy and active functioning of the human body. Precedence research identifies growth opportunities to the health and wellness
market players across the globe in the adoption of smart technologies and innovative ways in manufacturing various health and wellness
products, nutritional supplements, healthy snacks and beverages, the growing biopharmaceutical industry and development of botanical
drugs
42.
Health
and wellness have been found by Nielsen IQ researchers to be the most powerful consumer force of 2021. In contrast to the unpredictable
nature of COVID-19, consumers are being very deliberate with their choices. A survey conducted discovered that consumers emphasize having
meaningful and purposeful living, health management, strength and wellness, mental health and stability, happiness, social connections,
environmental betterment, balance, and fulfillment. We are witnessing a global movement of health and wellbeing becoming a priority for
the public, further emphasized by the global COVID-19 pandemic. There is increasing recognition that people need to take charge of their
own health, improve their quality of life, use natural products, and balance side effects caused by medicines and treatment
43
.
The
Plant-Based Global Market Size and Potential:
The
plant-based products market is booming with health-conscious consumers spending more on natural products, ranging from nutraceuticals,
natural superfoods, beverages, cosmetics to legal cannabis and the evolving market for botanical and plant-derived drugs. For example:
●
The
    nutritional supplements market is expected to reach USD 624.7 billion by 2030
44
.
●
The
    superfoods market is expected to reach USD 287.7 billion by 2027
45
.
●
The
    legal cannabis market is expected to reach USD 70.6 billion by 2028
46
.
●
The
    botanical and plant-derived drug market is expected to reach USD 53 billion by 2026
47
.
●
The
    natural cosmetics market is expected to reach USD 20.8 billion by 2027
48
42
Research, P., 2022.
Health and Wellness
                                            Market Size to Hit USD 7,656.7 Bn by 2030
. [online]
                                            GlobeNewswire News Room.
43
NielsenIQ. 2022.
An inside look into the 2021 global consumer health and wellness
revolution
. [online]
44
Research, P., 2022.
Health and Wellness Market Size to Hit USD 7,656.7 Bn by 2030
.
[online] GlobeNewswire News Room.
45
NielsenIQ. 2022.
An inside look into the 2021 global consumer health and wellness
revolution
. [online]
46
Grandviewresearch.com. 2022.
Legal Marijuana Market Size Worth $70.6 Billion
By 2028
. [online]
47
2018-2026, G. and 2018-2026, G., 2022.
Botanical and Plant Derivative Drug
Market - Global Forecast 2018-2026
. [online]
48
Mynewsdesk. 2022.
Vegan Cosmetics Market is Growing at 6.9% CAGR, Market Size,
Share, Statistics, Cosmetics Industry Trends, Leading Company Profiles, Forecast & Estimations to 2027
.
[online]
35
The
Global Nutritional Supplements Market
The
global nutritional supplements market is expected to reach USD 624.7 billion by 2030 and is expanding growth at a CAGR of 7.1% over the
forecast period 2021 to 2030 with plant-based supplements containing natural ingredients and extracts of plants and mushrooms that have
a beneficial biological effect
49
. The global superfoods market is expected to reach USD 214.95 billion by 2027 with superfoods
being foods that have a very high nutritional density. This means they provide a substantial amount of nutrients and very few calories.
They contain a high volume of minerals, vitamins, and antioxidants.
Growth
in the nutritional supplements is driven by growing awareness of health and safety in the traditional pharma, food, and beverage industries
as well as higher healthcare costs. Authentic consumption has become a major food and beverage trend as consumers increasingly seek natural
ingredients. Products such as ginseng, echinacea, ginkgo biloba, and garlic, the top selling botanical products are considered natural
remedies for inflammation and infections. This is further driven by the COVID-19 pandemic, with consumers looking to strengthen the natural
immune system. This is also driving growth of vitamins and minerals and moving towards natural colorant-based plant juice products, since
they provide better and long-lasting protection from viruses and bacteria. In addition, botanicals and nutritional supplements are widely
used by people who suffer from diseases related to weight management, clinical nutrition, digestive health (gut health problems), immunity,
diabetes, and cardio fitness, either as treatment or prevention
50
.
The
market demand for
Nutritional Supplements
is driven by
51
:
●
Increasing
    attention to health and prevention by the consumers
●
Greater
    customization of needs for different segments of the population
●
Increased
    health care costs and search for alternatives to cure specific problems
●
The
    growth in demand for supplements is mainly driven by probiotic supplements, Fatty Acids (i.e. fish oils) and protein supplements
●
Herbal/Botanical
    Supplements usage has emerged as a popular complementary and alternative medicine or supplement to modern medicine
●
Rising
    consumer awareness regarding the severity of digestive disorders, stimulate the growth of the Enzymes segment.
The
Botanical and Plant-derived Drug Market
The
global botanical and plant-derivative drug market is anticipated to grow to $53 billion by 2026 driven by growing applications in diseases,
technological developments in manufacturing processes and a growing focus and demand for naturally sourced medicines
52
.
Botanical
drugs are derived from natural sources, plants and mushrooms, and are considered to have fewer side-effects as compared to synthetic
drugs while showing high efficacy in helping to treat different medical conditions and chronic diseases
53
.
The
important driver for growth in the global botanical and plant-derivative drug market is its growing applications in diseases. Botanical
drugs are derivative of medicinal plants and may contain algae and vegetable substances, along with macroscopic fungi. These may assist
in the treatment of various diseases, such as central nervous system disorders, infectious diseases, cardiovascular diseases, and respiratory
diseases. Botanical and plant derivative drugs are available in various forms, such as pills, tablets, and injections
54
.
The
Botanical and plant-derivative drug market is primarily driven by the following factors
55
●
Growing
    applications in diseases
●
Growing
    FDA approvals
●
Technological
    development in the manufacturing process
●
Rising
    demand for traditional medicines
●
Growing
    focus on natural source medicines
49
Research, P., 2022.
Nutritional Supplements
                                            Market to Hit US$ 624.7 Billion by 2030
. [online]
                                            GlobeNewswire News Room.
50
PwC "Vitamins and Dietary Supplements Market Overview Report, https://www.pwc.com/it/it/publications/assets/docs/Vitamins-Dietary-Supplements-Market-Overview.pdf
51
PwC "Vitamins and Dietary Supplements Market Overview Report, https://www.pwc.com/it/it/publications/assets/docs/Vitamins-Dietary-Supplements-Market-Overview.pdf
52
2018-2026, G. and 2018-2026, G., 2022.
Botanical and Plant Derivative Drug
Market - Global Forecast 2018-2026
. [online] Inkwood Research.
53
2018-2026, G. and 2018-2026, G., 2022.
Botanical and Plant Derivative Drug
Market - Global Forecast 2018-2026
. [online] Inkwood Research.
54
Sciences, L. and Discovery, D., 2022.
Global Botanical and Plant-Derived Drugs
Market 2022-2026
. [online] Marketresearch.com.
55
2018-2026, G. and 2018-2026, G., 2022.
Botanical and Plant Derivative Drug
Market - Global Forecast 2018-2026
. [online] Inkwood Research.
36
The
Global Cannabis Market
The
global legal cannabis market size is expected to reach USD 70.6 billion by 2028 driven mainly by increased legalization of cannabis for
medical and adult-use and the growing adoption of these products for the treatment of chronic diseases
56
.
There
are currently over 200 million cannabis users worldwide and an increased interest in cannabis as a medicine in recent years
57
.
Cannabis was approved for medical use showing benefit in serious medical conditions including cancer, multiple sclerosis, Parkinson's,
epilepsy, chronic pain, and post trauma. Research indicates that some medical cannabis users experience side effects during their cannabis
treatment, which may cause them to discontinue treatment despite good clinical outcomes achieved with the cannabis treatment
58
.
The
Global Natural Cosmetics Market
The
global natural cosmetics market is projected to reach USD 24.26 billion by 2027 driven mainly by increasing demand for harmful chemical-free
cosmetics, rising awareness against the use of animal derivatives and growing social media movements endorsing naturally derived products
59
.
The
cosmetic and personal care segment of botanicals is also on the rise with companies increasingly discovering novel herbal ingredients
as consumers are seeking more natural products with ingredients that are of plant origin: extracts or oils obtained from raw plant materials.
Natural cosmetics are cosmetics that have ingredients of plant origin. The absence of chemical compounds and animal-by products are specifically
suited to sensitive skin people. The natural cosmetic products are biodegradable and environmentally friendly. Many companies in the
field focus on the production of natural cosmetics that are cruelty-free as these products have increasing demand
60
.
Side
Effects and Drug Safety/Pharmacovigilance Evolving Market
The
public health impact of harms associated with medicines and treatments is a growing area of investigation, given the expanding pharma
industry and widespread availability of drugs, and different medical treatments around the world.
Current
evidence suggests that use of medicines, and medical treatments are associated with a series of side effects. For example, exploring
the relationship between drug side-effects and therapeutic indications demonstrate that
69% of drugs have between 10 and 100 different
side effects;
22% of drugs have more than 100 side-effects; only 9% of drugs have fewer than 10 side-effects (Please see Figure 7
below)
61
56
Research, P., 2022.
Health and Wellness Market Size to Hit USD 7,656.7 Bn by 2030
.
[online] GlobeNewswire News Room.
57
Statista. 2022.
Cannabis users worldwide number by region 2011-2019 | Statista
.
58
2017. The Health Effects of Cannabis and Cannabinoids.
59
Mynewsdesk. 2022.
Vegan Cosmetics Market is Growing at 6.9% CAGR, Market Size,
Share, Statistics, Cosmetics Industry Trends, Leading Company Profiles, Forecast & Estimations to 2027
.
[online]
60
Mynewsdesk. 2022.
Vegan Cosmetics Market is Growing at 6.9% CAGR, Market Size,
Share, Statistics, Cosmetics Industry Trends, Leading Company Profiles, Forecast & Estimations to 2027
.
61
P. Zhang, F. Wang, J. Hu, and R. 2013, Exploring the Relationship Between Drug Side-Effects and Therapeutic Indications, PubMed
Central, PMCID: PMC3900166; PMID: 24551427
37
Figure
7: Exploring drug side-effects: 69% of drugs have between 10 and 100 different side effects
*Illustration
Taken from: PubMed - Exploring the Relationship Between Drug Side-Effects and Therapeutic Indications
62
Drug
side-effects, or adverse drug reactions, have become a healthcare concern. The new market of Pharmacovigilance, also known as drug safety—the
pharmaceutical science relating to the collection, detection, assessment, monitoring, and prevention of adverse effects with pharmaceutical
products—is developing and expected to reach $12.48 billion in 2027. Driving this are increasing public awareness and demand for
safer medications and increasing government initiatives to promote drug safety around the globe
63
.
Regulatory
Environment
In
every jurisdiction in which we plan to operate, we will be subject to extensive governmental regulations on the formulation, manufacturing,
packaging, labeling, advertising, promoting, importing, distributing, shipping, and selling our products, may they be nutritional supplements,
cosmetics, foods, or any other category.
Prior
to commencing operations and/or permitting sales of our products in the market, we may be required to obtain an approval, license, or
certification from the relevant country's ministry of health or another responsible agency. Prior to entering a new market, we
plan to work with local authorities, either directly or via our local partner, to obtain the requisite approvals. The approval process
usually requires us to present each product and product ingredients and, in some cases, arrange for testing of products by local technicians
for ingredient analysis
We
or our local partners would need to obtain various regulatory approvals and licenses for our different product lines and activities,
including production of botanicals, nutritional supplements, natural snacks and beverages, and natural cosmetics. We intend to obtain
all regulatory approvals required for different product categories in the different countries in which we will operate either directly
or through our local partners.
We
describe in this section primarily the material regulations that are currently applicable to our products.
Regulatory
Environment for the Green Side by Side Products
While
the number of people using nutritional supplements and herbal medicine products continues to increase in many countries, the regulations
for these products vary by territory. In some countries supplement use is limited to general health and well-being while in other countries
they are permitted for use as medicinal products. To date, there is little consensus from country to country on the scope, requirements,
definition, or even the terminology in which the nutritional supplement and herbal medicines categories could be classified.
64
Our
Green Side by Side products are regulated in Israel as nutritional supplements and meet all regulatory compliance requirements for nutritional
supplements in Israel. iBOT Israel Botanicals, our manufacturing facility for the Green Side by Side product line, is approved by the
Israeli Ministry of Health and is GMP-certified.
We
expect to launch the Green Side by Side products in Europe in the first half of 2023. We will obtain all relevant regulatory approvals
for the Green Side by Side products before launching them in other territories, such as European countries and the U.S..
The
Israeli Ministry of Health maintains a comprehensive list of authorized nutritional supplements for marketing. This list includes over
a thousand different vitamins, minerals, amino acids, and herbs including their extracts. Items under this list can be legally marketed,
however, no medical claims can be made without adequate supporting information. The final products can be in various forms such as powders,
tablets, hard or soft capsules, liquids, including oils and tinctures. Each product must be manufactured under GMP conditions and be
approved by the Ministry of Health prior to selling.
Regulatory
Compliance for the Green Vision Center Israel
We
acquired 125,000 sq ft (11,687 sqm), or approximately three acres, of industrial land in the south of Israel upon which a 65,000 sq.
ft. (~5,800 sqm) facility will be built composed of manufacturing plants, laboratories, logistics, import and export, offices, training,
conference center, and an international visitor complex. The center will be constructed by a real estate professional project construction
company and regulatory consultants in the relevant fields that will obtain the required authorizations.
We
intend to obtain all necessary regulatory approvals and licenses for the Green Vision Center's production and operation facilities
and products.
62
P. Zhang, F. Wang, J. Hu, and R. 2013, Exploring the Relationship Between Drug Side-Effects
                                            and Therapeutic Indications, PubMed Central, PMCID: PMC3900166; PMID: 24551427 [online]
63
BioSpace. 2022.
Pharmacovigilance Market Size to Reach 12.48 Billion in 2027
| Industry Trend - Rising Prevalence of Chronic Diseases Worldwide, Increasing Cases of Adverse Drug Reactions and Drug Toxicity and
High Consumption of Drugs in Developed Economies | BioSpace
. [online]
64
Thakkar, S., Anklam, E., Xu, A., Ulberth, F., Li, J., Li, B., Hugas, M., Sarma, N., Crerar,
S., Swift, S., Hakamatsuka, T., Curtui, V., Yan, W., Geng, X., Slikker, W. and Tong, W., 2020. Regulatory landscape of dietary supplements
and herbal medicines from a global perspective.
Regulatory Toxicology and Pharmacology
,
114, p.104647.
38
Corporate
Diagram
*See
above detailed description of the share purchase agreement with Nanomedic.
**
Represents shares retained after selling 90% we held in Novomic Ltd. ("Novomic") and focusing on our new strategy and business
activity, and, therefore, ceasing to consolidate the financial statements of Novomic.
Our
registered office address in the State of Delaware is c/o Business Filings Incorporated, 108 West 13
th
St., City of Wilmington,
County of Newcastle, Delaware 19801, and the address of our primary executive office is 4 Haogen Street Herzliya, Israel. Our website
address is
www.citrine-global.com
.
Properties
Through
our subsidiary Cannovation Israel Center, in February of 2022, we completed the acquisition of 125,000 sq ft (11,687 sq meters), or approximately
three acres, of industrial land in Yerucham, a city in southern Israel, to build the Green Vision Center Israel with Israeli government's
support.
Under the Development Agreement entered into with the Israel Lands Authority ("ILA"),
Cannovation Ltd. will build and develop the Green Vision Center in accordance with by the time frames, terms and conditions of the agreement.
Typically, the initial time frame for completing the development is four (4) years, subject to extensions that the ILA may approve. Upon
completion of the development within the time frames and other requirements specified in the Development Agreement, then Cannovation
Ltd. will be entitled subject to Israeli law to long term lease agreement (49 years) to the land (equivalent to ownership rights as most
of the land in Israel is government owned and when marketed usually the developers are granted with development/long lease rights). Our
subsidiary, Cannovation Ltd., holds title to the land under the Development Agreement.
Cannovation Ltd. is developing its Green
Vision Center as development and production of wellness & pharma plant-based products, including botanical solutions, nutritional
supplements, vitamins, healthy snacks & beverages, natural cosmetics, medical cannabis & cannabinoid-based products, plant-based
pharma products and botanical drugs, and it is planned to include manufacturing plants, laboratories, logistics, import and export, offices,
training, conference center, and an international visitor complex.
We
lease approximately 100 square meters of facilities located in Herzliya industrial zone, Israel, under an agreement for office space
and services that expires on August 30, 2022. We are paying a monthly rent of 1630 NIS (approximately $5,460).
Consultants
We
currently engage 18 consultants, including our officers, on a part- time basis, working in various fields of management, research
and development, product management, marketing and regulatory advice. Most of our activities are done with external consultants and professional
companies that provide us the required services.
We
are subject to Israeli labor laws and regulations with respect to our employees located in Israel. These laws and regulations principally
concern matters such as pensions, paid annual vacation, paid sick days, length of the workday and workweek, minimum wages, overtime pay,
insurance for work-related accidents, severance pay and other conditions of employment. Our employees are not represented by a labor
union. We consider our relationship with our employees to be good. To date, we have not experienced any work stoppages.
Legal
Proceedings
We
are not currently subject to, and our property is not the subject of, any material legal proceedings.
39
MANAGEMENT
Directors
and Executive Officers
The
table below sets forth information about our directors and executive officers:
Name
Age
Positions
Ora
    Elharar Soffer
56
Chairperson
    of the Board of Directors and Chief Executive Officer
Ilanit
    Halperin
50
Chief
    Financial Officer, Director
Ilan
    Ben Ishay
52
Director
Doron
    Birger
70
Director
David
    Kretzmer
69
Director
Business
Experience
The
following is a brief account of the education and business experience of our current directors and executive officers:
Ora
Elharar Soffer
has been serving as our Chair of the Board and Chief Executive Officer since February 2020. Ms. Elharar Soffer
is the entrepreneur behind the company and also the head of strategic business development. Additionally, Ms. Elharar Soffer is the founder,
CEO and chairperson of Cannovation Center Israel Ltd.
Ms.
Elharar Soffer serves as director or advisory board member in various companies. Ms. Elharar Soffer is the co-founder and CEO of Citrine
SAL Investment & Holdings an Israeli company, that invests in various fields of companies and technologies and include Citrine S
A L Biotech Funds, which specializes in healthcare, wellness solutions, digital health, medical devices, food tech, and botanical nutraceuticals,
and Citrine S A L High-Tech Funds, which specializes in high-tech, cyber, IoT, technologies and public companies. Citrine S A L invested
in various companies such as Nicast Ltd., Nanomedic Ltd., WellBe Digital Ltd., Biocep Ltd., Improdia Ltd., Intelicanna Ltd., iBOT Israel
Botanicals Ltd., Cannbit Pharmaceuticals Ltd. Novomic Ltd., Dario Health, and BSP Medical, ICB - Israel China Biotechnology.
Ms.
Elharar Soffer serves as director of Nicast Ltd., Nanomedic Ltd., Biocep Ltd., iBOT Israel Botanicals Ltd., Beezhome Technologies Ltd,
Beyond Blade Ltd, Citrine SAL investment & holdings Ltd, Citrine SAL high tech Ltd and Citrine S A L Biotech Ltd.
Ora
was Co-Founder and CEO of Chip PC Technologies, managing and leading the company from Startup stage to going public and becoming an international
technology company. Ora was also co-founder of Xseed Ltd. that was sold to Elbit Systems and OR1 Investment Ltd. She is also an investor,
shareholder and founder in Beezzhome Technologies Ltd., Beyond Blade Ltd, and Citrine S A L Group.
Ms. Elharar Soffer is a member
of the Peres Center for Peace and Innovation and of Springboard Enterprises, a global organization accelerating women's leadership
in technology and biotech companies.
Ms. Elharar Soffer completed Management Studies in the Technion - Israel Institute of
Technology, and is based in Israel.
The
Board believes that Ms. Elharar Soffer's extensive history, association with and knowledge of the Company, and years of experience
ideally situate her to serve on our Board.
Ilanit
Halperin
has been serving as our Chief Financial Officer since May 2020 and Director since February 2020. Ms. Halperin worked
for over 21 years in one of the six largest accounting firms in Israel, for the last 11 years as a partner. She then set up her own office
providing CPA and financial consulting and management services. For many years Ms. Halperin has accompanied public and private companies
in Israel and abroad in diverse sectors, including industrial companies, real estate companies, technology companies, and tourism companies.
Ms. Halperin has extensive experience in auditing and preparing financial statements according to Israeli, international (IFRS) and US
GAAP standards. Ms. Halperin specializes in accompanying early and mature stage companies, providing, inter alia, tax advice, general
financial consulting, assistance in preparing business plans, and assistance and accompaniment with investors, private placements and
IPOs in Israel and the USA. Ms. Halperin has many years of experience accompanying NASDAQ and OTC-traded companies. Ms. Halperin holds
a B.A. in accounting from the College of Management Academic Studies, Rishon Lezion, Israel.
The
Board believes that Ms. Halperin's extensive knowledge of the Company, her knowledge of financial matters, and years of experience
ideally situate her to serve on our Board.
40
Ilan
Ben-Ishay
has been serving as a director since February 2020. Mr. Ben-Ishay is a diligent businessman, director, advisory board
member, investor, owner and CEO with over 25 years of experience in taxation, finance and insurance, specialized in advising and leading
customers, both private and institutional, on strategy, investment, capital raising, financing, M&As and IPOs. Mr. Ben-Ishay is a
Major in the IDF Reserves. Mr. Ben-Ishay is CEO and co-founder of Neto Financial Planning, http://www.neto-finance.co.il, which has been
operating for over 27 years and is one of the largest companies in the Israeli private and business financial planning and insurance
industry. Neto has thousands of loyal customers, which it has been accompanying for many years, providing financial advisory services
in respect of products with a market worth of over $3 billion. Mr. Ben-Ishay is chairman and co-founder of WealthStone Holdings Group
("WealthStone"), http://www.wealthstone.co.il/, a long-standing investment body with extensive financial knowledge and experience.
WealthStone specializes in alternative investments, real estate, technology and hedge funds, and manages more than half a billion dollars
in investments in Israel alone. In addition, Mr. Ben-Ishay is co-founder and an active board member of Superb Reality, which integrates
machine learning, vision algorithms, AI, imaging optics and 3D into AR and VR imaging devices, and is investor and shareholder in Nicast
Ltd. and Nanomedic Ltd. Mr. Ben-Ishay completed accounting studies at [●] and is an authorized CPA by the Israel CPA Council and
an Authorized Pension Insurance Counsler. Mr. Ben-Ishay is based in Israel.
The
board believes that Mr. Ben Ishay's knowledge of the capital markets brings a needed perspective to our Board.
Doron
Birger
has been serving as a director since September 2020. Mr. Birger currently serves as the chairman of the board of directors
of Matricelf (TASE: MTLF) and as a director of Icecure Medical Ltd. (NASDAQ and TASE:ICCM), Kadimastem Ltd. (TASE:KDST), Pluristem (NASDAQ
and TASE: PSTI) and Hera Med Ltd (ASX:HMD). Mr. Birger also serves as chairman and director of several private companies in Israel in
the hi-tech sector mainly in the medical device field. From 2002 to 2007, Mr. Birger served as the chairman of the board of directors
of Given Imaging Ltd. (NASDAQ and TASE:GIVN) and later on as board member until February 2014. Mr. Birger served as chief executive
officer of Elron Electronic Industries, Ltd., or Elron (NASDAQ and TASE:RLRNF), from August 2002 to April 2009. Prior to that,
he held other executive positions at Elron, including President since 2001, Chief Financial Officer from 1994 to August 2002, and Corporate
Secretary from 1994 to 2001. Mr. Birger is a chairman and director of variety of non-profit organizations in Israel. Mr. Birger
holds a B.A. and an M.A. in economics from the Hebrew University Jerusalem. Mr. Birger is based in Israel.
The
Board believes that Mr. Birger's extensive years of public company management experience ideally situate him to serve on our Board.
David
Kretzmer
was appointed as director in April 2021. Mr. Kretzmer is an experienced international commercial lawyer and litigator
with more than 35 years of experience in international litigation and transactions concentrated on commercial law, property development
and syndication, real estate law, corporate law, contracts, international trade, securities brokerage, investment banking, corporate
restricting, and corporate development. In addition to his position as a director in our Company, Mr. Kretzmer is a senior partner in
the law firm of Kretzmer and Associates PLLC in New York as well as the law firm Kretzmer and Associates in Tel Aviv. Mr. Kretzmer holds
a Bachelor of Law from the University of the Witwatersrand, Johannesburg, South Africa and has been admitted as an Attorney in South
Africa, New York and in Israel. Mr. Kretzmer is based in Israel. The board believes that Mr. Kretzmer's international business
and legal experience ideally situate him to serve on our Board.
Advisory
Board and Consultants
Prof
Itamar Grotto (M.D.), Director Cannovation Center Israel Ltd., President Green Vision Center Israel, Member of Advisory Board Citrine
Global Corp.
Prof.
Itamar Grotto is a Public Health Physician and Professor of Epidemiology. He was the Director of Public Health Services (2007-2017) and
the Associate Director General (2017-2021) of the Israel Ministry of Health. Between 2018 and 2021 he was a Member of the Executive Board
of the World Health Organization (WHO). During the Covid-19 outbreak in Israel, Prof. Grotto took a major role in the development of
national strategy and lead the integrative and operative aspects of the emergency response of the Israeli government. His main research
activities are in the fields of infectious diseases epidemiology, environmental health, health promotion and public health policy development.
Prof. Grotto has authored more than 210 scientific publications. In his capacity as a member of the Executive Board of WHO he led to
the Executive Board resolution on "The Highest Attainable Standard of Health for Persons with Disabilities" in January 2021.
Dr.
Oded Sagee (Ph. D), Scientific & Technologies
Dr.
Oded Sagee, Ph.D. founded and managed AquaAgro Lab Ltd., an investment subsidiary of the AquaAgro Fund that invested in agro-high-tech
companies in the clean-tech industry. Prior to that, Dr. Sagee held management, sales, and R&D positions at Gaon Agro Industries
Ltd, Phytech Ltd, and AminoLab Ltd. Dr. Sagee has in-depth knowledge in the fields of agriculture, biotechnology, life sciences, chemistry,
and pharmaceuticals. He completed his Ph.D. in Plant Physiology at the Hebrew University of Jerusalem and served as a senior researcher
and head of the department at the Agricultural Research Organization, Volcani Center, Israel. Dr. Sagee has published several papers,
has extensive experience, and a proven track record in finance, venture capital, international business, consulting, and management.
Dr.
Shimon Lecht, Ph.D., Scientific & Technologies
Dr.
Lecht is a transnational researcher and scientist with extensive experience in drug development including small molecules and botanical
drugs. His expertise spans from early discovery, pre-clinical R&D, through formulations development to clinical trials. Dr. Lecht
is uniquely specializing in novel cannabis nano-formulations, indication-targeted cannabis product development and new extraction technologies.
41
Avner
Sher, Architect and Artist, the Designer of Green Vision Center Israel
Avner
Sher, one of Israel's most successful commercial architects, has earned his B. Arch, Architecture and Town Planning from the Technion,
Israel Institute of Technology and graduated his Art studies at Haifa university. The art of Avner Sher is a universal in nature. His
works combine pre-historic motifs and elements with child-like symbolism and style. His exhibitions were reviewed in magazines such as
the Arts Observer and Auction. His work is represented in public and private collections throughout the world, including Israel, Germany,
France, Belgium, NY and Florida.
Meir
Shimko, Business, Construction and Government Programs' Specialist
Consultant
and advisor on Green Vision Center Israel, owns extensive experience in international marketing, sales, business development, negotiation,
and establishment and management of companies in Israel and abroad. Has proven ability in leading and executing innovative and complex
projects and managing submission of contacts to Israeli government tenders and support plans. Meir has over 30 years of experience in
Israeli industrial corporates, specifically in the South of Israel. Meir holds a bachelor's degree from the Hebrew University of
Jerusalem in economics and administration.
Ronit
Pasternak, M. Sc., Marketing & Strategy
Ronit
Pasternak, M. Sc., owns over 30 years of experience in senior marketing management positions in start-ups and high-tech companies. Ronit
brings to the table her expertise in international strategy, marketing, investor & public relations, branding, digital marketing,
and market research. Previously, Ronit worked as a Human Factors' Specialist designing User Interface for input devices and software
applications for an avionics information system, including writing design requirements for FAA regulation. Ronit has an M.Sc. in Industrial
Engineering and Management from the Technion - Israel Institute of Technology and B.A. cum laude in Psychology and English Linguistics
and Literature from the Hebrew University of Jerusalem.
Term
of Office of Directors
Directors
are elected at our annual meeting of shareholders and serve for one year until the next annual meeting of shareholders or until their
successors are elected and qualified.
Family
Relationships
There
are no family relationships between any members of the Company's executive management and its directors.
Director
Independence
Doron
Birger is an "independent directors" as such term is defined by Nasdaq Marketplace Rule 5605(a)(2). upon completion of this
offering, a majority of our Board must be "independent directors" within the meaning of the Nasdaq Listing Rules, and all
directors who sit on our Audit Committee, Nominating and Corporate Governance Committee and Compensation Committee must also be independent
directors.
Committees
of the Board
The
Company is not currently required to have standing audit, compensation and nominating and corporate governance committees. Prior to the
completion of this offering, the Company will have in place standing audit, compensation and nominating and corporate governance committees
with appropriate charters and staffed entirely by independent directors.
Limitation
of Directors Liability and Indemnification
The
Delaware General Corporation Law authorizes corporations to limit or eliminate, subject to certain conditions, the personal liability
of directors to corporations and their stockholders for monetary damages for breach of their fiduciary duties. Our amended and restated
certificate of incorporation, limits the liability of our directors to the fullest extent permitted by Delaware law. In addition, upon
the closing of this offering, we will enter into indemnification agreements with all of our directors and named executive officers whereby
we will agree to indemnify those directors and officers to the fullest extent permitted by law, including indemnification against expenses
and liabilities incurred in legal proceedings to which the director or officer was, or is threatened to be made, a party by reason of
the fact that such director or officer is or was a director, officer, employee or agent of ours, provided that such director or officer
acted in good faith and in a manner that the director or officer reasonably believed to be in, or not opposed to, our best interests.
We
have director and officer liability insurance to cover liabilities our directors and officers may incur in connection with their services
to us, including matters arising under the Securities Act. Our certificate of incorporation and bylaws also provide that we will indemnify
our directors and officers who, by reason of the fact that he or she is or was one of our officers or directors of our Company, is involved
in any action, suit or proceeding, whether civil, criminal, administrative or investigative related to their board role with us.
42
There
is no pending litigation or proceeding involving any of our directors, officers, employees or agents in which indemnification will be
required or permitted. We are not aware of any threatened litigation or proceeding that may result in a claim for such indemnification.
EXECUTIVE
COMPENSATION
The
following table summarizes the compensation earned in each of our fiscal years ended December 31, 2021 and 2020 by our named executive
officers, which consisted solely of our chief executive officer and our chief financial officer, who represent our sole executrive officers.
The following table includes compensation earned by the parties named therein for services performed for the Company. We refer to the
executive officers listed below as the Named Executive Officers.
Name
                                            and Principal
Position
Year
Salary
($)(1)
Bonus
($)
Option
    Awards
($) (2)
All
    other compensation
($)
Total
($)
Ora Elharar Soffer, Chairperson
    of the Board and Chief Executive Officer
2021
300,000
(3)
-
-
-
300,000
(3)
2020
235,000
-
-
-
235,000
Ilanit Halperin, Director and Chief Financial
    Officer (4)
2021
66,000
-
(6
)
-
66,000
(5)
2020
28,000
-
-
-
28,000
(5)
Represents
    monthly retainer payments.
(2)
In accordance with SEC rules, the amounts in this column reflect the fair value on the grant date
of the option awards granted to the named executive, calculated in accordance with ASC Topic 718. Stock options were valued using the
Black-Scholes model. The grant-date fair value does not necessarily reflect the value of shares which may be received in the future with
respect to these awards. The grant-date fair value of the stock options in this column is a non-cash expense for us that reflects the
fair value of the stock options on the grant date and therefore does not affect our cash balance. The fair value of the stock options
will likely vary from the actual value the holder receives because the actual value depends on the number of options exercised and the
market price of our Common Stock on the date of exercise. For a discussion of the assumptions made in the valuation of the stock options,
see Note 7 to the Annual Report on Form 10-K for the year ended December 31, 2021.
(3)
Of this amount, $300,000 represent compensation earned by Ms. Elharar Soffer during the year ended December 31, 2021 but that was deferred
until the Company consummated an investment of at least $1.8 million in the Company's securities.
(4)
Ilanit Halperin was appointed Chief Financial Officer on May 27, 2020.
(5)
Of this amount, $66,000 represent compensation earned by Ms. Halperin during the year ended December 31, 2021 but was deferred until
the Company consummated an investment of at least $1.8 million in the Company's securities.
(6)
See Direcntor compensation table for the options for 9,425,680 shares that Ms. Halperin received in August 2021.
Consulting
Agreements with Management and Directors
We
have entered into consulting agreements with each of Ms. Elharar Soffer, our Chairperson of the Board and Chief Executive Officer, and
Ms. Halperin our Chief Financial Officer and director. The following are descriptions of the material terms of our executive officers'
services and employment agreements.
Consulting
Agreement with Ora Elharar Soffer
In
July 2020, we entered into a consulting agreement with Ms. Elharar Soffer, our Chairperson of the Board and Chief Executive Officer,
effective as of February 1, 2020 and as long as the Ms. Elharar Soffer serves as a director of the Company, unless earlier terminated
with or without cause by any party hereto by 180 days advance written notice. Pursuant to the consulting agreement, effective as of February
2020, Ms. Elharar Soffer receives a monthly retainer of $20,000 plus VAT. In addition, Ms. Elharar Soffer is entitled to a company car
and reimbursement for certain expenses, which include travel, lodging and meals.
43
In
addition, on August 15, 2021, the board of directors of Cannovation Center Israel determined to adjust the compensation of the Chairperson
(and interim Chief Executive Officer), Ora Elharar Soffer, to $10,000 per month, in each case retroactive to July 1, 2021. These amounts
would be paid at such time as Cannovation Center shall become due and payable from, and such time as Cannovation Center Israel shall
have, available funds therefor and as part of the operating budget for a minimum period of 18 months.
Further,
on August 15, 2021, the board determined to award a bonus to the Company's Chairperson of the Board, CEO, CFO, officers, directors
and senior management equal to two percent (2%) of any capital raise, subject to prior repayment of the outstanding convertible loans
and so long as the payment thereof would be from available funds and part of the Company's operating budget for a minimum period
of 18 months. In addition, the Board agreed to a bonus Company's Chairperson of the Board, CEO, CFO, officers, directors and senior
management of 2% from operating profits which will become payable upon the fulfillment of certain specified targets that the Board will
establish, subject to prior repayment of the outstanding convertible loans and so long as the payment thereof would be from available
funds and as part of the Company's operating budget for a minimum period of 18 months. On March 30, 2022, it was agreed that Ms.
Soffer would receive 65% of the allotted amount.
Consulting
Agreement with Ilanit Halperin
In
July 2020, we entered into a consulting agreement with Ms. Halperin our Chief Financial Officer and director, effective as of February
1, 2020 and as long as the Ms. Halperin serves as a director or Chief Financial Officer of the Company, unless earlier terminated with
or without cause by any party hereto by 60 days advance written notice. Pursuant to the consulting agreement, effective as of February
2020, Ms. Halperin received a monthly retainer of $3,500 plus VAT, and effective as of May 2020, a monthly retainer of $7,000 plus VAT.
In addition, Ms. Halperin is entitled to reimbursement for certain expenses, which include car, travel, lodging and meals.
On
August 15, 2021, the Company's board determined to award to Ms. Halperin options under the 2018 Plan to purchase up to 9,425,680
shares of common stock, at a per share exercise price of $0.05. The options vest over a two year period, in eight (8) equal installments,
with the first instalment vesting on the third month anniversary of Ms. Halperin's start date of February 27, 2020. As of the date
of this prospectus, the entirety of the options have vested. In addition, on August 15, 2021, the board of directors of Cannovation Center
Israel determined to adjust the compensation of the chief financial officer, Ilanit Halperin, to $4,000 per month, in each case retroactive
to July 1, 2021. These amounts would be paid at such time as Cannovation Center shall become due and payable from, and such time as Cannovation
Center Israel shall have, available funds therefor and as part of the operating budget for a minimum period of 18 months. On March 30,
..2022, it was agreed that Ms. Halperin would receive 25% of the allotted amount.
Consulting
Agreement with Ilan Ben-Ishay
In
July 2020, we entered into a consulting agreement with Mr. Ben-Ishay, a director at the Company, effective as of February 1, 2020 and
as long as the Mr. Ben-Ishay serves as a director of the Company, unless earlier terminated with or without cause by any party hereto
by 30 days advance written notice. Pursuant to the consulting agreement, effective as of February 2020, Mr. Ben-Ishay receives a monthly
retainer of $3,500 plus VAT. In addition, Mr. Ben-Ishay is entitled to reimbursement for certain expenses, which include car, travel,
lodging and meals.
In
addition, on August 15, 2021, the board of directors of Cannovation Center Israel determined to adjust the compensation of Ilan Ben-Ishay,
director, to $2,000 per month, in each case retroactive to July 1, 2021. These amounts would be paid at such time as Cannovation Center
shall become due and payable from, and such time as Cannovation Center Israel shall have, available funds therefor and as part of the
operating budget for a minimum period of 18 months.
On
March 30, .2022, it was agreed that Mr. Ben-Ishay would receive 5% of the allotted amount of the above referenced bonus.
Consulting
Arrangement with David Kretzmer
Commencing
in March 2021, Adv. David Kretzmer, a director, is entitled to a monthly fee of $7,000 and certain reimbursements for traveling lodging
and vehicle expenses on behalf of the Company.
On
August 15, 2021, the Company's board determined to award to Mr. Kretzmer options under the 2018 Plan to purchase up to 9,425,680
shares of common stock, at a per share exercise price of $0.05. The options vest over a two year period, in eight (8) equal installments,
with the first instalment vesting on the third month anniversary of Mr. Kretzmer start date of March 1, 2020. As of the date of this
prospectus, the entirety of the options have vested.
In
addition, on August 15, 2021, the board of directors of Cannovation Center Israel determined to adjust the compensation of David Kretzmer,
director, to $2,000 per month, in each case retroactive to July 1, 2021. These amounts would be paid at such time as Cannovation Centershall
become due and payable from, and such time as Cannovation Center Israel shall have, available funds therefor and as part of the operating
budget for a minimum period of 18 months.
44
Outstanding
Equity Awards at December 31, 2021
The
following table sets forth information concerning equity awards held by each of our Named Executive Officers as of December 31, 2021.
Name
Number
    of Securities Underlying Options (#) Exercisable
Number
    of Securities Underlying Options (#) Unexercisable
Option
                                            Exercise Price
($)
Option
    Expiration Date
Number
    of Securities Underlying RSUs (#) Unvested
Ilanit Halperin,
9,425.680
$
0.05
8/15/2032
-
Chief Financial Officer
Director
Compensation
The
following table provides certain information concerning the compensation for services rendered in all capacities by each director serving
on the Company's board of directors during the year ended December 31, 2021.
Name
Fee
                                            Earned
or
                                            Paid
in
                                            Cash($)(1)
Option
Awards($)(2)
All
    Other
Compensation($)
Total
    ($)
Ora Elharar Soffer
-
-
-
-
(3)
Ilanit Halperin
42,000
203,000
-
245,000
(4)
Ilan Ben-Ishay
56,000
-
-
56,000
(5)
David Kretzmer
82,000
154,000
-
236,000
(6)
Doron Birger
19,000
47,000
-
66,000
(1)
Payments are pursuant to the consulting agreements.
(2)
In accordance with SEC rules, the amounts in this column reflect the fair value on the grant
date of the option awards granted to the named executive, calculated in accordance with ASC Topic 718. Stock options were valued using
the Black-Scholes model. The grant-date fair value does not necessarily reflect the value of shares which may be received in the future
with respect to these awards. The grant-date fair value of the stock options in this column is a non-cash expense for us that reflects
the fair value of the stock options on the grant date and therefore does not affect our cash balance. The fair value of the stock options
will likely vary from the actual value the holder receives because the actual value depends on the number of options exercised and the
market price of our Common Stock on the date of exercise. For a discussion of the assumptions made in the valuation of the stock options,
see Note 7 to the Annual Report on Form 10-K for the year ended December 31, 2021.
(2)
See in the Executive Compensation table above a discussion about Ora Elharar Soffer, the Company's Chairperson of the Board and
Chief Executive Officer's executive compensation.
(3)
See in the Executive Compensation table above a discussion about Ilanit Halperin, the Company's Chief Financial Officer's
executive compensation.
(4)
Of this amount, $56,000 represent compensation earned by Ilan Ben-Ishay during the year ended December 31, 2021 but that was deferred
until the Company consummated an investment of at least $1.8 million in the Company's securities.
(5)
Of this amount, $82,000 represent compensation earned by David Kretzmer during the year ended December 31, 2021 but that was deferred
until the Company consummated an investment of at least $1.8 million in the Company's securities.
Golden
Parachute Compensation
The
Company does not currently have any agreement or understanding, whether written or unwritten, between it and its named executive officers,
concerning any type of compensation, whether present, deferred or contingent, that is based on or otherwise relates to an acquisition,
merger, consolidation, sale or other disposition of all or substantially all our assets.
45
Equity
Compensation Plan
2018
Stock Incentive Plan
In
December 2018, TechCare, our predecessor company, adopted the 2018 Stock Incentive Plan, or the 2018 Plan, which became effective as
of December 2, 2018 by the action of its board of directors. The 2018 Plan provides for the grant of stock awards, restricted stock awards
and stock options to any employee, director, officer, consultant, or advisor of the Company, or such other persons who provided bona
fide services to the Company as shall be determined by a committee designated by the board of directors. If no committee is designated
by the board of directors, the 2018 Plan will be administered by the board of directors. As of the date of this prospectus the board
of directors has not designated a committee to administer the 2018 Plan.
The
total number of shares of common stock reserved for issuance under the 2018 Plan, either directly as stock awards or underlying options
is 2,000,000 shares of common stock. The total number of shares of common stock reserved for such issuance may be increased only by a
resolution adopted by the board of directors and amendment of the 2018 Plan. Awards under the 2018 Plan may be granted until December
2, 2028. The terms of under which a stock award or option is granted under the 2018 Plan shall be set forth in a written agreement, which
shall be determined by the committee or the board of directors.
As
of February 2022, the shares reserved for issuance under the 2018 Stock Incentive Plan was increased to 90,000,000 shares of common stock.
As
of December 31, 2021, the total number of shares of common stock issued under the 2018 Plan, either directly as stock awards or underlying
options was
23,582,200
shares of common stock.
2017
Employee Incentive Plan
In
2017, the Company adopted the 2017 Employee Incentive Plan, or the 2017 Plan, which became effective as of January 1, 2017 by the action
of the board of directors. The 2017 Plan provided for the grant of stock awards and stock options to any employee, director, officer,
consultant, or advisor of the Company, or such other persons who provided bona fide services to the Company as determined by a committee
designated by the board of directors followed by the approval of the board of directors; however, if the committee was composed of a
majority of the persons then comprising the board of directors, the approval of the board of directors was not necessary. If no committee
was designated by the board of directors, the 2017 was to be administered by the board of directors. The board of directors did not designate
a committee to administer the 2017 Plan.
As
of March 31, 2021, the total number of shares of common stock issued under the 2017 Plan, either directly as stock awards or underlying
options was 0 shares of common stock.
SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The
following table sets forth the number of shares of our common stock beneficially owned as of June 28, 2022, by (i) each of our
current directors and named executive officers, (ii) all executive officers and directors as a group, and (iii) each person known by
us to be the beneficial owner of more than 5% of the outstanding shares of our common stock. We have determined beneficial ownership
in accordance with applicable rules of the SEC, which generally provide that beneficial ownership includes voting or investment power
with respect to securities. Except as indicated by the footnotes to the table below, we believe, based on the information furnished to
us, that the persons named in the table have sole voting and investment power with respect to all shares of common stock that they beneficially
own, subject to applicable community property laws.
46
The
information set forth in the table below is based on 942,568,006 shares of our common stock issued and outstanding as of June 28,
2022. In computing the number of shares of common stock beneficially owned by a person and the percentage ownership of that person,
we deemed to be outstanding all shares of common stock subject to options, warrants or other convertible securities held by that person
that are currently exercisable or will be exercisable within 60 days after June 28, 2022. We did not deem these shares outstanding,
however, for the purpose of computing the percentage ownership of any other person. Except as otherwise noted in the footnotes below,
the address for each person listed in the table below, solely for purposes of filings with the SEC, is c/o Citrine Global, Corp. 4 HaOgen
Street Herzliya, Israel.
Name
    of Beneficial Owner
Common
                                            Stock Beneficially
Owned
Percentage
                                            of
Common
Stock
                                            Owned
Principal Stockholders:
Ora Elharar
    Soffer (1)
427,033,045
45.3
%
Yaron Pitaru (2)
183,726,546
19.5
%
Edan Moshe Katz (3)
87,783,913
9.3
%
Ilan Ben-Ishay (4)
80,331,896
8.5
%
Executive Officers and
    Directors:
Ora Elharar Soffer
427,033,045
45.3
%
Ilan Ben-Ishay
80,331,896
8.5
%
Ilanit Halperin
10,836,784
(5)
1.1
%
Doron Birger
1,774,065
(6)
*
David Kretzmer
9,426,680
(6)
*
All directors and executive
    officers as a group (
five
persons)
529,402,470
55.7
%
*
Less than 1%.
(1)
Includes 159,925,134 shares of common stock owned directly by Ora Elharar Soffer, 65,851,526 shares of common stock owned through Beezz
Home Technologies Ltd which is 100% owned by Ora Elharar Soffer, and 201,256,385 shares of common stock owned through Citrine S A L Investment
& Holdings Ltd, which is 50% owned by Beezz Home Technologies Ltd.
(2)
Includes 59,579,952 shares of common stock owned directly by Yaron Pitaru, 23,518,402 shares of common stock owned through WealthStone
Private Equity Ltd, which is 100% owned by WealthStone Holdings Ltd, which is 50% owned by Yaron Pitaru, and 100,628,192 shares of common
stock owned through Citrine S A L Investment & Holdings Ltd, which is 50% owned by WealthStone Private Equity Ltd.
(3)
Includes 42,992,368 shares of common stock owned directly by Edan Moshe Katz, about 8,485,335 shares of common stock owned through WealthStone
Private Equity Ltd, which is 100% owned by WealthStone Holdings Ltd, which is 50% owned by Golden Holdings Neto Ltd, which is 36.07956%
owned by Edan Moshe Katz, and about 36,306,209 shares of common stock owned through Citrine S A L Investment & Holdings Ltd, which
is 50% owned by WealthStone Private Equity Ltd.
(4)
Includes 20,910,608 shares of common stock owned directly by Ilan Ben-Ishay, about 7,765,011 shares of common stock owned through WealthStone
Private Equity Ltd, which is 100% owned by WealthStone Holdings Ltd, which is 50% owned by Golden Holdings Neto Ltd, which is 33.01675%
owned by Ilan Ben-Ishay, and about 33,224,158 shares of common stock owned through Citrine S A L Investment & Holdings Ltd, which
is 50% owned by WealthStone Private Equity Ltd.
(5)
Composed of 1,411,104 shares of common stock and 9,426,680 shares issuable upon exercise of options.
(6)
Shares of common stock issuable upon exercise of stock options
CERTAIN
RELATIONSHIPS AND RELATED TRANSACTIONS
The
following is a description of transactions since January 1, 2020 to which we have been a participant in which the amount involved exceeded
or will exceed the lesser of (i) $120,000 or (ii) 1% of the average total assets of the Company at year end for the last two completed
fiscal years and in which any of our directors, executive officers or holders of more than 5% of our voting securities, or any members
of their immediate family, had or will have a direct or indirect material interest, other than compensation arrangements which are described
under "Executive Compensation."
Convertible
Loan Agreements
On
April 1, 2020 the Company and certain affiliates entered into the CL Agreement with t certain Israeli Partnerships where our CEO and
Chairperson is a partner (collectively, the "Buyers") entered into a convertible loan agreement (the "CL Agreement").
Under the CL Agreement, the Buyers agree to purchase and the Company agrees to issue and sell, for up to an aggregate principal amount
of $1,800,000 of the Notes, for a period starting on April 1, 2020 and ending upon the earlier of (i) 6 months thereafter and (ii) the
consummation of a public offering by the Company. The Notes will bear interest at a rate of six percent (6%) with respect to amounts
paid that are used for working capital purposes of the Company, provided that amounts paid that are used for investment activities of
the Company may be subject to different interest rates, in accordance with the Guidelines. The conversion price per share of Common Stock
shall equal 85% multiplied by the market price (as defined in the Note), representing a discount of 15%. The payment for each Note must
be delivered 14 business days after delivery of the respective draw down notice, and each Note will mature 18 months thereafter. The
interval between one draw down and the next must be at least thirty (30) days, provided that the Buyer may waive this requirement. Each
draw down notice provided to the Buyer must be for an amount between $50,000 and $350,000, set at the Company's discretion. The
Company must use the amounts paid for the Notes in accordance with the Guidelines. The Buyer shall decide upon and provide to the Company
the names of the Buyer parties which will provide the funds to the Company in respect of the Note, including the respective amounts to
be transferred to the Company by each such Buyer party. The Buyer shall have the right, from time to time and at its discretion, to add
other entities to the list comprising the Buyer. The Buyer may participate alongside the Company in any investment the Company makes
for as long as the CL Agreement is in effect. The Company may at any time prepay an outstanding Note (principal and accrued interest)
in full by paying the Buyer an amount in cash equal to 115% multiplied by the then outstanding principal amount of the Note, as well
as the accrued and unpaid interest on the unpaid principal amount of the Note, provided however that in the event the Company seeks to
exercise this right the Buyer will first have the option to fully convert the Note, or any remaining amount outstanding under it, into
Common Stock of the Company, and the conversion amount will be equal to the amount the Company would have paid to the Buyer had the Buyer
not exercised this option. On April 19, 2020 and June 12, 2020, the Company provided draw down notices under the CL Agreement for amounts
of $170 thousand and $1 million, respectively, which were received in cash by the Company. On June 12, 2020, CL Agreement Amendment was
executed to provide that for each draw down made by the Company under the CL Agreement, the Buyer shall be entitled to receive two types
of warrants: A Warrants and B Warrants, with the A Warrants exercisable at any time between 6 and 12 months after issuance for an exercise
price per share equal to 1.25 times the average of the closing prices of the 3 trading days preceding the draw down, and the B Warrants
exercisable at any time between 6 and 24 months after issuance for an exercise price per share equal to 1.5 times the average of the
closing prices of the 3 trading days preceding the draw down, and that the number of each of the A Warrants and the B Warrants issued
will be equal to the draw down amount divided by the average of the closing prices of the 3 trading days preceding the draw down, and
that these amended terms will apply in respect of all draw downs, including drawdowns made prior to the date of the amendment. On April
12, 2021, the parties to the CL Agreement amended the agreement, so that (i) the annual interest on the Notes should be changed to an
nine percent (9%) applicable from January 1, 2021, (ii) the Company shall repay the loans at the time it consummates an investment of
at least $5 million in the Company's securities, and (iii) the exercise prices of each of the A Warrants and B Warrants be modified
to $0.10 per share and the term of the warrants be extended by one (1) year for the A Warrants and B Warrants.
47
On
June 24, 2021, the Company received from Citrine 8 LP, a Buyer, a convertible loan of $350,000 made under and pursuant to the CL Agreement.
Citrine agreed to honor a Draw Down Notice for, and advanced to the Company, $350,000, under the terms of the CL Agreement. As provided
for under the terms of the CL Agreement, Citrine 8 LP was also issued 10,500,105 A warrants and 10,500,105 B warrants for shares of common
stock, where the A warrants are exercisable beginning December 24, 2021 through December 24, 2023 and the B warrants, in each case at
a per share exercise price of $0.10.
On
August 13, 2021, the Company and the holders of $1,520,000 in principal amount under the CL Agreement as detailed in Note 5A and 5B above,
entered into an additional agreement pursuant to which, among other things, the following terms were effected:
(i)
Extension
                                            of the maturity date on the Outstanding CL Notes to July 31, 2023, provided, that if the
                                            Company consummates prior to maturity an investment of at least $5 million of the Company's
                                            securities, then the Company shall repay the principal amount and accrued interest of the
                                            Notes from such proceeds;
(ii)
Amendment
    of the conversion price on the Outstanding CL Notes to a fixed conversion price of $0.10 per share; and
(iii)
Confirming
                                                         the agreement of the holders of the Outstanding CL Notes to honor draw down notice for balance of remainder of the $1,800 originally
                                                         committed to under the CL Agreement (i.e., $280) through March 31, 2022.
On
January 5, 2022, Citrine 9 LP, one of the Buyer entities (hereinafter "Citrine 9") agreed to honor a Draw Down Notice (as
defined in the Convertible Note Agreement) for, and has advanced to the Company, $180,000 on the same terms and conditions as are specified
in the Convertible Note Agreement. The maturity date of the loan is the earlier of July 31, 2023 or at such time as the Company shall
have consummated an investment of at least $5 million in Company securities. The terms of the advances under the Convertible note agreement
were previously disclosed by the Company in Current Reports on Form 8-K filed on each of April 21, April 23, June 12, 2020 and June 24,
2021. The annual interest on the loan continues to be nine percent (9%). The principal and interest payment on the Note shall be made
in New Israeli Shekels (NIS) at the conversion rate which was in effect on the date on which the loan was advanced.
As
provided for under the terms of the Convertible Note Agreement, Citrine 9 will be issued 6,666,667 Series A warrants and 6,666,667 Series
B warrants for shares of common stock, where the Series A warrants are exercisable beginning July 5, 2022 through July 5, 2024 and the
Series B warrants are exercisable beginning July 5, 2022 through July 5, 2025, in each case at an exercise price of $0.5 per share.
Additionally,
on January 5, 2022, the Company and the Buyers entered into the Fourth Amendment to the Convertible Note Agreement pursuant to which
the following was agreed to:
(i)
The
                                                                              principal and accrued interest on all outstanding loans shall be made in New Israeli Shekels (NIS) at the conversion rate which was
                                                                              in effect on the date on which the loan was advanced;
(ii)
The
                                                                              conversion price on all outstanding notes under the Convertible Note Agreement has been adjusted to a conversion price of $0.05 per
                                                                              share
(iii)
The
                                                                              exercise price on all outstanding warrants issued in connection with advances made under the Convertible Note Agreement has been
                                                                              adjusted to an exercise price of $0.05 per share.
48
Agreements
with Intelicanna
Ilanit
Halperin, a director and the Chief Financial Officer of the Company, is also the Chief Financial Officer of Intelicanna. Doron Birger,
a director of ours, is the chairman of the board of directors of Intelicanna Ltd. ("Intelicanna") effective April 2021. In
addition, Ora Elharar Soffer, is a shareholder in Intelicanna.
On
May 31, 2020, we entered into a strategic partnership with Intelicanna via a share exchange agreement and an agreement for future issuance
of shares. Furthermore, on June 25, 2020, the Citrine Global Israel has entered into a services agreement with Intelicanna to provide
business development and consulting services to Intelicanna, including assistance with raising financing. Also on June 25, 2020, to assist
Intelicanna to raise the first NIS 1 million towards the up to NIS 15 million mentioned in the Services Agreement, the Company and the
Israeli Subsidiary entered into an agreement to grant Intelicanna NIS 1 million in cash (approximately USD 290 thousand) in direct financing
for working capital purposes. On July 9, 2020, we transferred to Intelicanna NIS 500 thousand (approximately $145 thousand) on account
of the above loan. In March 2021, Intelicanna repaid the loan with the 12% annual interest. On September 17, 2020 we issued to Intelicanna
2,143,470 shares of common stock in exchange for 619,589 of Intelicanna's ordinary shares.
Between
August 3 – 9, 2021, we sold to an unrelated third party in an off market transaction 619,589 ordinary shares of Intelicanna for
aggregate gross proceeds to the Company of 1,260,611 NIS (approximately $378,562 based on the current exchange rate). Following the sale,
the Company no longer holds any Intelicanna shares. As previously disclosed, the Company obtained the Intelicanna shares in a
share exchange agreement entered into with Intelicanna in September 2020. The Company's decision to sell the Intelicanna shares
was taken, in part, to avoid being subject to the terms of the Investment Company Act of 1940. In addition, on May 31, 2020, we entered
into an agreement with Intelicanna for future issuance of shares. The agreement for future issuance of shares provides that a fall in
a share price of a party, not exceeding 20%, measured six months after issuance of shares by both parties pursuant to a separate share
exchange agreement, will be offset by the issuance of additional shares to the other party to bring up to $500 thousand the total value
of the shares issued to the other party. On August 15, 2021, the Company's board of directors determined that it is required to
issue to Intelicanna 535,867 shares of the Company's common stock and has authorized the issuance of such shares to Intelicanna.
Share
Purchase Agreement with Nanomedic
On
June 22, 2020, we entered into a share purchase agreement with Nanomedic as part of an A-1 funding round open only to existing Nanomedic
shareholders and their affiliates. Our CEO and Chairperson is a director and shareholder in Nanomedic. We paid $450,000 for A-1 preferred
shares of Nanomedic and also received warrants to purchase A-1 preferred shares. Such investment represents a holding of approximately
3.3% in Nanomedic. The round raised approximately $2.2 million in total. Citrine S A L Group were already beneficial shareholders of
Nanomedic immediately prior to the A-1 funding round. Ilan Ben-Ishay, a director of the Company was already a beneficial shareholder
of Nanomedic immediately prior to the A-1 funding round. Ora Elharar Soffer, our chairperson and CEO, was already a director of both
Nanomedic and its Israeli parent company, Nicast Ltd. immediately prior to the A-1 funding round, and she was also already a beneficial
shareholder of Nanomedic immediately prior to the A-1 funding round.
iBOT
Israel Botanicals Ltd
On
August 4, 2020, the Board of the Company approved for the Company and Citrine Global Israel to proceed with preparations for investing
in iBOT. Our CEO and Chairperson, Ora Elharar Soffer, and our director, Ilan Ben-Ishay are directors in iBOT and Citrine SAL, one of
our principal shareholders, is a principal shareholder in iBOT. iBOT has a manufacturing facility for a wide range of botanical formulations,
and part of its strategy is to combine this with hemp and CBD. The Board gave its approval, subject to agreement of definitive terms
and receipt of all necessary corporate and other approvals, for a proposed transaction in which (1) the Company would have an option
to make one or more investments during a period of 12 months in an aggregate amount of up to $1 million; (2) the investments may be through
loans, direct equity purchases, or other means, and would be based on milestones; and (3) iBOT would grant the Company a 25% discount
in its next fundraising. In addition, the Board approved for the Company to proceed with preparations for entering a services agreement
with iBOT pursuant to which the Company would provide consulting and other services to iBOT. iBOT is controlled by an affiliate of the
Company.
On
November, 2021, the Company, Cannovation Center Israel and CTGL – Citrine Global Israel Ltd., on the one hand (collectively the
"Citrine Global Group"), and iBOT, on the other hand, entered into an Exclusive Strategic Collaboration and Alliance Agreement
(the "Exclusive Rights Agreement") pursuant to which iBOT granted to the Citrine Global Group, jointly and individually,
exclusive world-wide rights, solely with respect to the cannabis market
, to iBOT's botanical
formulas and nutritional supplements,
including
, the development, manufacture, distribution
and sale
of such products. The exclusive rights include the right of any of the Citrine Global Group to grant rights thereunder
to third parties so long as such third parties shall agree to be bound by terms consistent with those contained in this Agreement. In
consideration of the grant of the rights under the Exclusive Rights Agreement, Citrine Global Group granted to iBOT the exclusive right
to manufacture in State of Israel (consistent with the terms of the Manufacturing Agreement) the botanical products. In addition, so
long as iBOT is in compliance with the terms of this Agreement, in the event that the Citrine Global Group determines to manufacture
botanical products outside of Israel, then iBOT is to be afforded the opportunity to perform such manufacturing for the Citrine Group
at iBOT's facility in Israel provided that iBOT complies with all of the terms and conditions relating to such manufacturing project,
including the price per unit, delivery schedules, packaging requirements regulation and other relevant terms.
49
In
October 2021, iBOT granted to Citrine Global Group a pre-emption right to any equity or equity linked securities that iBOT proposes to
issue to an unrelated third party with aggregate gross proceeds to the Company exceeding $1 million or which will result in a change
in control in iBOT following such issuance, then iBOT is to give to the Citrine Global Group written notice of such proposed issuance
and the relevant terms thereof and the Citrine Global Group shall have ten (10) days thereafter to determine if it elects to purchase
a minimum of 51% of the proposed issuance on the price and other terms specified in the notice sent by iBOT (the "Pre-Emption Right").
If the Citrine Global Group elects to exercise the Pre-Emption Right, such purchase is to take place at no more than 90 days following
the expiration of the 10 day notice period to the Citrine Global Group. Any iBOT securities of the Pre-Emption Right that Citrine Global
Group elects to not purchase are to be sold by not later than 90 days following the end of the Citrine Global Group's notice period
and if such shares are not sold to such third party within the 90 day period, the Pre-Emption right shall apply to any subsequent proposed
issuance. The preemption right does not apply to certain specified exceptions.
Compensation
Arrangements with Officers and Directors
On
August 15, 2021, the Company's board of directors increased the number of shares reserved for issuance under the 2018 Stock Incentive
Plan to 90,000,000 shares of common stock thereunder and recommended to the Company shareholders to approve the increase in the pool
to. The Board also determined to grant to each of Ilanit Halperin and David Kretzmer, directors of the Company, a grant of options to
purchase 9,425,680 shares of common stock, and Doron Birger, a Company director, options to purchase 2,365,420 shares, in each case at
per share exercise price of $0.05, provided, that such grant is subject to approval by the shareholders of the increase in the plan pool.
The options vest over a two year period, in eight (8) equal installments, with the first instalment vesting on the third month anniversary
of each individual's start date and each further instalment on each subsequent third month anniversary, where the start date is,
in the case of Ilanit Halperin February 27, 2020, in the case of Doron Birger September 20, 2020 and in the case of David Kretzmer is
March 1, 2021, subject to such individual's continued service with the Company.
On
August 15, 2021, the board awarded a bonus to the Company's Chairperson of the Board, CEO, CFO, officers, directors and senior
management equal to two percent (2%) of any capital raise, subject to prior repayment of the outstanding convertible loans and so long
as the payment thereof would be part of the Company's operating budget for a minimum period of 18 months. In addition, the Board
agreed to a bonus Company's Chairperson of the Board, CEO, CFO, officers, directors and senior management of 2% from operating
profits which will become payable upon the fulfillment of certain specified targets that the Board will establish, subject to prior repayment
of the outstanding convertible loans and so long as the payment thereof is from available funds and would be part of the Company's
operating budget for a minimum period of 18 months.
On
August 15, 2021, the board of directors of Cannovation Center Israel adjusted the compensation of the founder and chairperson, Ora Elharar
Soffer, to $10,000 per month, and that of the chief financial officer, Ilanit Halperin, to $4,000 per month, and that of Ilan Ben-Ishay
and David Kretzmer, directors, to $2,000 per month, in each case retroactive to July 1, 2021. These amounts would be paid at such time
as they shall become due and payable from and as Cannovation Center Israel shall have available funds therefor.
DESCRIPTION
OF CAPITAL STOCK
Overview
Our
authorized capital stock consists of 1,500,000,000 shares of common stock, par value $0.0001 per share. As of June __, 2022, we had 942,568,006
shares of common stock outstanding. The following is a summary of the rights of our common stock and some of the provisions of our certificate
of incorporation and bylaws. Because it is only a summary, it does not contain all the information that may be important to you. For
a complete description you should refer to our certificate of incorporation and our bylaws, copies of which have been filed as exhibits
to the registration statement of which this prospectus is a part|
Common
Stock
The
holders of the Company's common stock:
1.
Have
                                            ratable rights to dividends from funds legally available if and when declared by the Company's
                                            Board of Directors (the "Board").
2.
Are
    entitled to share ratably in all of the Company's assets available for distribution to holders of common stock upon liquidation.
3.
Do
    not have the right to preemptive, subscription or conversion rights and there are no redemption or sinking fund provisions or rights.
4
Are
    entitled to cast one non-cumulative vote for each share held on all matters on which holders of common stock may vote and, with respect
    to the election of directors, one non-cumulative vote for each share held for each of the duly nominated directors.
50
Units
Each
Unit consists of one share of common stock and two Warrants, each Warrant exercisable for one share of common stock, each as described
further below. The Units will not be issued or certificated. Purchasers of Units will receive only shares of common stock and Warrants.
The common stock and Warrants may be transferred separately immediately upon issuance.
Warrants
to be issued in this offering
The
following summary of certain terms and provisions of the Warrants included in the Units offered hereby is not complete and is subject
to, and qualified in its entirety by the provisions of the form of Warrant, which is filed as an exhibit to the registration statement
of which this prospectus is a part. Prospective investors should carefully review the terms and provisions set forth in the form of Warrant.
Exercisability
.
The Warrants are exercisable at any time after their original issuance and at any time up to the date that is five years after their
original issuance. The Warrants will be exercisable, at the option of each holder, in whole or in part by delivering to us a duly executed
exercise notice and, at any time a registration statement registering the issuance of the shares of common stock underlying the Warrants
under the Securities Act is effective and available for the issuance of such shares, or an exemption from registration under the Securities
Act is available for the issuance of such shares, by payment in full in immediately available funds for the number of shares of common
stock purchased upon such exercise. If a registration statement registering the issuance of the shares of common stock underlying the
Warrants under the Securities Act is not effective or available and an exemption from registration under the Securities Act is not available
for the issuance of such shares, the holder may elect to exercise the Warrant through a cashless exercise, in which case the holder would
receive upon such exercise the net number of shares of common stock determined according to the formula set forth in the warrant. No
fractional shares of common stock will be issued in connection with the exercise of a Warrant. In lieu of fractional shares, we will
pay the holder an amount in cash equal to the fractional amount multiplied by the exercise price.
Exercise
Limitation
. A holder will not have the right to exercise any portion of the Warrant if the holder (together with its affiliates)
would beneficially own in excess of 4.99% of the number of shares of our common stock outstanding immediately after giving effect to
the exercise, as such percentage ownership is determined in accordance with the terms of the warrants. However, any holder may increase
or decrease such percentage to any other percentage not in excess of 9.99%, provided that any increase in such percentage shall not be
effective until 61 days following notice from the holder to us.
Exercise
Price
. The exercise price per whole share of common stock purchasable upon exercise of the Warrants is 100% the of public offering
price of the Unit. The exercise price is subject to appropriate adjustment in the event of certain stock dividends and distributions,
stock splits, stock combinations, reclassifications or similar events affecting our common stock and also upon any distributions of assets,
including cash, stock or other property to our stockholders. The exercise price is also subject to adjustment in the event of subsequent
sales of our common stock (or securities exercisable for convertible into common stock) at a purchase price (or conversion or exercise
price, as applicable) less than the then-effective exercise price. In the event of such a subsequent sale, the exercise price will be
reduced to such lower price, subject to certain exceptions and subject to a minimum exercise price set forth in the Warrants.
Transferability
.
Subject to applicable laws, the Warrants may be offered for sale, sold, transferred or assigned without our consent.
Exchange
Listing
. We have applied to have the Warrants offered in this offering listed on the Nasdaq Capital Market under the symbol "CTGLW".
No assurance can be given that a trading market will develop.
Transfer
Agent and Registrar
Our
transfer agent and registrar is Worldwide Stock Transfer, LLC located at One University Plaza, Suite 505, Hackensack, NJ 07601. Their
phone number is (201) 820-2008.
Stock
Exchange Listing
Our
common stock is quoted on the OTCQB under the symbol "CTGL," and, to date, has traded on a limited basis. We have applied
to list our common stock on The Nasdaq Stock Market (the "Nasdaq") under the symbol "CTGL", and our Warrants
under "CTGLW".
UNDERWRITING
Aegis
Capital Corp., or Aegis, is acting as the underwriter of the offering. We have entered into an underwriting agreement dated , 2022 with
the underwriter. Subject to the terms and conditions of the underwriting agreement, we have agreed to sell to the underwriter, and the
underwriter has agreed to purchase, at the public offering price less the underwriting discounts, the number of Units listed next to
its name in the following table:
Number of
Underwriter
Units
Aegis Capital Corp.
Total
51
Subject
to the terms and conditions set forth in the underwriting agreement, the underwriter has agreed to purchase all of the Units offered
by this prospectus (other than those covered by the option described below), if any are purchased.
The
shares of common stock and Warrants offered hereby are expected to be ready for delivery on or about __________, 2022 against payment
in immediately available funds.
We
have granted the underwriter a 45-day option to purchase up to additional shares of common stock, representing 15% of the shares sold
in the offering and/or up to additional Warrants, representing 15% of the Warrants sold in the offering, solely to cover over-allotments,
if any. The purchase price to be paid per additional share will be equal to the public offering price of one Unit, less the purchase
price for the two Warrants included within the Unit and the underwriting discount. The purchase price to be paid per additional Warrant
will be $0.01. If this option is exercised in full to purchase shares of common stock only, the total price to the public will be $_____
and the total net proceeds, before expenses, to us will be $______. If this option is exercised in full to purchase Warrants only, the
total price to the public will be $_____ and the total net proceeds, before expenses, to us will be $_____.
The
underwriter is offering the shares of common stock and Warrants subject to various conditions and may reject all or part of any order.
The underwriter has advised us that the underwriter proposes initially to offer the Units to the public at the public offering price
set forth on the cover page of this prospectus and to dealers at a price less a concession not in excess of $ per Unit to brokers and
dealers. After the shares of common stock and Warrants are released for sale to the public, the underwriter may change the offering price,
the concession, and other selling terms at various times.
The
following table provides information regarding the amount of the discounts and commissions to be paid to the underwriter by us, before
expenses:
Per
Unit
Total
    Without
Exercise of Underwriter's
Option
Total
    With Full
Exercise of Underwriter's
Option
Public offering price
$
$
$
Underwriting discounts and commissions (1)
$
$
$
Proceeds, before expenses, to us
$
$
$
(1)
We
    have agreed to pay the underwriter a commission of 7% of the gross proceeds of this offering.
We
have also agreed to pay Aegis Capital Corp. (a) a non-accountable expense allowance equal to 1.0% of the gross proceeds raised in the
offering and (b) $100,000 for fees and expenses of legal counsel and other out-of-pocket expenses. We estimate the total expenses payable
by us for this offering will be approximately $3.0 million, which amount excludes underwriting discounts and commissions and the non-accountable
expense allowance.
The
Company has agreed to issue to Aegis Capital Corp. or its designees warrants to purchase up to a total of 10.0% of the shares of common
stock sold in this offering (excluding the shares sold through the exercise of the over-allotment option). Such warrants and underlying
shares of common stock are included in this prospectus. The warrants are exercisable at $ per share (125% of the public offering price)
commencing on a date which is 180 days from the commencement of sales in the offering and expiring on a date which is no more than five
(5) years from the commencement of sales in the offering in compliance with FINRA Rule 5110. The warrants have been deemed compensation
by FINRA and are therefore subject to a 180 day lock-up pursuant to Rule 5110 of FINRA. The underwriter (or its permitted assignees under
the Rule) will not sell, transfer, assign, pledge, or hypothecate these warrants or the securities underlying these warrants, nor will
it engage in any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of
the warrants or the underlying securities for a period of 180 days from effectiveness. The warrants may be exercised as to all, or a
lesser number of shares of common stock, and will provide for cashless exercise and will contain provisions for "piggyback"
registration rights, for a period of no greater than seven (7) years from the commencement of sales in the offering in compliance with
FINRA Rule 5110. The Company will bear all fees and expenses attendant to registering the securities issuable on exercise of the warrants
other than underwriting commissions incurred and payable by the holders. The exercise price and number of shares issuable upon exercise
of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary cash dividend or the
Company's recapitalization, reorganization, merger or consolidation. However, the warrant exercise price or underlying shares will
not be adjusted for issuances of shares of common stock at a price below the warrant exercise price.
We
have agreed to indemnify the underwriter against certain liabilities, including liabilities under the Securities Act of 1933, as amended.
52
Lock-Up
Agreements
Pursuant
to "lock-up" agreements, our executive officers and directors and holders of 10% or more our outstanding common stock, have
agreed, subject to limited exceptions, without the prior written consent of the underwriter not to directly or indirectly offer to sell,
sell, pledge or otherwise transfer or dispose of (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) any of shares 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 of our other securities or publicly disclose the intention to do any of the foregoing, for a period of 180 days
from the closing date of the Offering. We have agreed not to issue any shares of common stock or securities convertible into common stock,
subject to certain exceptions, for a period of 180 days from the closing date of the Offering without the consent of the underwriter.
Right
of First Refusal
Beginning
on the closing date of the Offering and ending twenty-four (24) months after the closing date of the Offering, the Company or any of
its subsidiaries (a) decides to finance or refinance any indebtedness, Aegis (or any affiliates designated by Aegis) shall have the right
to act as sole book-runner, sole manager, sole placement agent or sole agent with respect to such financing or refinancing; or (b) decides
to raise funds by means of a public offering (including at-the-market facility) or a private placement or any other capital raising financing
of equity, equity-linked or debt securities, Aegis (or any affiliate designated by Aegis) shall have the right to act as sole book-running
manager, sole underwriter or sole placement agent for such financing. If Aegis or one of its affiliates decides to accept any such engagement,
the agreement governing such engagement will contain, among other things, provisions for customary fees for transactions of similar size
and nature, but in no event will the fees be less than those outlined herein, and the provisions of this Agreement, including indemnification,
which are appropriate to such a transaction.
Tail
Financing
Aegis
shall be entitled to underwriter's commissions, non-accountable expenses, and underwriter's warrants, in the same manner
as described above in this Offering, with respect to any public or private offering or other financing or capital raising transaction
of any kind ("Tail Financing") to the extent that such financing or capital is provided to the Company by funds whom Aegis
had contacted during the engagement period or introduced to the Company during the engagement period, if such Tail Financing is consummated
at any time within the 5 month period following the expiration or termination of the engagement letter between the company and Aegis.
Electronic
Offer, Sale and Distribution of Securities
A
prospectus in electronic format may be made available on the websites maintained by underwriter or selling group members. The underwriter
may agree to allocate a number of securities to selling group members for sale to its online brokerage account holders. Internet distributions
will be allocated by the underwriter and selling group members that will make internet distributions on the same basis as other allocations.
Other than the prospectus in electronic format, the information on these websites is not part of, nor incorporated by reference into,
this prospectus or the registration statement of which this prospectus forms a part, has not been approved or endorsed by us, and should
not be relied upon by investors.
Stabilization
In
connection with this offering, the underwriter may engage in stabilizing transactions, over-allotment transactions, syndicate-covering
transactions, penalty bids and purchases to cover positions created by short sales.
Stabilizing
transactions permit bids to purchase shares so long as the stabilizing bids do not exceed a specified maximum, and are engaged in for
the purpose of preventing or retarding a decline in the market price of the shares while the offering is in progress.
Over-allotment
transactions involve sales by the underwriter of shares in excess of the number of shares the underwriter is obligated to purchase. This
creates a syndicate short position which may be either a covered short position or a naked short position. In a covered short position,
the number of shares over-allotted by the underwriter is not greater than the number of shares that they may purchase in the over-allotment
option. In a naked short position, the number of shares involved is greater than the number of shares in the over-allotment option. The
underwriter may close out any short position by exercising its over-allotment option and/or purchasing shares in the open market.
53
Syndicate
covering transactions involve purchases of shares in the open market after the distribution has been completed in order to cover syndicate
short positions. In determining the source of shares to close out the short position, the underwriter will consider, among other things,
the price of shares available for purchase in the open market as compared with the price at which they may purchase shares through exercise
of the over-allotment option. If the underwriter sells more shares than could be covered by exercise of the over-allotment option and,
therefore, have a naked short position, the position can be closed out only by buying shares in the open market. A naked short position
is more likely to be created if the underwriter is concerned that after pricing there could be downward pressure on the price of the
shares in the open market that could adversely affect investors who purchase in the offering.
Penalty
bids permit the underwriter to reclaim a selling concession from a syndicate member when the shares originally sold by that syndicate
member are purchased in stabilizing or syndicate covering transactions to cover syndicate short positions.
These
stabilizing transactions, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price
of our shares of common stock or preventing or retarding a decline in the market price of our shares of common stock. As a result, the
price of our common stock in the open market may be higher than it would otherwise be in the absence of these transactions. Neither we
nor the underwriter make any representation or prediction as to the effect that the transactions described above may have on the price
of our common stock. These transactions may be effected in the over-the-counter market or otherwise and, if commenced, may be discontinued
at any time.
Passive
market making
In
connection with this offering, the underwriter and selling group members may engage in passive market making transactions in our common
stock on the Nasdaq Capital Market in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement
of offers or sales of the shares and extending through the completion of the distribution. A passive market maker must display its bid
at a price not in excess of the highest independent bid of that security. However, if all independent bids are lowered below the passive
market maker's bid, then that bid must then be lowered when specified purchase limits are exceeded.
Other
Relationships
The
underwriter and its affiliates may in the future provide various investment banking, commercial banking and other financial services
for us and our affiliates for which it may in the future receive customary fees.
LEGAL
MATTERS
The
validity of the securities offered by this prospectus has been passed upon for us by Sichenzia Ross Ference LLP, New York, New York.
Kaufman & Canoles, P.C., Richmond, Virginia., has acted as counsel for the underwriter in connection with certain legal matters related
to this offering.
EXPERTS
The
consolidated financial statements of Citrine Global, Corp and its subsidiaries as of December 31, 2021 and 2020 and for each of the years
in the two-year period ended December 31, 2021, have been included herein in reliance upon the report of Somekh Chaikin, a member
firm of KPMG International independent registered public accounting firm, appearing elsewhere herein, and upon the authority of said
firm as experts in accounting and auditing..
WHERE
YOU CAN FIND MORE INFORMATION
We
have filed with the SEC a registration statement on Form S-1, including exhibits and schedules, under the Securities Act that registers
the shares of our common stock to be sold in this offering. This prospectus does not contain all of the information contained in the
registration statement and the exhibits and schedules filed as part of the registration statement. For further information with respect
to us and our common stock, we refer you to the registration statement and the exhibits and schedules filed as part of the registration
statement. Statements contained in this prospectus as to the contents of any contract or any other document are not necessarily complete.
If a contract or document has been filed as an exhibit to the registration statement, we refer you to the copies of the contract or document
that has been filed. Each statement in this prospectus relating to a contract or document filed as an exhibit is qualified in all respects
by the filed exhibit.
You
may read and copy all materials that we file with the SEC, including the registration statement and its exhibits and schedules, on the
website maintained by the SEC at www.sec.gov. Information contained on any website referenced in this prospectus does not and will not
constitute a part of this prospectus or the registration statement on Form S-1 of which this prospectus is a part.
We
also maintain a website at https://citrine-global.com/, at which you may access these materials free of charge as soon as reasonably
practicable after they are electronically filed with, or furnished to, the SEC. The information contained in, or that can be accessed
through, our website is not a part of, and is not incorporated into, this prospectus.
You
should rely only on the information contained in this prospectus or to which we have referred you. We have not and the underwriter have
not authorized any person to provide you with different information or to make any representation not contained in this prospectus.
54
CITRINE
GLOBAL CORP.
CONSOLIDATED
FINANCIAL STATEMENTS
AS
OF DECEMBER 31, 2021
IN
U.S. DOLLARS IN THOUSANDS
TABLE
OF CONTENTS
Page
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
F-2
CONSOLIDATED
    FINANCIAL STATEMENTS:
Consolidated Balance Sheets as of December 31, 2021 and 2020
F-3
Consolidated Statements of Operation and Comprehensive Loss for the years ended December 31, 2021 and 2020
F-4
Statements of Changes in Shareholders' Equity (Deficit) for the years ended December 31, 2021 and 2020
F-5
Consolidated Statements of Cash Flows for the years ended December 31, 2021 and 2020
F-6
Notes to Consolidated Financial Statements
F-8
    – F-35
F-
1
Somekh
Chaikin
KPMG
Millennium Tower
17
Ha'arba'a Street, PO Box 609
Tel
Aviv 61006, Israel
+972
3 684 8000
Report
of Independent Registered Public Accounting Firm
To
the Shareholders and the Board of Directors of Citrine Global Corp
Opinion
on the Consolidated Financial Statements
We
have audited the accompanying consolidated balance sheets of Citrine Global Corp and subsidiaries (the Company) as of December 31, 2021
and 2020, the related consolidated statements of operations and comprehensive loss, changes in shareholders' equity (deficit),
and cash flows for each of the years in the two-year period ended December 31, 2021, and the related notes (collectively, the consolidated
financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial
position of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the years
in the two-year period ended December 31, 2021, in conformity with U.S. generally accepted accounting principles.
Basis
for Opinion
These
consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion
on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing
an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.
Critical
Audit Matters
Critical
audit matters are matters arising from the current period audit of the consolidated financial statements that were communicated or required
to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial
statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit
matters.
/s/ Somekh
Chaikin
Somekh
Chaikin
Member
Firm of KPMG International
We
have served as the Company's auditor since 2022.
Tel
Aviv, Israel
April
7, 2022
KPMG
Somekh Chaikin, an Israeli partnership and a member firm of the KPMG global organization of independent member firms affiliated with
KPMG International Limited, a private English company limited by guarantee
F-
2
CITRINE
GLOBAL CORP.
CONSOLIDATED
BALANCE SHEETS
(U.S.
dollars in thousands except share and per share data)
December 31,
December 31,
2021
2020
A
    s s e t s
Current
    Assets
Cash
    and cash equivalents
270
206
Restricted
    cash
10
-
Prepaid
    share based payment to a service provider (Note 6)
-
1,737
Trading
    securities (Note 8)
-
522
Short-term
    loan measured at fair value (Note 8)
-
165
Short-term
    loan (Note 9I)
15
-
Prepaid expenses
30
10
Other
    current assets
24
9
T
    o t a l Current assets
349
2,649
Non-current
    assets
Investments
    valued under the measurement alternative (Note 3)
450
450
Property
    and equipment, net (Note 4)
256
6
Total
    non-current assets
706
456
T
    o t a l assets
1,055
3,105
Liabilities
    and Shareholders' Equity (Deficit)
Current
    Liabilities
Accounts
    payable and accrued expenses
226
172
Accrued
    compensation
838
304
Fair
    value of a liability in connection with stock exchange agreement (Note 8)
-
72
Convertible
    component in convertible notes (Note 5)
-
381
Convertible
    notes (Note 5)
-
773
T
    o t a l current liabilities
1,064
1,702
Non-current
    liability
Convertible
    notes (Note 5)
1,431
-
1'
T
    o t a l liabilities
2,495
1,702
Stockholders'
    Equity (Deficit) (Note 6)
Common
    stock, par value $
0.0001
per share,
1,500,000,000
shares authorized at December 31, 2021 and December 31, 2020;
942,568,006
shares
    issued and outstanding at December 31, 2021 and December 31, 2020
94
94
Additional
    paid-in capital
22,073
20,414
Stock
    to be issued
44
30
Accumulated
    deficit
(
23,757
)
(
19,241
)
Accumulated
    other comprehensive income
106
106
T
    o t a l stockholders' equity (deficit)
(
1,440
)
1,403
T
    o t a l liabilities and stockholders' equity (deficit)
1,055
3,105
The
accompanying notes are an integral part of the consolidated financial statements.
F-
3
CITRINE
GLOBAL CORP.
CONSOLIDATED
STATEMENTS OF OPERATION AND COMPREHENSIVE LOSS
(U.S.
dollars in thousands except share and per share data)
Years ended
December 31
2021
2020
Revenues
-
12
Cost of revenues
-
(
14
)
Gross loss
-
(
2
)
Research and development expenses
(
96
)
(
17
)
Marketing, general and administrative expenses
(
3,239
)
(
8,350
)
Gain from deconsolidation of a subsidiary (Note 1)
-
52
Operating loss
(
3,335
)
(
8,317
)
Financing expenses, net:
Fair value adjustment of liability in connection with stock exchange agreement (Note 8)
-
(
72
)
Change in fair value of trading securities (Note 8)
-
7
Change in fair value of short-term loan measured at fair value (Note 8)
-
20
Change in fair value of convertible component in convertible notes (Note 5)
(
176
)
(
287
)
Expenses related to convertible loan terms
(
333
)
-
Loss from extinguishment in connection with convertible loan restructuring (Note 5)
(
620
)
-
Other financing expenses, net
(
52
)
10
Financing expenses, net
(
1,181
)
(
322
)
Net loss attributable to Common stockholders
(
4,516
)
(
8,639
)
Loss per Common Stock (basic and diluted)
(
0.00
)(*)
(
0.02
)
Basic weighted average number of shares of Common Stock outstanding
942,568,006
476,622,892
Comprehensive loss:
Net loss
(
4,516
)
(
8,639
)
Other comprehensive loss attributable to foreign currency translation
-
(
10
)
Comprehensive loss
(
4,516
)
(
8,649
)
(*)
Less than $0.01
The
accompanying notes are an integral part of the consolidated financial statements.
F-
4
CITRINE
GLOBAL CORP.
CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT)
(U.S.
dollars in thousands, except share and per share data)
Redeemable
    convertible Preferred Stock
Common
    Stock
Additional
Stock
Accumulated
other
Total
Number
    of Shares
Amount
Stock
Amount
paid-in
    Capital
to
    be issued
Accumulated
    deficit
comprehensive
    Income
stockholders'
    equity
BALANCE
    AT DECEMBER 31, 2019
10,344,828
300
35,449,400
4
10,042
30
(
10,602
)
116
(
410
)
CHANGES
    DURING THE YEAR ENDED DECEMBER 31, 2020:
Conversion
    Preferred Stock to Common Stock
(
10,344,828
)
(
300
)
10,344,828
1
299
-
-
-
300
Issuance
    of Common Stock
-
-
864,997,122
86
91
-
-
-
177
Issuance
    of Common Stock to service provider
-
-
29,633,186
3
9,155
-
-
-
9,158
Waiver
    of fee by related party
-
-
-
-
11
-
-
-
11
Warrants
    issued in connection with convertible notes (Note 5)
-
-
-
-
302
-
-
-
302
Issuance
    of Common Stock in exchange investment in marketable securities
-
-
2,143,470
*
514
-
-
-
514
Other
    comprehensive loss
-
-
-
-
-
-
-
(
10
)
(
10
)
Net
    loss for the period
-
-
-
-
-
-
(
8,639
)
-
(
8,639
)
BALANCE
    AT DECEMBER 31, 2020
-
-
942,568,006
94
20,414
30
(
19,241
)
106
1,403
CHANGES
    DURING THE YEAR ENDED DECEMBER 30, 2021:
Modification
    of warrants in connection with convertible loan restructuring (Note 5)
-
-
-
-
361
-
-
-
361
Warrants
    issued in connection with convertible notes
-
-
-
-
172
-
-
-
172
Classification
    of embedded conversion feature from liability to equity (Note 5)
-
-
-
-
670
-
-
-
670
Commitment
    for issuance of fixed number of ordinary shares
-
-
-
-
-
14
-
-
14
Share
    based compensation
-
-
-
-
456
-
-
-
456
Net
    loss for the period
-
-
-
-
-
-
(
4,516
)
-
(
4,516
)
BALANCE
    AT DECEMBER 31, 2021
-
-
942,568,006
94
22,073
44
(
23,757
)
106
(
1,440
)
(*)
Less than 1 thousand
The
accompanying notes are an integral part of the consolidated financial statements.
F-
5
CITRINE
GLOBAL CORP.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(U.S.
dollars in thousands)
Year ended
December 31
2021
2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss
$
(
4,516
)
$
(
8,639
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
2
7
Finance expenses, net
(
20
)
2
Change in fair value of convertible component in convertible notes
176
287
Expenses related to convertible loan terms
333
-
Interest and change in fair value of short-term loan measured at fair value
1
(
20
)
Inventory subject to refund
-
1
Loss from extinguishment in connection with convertible loan restructuring (Note 5)
620
-
Share-based compensation
456
-
Change in fair value of marketable securities
133
(
7
)
Gain from deconsolidation of a subsidiary (Note 1)
-
(
52
)
Share based payment to a service provider
-
7,422
Fair value adjustment of liability in connection with stock exchange agreement (Note 8)
(
58
)
72
Management fee waiver by a related party
-
11
Changes in operating assets and liabilities:
Accounts receivable
-
(
6
)
Prepaid share based payment to a service provider
1,737
-
Net changes in operating leases
-
(
1
)
Related parties
-
(
11
)
Prepaid expenses and other current assets
(
35
)
(
22
)
Inventory
-
7
Accounts payable and accrued expenses
589
258
Deferred revenue
-
(
5
)
Net cash used in operating activities
(
582
)
(
696
)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment
(
252
)
(
6
)
Net cash outflow from deconsolidation of a subsidiary (Appendix A)
-
(
14
)
Investment valued under the measurement alternative (Note 3)
-
(
450
)
Grant of short-term loan (Note 8)
(
15
)
(
145
)
Proceeds from sale of trading securities (Note 8A)
389
-
Proceeds from repayments of short-term loan
164
-
Net cash provided by (used in) investing activities
286
(
615
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from related parties' loans
-
154
Proceeds from issuance of Common Stock
-
177
Proceeds from the issuance of convertible notes and
    warrants
350
1,170
Net cash provided by financing activities
350
1,501
Effect of exchange rates on cash and cash equivalents
20
(
2
)
Net increase in cash and cash equivalents and restricted cash
74
188
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF
    THE YEAR
206
18
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF THE
    YEAR
280
206
The
accompanying notes are an integral part of the consolidated financial statement
F-
6
CITRINE
GLOBAL CORP.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(U.S.
dollars in thousands)
Year ended
December 31
2021
2020
Supplemental disclosure of cash flow information:
Non-cash transactions:
Conversion Preferred Stock to Common Stock
-
300
Exchange of common stock for investment in trade securities
-
514
Classification of embedded conversion feature from liability to equity (see note
    5)
670
-
Commitment for issuance of fixed number of ordinary shares
14
-
Appendix A
–
Net cash outflow
    from deconsolidation of a subsidiary
Working capital (excluding cash and cash equivalents), net
-
(
217
)
Long term assets
-
156
Long term liabilities
-
(
5
)
Gain from deconsolidation of a subsidiary
-
52
-
(14
)
F-
7
CITRINE
GLOBAL CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
1 –
GENERAL
Citrine
Global, Corp. ("Citrine Global" or the "Company") was incorporated under the laws of the State of Delaware on
May 26, 2010. The Company's common stock is traded in the United States on the OTCQB market under the ticker symbol "CTGL."
Stock
Purchase Agreement
On
January 6, 2020, the Company's predecessor company, TechCare Corp., a Delaware corporation ("TechCare"), and Citrine
S A L Investment & Holdings Ltd., an Israeli corporation and a major shareholder of the Company ("Citrine S A L"), and
a group of related persons and entities (the "Citrine S A L Group") entered into a Common Stock Purchase Agreement (the "Citrine
S A L Group Agreement"), which was later amended and restated on February 23, 2020 (the "AR Citrine S A L Group Agreement").
Pursuant to the AR Citrine S A L Group Agreement, TechCare agreed to sell Citrine S A L Group and its group of business partners,
up to an aggregate of
893,699,276
shares of TechCare's common stock, representing
approximately
95
%
of TechCare's fully diluted capital, in two tranches, with the initial tranche of up to
452,063,196
shares of the TechCare's common stock to
be sold conditioned upon (i) the resignation of the Company's existing members of its board of directors (the "Board"),
consisting of Oren Traistman and Yossef De-Levy, (ii) the appointment of each of Ora Elharar Soffer (formerly Ora Meir Soffer), Ilan
Ben-Ishay and Ilanit Halperin as members of the Board, and (iii) the transfer of the TechCare's signatory rights to all
Company bank accounts in the name of Citrine S A L Group's nominee. In addition, the AR Citrine S A L Group Agreement provides
for the second tranche of up to the remaining number of shares of common stock that will result in Citrine S A L Group, owning
95
%
of the TechCare's fully diluted capital stock, to be sold conditioned upon the filing of the Company's previously approved
amendment to its First Amended and Restated Certificate of Incorporation to increase the Company's authorized capital.
On
January 6, 2020,
definitive agreements were executed for the sale of
90
% of the shares in Novomic Ltd. ("Novomic") to Traistman
Radziejewski Fundacja Ltd. ("TRF"), which was completed on May 14, 2020 (the "Novomic Divestment"), and for the
issuance and sale of a number of shares equal after the issuance to 95% of the fully diluted capital stock of the Company to Citrine
S A L Group, which was amended on February 23, 2020, to provide for the issuance and sale of the shares in stages (the "Citrine
Global Transaction"). Shares of the Company were issued and sold in accordance with this amended agreement to Citrine S A L Group
on February 27, 2020, March 5, 2020, and, after the Company amended its Certificate of Incorporation to increase its authorized share
capital, on November 11, 2020.
The
following table summarizes the assets and liabilities of Novomic as of the deconsolidation date:
U.S.
                                            Dollars in thousands
Cash and cash equivalents
14
Working capital (excluding cash and cash equivalents), net (deficit)
(
217
)
Long term assets
156
Long term liabilities
(
5
)
(
52
)
Amounts received
-
Gain from deconsolidation of a subsidiary
$
52
Commencement
of new operations
On
June 3, 2020 the Company established a wholly owned new Israeli subsidiary: CTGL – Citrine Global Israel Ltd, (the "Israeli
Subsidiary").
F-
8
CITRINE
GLOBAL CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
1 – GENERAL (cont'd)
On
July 21, 2020, the Israeli Subsidiary began to work with certain Company shareholders, Beezz Home Technologies Ltd., in which Ora Elharar
Soffer, the Company's chairperson and CEO holds shares, and Golden Holdings Neto Ltd., in which Ilan Ben-Ishai, a director
of the Company, holds shares, have been working towards establishing an Operational Innovation Center focuses on the medical
cannabis industry, CBD, hemp, botanical, food supplements and cosmetics products. The Company's Board of Directors approved
the Israeli Subsidiary to proceed with preparations for entering into an agreement to incorporate a new company, named Cannovation Center
Israel Ltd. ("Cannovation"), with Beezz Home Technologies Ltd.and Golden Holdings Neto Ltd., and to accept limitations
on the Israeli Subsidiary's rights in the Cannovation Center if and as mandated under Israeli regulations on the involvement of
foreign entities.
On
August 4, 2020, the Board of the Company approved for the Company and its Israeli Subsidiary to proceed with preparations for
investing in iBOT Israel Botanicals Ltd., an Israeli nutritional supplements' company developing and manufacturing botanical
formulas and nutritional supplements for custom & contract manufacturing for leading botanical companies ("iBOT").
iBOT has a manufacturing facility for a wide range of botanical formulations. iBOT's manufacturing facility is approved
by the Israeli Ministry of Health and is GMP-certified, ISO9001-certified and HACCP certified by IQC. The principal shareholders and
control persons of iBOT are the Company's Chief Executive Officer and a Company director. On August 4, 2020, our Board of
Directors approved for the Company and Citrine Global Israel to proceed with preparations for investing in iBOT. On August 9, 2021,
through our
60
%
owned subsidiary Cannovation Center Israel, we entered into an agreement with iBOT pursuant to which iBOT agreed to manufacture a
line of nutritional supplements for Cannovation Center Israel, including packaging and storage. On September 29, 2021, we agreed to
advance to iBOT, up to $
50
thousands
with a 12 month maturity date and we transferred, as a first tranche, $
15
thousands
on October 8, 2021. The loan bears interest at an effective annual interest rate of
12
%
as and is convertible, at the option of Citrine Global, into equity shares of iBOT at conversion rate equal to the
lower
of
(i)
25
%
discount to the most recent round of capital raised by iBOT during the term of the loan and (ii) the rate specified in the framework
agreement]. In addition, the agreement provided that our Israeli subsidiary is entitled to convert the outstanding loan, in whole or
in part, to satisfy payments of amounts owed to iBOT under the services agreements between the parties
In
October 2021, iBOT granted to Citrine Global Group, a pre-emption right to any equity or equity linked securities that iBOT proposes
to issue to an unrelated third party with aggregate gross proceeds to the Company exceeding $1 million or which will result in a change
in control in iBOT following such issuance, then iBOT is to give to the Citrine Global Group written notice of such proposed issuance
and the relevant terms thereof and the Citrine Global Group shall have ten (10) days thereafter to determine if it elects to purchase
a minimum of 51% of the proposed issuance on the price and other terms specified in the notice sent by iBOT (the "Pre-Emption Right").
If the Citrine Global Group elects to exercise the Pre-Emption Right, such purchase is to take place at no more than 90 days following
the expiration of the 10 day notice period to the Citrine Global Group. Any iBOT securities of the Pre-Emption Right that Citrine Global
Group elects to not purchase are to be sold by not later than 90 days following the end of the Citrine Global Group's notice period
and if such shares are not sold to such third party within the 90 day period, the Pre-Emption right shall apply to any subsequent proposed
issuance. The preemption right does not apply to certain specified exceptions.
On
August 20, 2020, the Israeli Subsidiary, Beezz Home Technologies Ltd., and Golden Holdings Neto Ltd. incorporated Cannovation. Israeli
Subsidiary holds
60
%
of Cannovation's shares, while each of Beezz Home Technologies Ltd. and Golden Holdings Neto Ltd. holds 20% of its shares.
See note 4 for additional information.
F-
9
CITRINE
GLOBAL CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
1 – GENERAL (cont'd)
Stock
split
On
November 22, 2020, certain of the Company's stockholders representing more than
50
% of the Company's outstanding share capital
(the "Majority Consenting Stockholders") approved an amendment to the Company's Certificate of Incorporation (the "Reverse
Stock Split Certificate of Amendment") in order to effect a reverse stock split of the Company's common stock pursuant to
a range of between 40-to-1 and 100-to-1 (the "Reverse Stock Split").
Pursuant to the Reverse Stock Split, each forty or one
hundred shares of common stock, as shall be determined by the Board at a later time, will be automatically converted, without any further
action by the stockholders, into one share of common stock. No fractional shares of common stock will be issued as the result of the
Reverse Stock Split. Instead, each stockholder of the Company will be entitled to receive one share of common stock in lieu of the fractional
share that would have resulted from the Reverse Stock Split. In addition, the Majority Consenting Stockholders also approved the elimination
of the Company's entire authorized class of fifty million (
50,000,000
) undesignated preferred stock, thereby reducing the total
number of shares of capital stock that the Company may issue from one billion five hundred fifty-thousand (
1,550,000,000
) shares to one
billion five hundred thousand (
1,500,000,000
) shares, all of which are designated as common stock (the "Certificate of Elimination").
The Certificate of Elimination will be effective upon the filing with the Secretary of the State of Delaware, which was not completed
as of the date of this report's filing. The Reverse Stock Split Certificate of Amendment will be effective upon receipt of approval
from the Financial Industry Regulatory Authority ("FINRA") and the filing with the Secretary of the State of Delaware, both
of which were not completed as of the date of the approval of the financial statements.
Financial support from shareholders
The Company has not yet to generate
revenues and is dependent on raising funds from its current shareholders or from other sources. On April 13, 2021, Citrine S A L,
on behalf of itself and its affiliates and related parties, has furnished the Company with an irrevocable letter of obligation to financially
support the Company until June 30, 2022. On March 17, 2022, Citrine S A L Investment & Holding Ltd. extended this support
through June 30, 2023.
The
Company has no significant firm commitments that require it to remit cash, and can control the level of expenses it incurs.
Based on the Company's current cash balances, and the irrevocable letter of obligation from Citrine S A L noted above, the Company
believes it has sufficient funds for its plans for the next twelve months from the issuance of these financial statements. As the Company
is embarking on its new activity as detailed herein, it is incurring losses. It cannot determine with reasonable certainty when and if
it will have sustainable profits.
Patent application
On
October 20, 2021, the Provisional Patent Application No: 63/257,673 for "PHARMACEUTICAL COMPOSITIONS AND METHODS FOR THE TREATMENT
OF SIDE-EFFECTS ASSOCIATED WITH THE USE OF CANNABIS, CANNABINOIDS AND RELATED PRODUCTS" was registered at the US Patent and Trademark
Office. The patent application describes certain side effects of cannabis use, the needs, technologies, and solutions to support medical
cannabis patients who experience side effects related to their cannabis treatment.
COVID-19
On March 11, 2020, the World Health
Organization declared the outbreak of a novel coronavirus (SARS-CoV-2) to be a global pandemic (COVID-19), which continues to spread
throughout the world. The COVID-19 pandemic is having significant effects on global markets, supply chains, businesses, and communities.
Specifically with respect to the Company, COVID-19 may impact various parts of its 2022 plans, operations and financial results,
including but not limited to difficulties in obtaining additional financing.
The Company considered
the impact of COVID-19 on the estimates and assumptions and determined that there were no material adverse impacts on the consolidated
financial statements for the period ended December 31, 2021 and 2020.
The Company believes it is taking appropriate actions
to mitigate the negative impact, including by focusing its activities initially only within the country of Israel. However, the full
impact of COVID-19 is unknown and cannot be reasonably estimated as these events are still developing.
F-
10
CITRINE
GLOBAL CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2 -
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION
The
financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S.
GAAP").
Principles
of Consolidation
The accompanying consolidated financial
statements include the accounts of Citrine Global and its Israeli Subsidiaries, CTGL - Citrine Global Israel Ltd and Cannovation. All
significant intercompany balances and transactions have been eliminated in consolidation.
Use
of Estimates
The preparation of the financial
statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of
expenses during the reporting periods. Significant estimates include share-based compensation and fair value measurements of the convertible
notes. Actual results could differ from those estimates.
Functional
Currency and Foreign Currency Translation and Transactions.
Effective
May 14, 2020, the Company adopted the U.S. dollar as its functional currency. Prior to May 14, 2020, the functional currency of the Company
was the New Israeli Shekel ("NIS"). The change in functional currency of the Company is due to the increased exposure to
the U.S. dollar as a result of Sale of the Novomic as described in Note 1 above.
Therefore,
the currency of the primary economic environment in which the operations of the Company and its subsidiaries are conducted is the U.S.
dollar.
Transactions
denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing
at the dates of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange
rate prevailing at the balance sheet date. Non-monetary assets and liabilities are translated using the historical rate on the date of
the transaction. All exchange gains or losses arising from translation of these foreign currency transactions are included in net loss
for the year.
F-
11
CITRINE
GLOBAL CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (cont.)
Cash,
cash equivalents and restricted cash
Cash
equivalents are short-term highly liquid investments which include short term bank deposits (up to three months from date of deposit),
that are not restricted as to withdrawals or use that are readily convertible to cash with maturities of three months or less as of the
date acquired.
Restricted
cash as of December 31,2021 included a $
10
thousands
collateral account for the Company's rent agreement and is classified in current assets.
Property,
plant and equipment, net
1.
Property
    and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over
    the estimated useful lives of the assets. When an asset is retired or otherwise disposed of, the related cost and accumulated depreciation
    are removed from the respective accounts and the net difference less any amount realized from disposition is reflected in the Statements
    of Operations and Comprehensive Loss.
2.
Rates
    of depreciation:
%
Computers and office equipment
7
-
33
Land
-
Trading
securities and short-term loan measured at fair value
The
Company accounts for its investments in trade securities in accordance with Accounting Standards "ASC") No. 321, "Investments— Equity Securities." The Company determines the appropriate classification of its investments in trading securities at the time
of purchase and re-evaluates the fair value at each balance sheet date. As of December 31, 2020, all of the Company's investments
in trading securities are classified as held for trade (see also Note 8). Therefore, the Company's trading securities are recorded
at fair value on the balance sheet as well as the short-term loan measured at fair value according to the company's election. Changes
in fair value of trading securities and short-term loan are recorded in financing income (expenses), net in the consolidated statement
of operations. The balance of the investments in trading securities as of December 31, 2021 is
zero
.
F-
12
CITRINE
GLOBAL CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
AND BASIS OF PRESENTATION (cont.)
Investments
valued under the measurement alternative
The
Company's investments as described in Notes 3 and 1 are valued under the measurement alternative include equity securities in other
proprietary investments for which the Company does not have significant influence and fair value is not readily determinable. Accounting
Standard Update ("ASU") 2016-01 requires equity securities to be recorded at cost and adjusted to fair value at each reporting
period. However, the guidance allows for a measurement alternative, which is to record investments at cost, less impairment, if any,
and subsequently adjust for observable price changes of identical or similar investments of the same issuer.
Due
to the lack of readily determinable fair values for such investments, for which the Company does not have significant influence, the
Company accounts for these investments under the measurement alternative at cost, less impairment.
The
Company performs qualitative impairment assessments on its investments recorded under the measurement alternative.
Impairment
of long-lived assets
The
Group's long-lived assets are reviewed for impairment in accordance with ASC Topic 360, "Property, Plant and Equipment",
whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets
to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to
be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by
which the carrying amount of the asset exceeds its fair value. No indicators of impairment have been identified as of December 31,
2020 and 2021.
Derivatives
Derivative
instruments are recognized on the balance sheet at their fair value, with changes in the fair value recognized as a component of financial
expenses, net in the statements of operation.
Once
determined, derivative liabilities and assets are adjusted to reflect fair value at each reporting period end, with any increase or decrease
in the fair value being recorded in results of operations as an adjustment to fair value of derivatives.
Deferred
income taxes
The
Company accounts for income taxes in accordance with ASC Topic 740, "Income Taxes". Accordingly, deferred income taxes are
determined utilizing the asset and liability method based on the estimated future tax effects of differences between the financial accounting
and the tax bases of assets and liabilities under the applicable tax law. Deferred tax balances are computed using the enacted tax rates
expected to be in effect when these differences reverse. Valuation allowances in respect of deferred tax assets are provided for, if
necessary, to reduce deferred tax assets to amounts more likely than not to be realized.
The
Company accounts for uncertain tax positions in accordance with ASC Topic 740-10, which prescribes detailed guidance for the financial
statement recognition, measurement and disclosure of uncertain tax positions recognized in an enterprise's financial statements.
According to ASC Topic 740-10, tax positions must meet a more-likely-than-not recognition threshold. The Company's accounting policy
is to classify interest and penalties relating to uncertain tax positions under income taxes, however the Company did not recognize such
items in its fiscal 2021 and 2020 financial statements and did not recognize any liability with respect to an unrecognized tax position
in its balance sheets.
F-
13
CITRINE
GLOBAL CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
AND BASIS OF PRESENTATION (cont.)
Research
and development expenses
Research
and development expenses are charged to operations as incurred.
Basic
and diluted loss per ordinary share
Basic
loss per share of Common Stock is computed by dividing the loss for the period applicable to holders of shares of Common Stock, by the
weighted average number of shares of Common Stock outstanding during the period. Securities that may participate in dividends with the
shares of Common Stock (such as the convertible Preferred Stock) are considered in the computation of basic loss per share under the
two-class method. However, in periods of net loss, only the convertible Preferred Stock are considered, since such shares have a contractual
obligation to share in the losses of the Company.
In
computing diluted loss per share, basic loss per share is adjusted to reflect the potential dilution that could occur upon the exercise
of potential shares. Accordingly, in periods of net loss, no potential shares are considered.
Stock-based
compensation
The Company measures and recognizes
the compensation expense for all equity-based payments based on their estimated fair values in accordance with ASC 718, "Compensation-Stock
Compensation". Share-based payments including grants of stock options are recognized in the statement of operation as an
operating expense based on the fair value of the award at the date of grant. The fair value of stock options granted is estimated using
the Black-Scholes option-pricing model. The Company has expensed compensation costs, net of estimated forfeitures, applying the accelerated
vesting method, over the requisite service period or over the implicit service period.
F-
14
CITRINE
GLOBAL CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
AND BASIS OF PRESENTATION (cont.)
Fair
value
Fair
value of certain of the Company's financial instruments including cash, accounts receivable, accounts payable, accrued expenses,
and other accrued liabilities approximate cost because of their short maturities. The Company measures and reports fair value in accordance
with Accounting Standards Codification ("ASC") 820, "Fair Value Measurements and Disclosure," which defines fair
value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosures
about fair value measurements.
Fair
value, as defined by ASC 820, is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value of an asset should reflect its highest and best use by market participants,
principal (or most advantageous) markets, and an in-use or an in-exchange valuation premise. The fair value of a liability should reflect
the risk of nonperformance, which includes, among other things, the Company's credit risk.
Valuation
techniques are generally classified into three categories: (i) the market approach; (ii) the income approach; and (iii) the cost approach.
The selection and application of one or more of the techniques may require significant judgment and are primarily dependent upon the
characteristics of the asset or liability, and the quality and availability of inputs. Valuation techniques used to measure fair value
under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 also provides fair value
hierarchy for inputs and resulting measurement as follows:
Level
1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities.
Level
2: Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in
markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived
principally from or corroborated by observable market data for substantially the full term of the assets or liabilities; and
Level
3: Unobservable inputs for the asset or liability that are supported by little or no market activity, and that are significant to the
fair values.
Fair
value measurements are required to be disclosed by the level within the fair value hierarchy in which the fair value measurements in
their entirety fall. Fair value measurements using significant unobservable inputs (in level 3 measurements) are subject to expanded
disclosure requirements including a reconciliation of the beginning and ending balances, separately presenting changes during the period
attributable to the following: (i) total gains or losses for the period (realized and unrealized), (ii) segregating those gains or losses
included in earnings, and (iii) a description of where those gains or losses included in earning are reported in the statement of operations.
F-
15
CITRINE
GLOBAL CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
AND BASIS OF PRESENTATION (cont.)
As
of December 31, 2021, there are no financial assets or financial liabilities that are measured at fair value on a recurring basis. The
Company's financial assets and liabilities as of December 31, 2020 that are measured at fair value on a recurring basis
by level within the fair value hierarchy are as follows:
Balance as of December 31, 2020
Level 1
Level 2
Level 3
Total
U.S. Dollars in thousands
Trading securities (Note 8)
-
522
-
522
Short-term loan measured at fair value (Note 8)
-
-
165
165
Total assets
-
522
165
687
Liabilities:
Fair value of convertible component in convertible notes (Note 5)
-
-
381
381
Fair Value of forward option (Note 8)
-
-
72
72
Total liabilities
-
-
453
453
The
following table presents the changes in fair value of the level 3 liabilities for the year ended December 31, 2021:
Changes in Fair value
U.S. Dollars in thousands
Assets:
Outstanding at January 1, 2020
-
Fair value of issued level 3 assets
145
Changes in fair value
20
Outstanding at January 1, 2021
165
Proceeds from repayment of short term loan
(
164
)
Interest and change in fair value of short-term loan measured at fair value
(
1
)
Outstanding at December 31, 2021
-
Liabilities:
Outstanding at January 1, 2020
-
Fair value of issued level 3 liability
351
Changes in fair value
102
Outstanding at January 1, 2021
453
Fair value of convertible component in additional convertible notes issued during the period
116
Classification of embedded conversion feature from liability to equity
(
670
)
Commitment for issuance of fixed number of ordinary shares
(
14
)
Changes in fair value
115
Outstanding at December 31, 2021
-
F-
16
CITRINE
GLOBAL CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (cont.)
Concentrations
of credit risk
Financial
instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents as well
as certain other current assets that do not amount to a significant amount. Cash and cash equivalents, which are primarily held in Dollars
and New Israeli Shekels, are deposited with major banks in Israel and United States. Management believes that such financial institutions
are financially sound and, accordingly, minimal credit risk exists with respect to these financial instruments. The Company does not
have any significant off-balance-sheet concentration of credit risk, such as foreign exchange contracts, option contracts or other foreign
hedging arrangements.
Contingencies
The
Company records accruals for loss contingencies arising from claims, litigation and other sources when it is probable that a liability
has been incurred and the amount can be reasonably estimated. These accruals are adjusted periodically as assessments change or additional
information becomes available. Legal costs incurred in connection with loss contingencies are expensed as incurred.
Recent
Accounting Pronouncements
Accounting Pronouncements Not
Yet Adopted
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): Accounting for Convertible Instruments and Contracts in an Entity s Own Equity. ASU
2020-06 will simplify the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments
and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being separately recognized
from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (1)
those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a
derivative, and that do not qualify for a scope exception from derivative accounting and(2) convertible debt instruments issued with
substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 also amends the guidance for the derivatives
scope exception for contracts in an entity's own equity to reduce form-over-substance-based accounting conclusions. ASU 2020-06
will be effective for public companies for fiscal years beginning after December 15, 2023, including interim periods within those fiscal
years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within
those fiscal years. The Company is currently evaluating the impact that the adoption of ASU 2020-06 will have on the Company's
consolidated financial statement presentation or disclosures.
Other
new pronouncements issued but not effective as of December 31, 2021 are not expected to have a material impact on the Company's
consolidated financial statements.
F-
17
CITRINE
GLOBAL CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF RESENTATION (cont.)
Reclassification
Certain
prior year figures have been reclassified to conform to be current year presentation.
NOTE
3 -
INVESTMENT VALUED UNDER THE MEASUREMENT ALTERNATIVE
On
June 22, 2020, the Company entered into a share purchase agreement with Nanomedic Technologies Ltd., an Israeli private company and a
related party as further described below ("Nanomedic") as part of an A-1 funding round open only to existing Nanomedic shareholders
and their affiliates. Nanomedic developed SpinCare™, a system that integrates electrospinning technology into a portable, bedside
device, offering immediate wound and burn care treatment. The Company paid $
450
thousand for A-1 preferred shares of Nanomedic and also
received warrants to purchase A-1 preferred shares. Such investment represents a holding of approximately
3.3
% in Nanomedic. The round
raised approximately $
2.2
million in total. Citrine S A L and certain of its partnerships, all affiliates of the Company, were already
beneficial shareholders of Nanomedic immediately prior to the A-1 funding round. Ilan Ben-Ishay, a director of the Company was already
a beneficial shareholder of Nanomedic immediately prior to the A-1 funding round. Ora Meir Soffer, chairperson and CEO of the Company,
was already a director of both Nanomedic and its Israeli parent company Nicast Ltd. immediately prior to the A-1 funding round, and she
was also already a beneficial shareholder of Nanomedic immediately prior to the A-1 funding round.
The
Company accounts for the investment in Nanomedic in accordance with the provisions of ASC 321, "Investments - Equity Securities",
and elected to use the measurement alternative therein. The investment will be re-measured upon future observable price change(s) in
orderly transaction(s) or upon impairment, if any.
F-
18
CITRINE
GLOBAL CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
4 -
PROPERTY AND EQUIPMENT, NET
December 31,
2021
2020
U.S. Dollars in thousands
Computers and office equipment
10
6
Land
248
-
258
6
Less - accumulated depreciation
(
2
)
(*
)
Total property and equipment, net
256
6
In
    the years ended December 31, 2021 and 2020, depreciation was US$
2
and less than US$
1
thousand, respectively.
1.
On
    July 13, 2021, the Ministry of Economy of the Israeli government recommended to the Israel Land Authority ("ILA") that
    it approve a grant of 11,687 square meters of industrial parcel of land in Yeruham, Israel (the "Land") for Cannovation
    to build the Cannovation Center, at a subsidized price and exempt from a tender procedures typically required under Israeli law,
    to include factories, laboratories, logistics and a distribution center for the medical cannabis, and botanicals industries. As noted,
    Citrine Global owns 60% of the share capital of Cannovation, through the Israeli Subsidiary. The grant was initially awarded on December
    30, 2020 for 10,000 square meters of industrial land in Yeruham, Israel and was increased to 11,687 square meters on July 13, 2021.
    Cannovation is in process of receiving the required building permits and approvals to start the construction and is in process with
    several financing entities in the area of real-estate financing.
During
    December 2021, Cannovation remitted to the Israeli Ministry of the Economy and the ILA the aggregate amount of
688
thousand
NIS ($
221
thousands
on the date of payment) to obtain the rights to the Land. The discounted amount paid is part of the grant by the Israeli
    government under government programs to encourage industrial development in Southern Israel. The amount remitted represents the sum
    total amount that Cannovation is required to pay as the purchase price for the Land. In addition, the Israeli Ministry of Economy
    is also expected to cover approximately 30% of the building and equipment expenses. Cannovation is also expected to benefit from
    a reduced corporate tax rate which is intended to encourage industrial development in Southern Israel.
Under
    the Agreement, Cannovation committed to build and develop the Green Vision Center in accordance with the time frames, terms and conditions
    of the Agreement. Typically, the initial time frame for completing the development is four (4) years, subject to extensions that
    the ILA may approve. Upon completion of the development within the time frames and other requirements specified in the Agreement,
    Cannovation will be entitled, subject to Israeli law, to long term lease agreement (49 years) to the Land (equivalent
    to ownership rights as most of the land in Israel is government owned and when marketed usually the developers are granted with development/long
    lease rights).
The
    Company has also classified $
27
thousands
of related expenses to land costs.
See
    also note 12B.
F-
19
CITRINE
GLOBAL CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
5 –
CONVERTIBLE NOTES
A.
On
April 1, 2020 the Company entered into a Convertible Note Purchase Agreement (the "CL Agreement") with Citrine S A L , WealthStone
Private Equity Ltd, WealthStone Holdings Ltd, Golden Holdings Neto Ltd, Beezz Home Technologies Ltd, Citrine Biotech 5 LP, Citrine High
Tech 6 LP, Citrine High Tech 7 LP, Citrine 8 LP, Citrine 9 LP and Citrine Biotech 10 LP (together, the "Buyer"), all of which
are affiliated with the Company. Under the CL Agreement, the Buyer agreed to purchase and the Company agreed to issue and sell, for up
to an aggregate principal amount of up to $
1,800
thousand, notes convertible into shares of Common
Stock of the Company (the "Notes"), with a drawdown period starting on April 1, 2020 and ending upon the earlier of (i) 6
months thereafter and (ii) the consummation of a public offering by the Company. The CL Agreement provides that the Notes will bear an
annual interest rate of six percent (
6
%)
and that the conversion price per share of Common Stock shall equal
85
%
multiplied by the market price (as defined in the Notes), representing a discount of
15
%,
and that
each
Note will mature 18 months following the payment date.
On
    April 19, 2020 and June 12, 2020, the Company provided draw down notices under the CL Agreement for amounts of $
170
thousand and
    $
1
million, respectively, which were received in cash by the Company.
On
    June 12, 2020,
the CL Agreement was amended (hereafter "Amendment") to provide that for each draw down made by the Company
    under the CL Agreement, the Buyer shall be entitled to receive two types of warrants: A warrants and B warrants, with the A warrants
    exercisable at any time between 6 and 12 months after issuance for an exercise price per share equal to 1.25 times the average of
    the closing prices of the 3 trading days preceding the draw down, and the B warrants exercisable at any time between 6 and 24 months
    after issuance for an exercise price per share equal to 1.5 times the average of the closing prices of the 5 trading days preceding
    the draw down, and that the number of each of the A warrants and the B warrants issued will be equal to the draw down amount divided
    by the average of the closing prices of the 3 trading days preceding the draw down, and that these amended terms will apply in respect
    of all draw downs, including drawdowns made prior to the date of the amendment.
Conversion
    feature
In
    accordance with ASC 815-15-25 the conversion feature was considered an embedded derivative instrument, and is to be recorded
    at its fair value separately from the convertible notes, within current liabilities in the Company's balance sheet. The conversion
    component is then marked to market at each reporting period with the resulting gains or losses shown in the statements of
    operations.
F-
20
CITRINE
GLOBAL CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5 – CONVERTIBLE
NOTES
(cont'd)
The
fair value of the conversion feature (hereafter "Convertible Component") was estimated using the Monte Carlo Simulation Model
to compute the Convertible Component's fair value. The assumptions used to perform the Monte-Carlo simulation model were consistent
with those utilized in the Company's Black-Scholes valuation for stock options are detailed below:
June 12, 2020
December 31, 2020
Expected volatility (%)
65.69
%
164.43
%
Risk-free interest rate (%)
0.18
%
0.1
%
Expected dividend yield
0.0
%
0.0
%
Contractual term (years)
1.5
0.95
Conversion price
(*)
(*)
Underlying share price (U.S. dollars)
0.21
0.045
Convertible notes amount
1,275
1,275
Fair value of the conversion feature (U.S. dollars in thousands)
285
381
(*)
the conversion
price is
85
% of the share price, during the period of 5 days preceding the conversion date.
Warrants
As
mentioned above, as part of the Amendment, the Company issued to the Buyer
5,589,172
A warrants and
5,589,172
B warrants to purchase a total of
11,178,344
shares of Common Stock of the Company.
The
fair value of such warrants as of the drawdowns dates was estimated at $
301,665
using the Black-Scholes option-pricing model and is presented
within the consolidated statements of changes in shareholders equity (deficit).
The
following are the data and assumptions used:
Warrants A
Common Stock price
0.21
Expected volatility
65.31
%
Expected term
1
years
Risk free rate
0.17
%
Expected dividend yield
0
%
Warrants B
Common Stock price
0.21
Expected volatility
68.73
%
Expected term
2
years
Risk free rate
0.19
%
Expected dividend yield
0
%
Convertible
Notes
The
drawdowns notice amount, net of the Conversion Component and the warrants amounts (hereafter "Convertible notes"), is $
580
thousand as of the agreement date. The convertible notes are accounted for according to the effective interest method.
F-
21
CITRINE
GLOBAL CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5 – CONVERTIBLE
NOTES
(cont'd)
On
April 12, 2021, the parties to the Convertible Note Purchase Agreement (the "CL Agreement") amended the CL Agreement to (i)
change the annual interest on the Notes to nine percent (9%), applicable from January 1, 2021, (ii) ensure that the Company shall repay
the loans at the time it consummates an investment in the amount of at least $
5
million in the Company's securities, and
(iii) modify the exercise prices of each of the A Warrants and B Warrants to $
0.10
per share, and the term of the A Warrants and B Warrants be extended by one year.
The
Company concluded that the change in term does not constitute a trouble debt restructuring. Thereafter, the Company applied the guidance
in ASC 470-50, Modifications and Extinguishments. The accounting treatment is determined by whether terms of the new debt and original
debt are substantially different.
The
new debt and the old debt are considered "substantially different" pursuant to ASC 470-50 when the present value of the cash
flows under the terms of the new debt instrument is at least 10% different from the present value of the remaining cash flows under the
terms of the original instrument (including the incremental fair value resulting from the change in the terms of the warrants held by
the lender). If the original and new debt instruments are substantially different, the original debt is derecognized and the new debt
should be initially recorded at fair value, with the difference recognized as an extinguishment gain or loss. Based on the analysis,
the Company concluded that the change in terms should be accounted for as an extinguishment.
The
extinguishment resulted in a loss of $
620
thousands
(including of $
361
thousands
– change in the fair value
of the warrants which is considered transaction cost).
The
fair value of the warrants was estimated using the Black-Scholes option pricing model. The assumptions used to perform the calculations
are detailed below:
Fair
value of the warrants immediately before the change:
Fair value of the warrants
A Warrant
B Warrant
Expected volatility (%)
150.5
%
158.7
%
Risk-free interest rate (%)
0.04
%
0.08
%
Expected dividend yield
0.0
%
0.0
%
Contractual term (years)
0.18
1.18
Conversion price
0.26
0.31
Underlying share price (U.S. dollars)
0.07
0.07
Fair value (U.S. dollars in thousands)
3
121
Fair
value of the warrants immediately after the change:
Fair value of the warrants
A Warrant
B Warrant
Expected volatility (%)
158.7
%
158.7
%
Risk-free interest rate (%)
0.08
%
0.22
%
Expected dividend yield
0.0
%
0.0
%
Contractual term (years)
1.18
2.18
Conversion price
0.1
0.1
Underlying share price (U.S. dollars)
0.07
0.07
Fair value (U.S. dollars in thousands)
211
274
F-
22
CITRINE
GLOBAL CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
5 – CONVERTIBLE NOTES
(cont'd)
B.
On
    June 24, 2021, the Company received from Citrine 8 LP, a related party, a convertible loan of $
350
thousands
made under and pursuant to
    the CL Agreement. Citrine agreed to honor a Draw Down Notice for, and advanced to the Company, $
350
thousands,
under the terms of the CL Agreement. As provided for under the terms of the CL Agreement, Citrine 8 LP was also issued
10,500,105
A warrants and
10,500,105
B warrants for shares of common stock, where
    the A warrants are exercisable beginning December 24, 2021 through
December
    24, 2023
and the B warrants, in each case
    at a per share exercise price of $
0.10
(the "June 24 Agreement").
Convertible
    Component of the Loan
The
    fair value of the conversion feature (hereafter "Convertible Component") was estimated using the Monte Carlo Simulation
    Model to compute the Convertible Component's fair value. The assumptions used to perform the Monte-Carlo simulation model on
    June 24, 2021 were consistent with those utilized in the Company's Black-Scholes valuation for stock options are detailed below:
June 24, 2021
Expected volatility (%)
156.8
%
Risk-free interest rate (%)
0.17
%
Expected dividend yield
0.0
%
Contractual term (years)
1.5
Conversion price
(*)
Underlying share price (US dollars)
0.03
Convertible notes amount
397
Fair value of the conversion feature (US dollars in thousands)
117
(*)
the conversion price is 85% of the share price, during the period of 5 days preceding the conversion date.
Warrants
The
fair value of such warrants granted as part of the June 24 agreement was estimated at $
404
thousands
using the Black-Scholes option-pricing model and recorded as additional paid-in capital on the balance sheet.
The
assumptions used to perform the calculations are detailed below:
A Warrant
B Warrant
Expected volatility (%)
156.8
%
156.8
%
Risk-free interest rate (%)
0.37
%
0.59
%
Expected dividend yield
0.0
%
0.0
%
Contractual term (years)
2.5
3.5
Conversion price
0.1
0.1
Underlying share price (U.S. dollars)
0.03
0.03
Fair value (U.S. dollars in thousands)
184
220
F-
23
CITRINE
GLOBAL CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(U.S.
dollars in thousands)
NOTE
5 – CONVERTIBLE NOTES
(cont'd)
Fair
Value Proportional Allocation for the June 24 Loan
The
fair value of the note was estimated at $
308
thousands
.
The note is accounted for according to the effective interest method.
Based
on the above, the fair value proportion allocation as of June 24, 2021 was as follows:
June
                                            24, 2021
(US
                                            dollars in thousands)
Conversion Component
$
117
Warrants
172
Convertible Notes
61
Total
$
350
C.
On
    August 13, 2021, the Company and the holders of $
1,520
thousands in principal amount under the CL Agreement as detailed in
    Note 5A and 5B above, entered into an additional agreement pursuant to which, among other things, the following terms were effected:
(i)
Extension
    of the maturity date on the Outstanding CL Notes to
July 31, 2023
, provided, that if the Company consummates prior to maturity an
    investment of at least $
5
million of the Company's securities, then the Company shall repay the principal amount and accrued
    interest of the Notes from such proceeds;
(ii)
Amendment
    of the conversion price on the Outstanding CL Notes to a fixed conversion price of $
0.10
per share; and
(iii)
Confirming
    the agreement of
the
    holders of the Outstanding CL Notes to honor draw down notice for balance of remainder of the $1,800 thousands originally
    committed to under the CL Agreement (i.e., $280 thousands) through March 31, 2022.
The
Company concluded that the change in term constitutes a trouble debt restructuring, due to its financial condition and the
relief that the abovementioned changes provided.
A new effective interest rate was established
based on the carrying value of the debt and the revised cash flows.
Following
the abovementioned amendment on August 13, 2021, the conversion component is qualifying for the scope exception under ASC 815-10-15-74(a).
In accordance with ASC 815-15-35-4, since the embedded conversion option in the convertible debt no longer meets the bifurcation criteria,
the fair value of the conversion component, in the amount of $
670,224
, was reclassified from short-term liability to shareholders equity
at that date.
Conversion
feature
In accordance with ASC 815-15-25, the conversion feature was considered embedded derivative instrument, and is to be recorded
at its fair value separately from the convertible notes, within current liabilities in the Company's balance sheet. The conversion
component is then marked to market each reporting period with the resulting gains or losses shown in the statements of operations.
F-
24
CITRINE
GLOBAL CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
5 – CONVERTIBLE NOTES
(cont'd)
The
fair value of the conversion feature (hereafter "Convertible Component") was estimated using the Monte-Carlo simulation model
to compute the Convertible Component's fair value. The assumptions used to perform the Monte-Carlo simulation model were consistent
with those utilized in the Company's Black-Scholes valuation for stock options are detailed below:
Loan
                                            #1 that was amended on August 13, 2021:
August 13, 2021
December 31, 2020
Expected volatility (%)
149.04
%
164.43
%
Risk-free interest rate (%)
0.05
%
0.1
%
Expected dividend yield
0.0
%
0.0
%
Contractual term (years)
0.34
0.95
Conversion price
(*)
(*)
Underlying share price (U.S. dollars)
0.05
0.045
Convertible notes amount
1,312
1,275
Fair value of the conversion feature (U.S. dollars in thousands)
379
381
(*)
the conversion price is
85
% of the share price, during the
period of 5 days preceding the conversion date
Loan
#2 that was amended on August 13, 2021:
August 13, 2021
June 24, 2021
Expected volatility (%)
151.48
%
156.8
%
Risk-free interest rate (%)
0.13
%
0.17
%
Expected dividend yield
0.0
%
0.0
%
Contractual term (years)
1.36
1.5
Conversion price
(*)
(*)
Underlying share price (U.S. dollars)
0.05
0.3
Convertible notes amount
397
397
Fair value of the conversion feature (U.S. dollars in thousands)
115
117
(*)
the conversion price is
85
% of the share price, during the period of 5 days preceding the conversion date.
Following
the abovementioned amendment on August 13, 2021, the conversion component is qualifying for the scope exception under ASC 815-10-15-74(a).
In accordance with ASC 815-15-35-4, since the embedded conversion option in the convertible debt no longer meets the bifurcation criteria,
the fair value of the conversion component, in the amount of $
670
thousands
,
was reclassified from short-term liability to shareholders equity at that date.
F-
25
CITRINE
GLOBAL CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
6 –
SHAREHOLDERS' EQUITY
Description
of the rights attached to the Shares in the Company:
Common
Stock:
Each
share of Common Stock entitles the holder to one vote, either in person or by proxy, at meetings of stockholders. The holders of Common
Stock are not permitted to vote their shares cumulatively. Accordingly, the holders of the Company's Common Stock who hold, in
the aggregate, more than fifty percent of the total voting rights can elect all of the directors and, in such event, the holders of the
remaining minority shares will not be able to elect any of such directors. The vote of the holders of a majority of the issued and outstanding
shares of Common Stock entitled to vote thereon is sufficient to authorize, affirm, ratify or consent to such act or action, except as
otherwise provided by law.
Transactions:
On
January 29, 2020, holders of
10,344,828
redeemable convertible Series A Preferred Stock,
converted their shares into
10,344,828
shares of Common Stock .
The
terms of the transaction for the issuance of
893,699,276
shares of Common Stock in total are described in Note 1 above. During February
and March 2020, the Company issued
432,996,555
shares of Common Stock, par value $
0.0001
, to investors in respect of the transaction
described in Note 1 above, for a total consideration of $45 thousand, and on November 12, 2020, the Company issued the remaining
445,702,721
shares of Common Stock pursuant to the terms of the transaction for the issuance of
893,699,276
shares of Common Stock in total are described
in Note 1 above.
On
March 5, 2020 the Company issued
15,000,000
shares of Common Stock to its legal advisor in
respect of legal consulting services, with respect to the Citrine Global Transaction as well as other legal services, as agreed between
the parties. The Company estimated the fair value of the shares issued based on the share price at the grant date at $
4,785
thousand. During the years ended December 31,
2021 and 2020 the Company recorded share based compensation expense of $
1,034
thousands
and $
3,751
thousands
,
respectively, among general and administrative expenses.
On
November 11, 2020, the Company issued additional
13,222,082
shares of Common Stock to its legal advisor pursuant
to the above agreement. The Company estimated the fair value of the shares issued based on the share price at the grant date at $
4,218
thousand. During the years ended December 31,
2021 and 2020 the Company recorded share based compensation expense of $
703
thousands
and $
3,515
thousands
,
respectively, among general and administrative expenses.
On
May 14, 2020 the Company amended its Certificate of Incorporation to reflect the increase of its authorized capital by one billion shares
of Common Stock
On
November 11, 2020, the Company issued
1,411,104
shares of Common Stock to its Chief Financial Officer. The Company estimated the fair
value of the shares issued based on the share price at the grant date at $
155
thousand and recorded a share based compensation expense
in the year ended December 31, 2020.
On
October 8, 2020, the Board approved a reverse stock split of the Company's authorized, issued and outstanding shares of Common
Stock, at a ratio between 1-for-40 to 1-for-100, subject to the approval of the Company's stockholders (the "Reverse Stock
Split"). The final ratio of the Reverse Stock Split will be determined by the Board at a later date.
Since such reverse stock split
was not approved yet as of the approval date of these financial statements, it is not reflected in any share information disclosed within
these financial statements.
F-
26
CITRINE
GLOBAL CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
On
November 8, 2020, the Board approved an amendment to its Certificate of Incorporation to remove from its authorized capital stock of
the Company the fifty million
(
50,000,000
)
shares of undesignated Preferred Stock, subject to the approval of the Company's stockholders.
No shares of Preferred Stock are currently outstanding, and such removal and cancellation would remove the authority of the Board or
any authorized committee thereof to provide for the issuance of shares of Preferred Stock without further approval of the Company's
stockholders.
NOTE
7 –
STOCK OPTIONS
A.
On August 15, 2021, the Company's board of directors determined to increase the number of shares reserved for issuance under the 2018 Stock Incentive Plan to
90,000,000
shares of common stock thereunder and recommended to the Company shareholders to approve the increase in the pool. The Board also determined to grant to each of Ilanit Halperin and David Kretzmer, directors of the Company, a grant of options to purchase
9,425,680
shares of common stock, and Doron Birger, a Company director, options to purchase
2,365,420
shares, in each case at per share exercise price of $
0.05
per share, provided, that such grant is subject to approval by the shareholders of the increase in the plan pool. The options vest over a two year period, in eight (8) equal installments, with the first instalment vesting on the third month anniversary of each individual's start date and each further instalment on each subsequent third month anniversary, where the start date is, in the case of Ilanit Halperin February 27, 2020, in the case of Doron Birger September 20, 2020 and in the case of David Kretzmer is March 1, 2021, subject to such individual's continued service with the Company.
On
    December 29, 2021 the Company's board of directors approved the grants of the options.
The fair value at December 29, 2021 was determined using the Black-Scholes pricing model, assuming a risk free rate of
1.29
%,
    a volatility factor of
152.1
%,
    dividend yields of
0
%
    and an expected life of
5
years. The Company estimated the fair value
    of each option granted at December 29, 2021 at $
0.022
, totaling $
519
thousands.
Total share based compensation
    expenses during the year ended December 31, 2021 amounted to $
456
thousands
. The remaining expense of
    $
63
thousands will be recognized over a weighted average period of approximately
0.5
years.
The
    following table presents the Company's stock option activity for employees and directors of the Company for the years ended
    December 31, 2021 and 2020:
Number of Options
Weighted Average Exercise Price
Outstanding at January 1, 2020
521,065
0.0011
Granted
-
-
Exercised
-
-
Forfeited or expired
(
474,303
)
0.0011
Outstanding at December 31, 2020
46,762
0.0011
Granted
23,582,200
0.05
Exercised
-
-
Forfeited or expired
-
-
Outstanding at December 31, 2021
23,628,962
0.05
Number of options exercisable at December 31, 2021
15,672,670
0.05
The
intrinsic value of options outstanding and exercisable at December 31, 2021 totaled $
1
thousand.
During
2020, an amount
28,222,082
shares were granted to a service provider and
1,411,104
shares were granted to the Chief Financial Officer,
see note 6 above.
F-
27
CITRINE
GLOBAL CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
8 –
AGREEMENTS WITH INTELICANNA LTD
A.
On
    May 31, 2020, the Company entered into a strategic partnership with Intelicanna Ltd., an Israeli medical cannabis company listed
    on the Tel Aviv Stock Exchange with ticker symbol INTL ("Intelicanna"), via a share exchange agreement (the "Share
    Exchange Agreement") and an agreement for future issuance of shares (the "Agreement for Future Issuance of Shares").
The
    Share Exchange Agreement provides that (i) the number of shares each party issues to the other will be calculated by dividing $500
    thousand by the volume weighted average price (VWAP) of the issuing party's shares in the three trading days preceding the
    signing of the agreement, (ii) the issuance by Intelicanna will take place upon, and subject to, receipt of approval from the Tel
    Aviv Stock Exchange, and the issuance by the Company will follow immediately thereafter, and (iii) the parties may not sell the shares
    within the first six months after issuance, and thereafter the parties may sell the shares issued to them if the shares become registered
    through a prospectus approved by the relevant securities authority, or under an exemption provided by applicable securities law,
    subject to a limit on the number of shares either party may sell per day. The Agreement for future Issuance of Shares provides that
    a fall in a share price of a party, not exceeding 20%, measured six months after issuance of shares by both parties pursuant the
    Share Exchange Agreement, will be offset by the issuance of additional shares to the other party to bring up to $500 thousand the
    total value of the shares issued to the other party. On August 15, 2021, the Company's board of directors determined that it
    is required to issue to Intelicanna 619,589 shares of the Company's common stock and has authorized the issuance of
    such shares to Intelicanna. As of December 31, 2021, the common stock have not been issued yet. As such, the Company recorded an
    additional $14 thousands to be issued to Intellicanna.
On
    September 17, 2020 the Company issued to Intelicanna
2,143,470
shares of Common Stock in exchange for
619,589
of Intelicanna's
    ordinary shares. The Company measures its investment in Intelicanna at fair value through profit or loss at level 2. The fair value
    reflects the value of Intelicanna's stock price less discounts for lack of marketability since the parties may not sell the
    shares within the first six months after issuance. During the period, the change in traded securities' fair value was in the
    amount of approximately $
50
thousand.
The
    fair value of such shares exchange agreement was estimated using the Black-Scholes option-pricing model and is presented among current
    liabilities within the Company's consolidated balance sheet.
The
    following are the data and assumptions used as of the balance sheet date related to future potential issuance of shares as describe
    above for potential fall in share price of a party, not exceeding 20%:
Derivative related to Intelicanna's shares
December 31, 2020
Common Stock price
0.83
Expected volatility
57.61
%
Conversion price (U.S. dollars)
0.64
Expected term
3.1
months
Risk free rate
0.09
%
Expected dividend yield
0
%
Fair value of the derivative (U.S. dollars in thousands)
28
Derivative related to Citrine Global's shares
December 31, 2020
Common Stock price
0.046
Expected volatility
125.19
%
Conversion price (U.S. dollars)
0.2
Expected term
3.1
months
Risk free rate
0.09
%
Expected dividend yield
0
%
Fair value of the derivative (U.S. dollars in thousands)
(
100
)
F-
28
CITRINE
GLOBAL CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
Between
August 3 – 9, 2021, the Company sold to an unrelated third party in an off market transaction
619,589
ordinary shares of Intelicanna Ltd., an Israeli
medical cannabis company listed on the Tel Aviv Stock Exchange ("Intelicanna"), for aggregate gross proceeds to the Company
of
1,261,000
NIS (approximately $
389
thousands
based on the current exchange
rate). Following the sale, the Company no longer holds any Intelicanna shares.
B.
Furthermore, on June 25, 2020,
the
    Israeli Subsidiary entered into a services agreement with Intelicanna to provide business development and consulting services to
    Intelicanna, including assistance with raising financing (the "Services Agreement") (references in this paragraph to the
    Company include the Israeli Subsidiary). The terms of the Services Agreement include: (1) the Company will, for a period of 18
    months, assist Intelicanna to raise up to NIS
15
million for Intelicanna's working capital purposes, whether through issuance of convertible securities or any other means; all
    sums raised must be approved in advance by the Company, and in accordance with a business plan presented to the Company from time to
    time; the Company will have no obligation under the Services Agreement to invest in Intelicanna, and no liability if its efforts to
    source financing for Intelicanna are unsuccessful; (2) in the event Intelicanna raises funds through assistance from the Company,
    the Company will be entitled to (i) cash consideration equal to 5% of any amount raised, whether directly from the Company, or from
    any of its affiliates or any unrelated third party, and (ii) options to acquire a number of shares of Intelicanna equal to 5% of the
    amount raised divided by the Exercise Price; the "Exercise Price" will be the price per share at which the amount was
    raised, or if it was not raised through issuance of shares, the price per share at which Intelicanna last raised funds through
    issuance of shares; and (3) for one or more periods of at least 90 days, each time at Intelicanna's request which the Company
    may accept or decline at its discretion, the Company will provide business development and strategy-building services, including:
    consulting on strategy and business plan; assistance defining financing needs; helping identify ways to develop potential sources of
    finance; and ongoing consulting support to Intelicanna's management team and board. Intelicanna will pay the Company a fee of
    NIS
2,500
per day for such services.
On
    October 5, 2021 the Company and Intelicanna mutually terminated the Service Agreement.
C
.
Also
    on June 25, 2020,
the
    Company and the Israeli Subsidiary entered into an agreement to grant Intelicanna Ltd. ("Intelicanna") New Israeli
    Shekel ("NIS")
1
million in cash (approximately $
290
thousand) in direct financing for working capital purposes. The financing will bear
6
%
annual interest, and Intelicanna will make additional payments equal to 6% of its gross revenues from the date the financing was
    received and until the date Intelicanna's aggregate gross revenues reach NIS
2
million (approximately $
600
thousand).If the total of the 6% interest plus the additional payments would result in a return of less than
12
%
per year to the Company, the interest would be increased to bring the total return to 12%. Every three months Intelicanna must pay
    the interest, and after 12 months, it must repay the capital, plus the total of the additional payments due, plus any outstanding
    interest, and it must pay interest of 2% per month on any late payments, provided, however, that until the foregoing obligations are
    paid in full, Intelicanna must pay 50% of its gross revenues to the Company upon receipt. If Intelicanna does not pay all amounts
    due within 18 months, it shall, at the Company's option, issue to the Company a number of its shares equal to NIS
1.5
million (approximately $
0.45
million) divided by the lower of (i) volume weighted average price (VWAP) of the three trading days prior to the lapse of the 18
    months, and (ii) VWAP of the three trading days prior to the signing of the financing agreement.
F-
29
CITRINE
GLOBAL CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
The
financing must be paid by the Company to Intelicanna within 30 days of signing the financing agreement, subject to completion of due
diligence to the Company's satisfaction and to Intelicanna receiving a commercial growing license.
On
July 9, 2020, the Company transferred to Intelicanna NIS
500
thousand (approximately $
145
thousand) on account of the above loan. The
Company elected the fair value option to account for the short-term loan.
As
of December 31, 2021, Intelicanna repaid the full principal of the loan together with
12
% interest, which amounted to NIS
46
thousand
(approximately $
14
thousand).
Ilanit
Halperin, a director and the Chief Financial Officer of the Company, is also the Chief Financial Officer of Intelicanna. Doron Birger,
a director at the Company, is also the chairman of the board of directors of Intelicanna, effective March 30, 2022.
NOTE
9 –
RELATED PARTIES
A.
Transactions and balances with related parties
Year
                                            ended
December
                                            31
2021
2020
U.S. Dollars in thousands
Research and development expenses:
Fees to officers
48
-
Other expenses
26
-
74
-
General and administrative expenses:
Directors compensation and fees to officers (*)
919
496
(*) Share based compensation
404
-
Financing expenses , net:
Financial
                                            expenses related to convertible loan
1,129
287
Interest on loan (**)
*
-
(**)
Less
than
1 thousand
F-
30
CITRINE
                                            GLOBAL CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
B.
Balances with related parties:
As of December 31,
2021
2020
U.S. Dollars in thousands
Current Assets:
Short term loan
15
-
Current Liabilities:
Convertible notes
1,431
773
Accounts payable
20
312
Accrued compensation
838
-
C.
Commencing
                                            in February 2020, Ora Elharar Soffer, CEO and Chairperson of the Board, was entitled to a
                                            monthly fee of $
20
thousands
and
                                            certain reimbursements for traveling, lodging and other expenses on behalf of the Company,
                                            the payment of such compensation was deferred until the Company consummates an investment
                                            of at least $
1.8
million in the Company's securities.
In
                                            addition, on August 15, 2021,
the
                                            board of directors of Cannovation determined to adjust the compensation of the Chairperson
                                            (and interim Chief Executive Officer), Ora Elharar Soffer, to $
10
thousands  per month,
                                            in each case retroactive to July 1, 2021. These amounts would be paid at such time as Cannovation shall become due and payable from, and such time as Cannovation shall have, available
                                            funds therefor and as part of the operating budget for a minimum period of 18 months.
As
                                            of December 31, 2021, and 2020, an amount of $
499
thousands and $
210
thousands, respectively,
                                            representing compensation earned by Ms. Elharar Soffer.
D.
Commencing in February 2020, Ilan Ben-Ishay, a director,
    is entitled to a monthly fee of $
4
thousands and certain reimbursements for traveling lodging and vehicle expenses on behalf of the
    Company, the payment of such compensation was deferred until the Company consummates an investment of at least $
1.8
million in the
    Company's securities.
In addition, on August 15, 2021, the board of directors
    of Cannovation determined to adjust the compensation of Ilan Ben-Ishay, a director at Cannovation, to $
2
thousands per month, in
    each case retroactive to July 1, 2021. These amounts would be paid at such time as Cannovation shall become due and payable from,
    and such time as Cannovation
shall have, available
    funds therefor and as part of the operating budget for a minimum period of 18 months.
As of December, 31, 2021, and 2020, an
amount of $
86
thousands and $
34
thousand, respectively
representing
compensation earned by Mr. Ben-Ishay.
F-
31
CITRINE
                                            GLOBAL CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
E.
Commencing in May 2020, Ms. Halperin, CFO of the Company,
    was entitled to a monthly fee of an additional $
4
thousands, resulting in an aggregate monthly fee (from the February 2020 agreement
    as detailed above) of $
7
thousands, the payment of such compensation was deferred until the Company consummates an investment
    of at least $
1.8
million in the Company's securities.
In addition, on August 15, 2021, the board of directors
    of Cannovation determined to adjust the compensation of the chief financial officer, Ilanit Halperin at Cannovation, to $
4
thousands
    per month, in each case retroactive to July 1, 2021. These amounts would be paid at such time as Cannovation shall become
    due and payable from, and such time as Cannovation shall have, available funds therefor and as part of the operating
    budget for a minimum period of 18 months.
As
    of December, 31, 2021, and 2020, an
    amount of $
171
thousands and $
66
thousand, respectively,
representing
    compensation earned by Ms. Halperin.
F.
Commencing
    in March 2021, Adv. David Kretzmer, a director, is entitled to a monthly fee of $
7
thousand
and certain reimbursements for traveling lodging and vehicle expenses on behalf of the Company, the payment of such compensation
    was deferred until the Company consummates an investment of at least $
1.8
million in the Company's securities.
In
addition, on August 15, 2021,
the
board of directors of Cannovation determined to adjust the compensation of David Kretzmer, a director at Cannovation, to
$2 thousands per month, in each case retroactive to July 1, 2021. These amounts would be paid at such time as Cannovation shall
become due and payable from, and such time as Cannovation shall have, available funds therefor and as part of the operating budget for
a minimum period of 18 months.
As of December, 31, 2021, an amount of $
82
thousands
    representing compensation earned by Adv. David Kretzmer.
G.
On
August 15, 2021,
the board determined to
award a bonus to the Company's Chairperson of the Board, CEO, CFO, officers, directors and senior management equal to two percent
(
2
%) of any capital raise, subject to prior repayment of the outstanding convertible loans and so long as the payment thereof would be
from available funds and part of the Company's operating budget for a minimum period of 18 months. In addition, the Board agreed
to a bonus Company's Chairperson of the Board, CEO, CFO, officers, directors and senior management of 2% from operating profits
which will become payable upon the fulfillment of certain specified targets that the Board will establish, subject to prior repayment
of the outstanding convertible loans and so long as the payment thereof would be from available funds and as part of the Company's
operating budget for a minimum period of 18 months.
H.
On
    August 9, 2021, through its
60
% owned subsidiary Cannovation Center Israel, the Company entered into an agreement with iBOT, pursuant
    to which iBOT agreed to manufacture a line of nutritional supplements for Cannovation, including packaging and storage
    (the "Manufacturing Agreement"). Under the Manufacturing Agreement, the parties will agree on the compensation terms
    for each manufacturing order that Cannovation submits to iBOT It is intended that the price payable to iBOT will be based on the
    cost of manufacture plus a specified premium to be fixed at the time of each order.
I.
On
    September 29, 2021, Citrine Global advanced to iBOT, a related party, a loan of $
50
thousands
with a
12
    month maturity date
. The loan bears interest
    at an effective annual interest rate of
12
%
    as and is convertible, at the option of Citrine Global, into equity shares of iBOT at conversion rate equal to the lower of (i)
25
%
    discount to the most recent round of capital raised by iBOT during the term of the loan and (ii) the rate specified in the framework
    agreement. In addition, Citrine Global is entitled to convert the outstanding loan, in whole or in part, to satisfy payments of amounts
    owed to iBOT under the services agreements between the parties. On October 8, 2021 the Company transferred a first tranche of
    $
15
thousands.
F-
32
CITRINE
                                            GLOBAL CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
J.
On
    November, 2021, the Company, Cannovation and CTGL – Citrine Global Israel Ltd., on the one hand (collectively
    the "Citrine Global Group"), and iBOT, on the other hand, entered into an Exclusive Strategic Collaboration and Alliance
    Agreement (the "Exclusive Rights Agreement") pursuant to which iBOT granted to the Citrine Global Group, jointly and
    individually, exclusive world-wide rights, solely with respect to the cannabis market, to iBOT's botanical formulas
    and nutritional supplements, including, the development, manufacture, distribution and sale of such products. The exclusive rights
    include the right of any of the Citrine Global Group to grant rights thereunder to third parties so long as such third parties shall
    agree to be bound by terms consistent with those contained in this Agreement. In consideration of the grant of the rights under the
    Exclusive Rights Agreement, Citrine Global Group granted to iBOT the exclusive right to manufacture in State of Israel (consistent
    with the terms of the Manufacturing Agreement) the botanical products. In addition, so long as iBOT is in compliance with the terms
    of this Agreement, in the event that the Citrine Global Group determines to manufacture botanical products outside of Israel, then
    iBOT is to be afforded the opportunity to perform such manufacturing for the Citrine Group at iBOT's facility in Israel provided
    that iBOT complies with all of the terms and conditions relating to such manufacturing project, including the price per unit, delivery
    schedules, packaging requirements regulation and other relevant terms.
K.
See
    also Note 7A.
L.
See also Note 5.
NOTE
10 –
INCOME TAX
A.
United
    States resident companies are taxed on their worldwide income for corporate income tax purposes at a statutory rate of
21
%. No further
    taxes are payable on this profit unless that profit is distributed. If certain conditions are met, income derived from foreign subsidiaries
    is tax exempt in the United States under applicable tax treaties to avoid double taxation.
Income
    of the Israeli Subsidiary is taxable from 2018 and onwards, at corporate tax rate of
23
%.
The
    Company and its Israeli Subsidiary have not received final tax assessments since the Israeli Subsidiary's inception.
As
    of December 31, 2021, the Company and the Israeli Subsidiaries have carryforward losses for tax purposes of approximately
    $
3,954
thousands and $
337
thousands, respectively, which can be offset against future taxable income, if any.
F-
33
CITRINE
                                            GLOBAL CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
B.
Composition of loss for
    the year:
Year ended December
    31
2021
2020
U.S. Dollars in thousands
U.S.
4,172
8,583
Israel
344
56
4,516
8,639
C.
The
    following is reconciliation between the theoretical tax on pre-tax income, at the tax rate applicable to the Company (federal tax
    rate) and the tax expense reported in the financial statements:
Year ended December 31
2021
2020
U.S.
    Dollars in thousands
Pretax loss
4,516
8,639
Federal tax rate
21
%
21
%
Income tax benefit computed at the ordinary tax rate
(
948
)
(
1,814
)
Non-deductible expenses
2
1
Stock-based compensation
96
1,559
Fair value adjustments
246
41
Tax in respect of differences in corporate tax rates
(
6
)
(
1
)
Change in valuation allowance
610
214
-
-
D.
Deferred
                                            taxes result primarily from temporary differences in the recognition of certain revenue and
                                            expense items for financial and income tax reporting purposes. Significant components of
                                            the Company's future tax assets are as follows:
Year ended December 31
2021
2020
U.S. Dollars in thousands
Composition of deferred tax assets:
Non capital loss carry forwards
908
362
Other timing differences
64
-
Valuation allowance
(
972
)
(
362
)
-
-
E.
Roll
    forward of valuation allowance
U.S. Dollars in thousands
Balance at January 1, 2020
2,041
Sale of subsidiary
(
1,893
)
Income tax expense
214
Balance at December 31, 2020
362
Income tax expense
610
Balance at December 31, 2021
972
NOTE
11 –
LOSS PER ORDINARY SHARE
Basic
loss per share is computed by dividing net loss by the weighted average number of shares outstanding during the year. The weighted average
number of shares of Common Stock used in computing basic and diluted loss per ordinary share for the years ended December 31, 2021 and
2020, are as follows:
Year ended December 31
2021
2020
Number of shares
Weighted average number of shares of Common Stock outstanding attributable to ordinary shareholders
942,568,006
476,622,892
Total weighted average number of shares of Common Stock related to outstanding options, excluded from the calculations of diluted loss per share (*)
15,672,670
46,762
(*)
The
                                            effect of the inclusion of options and convertible loans in 2021 and 2020 is anti-dilutive.
F-
34
CITRINE
GLOBAL CORP.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
12 –
SUBSEQUENT EVENTS
A.
On
    January 5, 2022, Citrine 9 LP, one of the Buyer entities (hereinafter "Citrine 9") agreed to honor a Draw Down Notice
    (as defined in the Convertible Note Agreement) for, and has advanced to the Company, $
180
thousands
on the same terms and conditions as are specified in the Convertible Note Agreement (see note 5A above). The maturity date of the
    loan is the earlier of July 31, 2023 or at such time as the Company shall have consummated an investment of at least $
5
million in Company securities. The annual interest on the loan continues to be nine percent (
9
%).
    The principal and interest payment on the Note shall be made in New Israeli Shekels (NIS) at the conversion rate which was in effect
    on the date on which the loan was advanced.
As
    provided for under the terms of the Convertible Note Agreement, Citrine 9 will be issued
6,666,667
Series A warrants and
6,666,667
Series B warrants for shares of common stock,
    where the Series A warrants are exercisable beginning July 5, 2022 through July 5, 2024 and the Series B warrants are exercisable
    beginning July 5, 2022 through July 5, 2025, in each case at an exercise price of $
0.05
per share.
Additionally,
    on January 5, 2022, the Company and the Buyers entered into the Fourth Amendment to the Convertible Note Agreement pursuant to which
    the following was agreed to:
(i)
The
    principal and accrued interest on all outstanding loans shall be made in New Israeli Shekels (NIS) at the conversion rate which was
    in effect on the date on which the loan was advanced;
(ii)
The
    conversion price on all outstanding notes under the Convertible Note Agreement has been adjusted to a conversion price of $
0.05
per
    share
(iii)
The
    exercise price on all outstanding warrants issued in connection with advances made under the Convertible Note Agreement has been
    adjusted to an exercise price of $
0.05
per share.
B.
On
    February 8, 2022, Cannovation Ltd received from ILA a counter-signed development agreement to purchase rights for long term
    lease to
11,687
square meters of Land for purposes of building
    the Green Vision Center Israel, which is intended to include factories, laboratories, logistics and a distribution
    center for the medical cannabis, and botanicals industries.
C.
On March 30, 2022,
the Company Board determined to allot
    the Bonus referred to in Note 9G as follows: 65% of such bonus amounts were allocated to the Company's Chief Executive Officer,
    25% to the Company's Chief Financial Officer and 5% to one of the directors
.
F-
35
CITRINE
GLOBAL, CORP.
CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
AS
OF MARCH 31, 2022
U.S.
DOLLARS IN THOUSANDS
TABLE
OF CONTENTS
Page
CONDENSED
    CONSOLIDATED FINANCIAL STATEMENTS:
Condensed consolidated balance sheets as of March 31, 2022 (unaudited), and December 31, 2021
F-37
Condensed consolidated statements of operations and comprehensive loss for three months ended March 31, 2022 and 2021 (unaudited)
F-38
Condensed consolidated statements of stockholders' deficit for the three months period ended March 31, 2022 and 2021(unaudited)
F-39
Condensed consolidated statements of cash flows for the three months ended March 31, 2022 and 2021 (unaudited)
F-40
Notes to unaudited condensed consolidated financial statements
F-41
- F-51
F-
36
CITRINE
GLOBAL, CORP.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(U.S.
dollars in thousands, except share and per share data)
March 31, 2022
December 31, 2021
(Unaudited)
A s s e t s
Current Assets
Cash and cash equivalents
293
270
Restricted cash
9
10
Short-term loan granted to others
16
15
Prepaid expenses
17
30
Other current assets
51
24
Total Current assets
386
349
Non-current assets
Investments valued under the measurement alternative
450
450
Property and equipment, net
255
256
Total non-current assets
705
706
T o t a l assets
1,091
1,055
Liabilities and Shareholders' Deficit
Current liabilities
Accounts payable and accrued expenses
228
226
Accrued compensation
1,004
838
Total current liabilities
1,232
1,064
Convertible component in convertible notes
397
-
Convertible notes
1,655
1,431
T o t a l liabilities
3,284
2,495
Stockholders' Deficit
Common stock, par value $
0.0001
per share,
1,500,000,000
shares authorized at March 31, 2022 and December 31, 2021;
942,568,006
shares issued and outstanding at March 31, 2022 and December 31, 2021
94
94
Additional paid-in capital
22,043
22,073
Stock to be issued
44
44
Accumulated deficit
(
24,486
)
(
23,757
)
Accumulated other comprehensive income
112
106
T o t a l stockholders' deficit
(
2,193
)
(
1,440
)
T o t a l liabilities and stockholders' deficit
1,091
1,055
The
accompanying notes are an integral part of the condensed consolidated financial statements.
F-
37
CITRINE
GLOBAL, CORP.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(U.S.
dollars in thousands, except share and per share data)
Three months ended
March 31
2022
2021
(Unaudited)
Research and development expenses
(
25
)
-
Marketing, general and administrative expenses
(
315
)
(
1,975
)
Operating loss
(
340
)
(
1,975
)
Financing expenses, net:
Expenses related to convertible loan terms
(
379
)
(
122
)
Other financing expenses, net
(
10
)
(
3
)
Financing expenses, net
(
389
)
(
125
)
Net loss attributable to common stockholders
(
729
)
(
2,100
)
Loss per common stock (basic)
(
0.00
)
(
0.00
)
Basic weighted average number of shares of common stock outstanding
942,568,006
942,568,006
Comprehensive loss:
Net loss
(
729
)
(
2,100
)
Other comprehensive income attributable to foreign currency translation
6
-
Comprehensive loss
(
723
)
(
2,100
)
The
accompanying notes are an integral part of the condensed consolidated financial statements.
F-
38
CITRINE
GLOBAL, CORP.
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT)
(U.S.
dollars in thousands, except share and per share data)
Redeemable
                                            convertible preferred stock
Common
    stock
Additional
    paid-in
Stock
    to be
Accumulated
Accumulated
other comprehensive
Total
    stockholders'
Stock
Amount
Stock
Amount
capital
issued
deficit
income
deficit
BALANCE
    AT DECEMBER 31, 2021
-
-
942,568,006
94
22,073
44
(
23,757
)
106
(
1,440
)
CHANGES
    DURING THE PERIOD OF THREE MONTHS ENDED MARCH 31, 2022:
Extinguishment of convertible note
-
-
-
-
(
162
)
-
-
-
(
162
)
Warrants
    issued in connection with convertible notes
-
-
-
-
100
-
-
-
100
Share
    based compensation
32
32
Other
    comprehensive income
6
6
Net
    loss for the period
-
-
-
-
-
-
(
729
)
-
(
729
)
BALANCE
    AT MARCH 31, 2022 (unaudited)
-
-
942,568,006
94
22,043
44
(
24,486
)
112
(
2,193
)
Redeemable convertible preferred stock
Common stock
Additional paid-in
Stock to be
Accumulated
Accumulated
other comprehensive
Total stockholders'
Stock
Amount
Stock
Amount
capital
issued
deficit
income
deficit
BALANCE AT DECEMBER 31, 2020
-
-
942,568,006
94
20,414
30
(
19,241
)
106
1,403
CHANGES DURING THE PERIOD OF THREE MONTHS ENDED MARCH 31, 2021:
Net loss for the period
-
-
-
-
-
-
(
2,100
)
-
(
2,100
)
BALANCE AT MARCH 31, 2021 (unaudited)
-
-
942,568,006
94
20,414
30
(
21,341
)
106
(
697
)
The
accompanying notes are an integral part of the condensed consolidated financial statements.
F-
39
CITRINE
GLOBAL, CORP.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S.
dollars in thousands, except share and per share data)
Three months ended
March 31,
2022
2021
(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss
(
729
)
(
2,100
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
1
1
Finance expenses, net
3
-
Financial expenses with respect to convertible notes and loans
378
95
Share based payment
32
1,736
Fair value adjustment of liability in connection with stock exchange
agreement
-
23
Changes in fair value of marketable securities
-
1
Changes in operating assets and liabilities:
Increase in inventory
(
18
)
-
Prepaid and other current assets
4
7
Accounts payable and accrued expenses
168
156
Net cash used in operating activities
(
161
)
(
81
)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment
(
4
)
-
Repayments of short-term loan granted to others
-
164
Net cash provided by (used in) investing activities
(
4
)
164
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of secured promissory note
180
-
Net cash provided by financing activities
180
-
Effect of exchange rates on cash and cash equivalents
7
-
Net increase in cash and cash equivalents
22
83
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD
280
206
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT	END
    OF PERIOD
302
289
Supplemental disclosure of cash flow information:
Non-cash transactions:
Fair Value of convertible component in convertible loan
(
48
)
-
Warrants issued in connection with convertible notes
(
100
)
-
Extinguishment of convertible notes
(
162
)
-
The
accompanying notes are an integral part of the condensed consolidated financial statements.
F-
40
CITRINE
GLOBAL, CORP.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
NOTE
1 -
GENERAL
Citrine
Global, Corp. ("Citrine Global" or the "Company") was incorporated under the laws of the State of Delaware on
May 26, 2010. The Company's common stock is traded in the United States on the OTCQB market under the ticker symbol "CTGL."
On
June 3, 2020 the Company established a wholly owned new Israeli subsidiary: CTGL – Citrine Global Israel Ltd, (the "Israeli
Subsidiary").
On
July 21, 2020, the Israeli Subsidiary began to work with certain Company shareholders, Beezz Home Technologies Ltd., in which Ora Elharar
Soffer, the Company's chairperson and CEO holds shares, and Golden Holdings Neto Ltd., in which Ilan Ben-Ishai, a director of the
Company, holds shares, have been working towards establishing an Operational Innovation Center focuses on the medical cannabis industry,
CBD, hemp, botanical, food supplements and cosmetics products. The Company's Board of Directors approved the Israeli Subsidiary
to proceed with preparations for entering into an agreement to incorporate a new company, named Cannovation Center Israel Ltd. ("Cannovation"),
with Beezz Home Technologies Ltd.and Golden Holdings Neto Ltd., and to accept limitations on the Israeli Subsidiary's rights in
the Cannovation Center if and as mandated under Israeli regulations on the involvement of foreign entities.
On
August 4, 2020, the Board of the Company approved for the Company and its Israeli Subsidiary to proceed with preparations for investing
in iBOT Israel Botanicals Ltd., an Israeli nutritional supplements' company developing and manufacturing botanical formulas and
nutritional supplements for custom & contract manufacturing for leading botanical companies ("iBOT"). iBOT has a manufacturing
facility for a wide range of botanical formulations. iBOT's manufacturing facility is approved by the Israeli Ministry of Health
and is GMP-certified, ISO9001-certified and HACCP certified by IQC. The principal shareholders and control persons of iBOT are the Company's
Chief Executive Officer and a Company director. On August 4, 2020, the Board of Directors approved for the Company and Citrine
Global Israel to proceed with preparations for investing in iBOT. On August 9, 2021, through the
60
%
owned subsidiary Cannovation Center Israel, the Company entered into an agreement with iBOT pursuant to which iBOT agreed to manufacture
a line of nutritional supplements for Cannovation Center Israel, including packaging and storage. On September 29, 2021, the Company
agreed to advance to iBOT, up to $
50
thousands with a 12 month maturity date and the
Company transferred, as a first tranche, $
15
thousands on October 8, 2021. The loan bears
interest at an effective annual interest rate of
12
%
as and is convertible, at the option of Citrine Global, into equity shares of iBOT at conversion rate equal to the lower of (i)
25
%
discount to the most recent round of capital raised by iBOT during the term of the loan and (ii) the rate specified in the framework
agreement]. In addition, the agreement provided that the Israeli subsidiary is entitled to convert the outstanding loan, in whole
or in part, to satisfy payments of amounts owed to iBOT under the services agreements between the parties
In
October 2021, iBOT granted to Citrine Global Group, a pre-emption right to any equity or equity linked securities that iBOT proposes
to issue to an unrelated third party with aggregate gross proceeds to the Company exceeding $1 million or which will result in a change
in control in iBOT following such issuance, then iBOT is to give to the Citrine Global Group written notice of such proposed issuance
and the relevant terms thereof and the Citrine Global Group shall have ten (10) days thereafter to determine if it elects to purchase
a minimum of 51% of the proposed issuance on the price and other terms specified in the notice sent by iBOT (the "Pre-Emption Right").
If the Citrine Global Group elects to exercise the Pre-Emption Right, such purchase is to take place at no more than 90 days following
the expiration of the 10 day notice period to the Citrine Global Group. Any iBOT securities of the Pre-Emption Right that Citrine Global
Group elects to not purchase are to be sold by not later than 90 days following the end of the Citrine Global Group's notice period
and if such shares are not sold to such third party within the 90 day period, the Pre-Emption right shall apply to any subsequent proposed
issuance. The preemption right does not apply to certain specified exceptions.
On
August 20, 2020, the Israeli Subsidiary, Beezz Home Technologies Ltd., and Golden Holdings Neto Ltd. incorporated Cannovation. Israeli
Subsidiary holds
60
% of Cannovation's shares, while each of Beezz Home Technologies Ltd. and Golden Holdings Neto Ltd. holds 20%
of its shares. See note 4 for additional information.
F-
41
CITRINE
GLOBAL, CORP.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
NOTE
1 - GENERAL  (cont.)
Stock
split
On
November 22, 2020, certain of the Company's stockholders representing more than
50
% of the Company's outstanding share capital
(the "Majority Consenting Stockholders") approved an amendment to the Company's Certificate of Incorporation (the "Reverse
Stock Split Certificate of Amendment") in order to effect a reverse stock split of the Company's common stock pursuant to
a range of between 40-to-1 and 100-to-1 (the "Reverse Stock Split").
Pursuant to the Reverse Stock Split, each forty or one
hundred shares of common stock, as shall be determined by the Board at a later time, will be automatically converted, without any further
action by the stockholders, into one share of common stock. No fractional shares of common stock will be issued as the result of the
Reverse Stock Split. Instead, each stockholder of the Company will be entitled to receive one share of common stock in lieu of the fractional
share that would have resulted from the Reverse Stock Split. In addition, the Majority Consenting Stockholders also approved the elimination
of the Company's entire authorized class of fifty million (
50,000,000
) undesignated preferred stock, thereby reducing the total
number of shares of capital stock that the Company may issue from one billion five hundred fifty-thousand (
1,550,000,000
) shares to one
billion five hundred thousand (
1,500,000,000
) shares, all of which are designated as common stock (the "Certificate of Elimination").
The Certificate of Elimination will be effective upon the filing with the Secretary of the State of Delaware, which was not completed
as of the date of this report's filing. The Reverse Stock Split Certificate of Amendment will be effective upon receipt of approval
from the Financial Industry Regulatory Authority ("FINRA") and the filing with the Secretary of the State of Delaware, both
of which were not completed as of the date of the approval of the financial statements.
Financial
support from shareholders
The
Company has not yet to generate revenues and is dependent on raising funds from its current shareholders or from other sources. On April
13, 2021, Citrine S A L, on behalf of itself and its affiliates and related parties, has furnished the Company with an irrevocable letter
of obligation to financially support the Company until June 30, 2022. On March 17, 2022, Citrine S A L Investment & Holding Ltd.
extended this support through June 30, 2023.
The
Company has no significant firm commitments that require it to remit cash, and can control the level of expenses it incurs. Based on
the Company's current cash balances, and the irrevocable letter of obligation from Citrine S A L noted above, the Company believes
it has sufficient funds for its plans for the next twelve months from the issuance of these financial statements. As the Company is embarking
on its new activity as detailed herein, it is incurring losses. It cannot determine with reasonable certainty when and if it will have
sustainable profits.
COVID-19
On
March 11, 2020, the World Health Organization declared the outbreak of a novel coronavirus (SARS-CoV-2) to be a global pandemic (COVID-19),
which continues to spread throughout the world. The COVID-19 pandemic is having significant effects on global markets, supply chains,
businesses, and communities. Specifically with respect to the Company, COVID-19 may impact various parts of its 2022 plans, operations
and financial results, including but not limited to difficulties in obtaining additional financing. The Company considered the impact
of COVID-19 on the estimates and assumptions and determined that there were no material adverse impacts on the consolidated financial
statements for the period ended December 31, 2021 and 2020. The Company believes it is taking appropriate actions to mitigate the negative
impact, including by focusing its activities initially only within the country of Israel. However, the full impact of COVID-19 is unknown
and cannot be reasonably estimated as these events are still developing.
F-
42
CITRINE
GLOBAL, CORP.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
NOTE
2 -
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION
Unaudited
Interim Financial Statements
The
accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiary, prepared in
accordance with accounting principles generally accepted in the United States of America ("GAAP") and with the instructions
to Form 10-Q. In the opinion of management, the financial statements presented herein have not been audited by an independent registered
public accounting firm but include all material adjustments (consisting of normal recurring adjustments) which are, in the opinion of
management, necessary for a fair statement of the financial condition, results of operations and cash flows for the  three months
ended March 31, 2022. However, these results are not necessarily indicative of results for any other interim period or for the year ended
December 31, 2022.
Certain
information and footnote disclosures normally included in financial statements in accordance with generally accepted accounting principles
have been omitted pursuant to the rules of the U.S. Securities and Exchange Commission ("SEC"). These financial statements
should be read in conjunction with the financial statements and notes thereto contained in the Company's Annual Report on Form
10-K for the year ended December 31, 2021.
Use
of Estimates
The
preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements
and the reported amounts of expenses during the reporting periods. Significant estimates include fair value estimates of derivative liabilities
and assets. Actual results could differ from those estimates.
F-
43
CITRINE
GLOBAL, CORP.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (cont.)
Fair
value
Fair
value of certain of the Company's financial instruments including cash, accounts receivable, accounts payable, accrued expenses,
and other accrued liabilities approximate cost because of their short maturities. The Company measures and reports fair value in accordance
with Accounting Standards Codification ("ASC") 820, "Fair Value Measurements and Disclosure," which defines fair
value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosures
about fair value measurements.
Fair
value, as defined by ASC 820, is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value of an asset should reflect its highest and best use by market participants,
principal (or most advantageous) markets, and an in-use or an in-exchange valuation premise. The fair value of a liability should reflect
the risk of nonperformance, which includes, among other things, the Company's credit risk.
Valuation
techniques are generally classified into three categories: (i) the market approach; (ii) the income approach; and (iii) the cost approach.
The selection and application of one or more of the techniques may require significant judgment and are primarily dependent upon the
characteristics of the asset or liability, and the quality and availability of inputs. Valuation techniques used to measure fair value
under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 also provides fair value
hierarchy for inputs and resulting measurement as follows:
F-
44
CITRINE
GLOBAL, CORP.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (cont.)
Fair
value (cont.)
Level
1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities.
Level
2: Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in
markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived
principally from or corroborated by observable market data for substantially the full term of the assets or liabilities; and
Level
3: Unobservable inputs for the asset or liability that are supported by little or no market activity, and that are significant to the
fair values.
Fair
value measurements are required to be disclosed by the level within the fair value hierarchy in which the fair value measurements in
their entirety fall. Fair value measurements using significant unobservable inputs (in level 3 measurements) are subject to expanded
disclosure requirements including a reconciliation of the beginning and ending balances, separately presenting changes during the period
attributable to the following: (i) total gains or losses for the period (realized and unrealized), (ii) segregating those gains or losses
included in earnings, and (iii) a description of where those gains or losses included in earning are reported in the statement of operations.
The
Company's financial assets and liabilities that are measured at fair value on a recurring basis by level within the fair value
hierarchy are as follows:
Balance as of March 31, 2022
Level 1
Level 2
Level 3
Total
US$ in thousands
Liabilities:
Fair value of convertible component in convertible notes
-
-
397
397
Total liabilities
-
-
397
397
The
following table presents the changes in fair value of the level 3 liabilities for the period ended March 31, 2022:
Changes in Fair value
US$ in thousands
Liabilities:
Outstanding at December 31, 2021
-
Initial recognition of equity component as part of modification in note terms
162
Initial recognition of convertible component as part of convertible notes issued
48
Changes in fair value
187
Outstanding at March 31, 2022
397
F-
45
CITRINE
GLOBAL, CORP.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (cont.)
Recent
Accounting Pronouncements
On
October 1, 2021, the Company early adopted 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): Accounting for Convertible Instruments and Contracts in an
Entity's Own Equity (ASU 2020-06), which simplifies the accounting for convertible instruments by reducing the number of accounting
models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings
per share for convertible instruments and requires the use of the if-converted method. The new standard was effective for us beginning
January 1, 2022, with early adoption permitted. The adoption of this new standard is not expected to have a material impact on the
consolidated financial statements.
Other
new pronouncements issued but not effective as of March 31, 2022 are not expected to have a material impact on the Company's consolidated
financial statements.
NOTE
3 –
STOCK OPTIONS
The
following table presents the Company's stock option activity for employees and directors of the Company for the year ended March
31, 2022:
Number of Options
Weighted Average Exercise Price ($)
Outstanding at December 31, 2021
23,628,962
0.05
Granted
-
-
Exercised
-
-
Forfeited or expired
-
-
Outstanding at March 31, 2022
23,628,962
0.05
Number of options exercisable at March 31, 2022
18,324,767
0.05
The
stock options outstanding as of March 31, 2022, have been separated into exercise prices, as follows:
Exercise price
Stock options outstanding
Weighted average remaining contractual life – years
Stock options vested
As of March 31, 2022
0.0011
46,762
46,762
0.05
23,582,200
4.75
18,278,005
23,628,962
4.75
18,324,767
Compensation
expense recorded by the Company in respect of its stock-based compensation awards for the period ended March 31, 2022 was $
27
thousands
and are included in General and Administrative expenses in the Statements of Operations.
F-
46
CITRINE
GLOBAL, CORP.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
NOTE
4 –
EVENTS DURING THE PERIOD
A.
On
    January 5, 2022, Citrine 9 LP, one of the Buyer entities (hereinafter "Citrine 9") agreed to honor a Draw Down Notice
    (as defined in the Convertible Note Agreement) for, and has advanced to the Company, $
180
thousands on the same terms and conditions
    as are specified in the Convertible Note Agreement. The maturity date of the loan is the earlier of
July 31, 2023
or at such time
    as the Company shall have consummated an investment of at least $
5
million in Company securities. The annual interest on the loan
    continues to be nine percent (
9
%). The principal and interest payment on the Note shall be made in New Israeli Shekels (NIS) at the
    conversion rate which was in effect on the date on which the loan was advanced.
As
provided for under the terms of the Convertible Note Agreement, Citrine 9 will be issued
6,666,667
Series A warrants and
6,666,667
Series
B warrants for shares of common stock, where
the Series A warrants are exercisable beginning July 5, 2022 through July 5, 2024
and
the
Series B warrants are exercisable beginning July 5, 2022 through July 5, 2025
, in each case at an exercise price of $
0.05
per share.
The
Company allocated the proceeds received to the freestanding components – the convertible loan, A Warrants and B Warrants, based
on their relative fair values, since all three components will not be subsequently measured at fair value (see below),
Conversion
feature
In
accordance with ASC 815-15-25 the conversion feature was considered a liability classified embedded derivative instrument, and
is to be recorded at its fair value separately from the convertible notes, within non-current liabilities in the Company's
balance sheet. The conversion component is then remeasured at fair value at each reporting period with the resulting gains or
losses shown in the statements of operations.
The
fair value of the convertible component was estimated by third party appraiser as weighted average of the two possible scenarios of the
total convertible notes amount conversion (each, 50% probability):
The
scenario in which the convertible loan would be converted prior to its maturity (scenario 1) was estimated by the appraiser using the
Black-Scholes option pricing model, to compute the fair value of the derivative and to market the fair value of the derivative at each
balance sheet date. The following are the data and assumptions used as of issuance dates and as of the balance sheet date:
January 5, 2022
March 31, 2022
Dividend yield (%)
0
%
0
%
Risk-free interest rate (%)
0.65
%
1.85
%
Expected term (years)
1.57
1.33
Volatility
154.86
%
158.60
%
Share price (U.S. dollars)
0.025
0.022
Exercise price (U.S. dollars)
0.05
0.05
Fair value of the conversion feature (U.S. dollars in thousands)
56
44
F-
47
CITRINE
GLOBAL, CORP.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
NOTE
4 – EVENTS DURING THE PERIOD  (cont.)
The
scenario in which the Company would raise at least $
5
million prior to conversion of the convertible loan (scenario 2) was estimated
by the appraiser using the Black-Scholes option pricing model, to compute the fair value of the derivative and to market the fair value
of the derivative at each balance sheet date. The following are the data and assumptions used as of issuance dates and as of the balance
sheet date:
January 5, 2022
March 31, 2022
Dividend yield (%)
0
%
0
%
Risk-free interest rate (%)
0.40
%
1.35
%
Expected term (years)
0.99
0.75
Volatility
158
%
158.30
%
Share price (U.S. dollars)
0.025
0.022
Exercise price (U.S. dollars)
0.05
0.05
Fair value of the conversion feature U.S. dollars in thousands)
40
27
The
fair value of the convertible component was estimated by the third-party appraiser after giving effect to the weighted average of the
two possible scenarios as of issuance dates was $
41
thousands
and as of March 31, 2022 was $
35
thousands
.
Warrants
The
fair value of the warrants as of the drawdowns dates was estimated at $
255
thousands
using the Black-Scholes option-pricing
model and is presented within the consolidated statements of changes in shareholders equity (deficit).
The
following are the data and assumptions used:
Warrants A
Dividend yield (%)
0
%
Risk-free interest rate (%)
0.96
%
Expected term (years)
2.5
Volatility
159.70
%
Share price (U.S. dollars)
0.025
Exercise price (U.S. dollars)
0.05
Fair value of the conversion feature (U.S. dollars in thousands)
119
Warrants B
Dividend yield (%)
0
%
Risk-free interest rate (%)
1.18
%
Expected term (years)
3.5
Volatility
159.70
%
Share price (U.S. dollars)
0.025
Exercise price (U.S. dollars)
0.05
Fair value of the conversion feature (U.S. dollars in thousands)
136
F-
48
CITRINE
GLOBAL, CORP.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
NOTE
4 – EVENTS DURING THE PERIOD  (cont.)
Fair
Value Proportional Allocation
The
fair value of the note was estimated at $
154
thousands. The note is accounted for according to the effective interest method.
Based
on the above, the fair value proportion allocation as of January 5, 2022 was as follows:
June
                                            24, 2021
(US
                                            dollars in thousands)
Conversion Component
$
48
Warrants
100
Convertible Notes
32
Total
$
180
B.
Additionally,
    on January 5, 2022, the Company and the  related entities who are the signatory lenders (hereinafter the "Buyers")
    under the Convertible Loan Agreement dated as of April 1, 2020 (the "CL Agreement") with the Company entered into
    the Fourth Amendment to the CL Agreement pursuant to which the following was agreed to:
(i)
The
    principal and accrued interest on all outstanding loans in the aggregate principal amount of $
1,700,000
are to be repaid
    in New Israeli Shekels (NIS) at the conversion rate in effect on the date on which the loan was advanced;
(ii)
The
    conversion price on all outstanding notes under the CL Agreement was adjusted to a conversion price of $
0.05
per share
(iii)
The
    exercise price on all outstanding warrants issued in connection with advances made under the CL Agreement was adjusted
    to an exercise price of $
0.05
per share.
The
Company concluded that the change in terms does not give rise to a trouble debt restructuring, as no 	concession was given
to the Company.
Therefore,
the Company went on to assess the whether the terms of the modified note are substantially different. The Company concluded that
the change in terms should be accounted for as a debt extinguishment.debt extinguishment.
Following
the abovementioned amendment on January 5, 2022, the conversion component is qualifying for the scope exception under ASC 815-10-15-74(a).
In accordance with ASC 815-15-35-4, since the embedded conversion option in the convertible debt meets the bifurcation criteria, the
fair value of the conversion component calculated as of January 5, 2022, in the amount of $
162
,
was reclassified from shareholders equity
to short-term liability at that date. As of March 31, 2022, the fair value of the convertible component was estimated at $
361
.
Changes in fair value were recorded as interest expenses.
Conversion
feature
In
accordance with ASC 815-15-25 the conversion feature was considered an embedded derivative instrument, and is to be recorded at its fair
value separately from the convertible notes, within non-current liabilities in the Company's balance sheet. The conversion
component is then remeasured at fair value at each reporting period with the resulting gains or losses shown in the statements
of operations.
The
fair value of the convertible component was estimated by third party appraiser as weighted average of the two possible scenarios of the
total convertible notes amount conversion (each, 50% probability):
F-
49
CITRINE
                                            GLOBAL, CORP.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
NOTE
4 – EVENTS DURING THE PERIOD (cont.)
The
scenario in which the convertible loan would be converted prior to its maturity (scenario 1) was estimated by the appraiser using the
Black-Scholes option pricing model, to compute the fair value of the derivative and to market the fair value of the derivative at each
balance sheet date. The following are the data and assumptions used as of issuance dates and as of the balance sheet date:
March 31, 2022
June 15, 2020 convertible loans
April 1, 2021 convertible loans
Dividend yield (%)
0
0
Risk-free interest rate (%)
1.85
%
1.85
%
Expected term (years)
1.33
1.33
Volatility
158.6
%
158.6
%
Share price (U.S. dollars)
0.022
0.022
Exercise price (U.S. dollars)
0.05
0.05
Fair value of the conversion feature (U.S. dollars in thousands)
359
89
The
scenario in which the Company would raise at least $
5
million prior to conversion of the convertible loan (scenario 2) was estimated
by the appraiser using the Black-Scholes option pricing model, to compute the fair value of the derivative and to market the fair value
of the derivative at each balance sheet date. The following are the data and assumptions used as of issuance dates and as of the balance
sheet date:
March 31, 2022
June 15, 2020 convertible loans
April 1, 2021 convertible loans
Dividend yield (%)
0
0
Risk-free interest rate (%)
1.35
%
1.85
%
Expected term (years)
0.75
1.33
Volatility
158.3
%
158.6
%
Share price (U.S. dollars)
0.022
0.022
Exercise price (U.S. dollars)
0.05
0.05
Fair value of the conversion feature (U.S. dollars in thousands)
219
54
The
fair value of the convertible component was estimated by the third-party appraiser after giving effect to the weighted average of the
two possible scenarios as of March 31, 2022 was $
289
thousands
and $
72
thousands.
C.
On
    February 8, 2022, Cannovation Ltd received from the Israel Land Authority ("ILA") a counter-signed development agreement
    to purchase rights for long term lease to
11,687
square meters of Land for purposes of building the Green Vision Center Israel, which
    is intended to include factories, laboratories, logistics and a distribution center for the medical cannabis, and botanicals industries.
D.
On
    February 15, 2022, the Company signed an investor relations service agreement with a consultant pursuant to which the Company agreed
    to pay the consultant a monthly retainer of $
5,000
and in addition, to issue the consultant
1,800,000
restricted shares of common
    stock, to be issued in three tranches. In the event that the agreement is terminated prior to the issuance date, the remaining share
    obligation shall be void. As of March 31, 2022, the shares have not yet been issued.
F-
50
CITRINE
GLOBAL, CORP.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
NOTE
5 –
RELATED PARTIES
A.
Transactions and balances with related parties
Three months ended
March 31
2022
2021
Research and development expenses:
Directors compensation and fees to officers
25
-
25
-
General and administrative expenses:
Directors compensation and fees to officers (*)
176
92
(*) Share based compensation
27
-
Financing expenses, net:
Interest on loan
379
-
B.
Balances with related parties:
As of March 31,
2022
2021
Current Assets:
Short term loan
16
-
Prepaid expenses
18
-
34
-
Current Liabilities:
Convertible notes
-
879
Accrued compensation
1,024
404
1,024
1,283
Non-current Liabilities:
Convertible notes
1,655
-
F-
51
Units
Citrine
Global, Corp.
PRELIMINARY
PROSPECTUS
Aegis
Capital Corp.
,
2022
PART
II
INFORMATION
NOT REQUIRED IN PROSPECTUS
Item
    13.
Other
    Expenses of Issuance and Distribution
The
following table sets forth all costs and expenses, other than underwriting discounts and commissions, paid or payable by the Registrant
in connection with the sale of the common stock being registered. All amounts shown are estimates except for the SEC registration fee
and the FINRA filing fee:
Amount
    Paid
or to be Paid
SEC
    Registration Fee
$
FINRA
    Filing Fee
*
Initial
    Nasdaq Listing Fee
*
Legal
    Fees and Expenses
*
Accounting
    Fees and Expenses
*
Transfer
    Agent and Registrar Fees and Expenses
*
Miscellaneous
    Fees and Expenses
*
Total
$
*
*
To be filed by amendment.
Item
    14.
Indemnification
    of Directors and Officers
The
Delaware General Corporation Law authorizes corporations to limit or eliminate, subject to certain conditions, the personal liability
of directors to corporations and their stockholders for monetary damages for breach of their fiduciary duties. Our amended and restated
certificate of incorporation, limits the liability of our directors to the fullest extent permitted by Delaware law. In addition, upon
the closing of this offering, we will enter into indemnification agreements with all of our directors and named executive officers whereby
we will agree to indemnify those directors and officers to the fullest extent permitted by law, including indemnification against expenses
and liabilities incurred in legal proceedings to which the director or officer was, or is threatened to be made, a party by reason of
the fact that such director or officer is or was a director, officer, employee or agent of ours, provided that such director or officer
acted in good faith and in a manner that the director or officer reasonably believed to be in, or not opposed to, our best interests.
We
also maintain a general liability insurance policy, which covers certain liabilities of directors and officers of our company arising
out of claims based on acts or omissions in their capacities as directors or officers.
We
have been advised that in the opinion of the SEC, insofar as indemnification for liabilities arising under the Securities Act may be
permitted to our directors, officers and other persons pursuant to the foregoing provisions, or otherwise, such indemnification is against
public policy as expressed in the Securities Act and is therefore unenforceable. In the event a claim for indemnification against such
liabilities (other than payment of expenses incurred or paid by a director or officer in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or other person in connection with the securities being registered, we will, unless
in the opinion of our counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question of whether such indemnification is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.
Item
    15.
Recent
    Sales of Unregistered Securities
Set
forth below is information regarding shares of common stock, convertible notes and warrants issued, and options granted, by us within
the past three years that were not registered under the Securities Act. Also included is the consideration, if any, received by us for
such shares, convertible notes, warrants and options, and information relating to the section of the Securities Act, or rule of the Securities
and Exchange Commission, under which exemption from registration was claimed.
The
following summarizes all sales of unregistered securities by us within the past three years:
(i)
On January 29, 2020, holders of 10,344,828 redeemable convertible Series A Preferred Stock, converted their shares
into 10,344,828 shares of Common Stock.
(ii)
On February 27, 2020 and March 5, 2020, we issued
432,996,555 shares of common stock to Citrine S A L Investment & Holdings Ltd. and its group of related persons and entities. The
agreement under which the shares were issued provided for the issuance of 893,699,276 shares of common stock in total in consideration
for $150,000, however, the Company was unable to complete the issuance of all these shares at that time because the Company did not have
sufficient authorized capital to issue such shares of common stock. On November 12, 2020, the Company issued the remaining shares of
common stock (i.e., 460,702,721 shares).
(iii)
On March 5, 2020 the Company issued 15,000,000 shares
of common stock to its legal advisor for legal consulting services.
(iv) On November 11, 2020,
the Company issued additional 13,222,082 shares of Common Stock to its legal advisor.
II-
1
(v)
On April 19, 2020, we issued our Convertible Promissory
Note in the principal amount of $170,000 to Citrine Hi Tech 7 LP due July 31, 2023 and warrants for 11,178,344 shares of common stock
exercisable at a per share exercise price of $0.05. The principal and interest on the note is convertible at a per share conversion price
of $0.05.
(vi)
On June 15, 2020, we issued our Convertible Promissory
Note in the principal amount of $900,000 to Citrine 9 LP due July 31, 2023 and warrants for _______shares of common stock exercisable
at a per share exercise price of $0.05. The principal and interest on the note is convertible at a per share conversion price of $0.05.
(vii)
On September 17, 2020 the Company issued to Intelicanna
2,143,470 shares of common stock in exchange for 619,589 of Intelicanna's ordinary shares.
(viii)
On June 20, 2021, we issued our Convertible Promissory
Note in the principal amount of $350,000 to Citrine 8 LP due July 31, 2023 and warrants for 21,000,210 shares of common stock
exercisable at a per share exercise price of $0.05. The principal and interest on the note is convertible at a per share conversion price
of $0.05.
(ix) On January 5, 2022, we
issued our Convertible Promissory Note in the principal amount of $180,000 to Citrine 9 LP due July 31, 2023 and warrants for 13,333,334
shares of common stock exercisable at a per share exercise price of $0.05. The principal and interest on the note is convertible at a
per share conversion price of $0.05
In
connection with the foregoing, we relied upon the exemption from registration provided by Section 4(a)(2) under the Securities Act of
1933, as amended, for transactions not involving a public offering.
Item
    16.
Exhibits
    and Financial Statement Schedules
(a)
Exhibits.
See
the Exhibit Index included immediately prior to the signature page to this registration statement, which is incorporated by reference
herein.
(b)
Financial
    Statement Schedules.
No
financial statement schedules are provided because the information called for is not required or is shown either in the financial statements
or notes.
Item
    17.
Undertakings
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 SEC such
indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim
for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer
or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer
or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
The
undersigned Registrant hereby undertakes that:
(a)
For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part
of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule
424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared
effective.
(b)
For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial bona fide offering thereof.
II-
2
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf
by the undersigned, thereunto duly authorized in the City of Herzliya, State of Israel, on June 28, 2022
CITRINE
    GLOBAL, CORP.
By:
/s/
    Ora Elharar Soffer
Title:
Chief
    Executive Officer
Pursuant
to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities
and on the dates indicated
Signature
Title
Date
/s/
    Ora Elharar Soffer
Chair
    of the Board of Directors and Chief Executive Officer
June
    28, 2022
Ora
    Elharar Soffer
(Principal
    Executive Officer)
/s/
    Ilanit Halperin
Director
    and Chief Financial Officer
June
    28, 2022
Ilanit
    Halperin
(Principal
    Financial Officer and Principal Accounting Officer)
/s/
    Ilan Ben-Ishay
Director
June
    28, 2022
Ilan
    Ben-Ishay
/s/
    Doron Birger
Director
June
    28, 2022
Doron
    Birger
/s/
    David Kretzmer
Director
June
    28, 2022
David
    Kretzmer
II-
3
EXHIBIT
INDEX
Exhibit
No.
Description
1.1
Form
    of Underwriting Agreement*
3.1
First Amended and Restated Certificate of Incorporation of the Registrant, effective as of January 9, 2019 (incorporated by reference to the annual report on Form 10-K filed by the Company on March 28, 2019)
3.2
Amendment to First Amended and
    Restated Certificate of Incorporation of the Registrant
3.3
Amended and Restated Bylaws of the Registrant, effective as of November 2018 (incorporated by reference to the annual report on Form 10-K filed by the Company on March 28, 2019).
4.1
Convertible Promissory Note Dated June 21, 2021 (incorporated by reference to the annual report on Form 10-K filed by the Company on April 8, 2022)
4.2
Convertible Promissory Note Dated December 28, 2021 (incorporated by reference to the annual report on Form 10-K filed by the Company on April 8, 2022)
5.1
Legal
    Opinion of Sichenzia Ross Ference LLP*
10.1+
2017 Employee Incentive Plan (incorporated by reference from our Form 10-K filed April 2, 2018).
10.2+
Form of Stock Option Award Letter under the 2017 Employee Incentive Plan (incorporated by reference from our Form 10-K filed April 2, 2018).
10.3+
2018 Stock Incentive Plan (incorporated by reference to the annual report on Form 10-K filed by the Company on March 28, 2019).
10.4
Share Purchase Agreement between the Registrant, Novomic Ltd. and Traistman Radziejewski Fundacja Ltd. dated January 6, 2020 (incorporated by reference to the Current Report on Form 8-K filed by the Company on January 9, 2020).
10.5
Common Stock Purchase Agreement between the Registrant, Citrine S A L Investment & Holdings Ltd. and others dated January 6, 2020 (incorporated by reference to the Current Report on Form 8-K filed by the Company on January 9, 2020).
10.6
Amended and Restated Common Stock Purchase Agreement between the Registrant, Citrine S A L Investment & Holdings Ltd. and others dated February 23, 2020 (incorporated by reference to the Current Report on Form 8-K filed by the Company on February 27, 2020).
10.7
Convertible Note Purchase Agreement between the Registrant, Citrine S A L Investment & Holdings Ltd. and others dated April 1, 2020 (incorporated by reference to the Current Report on Form 8-K filed by the Company on April 2, 2020).
10.8
Form of Amendment 1 to Convertible Note Purchase Agreement between the Registrant, Citrine S A L Investment & Holdings Ltd. and others dated June 12, 2020 (Series A Warrants and Series B Warrants) (incorporated by reference to the Current Report on Form 8-K filed by the Company on June 12, 2020).
10.9
Form of Amendment 2 to Convertible Note Purchase Agreement between the Registrant, Citrine S A L Investment & Holdings Ltd. and others dated April 12, 2021 (incorporated by reference to the annual report on Form 10-K filed by the Company on April 15, 2021).
10.10
Share Exchange Agreement between the Registrant and Intelicanna Ltd., dated May 31, 2020 (Hebrew version) (incorporated by reference to the annual report on Form 10-K filed by the Company on April 15, 2021).
10.11
Form of Subscription Agreement between the Registrant and Nanomedic Technologies Ltd., dated June 22, 2020 (incorporated by reference to the annual report on Form 10-K filed by the Company on April 15, 2021).
10.12
Loan Agreement between the Registrant, CTGL – Citrine Global Israel Ltd. and Intelicanna Ltd., dated June 25, 2020 (Hebrew version) (incorporated by reference to the annual report on Form 10-K filed by the Company on April 15, 2021).
10.13+
Consulting Agreement between the Registrant and Ora Elharar Soffer, dated July 2020 (incorporated by reference to the annual report on Form 10-K filed on April 15, 2021).
10.14+
Consulting Agreement between the Registrant and Ilanit Halperin, dated July 2020 (incorporated by reference to the annual report on Form 10-K filed on April 15, 2021)..
10.15+
Consulting Agreement between the Registrant and Ilan Ben-Ishay, dated July 2020 (incorporated by reference to the annual report on Form 10-K filed on April 15, 2021)..
10.16
Third Amendment to the Convertible Note Purchase Agreement between the Registrant, Citrine SAL and Other (incorporated by reference to the annual report on Form 10-K filed on April 8, 2022).
10.17
Form
    of Warrant for Offering*
10.18
Form
    of Warrant Agency Agreement *
21
Subsidiaries
23.1
Consent of Somekh Chaikin, a member firm of KPMG International, independent registered public accounting firm for the Registrant.
23.2
Consent
    of Sichenzia Ross Ference LLP (included in Exhibit 5.1)*
107
Filing Fees Exhibit
101.INS
XBRL
    Instance Document
101.SCH
XBRL
    Taxonomy Extension Schema Document
101.CAL
XBRL
    Taxonomy Extension Calculation Linkbase Document
101.DEF
XBRL
    Taxonomy Extension Definition Linkbase Document
101.LAB
XBRL
    Taxonomy Extension Label Linkbase Document
101.PRE
XBRL
    Taxonomy Extension Presentation Linkbase Document
*
To be filed by amendment.
II-
4